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Dec 31, 2021
William Penn Bancorp Q2 2022 Earnings Report
William Penn Bancorp's financial performance remained stable with a slight decrease in net income compared to the previous year's quarter, while strategic initiatives led to improved asset mix and core deposit growth.
Key Takeaways
William Penn Bancorp reported a net income of $1.2 million, or $0.08 per diluted share, for the quarter ended December 31, 2021. The company focused on improving its asset mix by investing in high-quality securities and saw growth in core deposits, alongside the opening of a new branch in New Jersey.
Net income was $1.2 million, or $0.08 per diluted share.
Purchased $79.0 million in high-quality investment securities to improve asset mix.
Originated $27.3 million in new loans, including $24.8 million in commercial loans.
Core deposits increased at an annualized rate of 18.0%.
Forward Guidance
The company focused on improving its asset mix and increasing core deposits.
Positive Outlook
- Improving asset mix
- Deployment of excess cash
- Prudent management of the balance sheet
- Achieving strategic and financial growth goals
- Bolstering core deposit growth
Challenges Ahead
- Challenging operating environment
- Significant payoffs primarily in the residential portfolio
- Low interest rates
- Current margin compression
- Ongoing COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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