Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WILLIAM PENN BANCORPORATION (Exact Name of Registrant as Specified in Its Charter) (Statement or Other Jurisdiction of Incorporation or Organization) 10 Canal Street, Suite 104, Bri ...

In addition, William Penn announced that its Board of Directors has declared a cash dividend of $0.03 per share, payable on February 6, 2025, to common shareholders of record at the close of business on January 27, 2025. Exhibit 99.1 FOR IMMEDIATE RELEASE | DATE: | January 15, 2025 | | | | --- | --- | --- | --- | | CONTACT: | Kenneth J. Stephon | | | | | Chairman, President | and | CEO | | PHONE: | (856) 656-2201, | ext. 1009 | | WILLIAM PENN BANCORPORATION ANNOUNCES QUARTER END RESULTS AND CASH DIVIDEND TO ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40255 WILLIAM PENN BANCORPORATION (Exact Name of Registrant as Specified in Its Charter) Maryland (Statement or Other Juri ...

Financial Performance - William Penn recorded a net loss of $21 thousand, or $(0.00) per share, for the quarter ended September 30, 2024, compared to a net income of $179 thousand, or $0.02 per share, for the same period in 2023[1]. - Core net loss was $82 thousand, or $(0.01) per share, for the quarter ended September 30, 2024, compared to core net income of $123 thousand, or $0.01 per share, for the quarter ended September 30, 2023[1]. - Net interest income was $4.1 million, a decrease of $603 thousand, or 12.7%, from the same quarter in 2023[12]. - The net interest margin was 2.29% for the quarter ended September 30, 2024, compared to 2.52% for the same period in 2023[12]. - Net interest income after provision for credit losses was $4,141 thousand for the quarter, compared to $4,744 thousand in the same quarter last year, reflecting a decrease of 12.7%[23]. - Core net loss income (non-GAAP) for the quarter ended September 30, 2024, was $(82) million, compared to $(180) million for the quarter ended June 30, 2024, and $123 million for September 30, 2023[31]. - Core basic loss earnings per share (non-GAAP) was $(0.01) for the quarter ended September 30, 2024, compared to $(0.02) for the quarter ended June 30, 2024, and $0.01 for September 30, 2023[31]. - Core diluted loss earnings per share (non-GAAP) was $(0.01) for the quarter ended September 30, 2024, compared to $(0.02) for the quarter ended June 30, 2024, and $0.01 for September 30, 2023[31]. - Non-interest income (GAAP) was $650 million for the quarter ended September 30, 2024, compared to $633 million for the quarter ended June 30, 2024, and $650 million for September 30, 2023[33]. - Core non-interest income (non-GAAP) was $571 million for the quarter ended September 30, 2024, compared to $604 million for the quarter ended June 30, 2024, and $577 million for September 30, 2023[33]. Asset and Liability Management - Total assets decreased by $6.5 million, or 0.8%, to $812.2 million at September 30, 2024, primarily due to an $8.4 million decrease in net loans[6]. - Total assets as of September 30, 2024, were $812,229 thousand, a decrease of 2.5% from $829,987 thousand on September 30, 2023[22]. - Total liabilities decreased to $683,976 thousand as of September 30, 2024, from $693,593 thousand a year earlier, a decline of 1.9%[22]. - Total stockholders' equity increased to $128,253 thousand as of September 30, 2024, from $136,394 thousand a year earlier, a decrease of 5.9%[22]. - Average assets decreased to $803,863 million for the quarter ended September 30, 2024, from $819,888 million for the quarter ended June 30, 2024, and $836,094 million for September 30, 2023[31]. - Average equity increased to $125,669 million for the quarter ended September 30, 2024, compared to $122,961 million for the quarter ended June 30, 2024, but decreased from $151,974 million for September 30, 2023[31]. Loan Performance - Net loans decreased by $8.4 million, or 1.8%, to $462.2 million at September 30, 2024[9]. - Non-performing assets to total assets ratio improved to 0.38% as of September 30, 2024, down from 0.40% as of June 30, 2024[3]. - Non-performing loans decreased to $3,108 thousand in September 2024 from $3,556 thousand in September 2023, a reduction of 12.6%[26]. - The ratio of non-performing loans to total loans improved to 0.67% in September 2024 from 0.75% in September 2023[26]. Efficiency and Operational Metrics - The efficiency ratio increased to 111.10% in September 2024 compared to 96.87% in September 2023, indicating a decline in operational efficiency[27]. - Core efficiency ratio (non-GAAP) increased to 112.97% for the quarter ended September 30, 2024, from 109.74% for the quarter ended June 30, 2024, and 98.20% for September 30, 2023[33]. - Efficiency ratio (GAAP) was 111.10% for the quarter ended September 30, 2024, compared to 109.07% for the quarter ended June 30, 2024, and 96.87% for September 30, 2023[33]. Credit Losses - The provision for credit losses was $4,536 thousand for the quarter, compared to $4,739 thousand in the same quarter last year, indicating a decrease of 4.3%[23]. - Allowance for credit losses decreased to $2,522 thousand in September 2024 from $2,989 thousand in June 2024[29]. - The total credit losses coverage ratio was 0.99% in September 2024, down from 1.08% in June 2024[29]. Cash and Cash Equivalents - Cash and cash equivalents increased by $6.3 million, or 31.3%, to $26.5 million at September 30, 2024[7]. Interest Income - Total interest income for the quarter ended September 30, 2024, was $8,248 thousand, an increase of 2.9% from $8,011 thousand in the same quarter of the previous year[23]. - Total interest-earning assets decreased to $722,659 thousand in September 2024 from $753,977 thousand in September 2023, reflecting a decline of 4.14%[25].

Loan Portfolio and Lending Activities - As of June 30, 2024, 44.7% of the total loan portfolio, amounting to $211.9 million, was secured by commercial non-residential real estate and related loans, up from 25.9% or $120.4 million in June 30, 2021[204]. - The company plans to continue increasing its commercial lending activities, particularly in commercial real estate and multi-family residential loans, to diversify its balance sheet[204]. - Total loans amounted to $473,561 thousand, a decrease from $480,856 thousand, representing a 0.27% decline year-over-year[229]. - One- to four-family residential loans totaled $127,911 thousand, down from $135,046 thousand, reflecting a 5.4% decrease[229]. - Home equity and HELOCs decreased to $30,767 thousand from $32,684 thousand, a decline of 5.9%[229]. - Total commercial real estate loans increased to $289,071 thousand from $286,580 thousand, showing a 0.87% growth[229]. Financial Performance - The company recorded a net income of $168 thousand, or $0.02 per share, for the year ended June 30, 2024, compared to $2.8 million, or $0.22 per share, for the previous year[244]. - Net interest income for the year ended June 30, 2024, was $17.1 million, a decrease of $6.0 million, or 25.8%, compared to the previous year[245]. - Non-interest income totaled $2.8 million for the year ended June 30, 2024, an increase of $886 thousand, or 45.4%, from the previous year[249]. - Non-interest expense totaled $20.9 million for the year ended June 30, 2024, a decrease of $1.2 million, or 5.3%, from the previous year[250]. - The company recorded a $458 thousand income tax benefit for the year ended June 30, 2024, reflecting an effective tax rate of (157.9)%[251]. Asset and Liability Management - Total assets decreased by $28.9 million, or 3.4%, to $818.7 million at June 30, 2024, primarily due to a $21.0 million decrease in investments and a $6.9 million decrease in net loans[222]. - Cash and cash equivalents decreased by $595 thousand, or 2.9%, to $20.2 million at June 30, 2024, largely due to stock repurchases totaling $38.0 million[223]. - The investment portfolio decreased by $20.6 million, or 7.7%, to $245.8 million at June 30, 2024, driven by principal paydowns of securities[224]. - Total interest-earning assets decreased to $744.4 million in 2024 from $777.7 million in 2023, with a net interest income of $17.1 million compared to $23.1 million in the previous year[253]. - Total interest-bearing liabilities increased to $621.0 million in 2024 from $603.5 million in 2023, with total interest-bearing deposits rising to $570.0 million[253]. Credit Quality and Risk Management - The allowance for credit losses is considered a critical accounting policy, with potential future adjustments based on economic conditions[214]. - The company continues to assess the collectability of non-performing loans, with potential for additional losses if property values decline[215]. - The allowance for credit losses totaled $3.0 million, or 0.63% of total loans, as of June 30, 2024, down from $3.3 million, or 0.69% of total loans, as of June 30, 2023[246]. - Non-performing assets decreased by 20.7% to $3.3 million as of June 30, 2024, from $4.2 million as of June 30, 2023, resulting in a ratio of non-performing assets to total assets of 0.40%[261]. - The company emphasized a conservative credit risk management strategy, focusing on diversification and monitoring to limit potential losses from defaults[257]. Capital Management and Shareholder Returns - The company has authorized multiple stock repurchase programs, including a fifth program for up to 1,281,019 shares, representing approximately 10.0% of outstanding shares, completed on August 28, 2023[210]. - The company declared a one-time special dividend of $0.30 per common share on July 21, 2021, and regular cash dividends totaling $0.12 per common share for the fiscal years ended June 30, 2024 and 2023[211]. - Stockholders' equity decreased by $36.1 million, or 22.5%, to $124.6 million at June 30, 2024, primarily due to share repurchases totaling $38.0 million[242]. Technology and Operational Efficiency - The company is focused on enhancing its technology platform with substantial investments in IT infrastructure, including online and mobile banking technologies[209]. - The company has consolidated several branches to optimize its operations, including the consolidation of three branches into one effective June 30, 2022, and two branches into one effective December 31, 2022[206]. Deposits and Borrowings - Deposits decreased by $5.5 million, or 0.9%, to $629.8 million from $635.3 million year-over-year[236]. - The company reported a $31.6 million decrease in money market accounts and an $8.1 million decrease in savings accounts[236]. - Borrowings increased by $14.0 million, or 41.2%, to $48.0 million as of June 30, 2024, from $34.0 million as of June 30, 2023[240].

Financial Performance - The company reported a net loss of $158 million for the quarter ended June 30, 2024, compared to a net income of $136 million in the previous quarter and $531 million a year ago [26]. - Basic loss earnings per share for the quarter was $(0.02), consistent with the previous quarter and down from $0.05 a year ago [26]. - For the quarter ended June 30, 2024, William Penn recorded a net loss of $158 thousand, or $(0.02) per share, compared to a net income of $531 thousand, or $0.05 per share for the same quarter in 2023 [33]. - Core net loss income (non-GAAP) for the year ended June 30, 2024, was $(211) million, down from $2,769 million in the previous year [63]. - The efficiency ratio for the quarter ended June 30, 2024, was 109.07%, an increase from 89.30% in the same quarter last year [70]. Interest Income and Expenses - Net interest income decreased by $1.1 million, or 21.1%, to $4.2 million for the quarter ended June 30, 2024, primarily due to increased interest expenses [15]. - Total interest income for the quarter ended June 30, 2024, was $8,287 million, an increase from $8,164 million in the previous quarter and $8,135 million a year ago [26]. - The company’s total interest expense for the quarter was $4,135 million, slightly down from $4,150 million in the previous quarter and significantly up from $2,874 million a year ago [26]. - Net interest income for the quarter ended June 30, 2024, was $4,152 million, down from $5,261 million in the same quarter last year [68]. - The net interest margin expanded by 10 basis points to 2.25% for the quarter ended June 30, 2024, despite a challenging interest rate environment [2]. Asset and Liability Management - Total assets decreased by $28.9 million, or 3.4%, to $818.7 million as of June 30, 2024, primarily due to a decrease in investments and net loans [10]. - Total assets decreased from $847,579 million on June 30, 2023, to $818,747 million on June 30, 2024, representing a decline of approximately 3.9% [62]. - Total liabilities decreased to $694,146 million as of June 30, 2024, from $707,427 million in the previous quarter and increased from $686,834 million a year ago [25]. - Average assets decreased from $860,279 million to $819,888 million, a decline of about 4.7% [63]. - Average equity decreased from $179,842 million to $122,961 million, a drop of approximately 31.5% [63]. Shareholder Actions - The company repurchased 96,117 shares at a total cost of $1.2 million during the quarter, with a total of 6,298,086 shares repurchased for $73.7 million as of June 30, 2024 [3]. - Stockholders' equity decreased by $36.1 million, or 22.5%, to $124.6 million at June 30, 2024, primarily due to share repurchases [38]. - The company declared a cash dividend of $0.03 per share, payable on August 8, 2024 [7]. - The company repurchased 96,117 shares at a total cost of $1.2 million during the fourth fiscal quarter, bringing total repurchases to approximately 49% of shares sold in the second-step conversion [34]. Non-Performing Assets and Credit Quality - Non-performing assets to total assets improved to 0.40% as of June 30, 2024, down from 0.49% as of June 30, 2023 [19]. - The company recorded a $606 thousand recovery for credit losses during the year ended June 30, 2024, reflecting strong asset quality metrics [9]. - Total non-performing assets as of June 30, 2024, were $3.311 million, a decrease from $4.174 million in the same period last year [31]. - Allowance for credit losses decreased from $3,313 million to $2,989 million, a reduction of approximately 9.8% [62]. - Total credit losses coverage ratio to total loans (non-GAAP) decreased from 1.20% to 1.08% [62]. Deposits and Borrowings - Deposits increased to $629,810 million as of June 30, 2024, compared to $625,797 million in the previous quarter and $635,260 million a year ago [25]. - Deposits decreased by $5.5 million, or 0.9%, to $629.8 million at June 30, 2024, driven by a decline in money market and savings accounts [37]. - Borrowings increased by $14.0 million, or 41.2%, to $48.0 million as of June 30, 2024, to fund share repurchases [12]. Equity and Book Value - Book value per share increased to $13.33 as of June 30, 2024, compared to $12.91 as of June 30, 2023 [5]. - Tangible book value per share increased from $12.48 to $12.78, reflecting a growth of 2.4% [62]. - Tangible common equity ratio was 14.68% as of June 30, 2024, down from 18.45% a year earlier [70]. - As of June 30, 2024, the company's stockholders' equity to assets ratio was 15.22%, indicating a strong capital position relative to regulatory requirements [48].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40255 WILLIAM PENN BANCORPORATION (Exact Name of Registrant as Specified in Its Charter) (Statement or Other Jurisdiction of I ...

● During the three months ended March 31, 2024, we repurchased 205,649 shares at a total cost of $2.5 million, an average of $12.22 per share. As of March 31, 2024, the Company had repurchased a total of 6,433,769 shares under its previously announced repurchase programs at a total cost of $72.5 million, or $11.69 per share. (1) As used in this press release, core net (loss) income is a non-GAAP financial measure. This non-GAAP financial measure excludes certain pre-tax adjustments and the tax impact of suc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40255 WILLIAM PENN BANCORPORATION (Exact Name of Registrant as Specified in Its Charter) (Statement or Other Jurisdiction o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40255 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: WIL ...