WILLIAM PENN BANCORP INC LEVITTOWN, Pa., Nov. 18, 2014 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $624,000 ($0.17 per basic and diluted share) for the three months ended September 30, 2014 as compared to $655,000 ($0.18 per basic and diluted share) for the same period last year. Net interest income after provision for the three months ended September 30, 2014 was $2,110,000 as compared to net interest income after provision of $1,897,000 for the same period ending September 30, 2013. This increase was mainly attributable to a decrease in provision expense by $210,000 to $55,000 at September 30, 2014 from $265,000 at September 30, 2013. William Penn Bancorp, Inc. had assets of $315.3 million at September 30, 2014 as compared to $314.1 million at June 30, 2014.
A regular dividend of $0.26 per share and a special dividend of $0.04 per share were declared in July of 2014 and paid to shareholders in August of 2014 compared to a $0.25 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 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 1309 S. Woodbourne Road, Levittown, Pennsylvania 19057. As of September 30, 2014 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.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)
Selected Financial Data:
At At
September 30, 2014 June 30, 2014
------------------ -------------
Assets $315,265 $314,076
Cash and
cash
equivalents 13,321 9,421
Investment
securities
available
for
sale 7,409 7,573
Investment
securities
held to
maturity 10,626 12,383
Loans
Receivable,
net 246,135 245,014
Deposits 175,501 172,132
Advances
from
Federal
Home
Loan
Bank 75,500 75,500
Stock
holders
equity 60,023 60,457
Non-
Performing
Loans 5,772 5,201
Non-
Performing
Assets 6,401 5,830
Selected Operations Data:
Three months ended
September 30,
-------------
2014 2013
---- ----
Interest
Income $3,126 $3,269
Interest
Expense 961 1,107
Net
Interest
Income 2,165 2,162
Provision
for
loan
losses 55 265
Net
Interest
Income
after
Provision
for
loan
losses 2,110 1,897
Noninterest
Income 104 284
Noninterest
expense 1,286 1,208
Income
before
income
taxes 928 973
Provisions
for
income
taxes 304 318
Net
Income $624 $655
==== ====
Basic
and
diluted
earnings
per
share $0.17 $0.18
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SOURCE William Penn Bancorp, Inc.
