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| Non‐GAAP Reconciliation William Penn Bancorporation and Subsidiaries Non-GAAP Reconciliation (Dollars in thousands, except share and per share data) March 31, December 31, September 30, June 30, June 30, 2021 2020 2020 2020 2019 Calculation of Tangible Equity to Tangible Assets: Total Stockholders' Equity $ 215,040 $ 97,189 $ 95,506 $ 96,365 76,630 Less: Goodwill and other intangible assets 5,858 5,922 5,986 6,050 6,030 Total tangible equity (non-GAAP) $ 209,182 $ 91,267 $ 89,520 $ 90,315 70,600 Total Assets $ 817,724 $ 746,527 $ 731,553 $ 736,452 415,829 Less: Goodwill and other intangible assets 5,858 5,922 5,986 6,050 6,030 Total tangible assets (non-GAAP) $ 811,866 $ 740,605 $ 725,567 $ 730,402 409,799 Equity to Assets (GAAP) 26.3% 13.0% 13.1% 13.1% 18.4% Tangible equity to Tangible Assets (non-GAAP) 25.8% 12.3% 12.3% 12.4% 17.2% Calculation of Tangible Book Value per Share: Total Stockholders' Equity $ 215,040 Less: Goodwill and other intangible assets 5,858 Total tangible equity (non-GAAP) $ 209,182 Total common shares outstanding (adjusted for 3.2585 exchange ratio) 15,170,566 Book value per share (GAAP) $ 14.17 Tangible book value per share (non-GAAP) $ 13.79 Calculation of the ratio of the allowance for loan losses to total loans, excluding acquired loans: Gross loans receivable $ 479,329 $ 498,392 $ 501,215 $ 512,124 329,226 Less: Loans acquired in a business combination 177,996 199,227 216,986 235,112 73,916 Gross loans receivable, excluding acquired loans (non-GAAP) $ 301,333 $ 299,165 $ 284,229 $ 277,012 255,310 Allowance for loan losses $ 3,599 $ 3,587 $ 3,585 $ 3,519 3,209 Allowance for loan losses to total loans (GAAP) 0.75% 0.72% 0.72% 0.69% 0.97% Allowance for loan losses to total loans, excluding acquired loans (non-GAAP) 1.19% 1.20% 1.26% 1.27% 1.26% Loans receivable, net $ 475,730 $ 494,805 $ 497,630 $ 508,605 $ 326,017 Goodwill $ 4,858 $ 4,858 $ 4,858 $ 4,858 $ 4,858 Intangible assets $ 1,000 $ 1,064 $ 1,128 $ 1,192 $ 1,172 14 |