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William Penn Bancorporation (WMPN-1.55%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in total assets to $796.4 million from $818.7 million as of June 30, 2024, primarily due to decreases in investments, cash and cash equivalents, and net loans.
Net loans decreased by $3.1 million, reflecting the company's conservative lending practices and focus on high credit quality borrowers.
Deposits decreased slightly to $627.4 million, with notable decreases in money market accounts and non-interest bearing checking accounts, partially offset by an increase in time deposits.
Borrowings from the Federal Home Loan Bank decreased by $20.0 million, as the company used cash from investment paydowns to reduce debt.
Stockholders' equity decreased marginally to $124.2 million, influenced by stock repurchases, net losses, and dividend payments.
The company reported a net loss of $988 thousand for the quarter, attributed to $731 thousand in merger-related expenses.
Net interest income decreased by $155 thousand compared to the previous year, affected by lower interest income from investment securities.
Provision for credit losses was $14 thousand, reflecting an increase in total loans.
Non-interest income increased due to a gain on the sale of bank-owned buildings, while non-interest expenses rose due to merger-related costs and higher salaries.
The filing details the pending merger with Mid Penn Bancorp, Inc., expected to complete in the second quarter of 2025, subject to regulatory approvals and other customary conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the William Penn Bancorporation quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.