So, these are the WISC scores, then? I'd take "non-verbal comp" to be the PRI index (perceptual reasoning); VCI is definitely the verbal comprehension index; processing speed is also called by the acronym PSI; and working memory goes by the acronym WMI.
Of these four indices, VCI and PRI are the most strongly correlated with giftedness. WMI and PSI can be dropped to formulate an alternate IQ of sorts called the GAI (general ability index). Once you get the report with the breakdown of the scores within the PRI and VCI indices, someone here could do that for you. However, with the composite scores in those two indices being what they are I suspect that his GAI would be no higher than his full scale IQ and probably somewhat lower.
You could always retest on the SB-5 since he appears to lean more toward non-verbal/perceptual strengths than verbal. The WISC is better known for getting at verbally gifted kids while the SB-5 is supposed to work better for perceptually/mathematically gifted kids. The SB-5 won't have the processing speed index, though, which seemed to be a real strength for him and to pull up his overall score.
So, here's a thought. A child with an IQ of 121 is very able, not quite gifted, but still much brighter than an average child. If he is motivated and not unusually young for grade it would be very possible for a child whose ability falls in that range to be performing very highly. Bright kids often can score well above grade level especially on grade level achievement tests. How about having him take an above level test such as the EXPLORE when he is old enough and seeing how he does on that?
Just to clarify, are you saying that he scored at a 9th grade reading level in 1st grade? That would be higher than I would expect from a bright non-gifted child, if that is the case, though.