William Penn Bancorp, Inc. Announces Second Quarter Earnings

LEVITTOWN, PA--(Marketwired - Feb 24, 2016) -   William Penn Bancorp, Inc. (the "Company") (OTC PINK: WMPN) announced net income of $465,000 ($0.14 per basic and diluted share) for the three months ended December 31, 2015 as compared to $586,000 ($0.16 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses for the three months ended December 31, 2015 was $2,202,000 as compared to $2,145,000 for the same period ended December 31, 2014. This increase was primarily attributable to the decrease in our provision for loan losses to $0 for three months ended December 31, 2015, from $51,000 for three months ended December 31, 2014. Income before income taxes decreased $205,000 to $702,000 for the three months ended December 31, 2015, from $907,000 for the same period ended December 31, 2014, primarily due to a one-time increase in noninterest expense of $250,000. The Company had total assets of $312.7 million at December 31, 2015 as compared to $319.3 million at June 30, 2015.

Net income for six months ended December 31, 2015 was $1,106,000 ($0.33 per basic and diluted share) as compared to $1,210,000 ($0.34 per basic and diluted share) for the same period ended December 31, 2014. The decrease in net income was primarily attributable to a one time increase in non-interest expense of $247,000 for the six months ended December 31, 2015.

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 for the same period last year. 

In December of 2015, the Company repurchased 4,000 shares of its common stock in a privately negotiated transaction at a cost of approximately $85,000. As of December 31, 2015 the Company had 3,503,018 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.