Thu, Sep 5, 5:41 PM (131 days ago)
William Penn Bancorporation's fiscal year ending June 30, 2024, reflected a decrease in total assets by $28.9 million (3.4%) to $818.7 million, primarily driven by a $21 million reduction in investments and a $6.9 million drop in net loans. The company reported net income of $168,000, a significant decline of 94% from $2.8 million in 2023, attributed to a 25.8% decrease in net interest income to $17.1 million, impacted by rising interest expenses. The provision for credit losses showed a recovery of $606,000, while non-interest income rose by 45.4% to $2.8 million. Deposits decreased by $5.5 million (0.9%) to $629.8 million, with notable declines in money market and savings accounts. Stockholders’ equity fell by 22.5% to $124.6 million, largely due to $38 million in stock repurchases. The allowance for credit losses stood at $2.99 million (0.63% of total loans), down from $3.31 million (0.69%) in 2023. The company remains exposed to interest rate risk and competition, with a strategic focus on enhancing commercial lending and maintaining asset quality amid economic uncertainties.