William Penn Bancorp, Inc. Announces Third Quarter Earnings

May 21, 2015, 10:00 ET from William Penn Bancorp, Inc.

LEVITTOWN, Pa., May 21, 2015 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $725,000 ($0.21 per basic and diluted share) for the three months ended March 31, 2015 as compared to $1,012,000 ($0.28 per basic and diluted share) for the same period last year.  The decrease in net income of $287,000 for three months ending March 31, 2015 was primarily due to a gain recognized on the sale of our Levittown office building during the prior year.  Net interest income after provision for the three months ended March 31, 2015 was $2,290,000 as compared to net interest income after provision of $2,179,000 for the same period ending March 31, 2014. This increase was mainly attributable to a $96,000 special dividend on FHLB stock received during the three months ended March 31, 2015. William Penn Bancorp, Inc. had assets of $323.8 million at March 31, 2015 as compared to $314.1 million at June 30, 2014.

Net income for six months ended March 31, 2015 was $1,935,000 ($0.54 per basic and diluted share) as compared to $2,293,000 ($0.64 per basic and diluted share) for the same period ending March 31, 2014. The decrease in earnings is primarily attributed to a realized gain on sale of office building of $582,000 for the nine months ended March 31, 2014.  This decrease was partially offset by a decrease in provision for loan loss by $225,000 to $197,000 for nine months ended March 31, 2015 from $422,000 for the same period ending March 31, 2014. 

A regular dividend of $0.26 per share and a special dividend of $0.04 per share were declared in July of 2014 and paid to shareholders in August of 2014 compared to a $0.25 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 Morrisville and Richboro, Pennsylvania.  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 1309 S. Woodbourne Road, Levittown, Pennsylvania 19057.  In December of 2014, 108,000 shares of William Penn Bancorp, Inc. stock were repurchased as part of a stock repurchase plan at a cost of $2,224,800.  As of March 31, 2015 there were 3,533,018 shares of William Penn Bancorp, Inc. common stock outstanding with a par value $0.10 per share.  

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.

WILLIAM PENN BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)

















Selected Financial Data:









At


At






March 31, 2015


June 30, 2014





Assets

$                 323,839


$           314,076





Cash and cash equivalents

16,956


9,421





Investment securities available for sale

6,320


7,573





Investment securities held to maturity

8,454


12,383





Loans Receivable, net

247,090


245,014





Deposits

177,831


172,132





Advances from Federal Home Loan Bank

80,500


75,500





Stock holders equity

59,184


60,457





Non-Performing Loans

5,736


5,201





Non-Performing Assets

6,721


5,830





















Selected Operations Data:









 Three months ended  


 Nine months ended  


March 31, 2015


March 31, 2015


2015


2014


2015


2014

Interest Income

$                    3,244


$               3,121


$        9,531


$        9,583

Interest Expense

954


942


2,880


3,076

Net Interest Income

2,290


2,179


6,651


6,507

Provision for loan losses

91


90


197


422

Net Interest Income after Provision for loan losses

2,199


2,089


6,454


6,085

Noninterest Income

133


645


381


1,086

Noninterest expense

1,237


1,199


3,905


3,716

Income before income taxes

1,095


1,535


2,930


3,455

Provisions for income taxes

370


523


995


1,162

Net Income

$                       725


$               1,012


$        1,935


$        2,293

Basic and diluted earnings per share

$                      0.21


$                 0.28


$          0.54


$          0.64

                                            

SOURCE William Penn Bancorp, Inc.



RELATED LINKS

http://www.willpenn.com