Page 1

FOR IMMEDIATE RELEASE DATE : April 22 , 2021 CONTACT : Kenneth J. Stephon President and CEO PHONE : ( 856 ) 656-2201 , ext . 1009 Exhibit 99.1 WILLIAM PENN BANCORPORATION ANNOUNCES THIRD QUARTER RESULTS BRISTOL , PENNSYLVANIA , April 22 , 2021 - 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 three and nine months ended March 31 , 2021. William Penn recorded net income of $ 1.1 million and $ 3.1 million , or $ 0.07 and $ 0.21 per diluted share , for the three and nine months ended March 31 , 2021 , respectively , compared to net income of $ 837 thousand and $ 2.6 million , or $ 0.06 and $ 0.20 per diluted share , for the three and nine months ended March 31 , 2020. Net income for the nine months ended March 31 , 2021 included a $ 435 thousand , or $ 0.03 per diluted share , gain on the disposition of premises and equipment primarily due to the sale of several commercial real estate properties that were acquired in connection with the Bank's acquisitions of Washington Savings Bank ( " Washington " ) and Fidelity Savings and Loan Association of Bucks County ( " Fidelity " ) , which were completed on May 1 , 2020 . Kenneth J. Stephon , William Penn's Chairman , President and CEO , stated “ We are excited to have completed our second - step conversion and stock offering during the quarter . As a result of the share conversion , our tangible book value per share ( 1 ) measured $ 13.79 as of March 31 , 2021. Following the second step , we remain focused on prudent capital management , organic growth , and improving our financial performance . We intend to deploy the second step proceeds to assist us in achieving our strategic and financial growth goals . We continue to experience reduced loan demand as a result of the difficult operating environment related to the COVID - 19 pandemic . The low interest rate environment has made it challenging to effectively deploy the excess cash we hold on our balance sheet from two recent acquisitions and the second step offering . We believe the addition of Alan Turner as Executive Vice President and Chief Lending Officer will assist us with attaining our loan growth goals while maintaining consistent and conservative lending practices . In addition , we remain focused on maintaining a high- quality investment portfolio that provides a steady stream of cash flows both in the current and in rising interest rate environments . " Highlights for the three months ended March 31 , 2021 are as follows : As previously announced on March 24 , 2021 , William Penn completed the stock offering conducted in connection with its second - step conversion . In connection with the conversion , 12,640,035 shares of common stock were sold , at a price of $ 10.00 per share , for gross proceeds of $ 126.4 million . William Penn contributed $ 61.7 million of the net offering proceeds to the Bank to support the continuing operations of the Bank . Following the second - step conversion , our capital levels significantly increased with tangible capital to tangible assets totaling 25.77 % at March 31 , 2021 compared to 12.32 % at December 31 , 2020 . During the three months ended March 31 , 2021 , William Penn recorded net income of $ 1.1 million , or $ 0.07 per diluted share . Net interest income increased $ 1.7 million , or 48.9 % , for the three months ended March 31 , 2021 compared to the same period in the prior year . William Penn maintained strong credit reserves amidst the uncertain economic environment and recorded a $ 15 thousand provision for loan losses during the three months ended March 31 , 2021 . ( 1 ) As used in this press release , tangible book value per share 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 . 1