William Penn Bancorp, Inc. Announces Third Quarter Earnings

LEVITTOWN, Pa., May 22, 2014 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $1,012,000 ($0.28 per basic and diluted share) for the three months ended March 31, 2014 as compared to $687,000 ($0.19 per basic and diluted share) for the same period last year. Net interest income after provision for the three months ended March 31, 2014 was $2,089,000, as compared to net interest income after provision of $2,112,000 for the same period ending March 31, 2013. Non-interest income increased by $525,000 to $645,000 for the three months ended March 31, 2014 as compared to $120,000 at March 31, 2013. This increase was due to a $518,000 gain on the sale of our Levittown office building. William Penn Bancorp, Inc. had assets of $311.5 million at March 31, 2014 as compared to $315.9 million at June 30, 2013.

Net income for nine months ended March 31, 2014 was $2,293,000 ($0.64 per basic and diluted share) as compared to $2,096,000 ($0.58 per basic and diluted share) for the same period ending March 31, 2013. Net interest income after provision declined by $381,000 from $6,466,000 for nine months ended March 31, 2013 to $6,085,000 for the same period ending March 31, 2014. This decrease is primarily due to an increase in provision expenses to $422,000 for the nine months ended March 31, 2014 from $178,000 for the nine months ended March 31, 2013.

A dividend of $0.25 per share was declared in July of 2013 and paid to shareholders in August of 2013 compared to a $0.20 per share dividend for the same period last year.

William Penn Bancorp, Inc. is the holding company for William Penn Bank, which serves Bucks County through its main office in Levittown, and additional branch offices in Levittown, Morrisville and Richboro, Pennsylvania.  The Levittown office located at 8150 Bristol Pike was recently sold to the Southeastern Pennsylvania Transport Authority (SEPTA) in conjunction with their restoration project of the adjacent train station.  The office is now leased from SEPTA and will remain in operation until September 1, 2014, at which time our office located at 1309 S. Woodbourne Road, Levittown, Pennsylvania will become our new headquarters.  Deposits are insured up to the legal maximum (generally $250,000 per depositor) by the Federal Deposit Insurance Corporation (FDIC).  The primary regulator for William Penn Bank is the Federal Deposit Insurance Corporation (FDIC).  Executive offices are located at 8150 Bristol Pike, Levittown, Pennsylvania 19057.  As of March 31, 2014 there were issued and outstanding 3,641,018 shares of common stock, par value $0.10 per share of William Penn Bancorp, Inc.

Senior Management: Terry L. Sager, President and Chief Executive Officer, Charles Corcoran, Executive Vice President and Chief Financial Officer, and James Douglas, Vice President and Chief Lending Officer.

Board of Directors: William J. Feeney (Chairman), Craig Burton, Charles Corcoran, Glenn Davis, William B. K. Parry, Jr., Terry L. Sager.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements.  Any statement that is not a historical fact is a forward-looking statement.  Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors.

SOURCE William Penn Bancorp, Inc.