The Victory Bancorp, Inc. Second Quarter Earnings

Royersford, Pennsylvania, UNITED STATES


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%