Parent Company Financial Information

12 Months Ended

Jun. 30, 2022

Parent Company Financial Information

Parent Company Financial Information

Note 19 — Parent Company Financial Information

WILLIAM PENN BANCORPORATION

CONDENSED STATEMENTS OF FINANCIAL CONDITION — PARENT COMPANY ONLY

(Dollars in thousands)

As of June 30, 2022 and 2021

	June 30,		June 30,
	2022		2021
ASSETS
Cash on deposit at the Bank	$	41,301	$	57,995
Investment in the Bank		148,364		158,857
Equity securities		2,258		—
Other assets		551		103
TOTAL ASSETS	$	192,474	$	216,955
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Accrued and other liabilities	$	148	$	29
TOTAL LIABILITIES		148		29
Commitments and contingencies		—		—
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued		—		—
Common stock, $0.01 par value, 150,000,000 shares authorized; 14,896,590 shares issued and outstanding at June 30, 2022 and 15,170,566 shares issued and outstanding at June 30, 2021		149		152
Additional paid-in capital		159,546		168,349
Unearned common stock held by employee stock ownership plan		(9,599)		(10,004)
Retained earnings		57,587		58,493
Accumulated other comprehensive loss		(15,357)		(64)
TOTAL STOCKHOLDERS’ EQUITY		192,326		216,926
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	192,474	$	216,955

WILLIAM PENN BANCORPORATION

CONDENSED STATEMENTS OF OPERATIONS — PARENT COMPANY ONLY

(Dollars in thousands)

For the Years Ended June 30, 2022 and 2021

	Year ended June 30,
	2022		2021
INCOME
Interest on interest-bearing deposits with the Bank	$	142	$	52
Interest income on securities		114		—
Unrealized loss on equity securities		(242)		—
Total income		14		52
EXPENSES
Professional fees		570		147
Other expenses		175		44
Total expenses		745		191
Loss before income tax benefit and equity in undistributed net income of affiliates		(731)		(139)
Income tax benefit		(168)		(31)
Equity in undistributed net income of the Bank		4,800		3,887
NET INCOME	$	4,237	$	3,779
Comprehensive (loss) income	$	(11,056)	$	3,639

WILLIAM PENN BANCORPORATION

CONDENSED STATEMENTS OF CASH FLOW — PARENT COMPANY ONLY

(Dollars in thousands)

For the Years Ended June 30, 2022 and 2021

	Year ended
	June 30,
	2022		2021
Cash flows from operating activities
Net income	$	4,237	$	3,779
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed net earnings of subsidiaries		(4,800)		(3,887)
Unrealized loss on equity securities		242		—
Other		350		137
Net cash provided by operating activities		29		29
Cash flows from investing activities
Purchases of equity securities		(2,500)		—
Net second-step proceeds transferred to the Bank		—		(61,709)
Net cash used in investing activities		(2,500)		(61,709)
Cash flows from financing activities
Cash dividends		(5,143)		(1,886)
Issuance of common stock funded by stock subscriptions		—		128,861
Purchase of unearned common stock held by employee stock ownership plan		—		(10,112)
Stock purchased and retired		(9,080)		—
Purchase of treasury stock		—		(49)
Net cash (used in) provided by financing activities		(14,223)		116,814
Net (decrease) increase in cash and cash equivalents		(16,694)		55,134
Cash and cash equivalents – beginning		57,995		2,861
Cash and cash equivalents – ending	$	41,301	$	57,995
Supplementary cash flows information
Income tax refunds	$	—	$	(140)