William Penn Bancorp, Inc. Announces Second Quarter Earnings

LEVITTOWN, PA / ACCESSWIRE / February 16, 2017 / William Penn Bancorp, Inc. (the "Company") (OTC PINK: WMPN) announced net income of $651,000 ($0.19 per basic and diluted share) for the three months ended December 31, 2016, as compared to $465,000 ($0.14 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses declined from $2,202,000 for the three months ended December 31, 2015 to $2,074,000 for the three months ended December 31, 2016. The decrease was primarily due to a decrease in interest income on loans. Income before income taxes increased to $1,021,000 for the three months ended December 31, 2016, from $702,000 for the same period ended December 31, 2015. This increase was primarily due to a one-time non-interest expense of $250,000 that was incurred during the prior year. The Company had total assets of $314.5 million at December 31, 2016, as compared to $314.1 million at June 30, 2016.

Net income was $1,196,000 ($0.35 per basic and diluted share) for the six months ended December 31, 2016 as compared to $1,106,000 ($0.33 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses declined from $4,331,000 for the six months ended December 31, 2015 to $4,135,000 for the six months ended December 31, 2016. The decrease is primarily due to a decrease in interest income on loans. Income before income taxes increased to $1,843,000 for the six months ended December 31, 2016, from $1,669,000 for the six months ended December 31, 2015. 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 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 December 31, 2016, 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.

FOR FURTHER INFORMATION:

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

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SOURCE: William Penn Bancorp, Inc.