The Victory Bank Announces 1st Quarter Earnings
LIMERICK, Pa., April 23, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended March 31, 2019. Highlights include an earnings increase of 24% over the quarter ended March 31, 2018 and asset growth of $35.9 million and a 16% increase in stockholder’s equity when comparing March 31, 2019 and March 31, 2018. Net income increased $98 thousand to $504 thousand, or approximately 26 cents per common share for the quarter ended March 31, 2019 as compared to $406 thousand for the quarter ended March 31, 2018.
Joseph W. Major, Chairman and CEO, stated, “Our first quarter results show a continuing trend in our growth and improved earnings. Our success is based on having a clear strategy and consistent implementation, rather than being distracted by every current trend. We strive to deliver first-class banking services by attracting, training and retaining what we believe is a markedly superior work force, coupled with the judicious use of the very latest of modern technology, resulting in an exceptional client experience.”
Deposits grew $9.3 million in the quarter ended March 31, 2019 and net loans increased $2.8 million during the same period. Total assets also increased by $9.8 million for the quarter.
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. The Victory Bank was established in 2008. Victory 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, www.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
610-948-9000
| The Victory Bancorp, Inc. | ||||||
| Consolidated Balance Sheet | ||||||
| (numbers in thousands except share data) | Unaudited | |||||
| March 31, | December 31, | |||||
| 2019 | 2018 | |||||
| Assets | ||||||
| Cash and due from banks | $ | 7,889 | $ | 5,914 | ||
| Federal funds sold | 5,756 | 212 | ||||
| Cash and cash equivalents | 13,645 | 6,126 | ||||
| Securities available-for-sale | 9,366 | 9,696 | ||||
| Loans receivable, net of allowance for loan losses | ||||||
| of $2,173 and $2,096 | 231,082 | 228,261 | ||||
| Premises and equipment, net | 3,344 | 3,388 | ||||
| Restricted investment in bank stocks | 440 | 715 | ||||
| Accrued interest receivable | 791 | 811 | ||||
| ORE | 83 | 93 | ||||
| BOLI | 1,518 | 1,507 | ||||
| Other assets | 1,295 | 1,135 | ||||
| Total assets | $ | 261,564 | $ | 251,732 | ||
| Liabilities and Stockholders' Equity | ||||||
| Liabilities | ||||||
| Deposits: | ||||||
| Non-interest bearing | 40,739 | 38,841 | ||||
| Interest-bearing | 191,687 | 184,938 | ||||
| Total deposits | 232,426 | 223,779 | ||||
| UnSecured borrowings | 2,000 | 4,280 | ||||
| Subordinated Debt | 7,917 | 4,941 | ||||
| Other liabilities | 1,114 | 1,112 | ||||
| Total liabilities | 243,457 | 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 | 14,158 | 14,158 | ||||
| Accumulated earnings/ (deficit) | 2,002 | 1,547 | ||||
| Accumulated other comprehensive income | (3 | ) | (35 | ) | ||
| Total stockholders' equity | 18,107 | 17,620 | ||||
| Total liabilities and stockholders' equity | $ | 261,564 | $ | 251,732 | ||
| The Victory Bancorp, Inc. | ||||||||||||||||
| Consolidated Statement of Operations | ||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||||
| For the three | Three months | Three months | Three months | Three months | ||||||||||||
| months ended | ended | ended | ended | ended | ||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||
| 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||
| Interest Income | ||||||||||||||||
| Interest and fees on loans | $ | 3,347 | $ | 3,295 | $ | 3,081 | $ | 2,962 | $ | 2,773 | ||||||
| Interest on investment securities | 74 | 59 | 63 | 49 | 45 | |||||||||||
| Other Interest Income | 29 | 43 | 18 | 5 | 3 | |||||||||||
| Total interest income | 3,450 | 3,397 | 3,162 | 3,016 | 2,821 | |||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 747 | 652 | 599 | 440 | 382 | |||||||||||
| Borrowings | 137 | 120 | 118 | 201 | 178 | |||||||||||
| Total interest expense | 884 | 772 | 717 | 641 | 560 | |||||||||||
| Net interest income | 2,566 | 2,625 | 2,445 | 2,375 | 2,261 | |||||||||||
| Provision for Loan Losses | 73 | 108 | 88 | 68 | 29 | |||||||||||
| Net interest income after provision for loan losses | 2,493 | 2,517 | 2,357 | 2,307 | 2,232 | |||||||||||
| Non-Interest Income | ||||||||||||||||
| Service charges and activity fees | 55 | 55 | 50 | 45 | 41 | |||||||||||
| Net gains on sales of loans | - | - | 95 | 13 | - | |||||||||||
| Other income | 52 | 27 | 30 | 32 | 27 | |||||||||||
| Total non-interest income | 107 | 82 | 175 | 90 | 68 | |||||||||||
| Non-Interest Expenses | ||||||||||||||||
| Salaries and employee benefits | 1,210 | 1,171 | 1,152 | 1,099 | 1,080 | |||||||||||
| Occupancy and equipment | 127 | 123 | 114 | 123 | 119 | |||||||||||
| Legal and professional fees | 66 | 139 | 81 | 92 | 115 | |||||||||||
| Advertising and promotion | 23 | 24 | 18 | 26 | 17 | |||||||||||
| Loan expenses | 39 | 26 | 37 | 18 | 34 | |||||||||||
| Data processing costs | 259 | 234 | 213 | 216 | 205 | |||||||||||
| Supplies, printing and postage | 43 | 33 | 31 | 25 | 21 | |||||||||||
| Telephone | 9 | 8 | 8 | 10 | 8 | |||||||||||
| Entertainment | 23 | 33 | 21 | 57 | 20 | |||||||||||
| Mileage and tolls | 6 | 10 | 7 | 12 | 5 | |||||||||||
| Insurance | 10 | 11 | 10 | 5 | 9 | |||||||||||
| Federal Deposit Insurance Corporation premiums | 34 | 35 | 28 | 24 | 36 | |||||||||||
| Dues and subscriptions | 19 | 15 | 16 | 17 | 19 | |||||||||||
| Shares tax | 49 | 37 | 50 | 50 | 50 | |||||||||||
| Other | 49 | 49 | 36 | 66 | 44 | |||||||||||
| Total non-interest expenses | 1,966 | 1,948 | 1,822 | 1,840 | 1,782 | |||||||||||
| Income before income taxes | 634 | 651 | 710 | 557 | 518 | |||||||||||
| Income Taxes | (130 | ) | (153 | ) | (152 | ) | (119 | ) | (112 | ) | ||||||
| Net income | 504 | 515 | 558 | 438 | 406 | |||||||||||
| Preferred Stock Dividends | - | - | - | - | - | |||||||||||
| Net income available to common stockholders | $ | 504 | $ | 515 | $ | 519 | $ | 399 | $ | 406 | ||||||
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