William Penn Bancorporation(WMPN) and its subsidiaries have releas ed their unaudited financial statements for the first quarter of 2023. The reports show the company's net income for the period, as well as the revenue generated during the same time frame.
Net Income for Q1 2023
The financial statements reveal that William Penn Bancorporation recorded a net income of $183 thousand for the first quarter of 2023. This figure indicates the company's profit after accounting for all expenses and taxes during the three-month period.
Revenue Figures for Q1 2023
During the first quarter of 2023, William Penn Bancorporation generated a total revenue of $7.6 million. This revenue includes interest income from loans, securities, and other sources.
The breakdown of interest income for the first quarter is as follows:
Interest income from loans receivable, including fees: $5.7 million
Interest income from securities: $1.7 million
Interest income from other sources: $169 thousand
Consolidated Statements of Financial Condition
The consolidated statements of financial condition as of March 31, 2023, show that William Penn Bancorporation's total assets amount to $862.4 million, a slight decrease from $879.9 million reported on June 30, 2022.
Cash and cash equivalents: $19.9 million
Securities available for sale: $171.6 million
Loans receivable, net: $484.9 million
On the liabilities side, the company's total liabilities stand at $688.3 million as of March 31, 2023, compared to $687.6 million on June 30, 2022. The company's deposits accounted for $632.7 million of the liabilities.
Consolidated Statements of Income
For the three months ended March 31, 2023, William Penn Bancorporation reported a net interest income of $5.5 million, which reflects the difference between interest earned from loans, securities, and other sources and interest expenses on deposits and borrowings.
Other sources of income for the company during the quarter include service fees, net gains on the sale of securities, earnings on bank-owned life insurance, and other income, totaling $174 thousand.
The company's operating expenses for the first quarter amounted to $5.6 million, covering items such as salaries and employee benefits, occupancy and equipment costs, data processing, and other expenses.
Conclusion
William Penn Bancorporation's first-quarter financial results show a net income of $183 thousand and total revenue of $7.6 million. The company's financial position remains strong, with substantial assets and manageable liabilities. As the year progresses, the company will continue to navigate the dynamic financial landscape to sustain growth and profitability.