William Penn Bancorporation (WMPN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Exhibit 99.1

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FOR IMMEDIATE RELEASE

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DATE:July 19, 2023

CONTACT:Kenneth J. Stephon

Chairman, President and CEO

PHONE:(856) 656-2201, ext. 1009

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WILLIAM PENN BANCORPORATION ANNOUNCES QUARTER AND YEAR END RESULTS AND CASH DIVIDEND TO SHAREHOLDERS

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BRISTOL, PENNSYLVANIA, July 19, 2023 — William Penn Bancorporation (“William Penn” or the “Company”) (NASDAQ CM: WMPN), the parent company of William Penn Bank (the “Bank”), today announced its financial results for the quarter and year ended June 30, 2023.  William Penn recorded net income of $531 thousand and $2.8 million, or $0.05 and $0.22 per basic and diluted share, for the quarter and year ended June 30, 2023, respectively, compared to net income of $1.1 million and $4.2 million, or $0.08 and $0.30 per basic and diluted share, for the quarter and year ended June 30, 2022. William Penn recorded core net income⁽¹⁾ of $510 thousand and $2.8 million, or $0.04 and $0.22 per basic and diluted share, for the quarter and year ended June 30, 2023, respectively, compared to core net income⁽¹⁾ of $1.2 million and $4.2 million, or $0.08 and $0.29 per basic and diluted share, for the quarter and year ended June 30, 2022, respectively.  

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In addition, William Penn announced that its Board of Directors has declared a cash dividend of $0.03 per share, payable on August 10, 2023, to common shareholders of record at the close of business on July 31, 2023.

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Kenneth J. Stephon, William Penn’s Chairman, President and CEO, commented on the financial results, stating, “Amidst the continuing tumult in the banking sector, William Penn Bancorporation remains focused on the essential aspects of our business that we believe will support long-term value for our shareholders.  The Company experienced growth in deposits for the quarter and the year while maintaining a low level of uninsured and uncollateralized deposits of 17.6% of total deposits, and further reduced the similarly low level of non-performing assets to total assets to 0.49% as of June 30, 2023.  Non-owner occupied commercial real estate loans comprise 23.8% of our entire loan portfolio, with office space comprising only 2.0% of the portfolio.”

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Mr. Stephon added, “During the quarter, we continued to repurchase shares under our existing stock repurchase programs and our Board of Directors authorized a fifth repurchase program to repurchase up to 1,281,019 shares.  We are authorized to repurchase a total of 4,248,689 shares under our stock repurchase programs and, as of June 30, 2023, we had repurchased a total of 3,180,471 shares at a total cost of $35.8 million, an average of $11.26 per share.

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“The Company continues to maintain a strong capital position, posting a stockholders’ equity to assets ratio of 18.97% and a tangible common equity ratio⁽²⁾ of 18.45% at June 30, 2023.  The strength of these ratios provides us with substantial support through these turbulent times and enables us to concentrate on managing our capital for the maximum benefit of our shareholders.  This means maintaining a strong balance sheet, growing our business in a disciplined manner, buying back our stock whenever possible, and paying a sustainable cash dividend.”

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Highlights for the quarter and year ended June 30, 2023 are as follows:

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⁽¹⁾ As used in this press release, core net income is a non-GAAP financial measure.  This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of such adjustments, and income tax benefit adjustments.  For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measure, see “Non-GAAP Reconciliation” at the end of the press release.

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⁽²⁾ As used in this press release, tangible capital to tangible assets is a non-GAAP financial measure. This non-GAAP financial measure excludes goodwill and other intangible assets. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see “Non-GAAP Reconciliation” at the end of the press release.

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