Second Quarter Highlights
- Net Income of $1.0 million for the quarter
- Book value per common share is $13.11
- $2.4 million increase in stockholders’ equity since June 30, 2021
- $0.065 per share cash dividend paid to shareholders
- Deposit increase of $9.7 million since June 30, 2021
LIMERICK, Pa., July 26, 2022 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended June 30, 2022. Highlights include asset growth of $4.6 million and a $2.4 million increase in stockholders’ equity at June 30, 2022, compared to June 30, 2021. Net income was $1.0 million, totaling approximately $0.50 per common share fully diluted. The Company paid a cash dividend totaling $0.065 per share for the quarter ended June 30, 2022. Book value per share as of June 30, 2022, was $13.11.
Deposits grew to $414 million at June 30, 2022, from $404 million at June 30, 2021, a 2.4% increase. Net Loans increased 1.4% to $310 million at June 30, 2022, from $306 million at June 30, 2021, and total assets increased by $4.6 million to $457 million as of June 30, 2022, an increase of 1.0% over one year.
Credit quality remained stable. Second-quarter provision for loan losses was reduced to $94 thousand in 2022, from $150 thousand in 2021, and non-performing assets dropped slightly, $120 thousand at June 30, 2022, compared with $195 thousand at year-end 2021.
“Our second quarter results show a continuing trend in our growth and improved earnings. Commitment to delivering first-class banking services is an integral part of our strategy. We hire talented, dedicated bankers who provide trusted, valuable advice, and extraordinary personal service to our clients. We strive to maintain disciplined pricing and credit underwriting practices as we continue to grow the Bank. Our diligence continues to strengthen our Bank and, therefore, the communities we serve,” stated Bank Leader, Joseph W. Major.
Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (https://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 three 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
484-791-3407
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 | 2022 | 2021 | 2021 | ||||||
| Securities | $ | 59,478 | $ | 24,088 | $ | 18,574 | |||
| Loans, net of allowance for loan losses | 310,133 | 301,166 | 305,923 | ||||||
| Total assets | 457,249 | 443,778 | 452,654 | ||||||
| Deposits | 414,010 | 394,349 | 404,281 | ||||||
| Borrowings | 3,750 | 10,500 | 10,500 | ||||||
| Subordinated debt | 12,791 | 12,777 | 12,764 | ||||||
| Stockholders' equity | $ | 25,836 | $ | 25,190 | $ | 23,465 | |||
| Book value per common share | $ | 13.11 | $ | 12.92 | $ | 12.03 | |||
| Allowance/loans | 1.12% | 1.13% | 1.08% | ||||||
| Nonperforming assets/total assets | 0.03% | 0.04% | 0.03% | ||||||
| June 30, | December 31, | June 30, | |||||||
| Selected Operations Data | 2022 | 2021 | 2021 | ||||||
| Interest income | $ | 4,597 | $ | 4,188 | $ | 4,106 | |||
| Interest expense | 650 | 585 | 608 | ||||||
| Net interest income | 3,947 | 3,603 | 3,498 | ||||||
| Provision for loan losses | 94 | 91 | 150 | ||||||
| Other income | 142 | 513 | 153 | ||||||
| Other expense | 2,730 | 2,537 | 2,639 | ||||||
| Income before income taxes | 1,265 | 1,488 | 862 | ||||||
| Income taxes | (255) | (152) | (185) | ||||||
| Net income | $ | 1,010 | $ | 1,336 | $ | 677 | |||
| Earnings per common share (basic) | $ | 0.51 | $ | 0.69 | $ | 0.35 | |||
| Earnings per common share (diluted) | $ | 0.50 | $ | 0.66 | $ | 0.33 | |||
| Return on average assets (annualized) | 0.87% | 1.17% | 0.62% | ||||||
| Return on average equity (annualized) | 15.98% | 21.71% | 11.68% | ||||||
| Net charge-offs(recoveries)/average loans | 0.11% | 0.00% | 0.04% | ||||||
