William Penn Bancorporation (WMPN) Q4 2024 earnings summary

Executive summary

• Reported a net loss of $158 thousand ($-0.02 per share) for Q4 2024 and net income of $168 thousand ($0.02 per share) for FY 2024, down from $531 thousand and $2.8 million, respectively, year-over-year.

• Core net loss was $180 thousand for Q4 and $205 thousand for FY 2024, compared to core net income of $510 thousand and $2.8 million in the prior year.

• Board declared a $0.03 per share cash dividend, payable August 8, 2024.

• Continued share repurchases, with 96,117 shares bought in Q4 and 6.3 million shares (49% of conversion shares) repurchased to date.

Financial highlights

• Net interest income for Q4 was $4.2 million, down 21.1% year-over-year; FY 2024 net interest income was $17.1 million, down 25.8%.

• Net interest margin for Q4 was 2.25% (down from 2.73%); FY 2024 margin was 2.30% (down from 2.97%).

• Non-interest income rose 45.4% year-over-year to $2.8 million for FY 2024, driven by a $1.0 million swing in unrealized gains on equity securities.

• Non-interest expense decreased 5.3% year-over-year to $20.9 million, reflecting cost control and branch closure.

• Recorded a $606 thousand recovery for credit losses in FY 2024 due to strong asset quality.

Outlook and guidance

• Management notes a challenging interest rate environment but highlights a 10 basis point sequential increase in net interest margin and ongoing cost discipline.

• Focus remains on capital management, expense control, and maintaining strong credit quality.