William Penn Bancorporation(WMPN) - 2025 Q1 - Quarterly Results

Financial Performance - William Penn recorded a net loss of $21 thousand, or $(0.00) per share, for the quarter ended September 30, 2024, compared to a net income of $179 thousand, or $0.02 per share, for the same period in 2023[1]. - Core net loss was $82 thousand, or $(0.01) per share, for the quarter ended September 30, 2024, compared to core net income of $123 thousand, or $0.01 per share, for the quarter ended September 30, 2023[1]. - Net interest income was $4.1 million, a decrease of $603 thousand, or 12.7%, from the same quarter in 2023[12]. - The net interest margin was 2.29% for the quarter ended September 30, 2024, compared to 2.52% for the same period in 2023[12]. - Net interest income after provision for credit losses was $4,141 thousand for the quarter, compared to $4,744 thousand in the same quarter last year, reflecting a decrease of 12.7%[23]. - Core net loss income (non-GAAP) for the quarter ended September 30, 2024, was $(82) million, compared to $(180) million for the quarter ended June 30, 2024, and $123 million for September 30, 2023[31]. - Core basic loss earnings per share (non-GAAP) was $(0.01) for the quarter ended September 30, 2024, compared to $(0.02) for the quarter ended June 30, 2024, and $0.01 for September 30, 2023[31]. - Core diluted loss earnings per share (non-GAAP) was $(0.01) for the quarter ended September 30, 2024, compared to $(0.02) for the quarter ended June 30, 2024, and $0.01 for September 30, 2023[31]. - Non-interest income (GAAP) was $650 million for the quarter ended September 30, 2024, compared to $633 million for the quarter ended June 30, 2024, and $650 million for September 30, 2023[33]. - Core non-interest income (non-GAAP) was $571 million for the quarter ended September 30, 2024, compared to $604 million for the quarter ended June 30, 2024, and $577 million for September 30, 2023[33]. Asset and Liability Management - Total assets decreased by $6.5 million, or 0.8%, to $812.2 million at September 30, 2024, primarily due to an $8.4 million decrease in net loans[6]. - Total assets as of September 30, 2024, were $812,229 thousand, a decrease of 2.5% from $829,987 thousand on September 30, 2023[22]. - Total liabilities decreased to $683,976 thousand as of September 30, 2024, from $693,593 thousand a year earlier, a decline of 1.9%[22]. - Total stockholders' equity increased to $128,253 thousand as of September 30, 2024, from $136,394 thousand a year earlier, a decrease of 5.9%[22]. - Average assets decreased to $803,863 million for the quarter ended September 30, 2024, from $819,888 million for the quarter ended June 30, 2024, and $836,094 million for September 30, 2023[31]. - Average equity increased to $125,669 million for the quarter ended September 30, 2024, compared to $122,961 million for the quarter ended June 30, 2024, but decreased from $151,974 million for September 30, 2023[31]. Loan Performance - Net loans decreased by $8.4 million, or 1.8%, to $462.2 million at September 30, 2024[9]. - Non-performing assets to total assets ratio improved to 0.38% as of September 30, 2024, down from 0.40% as of June 30, 2024[3]. - Non-performing loans decreased to $3,108 thousand in September 2024 from $3,556 thousand in September 2023, a reduction of 12.6%[26]. - The ratio of non-performing loans to total loans improved to 0.67% in September 2024 from 0.75% in September 2023[26]. Efficiency and Operational Metrics - The efficiency ratio increased to 111.10% in September 2024 compared to 96.87% in September 2023, indicating a decline in operational efficiency[27]. - Core efficiency ratio (non-GAAP) increased to 112.97% for the quarter ended September 30, 2024, from 109.74% for the quarter ended June 30, 2024, and 98.20% for September 30, 2023[33]. - Efficiency ratio (GAAP) was 111.10% for the quarter ended September 30, 2024, compared to 109.07% for the quarter ended June 30, 2024, and 96.87% for September 30, 2023[33]. Credit Losses - The provision for credit losses was $4,536 thousand for the quarter, compared to $4,739 thousand in the same quarter last year, indicating a decrease of 4.3%[23]. - Allowance for credit losses decreased to $2,522 thousand in September 2024 from $2,989 thousand in June 2024[29]. - The total credit losses coverage ratio was 0.99% in September 2024, down from 1.08% in June 2024[29]. Cash and Cash Equivalents - Cash and cash equivalents increased by $6.3 million, or 31.3%, to $26.5 million at September 30, 2024[7]. Interest Income - Total interest income for the quarter ended September 30, 2024, was $8,248 thousand, an increase of 2.9% from $8,011 thousand in the same quarter of the previous year[23]. - Total interest-earning assets decreased to $722,659 thousand in September 2024 from $753,977 thousand in September 2023, reflecting a decline of 4.14%[25].