SOURCE: William Penn Bancorp, Inc.

William Penn Bancorp, Inc.

April 26, 2016 10:30 ET

William Penn Bancorp, Inc. Announces Third Quarter Earnings

LEVITTOWN, PA--(Marketwired - Apr 26, 2016) -  William Penn Bancorp, Inc. (the "Company") (OTC PINK: WMPN) announced net income of $708,000 ($0.21 per basic and diluted share) for the three months ended March 31, 2016 as compared to $725,000 ($0.21 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses remained virtually the same for the three months ended March 31, 2016 and March 31, 2015. Income before income taxes decreased to $1,070,000 for the three months ended March 31, 2016, from $1,095,000 for the three months ended March 31, 2015. This decrease was primarily due to decrease in noninterest income to $114,000 for three months ended March 31, 2016 from $133,000 for the same period ended March 31, 2015. The Company had total assets of $320.2 million at March 31, 2016 as compared to $319.3 million at June 30, 2015.

Net income for nine months ended March 31, 2016 was $1,814,000 ($0.54 per basic and diluted share) as compared to $1,935,000 ($0.54 per basic and diluted share) for the same period ended March 31, 2015. The decrease in net income was primarily attributable to a one time increase in non-interest expense of $247,000 for the nine months ended March 31, 2016.

A regular cash dividend of $0.27 per share was declared in July of 2015 and paid to shareholders in August of 2015. In the same period last year, the Company paid a $0.26 per share regular cash dividend and a $0.04 per share special cash dividend. 

In March of 2016, the Company repurchased 10,000 shares of its common stock at a cost of approximately $213,000. The shares were acquired as part of the stock repurchase plan announced in December of 2015. As of March 31, 2016 the Company had 3,493,018 shares of common stock issued and outstanding.

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. 

The Company's executive offices are located at 1309 S. Woodbourne Road, Levittown, Pennsylvania 19057. William Penn Bank's 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). 

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., and Terry L. Sager.

Forward-Looking Statements

Statements in this press release that are not strictly historical may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1996, which involve risks and uncertainties. The foregoing material may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances arising after the date hereof.

(Dollars in thousands, except per share data)
Selected Financial Data:                
    At   At        
    March 31, 2016   June 30, 2015        
Assets   $ 320,166   $ 319,287            
Cash and cash equivalents     12,584     10,292            
Investment securities available for sale     4,692     5,823            
Investment securities held to maturity     6,683     7,854            
Loans receivable, net     238,096     246,327            
Deposits     183,515     178,062            
Advances from Federal Home Loan Bank     70,500     75,500            
Stock holders' equity     59,935     59,249            
Non-performing loans     4,862     4,679            
Non-performing assets     5,750     5,751            
Selected Operations Data:                
    Three months ended   Nine months ended
    March 31,   March 31,
    2016   2015   2016   2015
Interest Income   $ 3,080   $ 3,244   $ 9,253   $ 9,531
Interest Expense     866     954     2,653     2,880
Net Interest Income     2,214     2,290     6,600     6,651
Provision for loan losses     15     91     70     197
Net Interest Income after provision for loan losses     2,199     2,199     6,530     6,454
Noninterest Income     114     133     367     381
Noninterest expense     1,243     1,237     4,158     3,905
Income before income taxes     1,070     1,095     2,739     2,930
Provisions for income taxes     362     370     925     995
Net Income   $ 708   $ 725   $ 1,814   $ 1,935
Basic and diluted earnings per share   $ 0.21   $ 0.21   $ 0.54   $ 0.54

Contact Information

    Terry L. Sager