William Penn Bancorporation - WMPN STOCK NEWS

William Penn Bancorporation (WMPN) announced its financial results for Q2 and H1 2022, revealing a net income of $1.2 million ($0.08 per diluted share) for Q2 and $2.3 million ($0.16 per diluted share) for H1. This marks a slight decline from $1.4 million ($0.09) and $2.0 million ($0.14) respectively, in the same periods of 2021. The Board declared a cash dividend of $0.03 per share, payable on February 10, 2022. The company improved its asset mix by investing $79 million in quality securities and originated $27.3 million in new loans, while core deposits grew at an annualized rate of 18.0%.

William Penn Bancorporation (NASDAQ:WMPN) reported a net income of $1.2 million, or $0.08 per diluted share, for Q3 2021, up from $670 thousand the previous year. This quarter's results included a $235 thousand income tax benefit related to the CARES Act. The company invested $53.2 million in high-quality securities and prepaid $7.0 million in higher-cost FHLB advances. New loan originations stood at $23.8 million, but net loans fell by $7.0 million to $454.2 million. Core deposits grew at an annualized rate of 17.4%, as it opened a new branch in Doylestown, PA.

William Penn Bancorporation (WMPN) reported a net income of $666,000 for Q2 2021, reversing a net loss of $1.3 million from Q2 2020. For the year, net income increased to $3.8 million, up from $1.3 million. A special dividend of $0.30 per share was declared, payable on August 18, 2021. Total assets grew 11.7% to $822.4 million, while tangible capital to tangible assets soared to 25.85%. Although loan demand remains weak due to COVID-19, net interest income rose by 45.6% year-over-year. The company emphasized its commitment to prudent capital management and enhancing shareholder value.

William Penn Bancorporation (NASDAQ: WMPN) announced the appointment of Jeannine Cimino as Executive Vice President and Chief Retail Officer, effective July 5, 2021.

Previously, Cimino held the position of Regional President at Berkshire Bank. In her new role, she will focus on promoting brand awareness, expanding market share, and driving organic growth, overseeing a branch network with $548 million in deposits.

The leadership change aims to strengthen the company’s management team in pursuit of new customer relationships.

William Penn Bancorporation (NASDAQ:WMPN) announced the appointment of Amy Hannigan as Executive Vice President and Director of Corporate Development, effective May 10, 2021. Hannigan brings over 30 years of experience, having previously served as Senior VP at WSFS Financial Corporation, where she led financial integrations for acquisitions. This strategic hire aims to enhance the company's growth and expansion efforts, focusing on key areas such as Capital Management and Mergers & Acquisitions. CEO Ken Stephon emphasized her expertise will contribute to accelerating the company's momentum.

William Penn Bancorporation (NASDAQ:WMPN) reported Q3 and YTD financial results for the period ending March 31, 2021. The Company achieved net income of $1.1 million ($0.07 per diluted share) and $3.1 million ($0.21 per diluted share), marking increases from $837 thousand and $2.6 million in the same periods last year. The stock offering from its second-step conversion raised $126.4 million, significantly boosting capital. However, loan demand remains low due to the pandemic, with gross loans declining by 6.4%. Overall, net interest income rose by 48.9% attributable to recent acquisitions.

William Penn Bancorporation has successfully completed its "second-step" conversion, transitioning into a stock holding company. The company sold 12,640,035 shares of common stock at $10.00 per share, generating $126.4 million in gross proceeds. Public shareholders of the previous entity received approximately 3.2585 shares of the new company for each share they owned. Trading of the new stock under the symbol WMPN is set to begin on March 25, 2021. Additionally, the Bank's Employee Stock Ownership Plan intends to buy up to 1,011,202 shares in the open market.

William Penn Bancorp, Inc. (OTC PINK:WMPN) announced the results of its subscription offering related to the second-step conversion of its mutual holding company, expected to close on March 24, 2021. The offering, oversubscribed with 12,640,035 shares priced at $10.00 each, will shift the common stock from OTC Pink to Nasdaq Capital Market. Following the conversion, existing shareholders will exchange their shares at an exchange ratio of 3.2585. Preliminary earnings for Q1 2021 are projected between $700K-$750K, a decrease from $1.4M in Q4 2020, primarily due to lower net interest margins.

William Penn Bank announces the appointment of Alan Turner as Executive Vice President and Chief Lending Officer, enhancing its leadership team. Turner brings 20 years of experience from Two River Community Bank, where he grew the loan portfolio from $20 million to over $970 million. His role will involve overseeing all lending operations, including commercial and residential lending. Chairman Kenneth J. Stephon expressed confidence in Turner's ability to drive growth in the Bank's lending activities.