William Penn Bancorporation Announces Quarter End Results and Cash Dividend to Shareholders

William Penn Bancorporation (NASDAQ: WMPN) recently published its financial results for the quarter ended December 31, 2024. The company disclosed a net loss of $988 thousand and $1.0 million for the three and six months ended December 31, respectively. This translates to $(0.12) per basic and diluted share for both periods. The results starkly contrasted with the net income of $11 thousand and $190 thousand reported for the same periods in 2023.

The loss for the recent quarters includes professional fees of $731 thousand and $836 thousand linked to the impending merger with Mid Penn Bancorp, Inc. Additionally, William Penn declared a cash dividend of $0.03 per share on January 15, 2025, payable on February 6, 2025, to common shareholders of record as of January 27, 2025.

Kenneth J. Stephon, the Chairman, President, and CEO of William Penn, emphasized the company’s commitment to maintaining a robust balance sheet and executing its business model diligently. The institution saw growth in its loan portfolio, a reduction in non-performing assets, and controlled operating expenses during the stated period.

Key highlights from the quarter included a decrease in non-performing assets to 0.30% of total assets as of December 31, 2024. The book value per share measured $13.49 compared to $13.33 as of June 30, 2024, while tangible book value per share stood at $12.93, up from $12.78 as of the previous quarter.

William Penn’s total assets fell by $22.3 million to $796.4 million at the close of 2024 from $818.7 million as of June 30, 2024. The decline was primarily due to reductions in investments, cash and cash equivalents, and net loans.

Moreover, the company’s net interest income for the three months ended December 31, 2024, dropped by 3.7% compared to the same period in the previous year, attributed to reduced interest income on investment securities. The net interest margin for this period was reported at 2.27%.

William Penn Bancorporation indicated that the Bank continues to enjoy ample liquidity, with the ability to borrow up to $279.5 million from the FHLB of Pittsburgh, $10.0 million from the Atlantic Community Bankers Bank, and $4.0 million from the Federal Reserve Bank as of December 31, 2024.

While the company has navigated through challenges, uncertainties remain regarding its pending merger with Mid Penn Bancorp, Inc. William Penn Bancorporation expressed confidence in its operational strategy despite prevailing economic conditions impacting its financial trajectory. For more details on William Penn Bancorporation and its operations, interested individuals may refer to the company’s website.

The provided financial insights serve to inform stakeholders and investors about William Penn Bancorporation’s recent performance and strategies amid evolving market conditions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read William Penn Bancorporation’s 8K filing here.

William Penn Bancorporation Company Profile

William Penn Bancorporation operates as the holding company for William Penn Bank that provides retail and commercial banking products and related financial services in the United States. The company offers time, savings, money market, and demand deposits; certificates of deposit; and non-interest bearing and interest-bearing checking, as well as money market, savings and club, and individual retirement accounts.