William Penn Bancorp, Inc. Announces Third Quarter Earnings

LEVITTOWN, PA / ACCESSWIRE / May 12, 2017 / William Penn Bancorp, Inc. (the “Company”) (OTC PINK: WMPN) announced net income of $670,000 ($0.19 per basic and diluted share) for the three months ended March 31, 2017 as compared to $708,000 ($0.20 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses increased slightly from $2,199,000 for the three months ended March 31, 2016 to $2,214,000 for the three months ended March 31, 2017. Income before income taxes decreased to $997,000 for the three months ended March 31, 2017, from $1,070,000 for the same period ended March 31, 2016. This decrease was primarily due to an increase in other non-interest expense to $1,344,000 for three months ended March 31, 2017, from $1,243,000 for the same period ended March 31, 2016. The Company had total assets of $318.1 million at March 31, 2017 as compared to $314.1 million at June 30, 2016.

Net income was $1,866,000 ($0.54 per basic and diluted share) for the nine months ended March 31, 2017 as compared to $1,814,000 ($0.52 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses declined from $6,530,000 for the nine months ended March 31, 2016 to $6,349,000 for the nine months ended March 31, 2017. The decrease is primarily due to a decrease in interest income on loans which is attributable to lower average balances and lower interest rates for the nine months ended March 31, 2017. Income before income taxes increased to $2,840,000 for the nine months ended March 31, 2017, from $2,739,000 for the nine months ended March 31, 2016. This increase was primarily due to a one-time non-interest expense of $250,000 that was incurred during the prior year.

On July 21, 2016, the Company declared a dividend of $0.28 per share payable on August 10, 2016 to stockholders of record on August 1, 2016. In the same period last fiscal year, a cash dividend of $0.27 per share was declared in July of 2015 and paid to shareholders in August of 2015. As of March 31, 2017 the Company had 3,641,018 shares of common stock issued and 3,464,686 shares of common stock 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.

WILLIAM PENN BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)

(Dollars in thousands, except per share data)

Selected Financial Data:

At

At

March 31, 2017

June 30,
2016

Assets

$
318,094

$
314,074

Cash and cash equivalents

10,226

10,992

Interest bearing time deposits

50,387

45,645

Investment securities available for sale

3,765

4,318

Investment securities held to maturity

4,879

4,938

Loans receivable, net

233,310

231,911

Deposits

185,112

177,300

Advances from Federal Home Loan Bank

65,500

70,500

Stock holders’ equity

60,906

59,903

Non-performing loans

4,428

3,946

Non-performing assets

4,454

4,701

Selected Operations Data:

Three months ended

Nine months ended

March 31,

March 31,

2017

2016

2017

2016

Interest Income

$
3,056

$
3,080

$
8,957

$
9,253

Interest Expense

837

866

2,600

2,653

Net Interest Income

2,219

2,214

6,357

6,600

Provision for loan losses

5

15

8

70

Net Interest Income after provision for loan losses

2,214

2,199

6,349

6,530

Noninterest Income

127

114

491

367

Noninterest expense

1,344

1,243

4,000

4,158

Income before income taxes

997

1,070

2,840

2,739

Provisions for income taxes

327

362

974

925

Net Income

$
670

$
708

$
1,866

$
1,814

Basic and diluted earnings per share

$
0.19

$
0.20

$
0.54

$
0.52

FOR FURTHER INFORMATION

Contact:

Terry L. Sager, President
215-269-1200

SOURCE: William Penn Bancorp, Inc.

ReleaseID: 462935