The Victory Bank Announces 2nd Quarter Earnings
LIMERICK, Pa., July 18, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended June 30, 2019. Highlights include an earnings increase of 13.9% over the quarter ended June 30, 2018 and asset growth of $27.4 million and a 12.8% increase in stockholder’s equity when comparing June 30, 2019 and June 30, 2018. Net income increased $61 thousand to $499 thousand, or approximately 26 cents per common share for the quarter ended June 30, 2019 as compared to $438 thousand for the quarter ended June 30, 2018. Book Value per share increased from $9.28 to $9.53 during the quarter ended June 30, 2019. Year to date results included net income of $1 million and an increase in book value per share from $9.04 to $9.53 for the six months ended June 30, 2019.
Joseph W. Major, Chairman and CEO, stated, “The Victory Bank was founded on a strategy of building a consistently superior team of 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 by adding high-quality clients and relationships. This commitment continues to strengthen our bank and therefore the communities we serve. In addition, we are very pleased to have received a Five Star rating from Bauer Financial Inc. earlier this year.”
Deposits grew $34.7 million in the 12 months ended June 30, 2019 to $228.9 million, and net loans increased $21.3 million during the same period, totaling $233.5 million. Total assets also increased by $27.4 million for the twelve months ended June 30, 2019, totaling $258.6 million. Non-performing loans rose slightly from $168 thousand to $198 thousand for the twelve month period ended June 30, 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. 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.
| The Victory Bancorp, Inc. | ||||||
| Consolidated Balance Sheet | ||||||
| (in thousands except share and per share data) | Unaudited | |||||
| June 30, | December 31, | |||||
| 2019 | 2018 | |||||
| Assets | ||||||
| NicCash and due from banks | $ | 6,835 | $ | 5,914 | ||
| Federal funds sold | 0 | 212 | ||||
| Cash and cash equivalents | 6,835 | 6,126 | ||||
| Securities available-for-sale | 10,597 | 9,696 | ||||
| Loans receivable, net of allowance for loan losses | ||||||
| of $2,104 and $2,096 | 233,474 | 228,261 | ||||
| Premises and equipment, net | 3,355 | 3,388 | ||||
| Restricted investment in bank stocks | 667 | 715 | ||||
| Accrued interest receivable | 803 | 811 | ||||
| ORE | 60 | 93 | ||||
| BOLI | 1,528 | 1,507 | ||||
| Other assets | 1,237 | 1,135 | ||||
| Total assets | $ | 258,556 | $ | 251,732 | ||
| Liabilities and Stockholders' Equity | ||||||
| Liabilities | ||||||
| Deposits: | ||||||
| Non-interest bearing | 41,175 | 38,841 | ||||
| Interest-bearing | 187,730 | 184,938 | ||||
| Total deposits | 228,905 | 223,779 | ||||
| UnSecured borrowings | 2,000 | 4,280 | ||||
| Subordinated Debt | 7,917 | 4,941 | ||||
| Other liabilities | 1,066 | 1,112 | ||||
| Total liabilities | 239,888 | 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 | 2,452 | 1,547 | ||||
| Accumulated other comprehensive income | 108 | (35 | ) | |||
| Total stockholders' equity | 18,668 | 17,620 | ||||
| Total liabilities and stockholders' equity | $ | 258,556 | $ | 251,732 | ||
| The Victory Bancorp, Inc. | |||||||||||
| Consolidated Statement of Operations | |||||||||||
| (in thousands except share and per share data) | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||||||
| three months | three months | three months | three months | three months | |||||||
| ended | ended | ended | ended | ended | |||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||
| 2019 | 2019 | 2018 | 2018 | 2018 | |||||||
| Interest Income | |||||||||||
| Interest and fees on loans | $ | 3,503 | $ | 3,347 | $ | 3,295 | $ | 3,081 | $ | 2,962 | |
| Interest on investment securities | 72 | 74 | 59 | 63 | 49 | ||||||
| Other Interest Income | 67 | 29 | 43 | 18 | 5 | ||||||
| Total interest income | 3,642 | 3,450 | 3,397 | 3,162 | 3,016 | ||||||
| Interest Expense | |||||||||||
| Deposits | 772 | 747 | 652 | 599 | 440 | ||||||
| Borrowings | 158 | 137 | 120 | 118 | 201 | ||||||
| Total interest expense | 930 | 884 | 772 | 717 | 641 | ||||||
| Net interest income | 2,712 | 2,566 | 2,625 | 2,445 | 2,375 | ||||||
| Provision for Loan Losses | 209 | 73 | 108 | 88 | 68 | ||||||
| Net interest income after provision for loan losses | 2,503 | 2,493 | 2,517 | 2,357 | 2,307 | ||||||
| Non-Interest Income | |||||||||||
| Service charges and activity fees | 55 | 55 | 55 | 50 | 45 | ||||||
| Net gains on sales of loans | 0 | 0 | 0 | 95 | 13 | ||||||
| Other income | 21 | 52 | 27 | 30 | 32 | ||||||
| Total non-interest income | 76 | 107 | 82 | 175 | 90 | ||||||
| Non-Interest Expenses | |||||||||||
| Salaries and employee benefits | 1,145 | 1,210 | 1,171 | 1,152 | 1,099 | ||||||
| Occupancy and equipment | 125 | 127 | 123 | 114 | 123 | ||||||
| Legal and professional fees | 103 | 66 | 139 | 81 | 92 | ||||||
| Advertising and promotion | 35 | 23 | 24 | 18 | 26 | ||||||
| Loan expenses | 34 | 39 | 26 | 37 | 18 | ||||||
| Data processing costs | 254 | 259 | 234 | 213 | 216 | ||||||
| Supplies, printing and postage | 30 | 43 | 33 | 31 | 25 | ||||||
| Telephone | 8 | 9 | 8 | 8 | 10 | ||||||
| Entertainment | 33 | 23 | 33 | 21 | 57 | ||||||
| Mileage and tolls | 12 | 6 | 10 | 7 | 12 | ||||||
| Insurance | 9 | 10 | 11 | 10 | 5 | ||||||
| Federal Deposit Insurance Corporation premiums | 43 | 34 | 35 | 28 | 24 | ||||||
| Dues and subscriptions | 17 | 19 | 15 | 16 | 17 | ||||||
| Shares tax | 53 | 49 | 37 | 50 | 50 | ||||||
| Other | 45 | 49 | 49 | 36 | 66 | ||||||
| Total non-interest expenses | 1,946 | 1,966 | 1,948 | 1,822 | 1,840 | ||||||
| Income before income taxes | 633 | 634 | 651 | 710 | 557 | ||||||
| Income Taxes | -134 | -130 | -153 | -152 | -119 | ||||||
| Net income | $ | 499 | $ | 504 | $ | 498 | $ | 558 | $ | 438 | |
Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
610-948-9000
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