Second Quarter Highlights
- Book value per share increased to $12.03
- $2.9 million increase in stockholders’ equity since June 30, 2020
- $0.05 per share cash dividend paid to shareholders
- Deposit growth of $41 million
- Total assets reach $453 million
LIMERICK, Pa., Aug. 03, 2021 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended June 30, 2021. Highlights include asset growth of $38.2 million and a $2.9 million increase in stockholders’ equity at June 30, 2021, as compared to June 30, 2020. Net income increased $117 thousand to $677 thousand for the quarter ended June 30, 2021, as compared to the quarter ended June 30, 2020, totaling approximately $0.33 per common share, fully diluted. The Company paid a cash dividend totaling $0.05 per share during the quarter ended June 30, 2021. Book value per share increased to $12.03.
Deposits grew to $404 million at June 30, 2021, from $306 million at June 30, 2020, a 32% increase. Net Loans increased 2.2% to $306 million at June 30, 2021, from $299 million at June 30, 2020, and total assets increased by $38 million to $453 million as of June 30, 2021, increasing by 9.2% over one year.
Credit quality remained stable. Second-quarter provision for loan losses was reduced to $150 thousand in 2021, from $450 thousand in 2020.
Bank Leader, Joseph W. Major, stated, “We are pleased with the continued growth of the bank and are enjoying another record earning quarter while approaching half of a billion dollars in total assets. We are close to receiving forgiveness for all of 2020’s Paycheck Protection Program (PPP) loans and have a healthy loan pipeline as our economy improves. As we look forward to the future, we have expanded to 57 employees and recently leased additional office space to accommodate this growth. A key strategy to our success is our entire staff of experienced bankers who provide first-class banking services, resulting in an exceptional client experience.”
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 as 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.
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.
Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
Kelly Taylor,
Investor Relations
610-948-9000
The Victory Bancorp, Inc
548 N. Lewis Rd.
Limerick, PA 19468
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||
| June 30, | December 31, | June 30, | ||||||||||||
| Selected Financial Data | 2021 | 2020 | 2020 | |||||||||||
| Securities available-for-sale | $ | 18,574 | $ | 13,306 | $ | 9,982 | ||||||||
| Loans, net of allowance for loan losses | 305,923 | 283,618 | 299,309 | |||||||||||
| Total assets | 452,654 | 429,425 | 414,460 | |||||||||||
| Deposits | 404,281 | 337,013 | 306,314 | |||||||||||
| Borrowings | 10,500 | 51,481 | 68,615 | |||||||||||
| Subordinated debt | 12,764 | 17,709 | 17,692 | |||||||||||
| Stockholders' equity | 23,465 | 22,022 | 20,567 | |||||||||||
| Book value per common share | $ | 12.03 | $ | 11.29 | $ | 10.55 | ||||||||
| Allowance/loans | 1.08 | % | 1.10 | % | 0.90 | % | ||||||||
| Nonperforming assets/total assets | 0.03 | % | 0.04 | % | 0.07 | % | ||||||||
| Three months ended | ||||||||||||||
| June 30, | December 31, | June 30, | ||||||||||||
| Selected Operations Data | 2021 | 2020 | 2020 | |||||||||||
| Interest income | $ | 4,106 | $ | 4,312 | $ | 3,820 | ||||||||
| Interest expense | 608 | 822 | 803 | |||||||||||
| Net interest income | 3,498 | 3,490 | 3,017 | |||||||||||
| Provision for loan losses | 150 | 51 | 450 | |||||||||||
| Other income | 153 | 217 | 129 | |||||||||||
| Other expense | 2,639 | 2,380 | 1,977 | |||||||||||
| Income before income taxes | 862 | 1,276 | 719 | |||||||||||
| Income taxes | (185 | ) | (283 | ) | (159 | ) | ||||||||
| Net income | $ | 677 | $ | 993 | $ | 560 | ||||||||
| Earnings per common share (basic) | $ | 0.35 | $ | 0.51 | $ | 0.29 | ||||||||
| Earnings per common share (diluted) | $ | 0.33 | $ | 0.50 | $ | 0.28 | ||||||||
| Return on average assets (annualized) | 0.62 | % | 0.92 | % | 0.61 | % | ||||||||
| Return on average equity (annualized) | 11.68 | % | 18.48 | % | 11.02 | % | ||||||||
| Net charge-offs(recoveries)/average loans | 0.04 | % | 0.34 | % | 0.14 | % | ||||||||