William Penn Bancorporation Reports Net Income of $2.8 Million for Fiscal Year 2023

August 1, 2023 - William Penn Bancorporation [WMPN], a leading financial institution, released its consolidated financial statements for the fiscal year ended June 30, 2023. The company reported a net income of $2.8 million for the year, showing a slight decrease compared to the previous year. However, the company achieved a strong annual revenue of $30.4 million, representing a significant increase in its financial performance.

Despite the slight decrease in net income, William Penn Bancorporation has maintained a solid financial performance throughout the year. The company reported a net interest income of $23.1 million, remaining relatively stable compared to the previous year. Additionally, the provision for loan losses was minimal at $20 thousand, indicating a healthy loan portfolio. Operating expenses totaled $22.0 million, reflecting the company's efforts to manage costs effectively.

William Penn Bancorporation experienced growth in its revenue during the fiscal year. The company generated a total interest income of $30.4 million, a notable increase from the previous year's $25.5 million. This growth was primarily driven by higher interest income from loans receivable, including fees, which reached $22.9 million. The company also witnessed a growth in other income, which amounted to $1.9 million, contributing to the overall revenue growth.

With regards to the company's balance sheet, William Penn Bancorporation remains financially stable. The total assets amounted to $847.6 million, reflecting a slight decrease compared to the previous year. However, the company maintained a strong capital position with stockholders' equity totaling $160.7 million. The company's liquidity position also remained favorable, with cash and cash equivalents amounting to $20.8 million.