William Penn Bancorp, Inc. Announces First Quarter Earnings

LEVITTOWN, Pa., Nov. 15, 2012 /PRNewswire/ -- William Penn Bancorp, Inc. 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.

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