LEVITTOWN, PA / ACCESSWIRE / November 16, 2017 / William Penn Bancorp, Inc. (the "Company") (OTC PINK: WMPN) announced net income of $591,000 ($0.17 per basic and diluted share) for the three months ended September 30, 2017, as compared to $545,000 ($0.16 per basic and diluted share) for the same period last year. Net interest income after provision for loan losses increased from $2,064,000 for the three months ended September 30, 2016 to $2,134,000 for the three months ended September 30, 2017. Non-interest expense increased to $1,380,000 for the three months ended September 30, 2017, from $1,360,000 for the three months ended September 30, 2016. This increase was primarily due to an increase in salaries and employee benefits for three months ended September 30, 2017. The Company had total assets of $312.8 million at September 30, 2017 as compared to $316.0 million at June 30, 2017.
On July 20, 2017, the Company declared a dividend of $0.31 per share payable on August 10, 2017 to stockholders of record on August 1, 2017. In the same period last year, a cash dividend of $0.28 per share was declared in July of 2016 and paid to shareholders in August of 2016. As of September 30, 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 $250,000 per depositor) by the Federal Deposit Insurance Corporation (FDIC). The primary regulator for William Penn Bank is the Federal Deposit Insurance Corporation (FDIC).
Senior Management: Terry L. Sager, President and Chief Executive Officer, Charles Corcoran, Executive Vice President and Chief Financial Officer, and James Douglas, Vice President and Chief Lending Officer.
Board of Directors: William J. Feeney (Chairman), Craig Burton, Charles Corcoran, Glenn Davis, William B. K. Parry, Jr., and Terry L. Sager.
Forward-Looking Statements
Statements in this press release that are not strictly historical may be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1996, which involve risks and uncertainties. The foregoing material may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances arising after the date hereof.
FOR FURTHER INFORMATION
Contact Terry L. Sager, President
215-269-1200
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share data)
Selected Financial Data:
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At
|
At
|
|||||||
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September 30, 2017
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June 30,
2017 |
|||||||
|
Assets
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$ | 312,799 | $ | 315,997 | ||||
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Cash and cash equivalents
|
11,875 | 12,954 | ||||||
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Interest bearing time deposits
|
43,663 | 45,400 | ||||||
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Investment securities available for sale
|
2,467 | 3,208 | ||||||
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Investment securities held to maturity
|
3,917 | 4,226 | ||||||
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Loans receivable, net
|
235,040 | 234,865 | ||||||
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Deposits
|
181,086 | 182,199 | ||||||
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Advances from Federal Home Loan Bank
|
65,500 | 65,500 | ||||||
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Stock holders' equity
|
61,116 | 61,604 | ||||||
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Non-performing loans
|
3,952 | 5,663 | ||||||
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Non-performing assets
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3,981 | 5,732 | ||||||
Selected Operations Data:
|
Three months ended
September 30,
|
||||||||
| 2017 | 2016 | |||||||
|
Interest Income
|
$ | 3,000 | $ | 2,948 | ||||
|
Interest Expense
|
866 | 884 | ||||||
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Net Interest Income
|
2,134 | 2,064 | ||||||
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Provision for loan losses
|
- | - | ||||||
|
Net Interest Income after provision for loan losses
|
2,134 | 2,064 | ||||||
|
Noninterest Income
|
130 | 118 | ||||||
|
Noninterest expense
|
1,380 | 1,360 | ||||||
|
Income before income taxes
|
884 | 822 | ||||||
|
Provisions for income taxes
|
293 | 277 | ||||||
|
Net Income
|
$ | 591 | $ | 545 | ||||
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Basic and diluted earnings per share
|
$ | 0.17 | $ | 0.16 | ||||
SOURCE: William Penn Bancorp, Inc.