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Dec 31, 2022
William Penn Bancorp Q2 2023 Earnings Report
Net income was similar to the prior year, with improved asset quality and loan growth.
Key Takeaways
William Penn Bancorporation reported a net income of $1.1 million, or $0.08 per basic and diluted share, for the quarter ended December 31, 2022. The company experienced growth in loans and deposits and maintained a disciplined approach to balance sheet management. Asset quality metrics improved, and the company continued to repurchase shares.
Net income of $1.1 million, or $0.08 per basic and diluted share.
Loan growth was strong, with $31.0 million of new loans funded during the quarter.
Asset quality metrics improved, with non-performing assets to total assets decreasing to 0.49% as of December 31, 2022.
The company repurchased 342,007 shares at a total cost of $4.0 million, or $11.63 per share.
Forward Guidance
This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors.
Positive Outlook
- 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 federal regulator for William Penn Bank is the FDIC.
- The Bank continues to have substantial liquidity that has been retained in cash or invested in high quality government-backed securities.
- The Bank’s capital position remains strong relative to current regulatory requirements.
- William Penn Bank had a community bank leverage ratio of 18.26% and is considered well-capitalized under the prompt corrective action framework.
Challenges Ahead
- General economic conditions (including higher inflation and its impact on national and local economic conditions)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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