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William Penn Bancorp, Inc. Announces First Quarter Earnings

LEVITTOWN, PA / ACCESSWIRE / November 23, 2015 / William Penn Bancorp, Inc. (PINKSHEETS: WMPN) announced net income of $641,000 ($0.18 per basic and diluted share) for the three months ended September 30, 2015 as compared to $624,000 ($0.17 per basic and diluted share) for the same period last year. Net interest income after provision for the three months ended September 30, 2015 was $2,129,000 as compared to net interest income after provision of $2,110,000 for the same period ending September 30, 2014. This increase was mainly attributable to a decrease in interest expense to $914,000 at September 30, 2015 from $961,000 at September 30, 2014. William Penn Bancorp, Inc. had assets of $310.8 million at September 30, 2015 as compared to $319.3 million at June 30, 2015.

A dividend of $0.27 per share was declared in July of 2015 and paid to shareholders in August of 2015 compared to a $0.26 per share regular dividend and a $0.04 per share special 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, 2015 there were issued and outstanding 3,507,018 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.

FOR FURTHER INFORMATION

Contact Terry L. Sager, President
215-269-1200

WILLIAM PENN BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)

Selected Financial Data:

 At At
 September 30,
2015
 June 30,
2015
Assets $310,755   $319,287
Cash and cash equivalents 7,207   10,292
Investment securities available for sale 5,224   5,823
Investment securities held to maturity 7,110   7,854
Loans Receivable, net 244,485   246,327
Deposits 176,783   178,062
Advances from Federal Home Loan Bank 70,500   75,500
Stock holders equity 58,977   59,249
Non-Performing Loans 5,201   4,679
Non-Performing Assets 6,256   5,751
 



Selected Financial Data:
  Three months ended 
 September 30,
 2015 2014
Interest Income $3,098   $3,126
Interest Expense 914   961
Net Interest Income 2,184   2,165
Provision for loan losses 55   55
Net Interest Income after Provision for loan losses 2,129   2,110
Noninterest Income 121   104
Noninterest expense 1,283   1,286
Income before income taxes 967   928
Provisions for income taxes 326   304
Net Income $641   $624
Basic and diluted earnings per share $0.18   $0.17

SOURCE: William Penn Bancorp, Inc.

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