Market Overview

William Penn Bancorp, Inc. Announces First Quarter Earnings

LEVITTOWN, Pa., Nov. 15, 2012 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $773,000 ($0.22 per basic and diluted share) for the three months ended September 30, 2012 as compared to $646,000 ($0.18 per basic and diluted share) for the same period last year.  The increase in earnings is primarily due to a decrease in non-interest expenses to $1,155,000 for the quarter ended September 30, 2012 from $1,365,000 for the quarter ended September 30, 2011.  This reduction is attributable to a $132,000 write down in the value of REO during the quarter ended September 30, 2011 combined with a decrease in operating expenses during the quarter ended September 30, 2012.

A dividend of $0.20 per share was declared in July of 2012 and paid to shareholders in August of 2012 compared with a $0.15 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.  Deposits are insured up to the legal maximum (generally $250,000 per depositor) by the Federal Deposit Insurance Corporation (FDIC).  Executive offices are located at 8150 Route 13, Levittown, Pennsylvania 19057.  As of September 30, 2012 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.

 

WILLIAM PENN BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)

















Selected Financial Data:

















At September 30,

2012


At June 30,

2012





Assets

$         311,464


$       316,480





Cash and cash equivalents

17,558


27,672





Investment securities available for sale

12,938


11,375





Investment securities held to maturity

21,052


19,184





Loans Receivable, net

237,551


239,270





Deposits

170,706


174,346





Advances from Federal Home Loan Bank

80,500


80,500





Stock holders equity

56,554


56,458





Non-Performing Loans

6,270


6,734





Non-Performing Assets                                                        

6,708


7,166





















Selected Operations Data:









 Three months ended 




September 30,




2012


2011





Interest Income

$             3,390


$          3,694





Interest Expense

1,128


1,371





Net Interest Income

2,262


2,323





Provision for loan losses

49


79





Net Interest Income after Provision for loan losses

2,213


2,244





Non-interest Income

123


86





Non-interest expense

1,155


1,365





Income before income taxes

1,181


965





Provisions for income taxes

408


319





Net Income

$                773


$             646





Basic and diluted earnings per share

$               0.22


$            0.18













 

SOURCE William Penn Bancorp, Inc.

 

Around the Web, We're Loving...

Get Benzinga's Newsletters