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William Penn Bancorp net income $586,000

Staff writer ▼ | February 24, 2015
William Penn Bancorp, Inc. announced net income of $586,000 ($0.16 per basic and diluted share) for the second quarter ended December 31, 2014 as compared to $626,000 ($0.17 per basic and diluted share) for the same period last year.
William Penn Bancorp
William Penn   $0.16 per basic and diluted share
Net interest income after provision for the three months ended December 31, 2014 was $2,145,000 as compared to net interest income after provision of $2,099,000 for the same period ending December 31, 2013.

This increase was mainly attributable to a decrease in interest expense on FHLB borrowings by $79,000 to $648,000 at December 31, 2014 from $727,000 at December 31, 2013. William Penn Bancorp, Inc. had assets of $315.3 million at December 31, 2014 as compared to $314.1 million at June 30, 2014.

Net income for six months ended December 31, 2014 was $1,210,000 ($0.34 per basic and diluted share) as compared to $1,281,000 ($0.36 per basic and diluted share) for the same period ending December 31, 2013. The decrease in earnings is primarily attributed to a realized gain on sale of office building of $63,000 for the six months ended December 31, 2013.

A regular dividend of $0.26 per share and a special dividend of $0.04 per share were declared in July of 2014 and paid to shareholders in August of 2014 compared to a $0.25 per share 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.

In December of 2014, 108,000 shares of William Penn Bancorp, Inc. stock were repurchased as part of a stock repurchase plan at a cost of $2,224,800. As of December 31, 2014 there were 3,533,018 shares of William Penn Bancorp, Inc. common stock outstanding with a par value $0.10 per share.


 

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