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 yearFor the year
 endedended
 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