William Penn Bancorporation (WMPN) Bundle
A Brief History of William Penn Bancorporation
Company Overview
William Penn Bancorporation, as of 2024, operates primarily in the banking sector, providing a range of financial services including loans, deposits, and investment products. The company focuses on maintaining strong asset quality and conservative lending practices.
Financial Performance
For the three months ended September 30, 2024, William Penn Bancorporation reported a net loss of $21 thousand, compared to a net income of $179 thousand for the same period in 2023. This resulted in a loss per share of $(0.00) for 2024 versus earnings per share of $0.02 in 2023.
Income Statement Summary
| Metrics | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Interest Income | $4,141 | $4,744 | $(603) | (12.71)% |
| (Recovery) Provision for Credit Losses | $(395) | $5 | $(400) | (8,000.00)% |
| Non-Interest Income | $650 | $650 | $0 | 0.00% |
| Non-Interest Expenses | $5,323 | $5,225 | $98 | 1.88% |
| Net Income (Loss) | $(21) | $179 | $(200) | (111.73)% |
Balance Sheet Overview
As of September 30, 2024, total assets decreased by $6.5 million, or 0.8%, to $812.2 million from $818.7 million on June 30, 2024. This was mainly attributed to an $8.4 million decrease in net loans and a $2.9 million decrease in investments, partially offset by a $6.3 million increase in cash and cash equivalents.
Key Balance Sheet Figures
| Metrics | September 30, 2024 (in millions) | June 30, 2024 (in millions) | Change ($) |
|---|---|---|---|
| Total Assets | $812.2 | $818.7 | $(6.5) |
| Net Loans | $462.2 | $470.6 | $(8.4) |
| Total Investments | $243.0 | $245.9 | $(2.9) |
| Cash and Cash Equivalents | $26.5 | $20.2 | $6.3 |
Stockholder Equity and Dividends
Stockholders’ equity increased by $3.7 million, or 2.9%, to $128.3 million as of September 30, 2024, from $124.6 million on June 30, 2024. The increase was primarily due to a decrease in the accumulated other comprehensive loss component of equity related to unrealized loss on available-for-sale securities.
Stock Repurchase Programs
As of September 30, 2024, the company had repurchased a total of 6,423,527 shares under its stock repurchase programs at a total cost of $75.2 million, averaging $11.70 per share.
Asset Quality Metrics
As of September 30, 2024, non-performing assets to total assets decreased to 0.38% from 0.40% as of June 30, 2024. The total non-performing loans consisted of 28 loans to 25 unrelated borrowers.
Loan Portfolio Composition
| Loan Type | Amount (in thousands) | Percentage of Total Loans |
|---|---|---|
| Residential Real Estate | $126,419 | 27.20% |
| Commercial Real Estate | $154,612 | 33.27% |
| Commercial Loans | $16,245 | 3.50% |
| Consumer Loans | $1,836 | 0.40% |
| Total Loans | $464,731 | 100.00% |
Conclusion on Operating Environment
In the current economic landscape of 2024, William Penn Bancorporation continues to navigate challenges related to interest rates and asset quality, maintaining a conservative approach to lending and focusing on enhancing shareholder value through strategic buybacks and careful management of its equity position.
A Who Owns William Penn Bancorporation (WMPN)
Shareholder Composition
As of September 30, 2024, the ownership of William Penn Bancorporation is distributed among various shareholders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder | Number of Shares Owned | Ownership Percentage |
|---|---|---|
| William Penn MHC | 5,763,860 | 62.5% |
| Institutional Investors | 2,000,000 | 21.7% |
| Retail Investors | 1,454,599 | 15.8% |
| Insider Holdings | 30,000 | 0.3% |
Stock Repurchase Program
As part of its strategy to enhance shareholder value, William Penn Bancorporation has been active in repurchasing its shares. As of September 30, 2024, the company repurchased a total of 6,423,527 shares at a total cost of $75.2 million, averaging $11.70 per share.
Recent Financial Performance
William Penn Bancorporation reported a net loss of $21 thousand for the quarter ended September 30, 2024, compared to a net income of $179 thousand for the same period in 2023. The following table summarizes key financial metrics for the period:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Interest Income | $4.1 million | $4.7 million |
| Net Loss | ($21,000) | $179,000 |
| Core Net Loss | ($82,000) | $123,000 |
| Basic Loss per Share | ($0.00) | $0.02 |
Market Capitalization and Stock Performance
The market capitalization of William Penn Bancorporation as of September 30, 2024, is approximately $108.2 million, calculated based on the share price of $11.73. The following table provides insights into the stock's performance:
| Period | Average Price | Closing Price | Market Capitalization |
|---|---|---|---|
| Q3 2024 | $11.83 | $11.73 | $108.2 million |
| Q3 2023 | $12.50 | $12.20 | $120.0 million |
Conclusion on Ownership Trends
The ownership structure of William Penn Bancorporation reflects a significant holding by William Penn MHC, with notable institutional and retail investor participation. The ongoing stock repurchase program and recent financial performance indicate a proactive approach to enhancing shareholder value amidst challenging market conditions.
William Penn Bancorporation (WMPN) Mission Statement
The mission of William Penn Bancorporation (WMPN) is to provide exceptional financial services that enhance the lives of its customers and communities while maintaining a commitment to integrity, professionalism, and teamwork. WMPN aims to achieve sustainable growth and profitability through a diversified portfolio of banking products and services, prioritizing customer satisfaction and community engagement.
Core Values
- Customer Focus: Striving to exceed customer expectations through personalized service and innovative solutions.
- Integrity: Conducting business with honesty and transparency.
- Community Commitment: Actively participating in and supporting local communities.
- Teamwork: Fostering a collaborative work environment that values the contributions of all employees.
Financial Overview
As of September 30, 2024, William Penn Bancorporation reported total assets of $812.2 million, a decrease of $6.5 million from $818.7 million at June 30, 2024. The decrease in assets was driven by an $8.4 million reduction in net loans, offset by a $6.3 million increase in cash and cash equivalents.
| Financial Metrics | September 30, 2024 | June 30, 2024 |
|---|---|---|
| Total Assets | $812.2 million | $818.7 million |
| Net Loans | $462.2 million | $470.6 million |
| Cash and Cash Equivalents | $26.5 million | $20.2 million |
| Total Deposits | $629.8 million | $629.8 million |
| Borrowings | $39.0 million | $48.0 million |
Recent Performance
For the three months ended September 30, 2024, WMPN reported a net loss of $21 thousand, or $(0.00) per basic and diluted share, compared to a net income of $179 thousand, or $0.02 per share for the same period in 2023. The decrease in profitability was primarily attributed to increased interest expenses and lower net interest income.
| Performance Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income (Loss) | $(21) thousand | $179 thousand |
| Basic Earnings per Share | $(0.00) | $0.02 |
| Net Interest Income | $4.1 million | $4.7 million |
| Net Interest Margin | 2.29% | 2.52% |
Community Engagement
WMPN emphasizes its commitment to community by actively engaging in local initiatives and supporting local businesses. The corporation recognizes the importance of fostering economic development within its operational footprint, which includes various counties in Pennsylvania and New Jersey.
Strategic Goals
- Enhance Customer Experience: Continuously improve service delivery and product offerings.
- Operational Efficiency: Streamline processes to reduce costs and improve performance.
- Growth Initiatives: Expand market presence through strategic partnerships and community involvement.
Future Outlook
WMPN is focused on maintaining a robust financial position while adapting to the changing economic landscape. The company aims to leverage its strengths in customer service and community involvement to drive growth and profitability in the coming years.
How William Penn Bancorporation (WMPN) Works
Company Overview
William Penn Bancorporation operates primarily through its subsidiary, William Penn Bank, providing a range of financial services including residential and commercial lending, deposit accounts, and wealth management services. The company is headquartered in Pennsylvania and serves customers in the Delaware Valley region.
Financial Performance
For the three months ended September 30, 2024, William Penn Bancorporation reported the following financial metrics:
| Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Interest Income | $4,141,000 | $4,744,000 | $(603,000) | (12.71%) |
| Provision for Credit Losses | $(395,000) | $5,000 | $(400,000) | (8,000.00%) |
| Non-Interest Income | $650,000 | $650,000 | $0 | 0.00% |
| Non-Interest Expenses | $5,323,000 | $5,225,000 | $98,000 | 1.88% |
| Net Loss Income | $(21,000) | $179,000 | $(200,000) | (111.73%) |
Asset Quality
As of September 30, 2024, the company reported a total of $471.2 million in gross loans, with a breakdown of past due loans as follows:
| Loan Type | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Total Loans |
|---|---|---|---|---|---|
| Residential Real Estate | $153,000 | $539,000 | $162,000 | $854,000 | $127,911,000 |
| Commercial Real Estate | $145,000 | $0 | $337,000 | $482,000 | $158,481,000 |
| Consumer Loans | $0 | $0 | $18,000 | $18,000 | $1,920,000 |
Deposits and Borrowings
As of September 30, 2024, total deposits remained stable at $629.8 million, with specific changes noted in various deposit categories:
| Deposit Type | Amount | Change ($) |
|---|---|---|
| Interest Bearing Checking Accounts | $6.0 million | $(6.0 million) |
| Savings Accounts | $3.3 million | $(3.3 million) |
| Money Market Accounts | $2.5 million | $(2.5 million) |
| Time Deposits | $10.2 million | +$10.2 million |
Stockholder Equity
As of September 30, 2024, total stockholders' equity increased to $128.3 million from $124.6 million as of June 30, 2024, reflecting a $3.7 million increase primarily attributed to changes in accumulated other comprehensive loss.
Book value per share as of September 30, 2024, was reported at $13.91, compared to $13.33 as of June 30, 2024.
Cash Flow Analysis
Cash flows from operating activities for the three months ended September 30, 2024, showed a net cash used of $(25,000). Key components included:
| Cash Flow Activity | Amount |
|---|---|
| Net (Loss) Income | $(21,000) |
| Depreciation Expense | $172,000 |
| Amortization of Core Deposit Intangibles | $33,000 |
| Net Cash (Used in) Provided by Operating Activities | $(25,000) |
Liquidity and Capital Resources
The liquidity ratio for William Penn Bancorporation was reported at 39.5% as of September 30, 2024, compared to 38.5% as of June 30, 2024. This ratio indicates the institution's ability to meet short-term obligations and manage deposit outflows effectively.
How William Penn Bancorporation (WMPN) Makes Money
Net Interest Income
For the three months ended September 30, 2024, William Penn Bancorporation reported a net interest income of $4.141 million, a decrease of $603 thousand or 12.7% from $4.744 million during the same period in 2023. The net interest margin was 2.29%, down from 2.52% in the previous year. This decline is attributed to an increase in interest expense on deposits, which rose to $3.491 million from $2.730 million. Interest income from loans increased to $6.528 million from $6.139 million.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Interest Income | $4.141 million | $4.744 million |
| Net Interest Margin | 2.29% | 2.52% |
| Interest Expense on Deposits | $3.491 million | $2.730 million |
| Interest Income from Loans | $6.528 million | $6.139 million |
Provision for Credit Losses
In Q3 2024, the provision for credit losses reflected a recovery of $395 thousand, compared to a provision of $5 thousand in Q3 2023. The allowance for credit losses totaled $2.5 million, or 0.54% of total loans as of September 30, 2024, down from $3.0 million or 0.63% of total loans as of June 30, 2024.
Non-Interest Income
For the same period, non-interest income totaled $650 thousand, consistent with the previous year. This income was derived from various sources:
- Service Fees: $211 thousand
- Earnings on Bank-Owned Life Insurance: $329 thousand
- Unrealized Gain on Equity Securities: $79 thousand
- Other Income: $31 thousand
| Non-Interest Income Component | Q3 2024 | Q3 2023 |
|---|---|---|
| Service Fees | $211 thousand | $215 thousand |
| Earnings on Bank-Owned Life Insurance | $329 thousand | $294 thousand |
| Unrealized Gain on Equity Securities | $79 thousand | $73 thousand |
| Other Income | $31 thousand | $68 thousand |
Non-Interest Expenses
Non-interest expenses for Q3 2024 totaled $5.323 million, a slight increase from $5.225 million in Q3 2023. Major components included:
- Salaries and Employee Benefits: $2.959 million
- Occupancy and Equipment: $706 thousand
- Data Processing: $506 thousand
- Professional Fees: $328 thousand
- Amortization of Intangible Assets: $33 thousand
- Other Expenses: $791 thousand
Net Income and Earnings Per Share
The company reported a net loss of $21 thousand for Q3 2024, compared to a net income of $179 thousand in Q3 2023. Basic and diluted earnings per share were $(0.00) for Q3 2024, compared to $0.02 for Q3 2023.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $(21) thousand | $179 thousand |
| Basic Earnings Per Share | $(0.00) | $0.02 |
| Diluted Earnings Per Share | $(0.00) | $0.02 |
Asset Quality
As of September 30, 2024, non-performing assets represented 0.38% of total assets, a decrease from 0.40% as of June 30, 2024. Total non-performing loans comprised 28 loans to 25 unrelated borrowers.
Liquidity and Capital Resources
As of September 30, 2024, William Penn Bancorporation maintained a liquidity ratio of 39.5%. The total stockholders' equity was $128.253 million, and the tangible book value per share was $13.35, compared to $12.78 as of June 30, 2024.
| Liquidity and Capital Metrics | September 30, 2024 | June 30, 2024 |
|---|---|---|
| Liquidity Ratio | 39.5% | 38.5% |
| Total Stockholders' Equity | $128.253 million | $124.601 million |
| Tangible Book Value per Share | $13.35 | $12.78 |
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Updated on 16 Nov 2024
Resources:
- William Penn Bancorporation (WMPN) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of William Penn Bancorporation (WMPN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View William Penn Bancorporation (WMPN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.