William Penn Bancorp, Inc. Announces Second Quarter Earnings
LEVITTOWN, Pa., Feb. 24, 2014
LEVITTOWN, Pa., Feb.24, 2014 /PRNewswire/ --William Penn Bancorp, Inc.
(OTCBB: WMPN) announced net income of $626,000 ($0.17 per basic and diluted
share) for the three months ended December 31, 2013 as compared to $636,000
($0.17 per basic and diluted share) for the same period last year. Net
interest income after provision for the three months ended December 31, 2013
was $2,099,000, representing a decrease of $42,000 as compared to net interest
income after provision of $2,141,000 for the same period ending December 31,
2012. This decrease was due to a slight decrease in net interest income and a
slight increase in provision at December 31, 2013. William Penn Bancorp, Inc.
had assets of $311.1 million at December 31, 2013 as compared to $315.9
million at June 30, 2013.
Net income for six months ended December 31, 2013 was $1,281,000 ($0.36 per
basic and diluted share) as compared to $1,409,000 ($0.39 per basic and
diluted share) for the same period ending December 31, 2012. Net interest
income after provision declined by $358,000 from $4,354,000 for six months
ended December 31, 2012 to $3,996,000 for the same period ending December 31,
2013. The decrease in earnings is primarily due to an increase in provision
expenses to $332,000 for the six months ended December 31, 2013 from $106,000
for the six months ended December 31, 2012.
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. 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 December 31, 2013 there were issued and outstanding 3,641,018
shares of common stock, par value $0.10 per share of William Penn Bancorp,
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
WILLIAM PENN BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
Selected Financial Data:
December 31, June 30,
Assets $ $
Cash and cash equivalents 15,355 12,226
Investment securities 8,831 10,993
available for sale
Investment securities held 16,921 22,373
Loans Receivable, net 239,875 233,365
Deposits 172,022 171,326
Advances from Federal Home 75,500 80,500
Stock holders equity 58,760 58,412
Non-Performing Loans 3,715 4,493
Non-Performing Assets 4,307 5,607
Selected Operations Data:
Three months ended Six months ended
December 31, December 31,
2013 2012 2013 2012
Interest Income $ $ $ $
3,193 3,303 6,462 6,693
Interest Expense 1,027 1,105 2,134 2,233
Net Interest Income 2,166 2,198 4,328 4,460
Provision for loan losses 67 57 332 106
Net Interest Income after 2,099 2,141 3,996 4,354
Provision for loan losses
Noninterest Income 157 126 441 249
Noninterest expense 1,309 1,292 2,517 2,447
Income before income taxes 947 975 1,920 2,156
Provisions for income taxes 321 339 639 747
Net Income $ $ $ $
626 636 1,281 1,409
Basic and diluted earnings $ $ $ $
per share 0.17 0.17 0.36 0.39
SOURCE William Penn Bancorp, Inc.
Contact: Terry L. Sager, President, 215-945-1200
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