William Penn Bancorp, Inc. Announces Second Quarter Earnings PR Newswire 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, 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 At December 31, June 30, 2013 2013 Assets $ $ 311,058 315,903 Cash and cash equivalents 15,355 12,226 Investment securities 8,831 10,993 available for sale Investment securities held 16,921 22,373 to maturity Loans Receivable, net 239,875 233,365 Deposits 172,022 171,326 Advances from Federal Home 75,500 80,500 Loan Bank 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. Website: http://www.willpenn.com Contact: Terry L. Sager, President, 215-945-1200
William Penn Bancorp, Inc. Announces Second Quarter Earnings
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