LIMERICK, Pa., Jan. 29, 2020 (GLOBE NEWSWIRE) -- In the press release published at 1:40 p.m. EST on January 27, 2020 titled "Victory Bancorp, Inc. Announces Annual Earnings", the end of the first paragraph should read: Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.
In the accompanying Unaudited Balance sheet for December 31, 2019 the Surplus was changed from $14,220 to $14,212, Total stockholders’ equity from $19,786 to $19,778, and Total liabilities and stockholders’ equity from $279,664 to $279,656.
Set out below is the corrected press release in its entirety.
The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the year ended December 31, 2019. Highlights include a 12% earnings increase, asset growth of $27.9 million and a $2.2 million increase in stockholders’ equity for the year ended December 31, 2019 as compared to the year ended December 31, 2018. Net income increased $227 thousand to $2.1 million, totaling approximately $1.09 per common share. Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.
Joseph W. Major, Chairman & CEO, stated, “The company experienced another year of strong growth in assets and profitability while maintaining strong credit metrics, all made possible by the expertise and commitment of our team of bankers. Our priority is to understand and exceed our client’s expectations in a highly responsive manner. When it comes to building both loans and deposits, we believe that speed matters. We look forward to continued growth in assets and profitability in 2020 as we consistently pursue better ways to benefit our clients and the regions we serve.”
Consolidated net income for the year ended December 31, 2019, was $2.1 million, an increase of $227 thousand, compared to $1.9 million in 2018. Deposits grew to $247.8 million at December 31, 2019 from $223.8 million in 2018, a 10.7% increase. Net Loans increased 6.5% to $243.1 million at December 31, 2019 from $228.3 million in 2018, and total assets increased by $27.9 million to $279.7 million as of December 31, 2019, an increase of 11.1% over 2018. The company paid a cash dividend totaling 10 cents per share during 2019.
The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (http://www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008. The Bank is a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania.
As of December 31, 2019, The Victory Bank had total assets of $279.7 million, total deposits of $247.8 million, and total equity of $19.8 million. Additional information about Victory Bancorp is available on its website, VictoryBank.com.
This presentation may contain forward-looking statements (within the meaning of Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.
| The Victory Bancorp, Inc. | |||||
| Consolidated Balance Sheet | |||||
| (numbers in thousands except share data) | Unaudited | ||||
| December 31, 2019 | December 31, 2018 | ||||
| Assets | |||||
| Cash and due from banks | $ | 7,367 | $ | 5,914 | |
| Federal funds sold | 10,803 | 212 | |||
| Cash and cash equivalents | 18,170 | 6,126 | |||
| Securities available-for-sale | 11,084 | 9,696 | |||
| Loans receivable, net of allowance for loan losses | |||||
| of $2,213 and $2,096 | 243,131 | 228,261 | |||
| Premises and equipment, net | 3,298 | 3,388 | |||
| Restricted investment in bank stocks | 474 | 715 | |||
| Accrued interest receivable | 716 | 811 | |||
| ORE | 0 | 93 | |||
| BOLI | 1,548 | 1,507 | |||
| Other assets | 1,235 | 1,135 | |||
| Total assets | $ | 279,656 | $ | 251,732 | |
| Liabilities and Stockholders' Equity | |||||
| Liabilities | |||||
| Deposits: | |||||
| Non-interest bearing | 48,060 | 38,841 | |||
| Interest-bearing | 199,734 | 184,938 | |||
| Total deposits | 247,794 | 223,779 | |||
| UnSecured borrowings | 3,000 | 4,280 | |||
| Subordinated Debt | 7,927 | 4,941 | |||
| Other liabilities | 1,157 | 1,112 | |||
| Total liabilities | 259,878 | 234,112 | |||
| Stockholders' Equity | |||||
| Common stock, $1 par value; authorized 10,000,000 | |||||
| shares; issued and outstanding 1,950,077 shares | 1,950 | 1,950 | |||
| Surplus | 14,212 | 14,158 | |||
| Accumulated earnings | 3,481 | 1,547 | |||
| Accumulated other comprehensive income | 135 | (35 | ) | ||
| Total stockholders' equity | 19,778 | 17,620 | |||
| Total liabilities and stockholders' equity | $ | 279,656 | $ | 251,732 | |
| The Victory Bancorp, Inc. | ||||||
| Consolidated Statement of Operations | ||||||
| Unaudited | ||||||
| For the year | For the year | |||||
| ended | ended | |||||
| December 31, | December 31, | |||||
| 2019 | 2018 | |||||
| Interest Income | ||||||
| Interest and fees on loans | $ | 13,979 | $ | 12,111 | ||
| Interest on investment securities | 299 | 216 | ||||
| Other Interest Income | 203 | 69 | ||||
| Total interest income | 14,481 | 12,396 | ||||
| Interest Expense | ||||||
| Deposits | 2,984 | 2,073 | ||||
| Borrowings | 631 | 617 | ||||
| Total interest expense | 3,615 | 2,690 | ||||
| Net interest income | 10,866 | 9,706 | ||||
| Provision for Loan Losses | 424 | 293 | ||||
| Net interest income after provision for loan losses | 10,442 | 9,413 | ||||
| Non-Interest Income | ||||||
| Service charges and activity fees | 242 | 191 | ||||
| Net gains on sales of loans | - | 108 | ||||
| Other income | 172 | 116 | ||||
| Total non-interest income | 414 | 415 | ||||
| Non-Interest Expenses | ||||||
| Salaries and employee benefits | 4,955 | 4,502 | ||||
| Occupancy and equipment | 496 | 479 | ||||
| Legal and professional fees | 403 | 427 | ||||
| Advertising and promotion | 108 | 85 | ||||
| Loan expenses | 149 | 115 | ||||
| Data processing costs | 1,012 | 868 | ||||
| Supplies, printing and postage | 128 | 110 | ||||
| Telephone | 32 | 34 | ||||
| Entertainment | 121 | 131 | ||||
| Mileage and tolls | 36 | 34 | ||||
| Insurance | 39 | 35 | ||||
| Federal Deposit Insurance Corporation premiums | 94 | 123 | ||||
| Dues and subscriptions | 72 | 67 | ||||
| Shares tax | 209 | 187 | ||||
| Other | 257 | 195 | ||||
| Total non-interest expenses | 8,111 | 7,392 | ||||
| Income before income taxes | 2,745 | 2,436 | ||||
| Income Taxes | (618 | ) | (536 | ) | ||
| Net income available to common stockholders | $ | 2,127 | $ | 1,900 | ||
Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
610-948-9000