LIMERICK, Pa., Oct. 22, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended September 30, 2019. When comparing September 30, 2019 to September 30, 2018, highlights include an earnings increase of 11.5%, asset growth of $25.6 million and a 13.5% increase in stockholder’s equity. 

For the third quarter, Book Value per share increased from $9.57 to $9.90, as net income increased $64 thousand to $622 thousand, or approximately 32 cents per common share, as compared to $558 thousand for the quarter ended September 30, 2018.  Year to date results included net income of $1.6 million and an increase in book value per share from $9.04 to $9.90 for the nine months ended September 30, 2019.

Deposits grew $19.2 million in the 12 months ended September 30, 2019 to $236.3 million, and net loans increased $13.6 million during the same period, totaling $235.5 million. Total assets also increased by $25.6 million for the 12 months ended September 30, 2019, totaling $267.7 million. Non-performing loans fell from $187 thousand to $160 thousand for the twelve month period ended September 30, 2019.

Joseph W. Major, Chairman and CEO, stated, “Victory Bank is managed by a team of highly experienced bankers seeking to build successful and valuable relationships with our clients. Our top priority is to understand and exceed our clients’ expectations, providing them with great advice, convenience and speed of service, while effectively managing credit risk. In addition, we are very pleased to have received a Five Star rating from Bauer Financial Inc. earlier this year.”

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 and founded 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 data)	Unaudited
	September 30,			December 31,
	2019			2018
Assets
Cash and due from banks	$	10,140		$	5,914
Federal funds sold		3,966			212
Cash and cash equivalents		14,106			6,126
Securities available-for-sale		10,187			9,696
Loans receivable, net of allowance for loan losses
of $2,146 and $2,096		235,497			228,261
Premises and equipment, net		3,343			3,388
Restricted investment in bank stocks		834			715
Accrued interest receivable		796			811
ORE		-			93
BOLI		1,538			1,507
Other assets		1,360			1,135
Total assets	$	267,661		$	251,732
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing	$	49,870		$	38,841
Interest-bearing		186,430			184,938
Total deposits		236,300			223,779
Unsecured borrowings		3,000			4,280
Subordinated Debt		7,917			4,941
Other liabilities		1,128			1,112
Total liabilities		248,345			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		3,025			1,547
Accumulated other comprehensive income		183			(35	)
Total stockholders' equity		19,316			17,620
Total liabilities and stockholders' equity	$	267,661		$	251,732

The Victory Bancorp, Inc.
Consolidated Statement of Operations
(in thousands)			Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
			three months		three months		three months		three months		three months
			ended		ended		ended		ended		ended
			September 30,		June 30,		March 31,		December 31,		September 30,
			2019		2019		2019		2018		2018
Interest Income
Interest and fees on loans		$	3,531	$	3,503	$	3,347	$	3,295	$	3,081
Interest on investment securities			78		72		74		59		63
Other Interest Income			55		67		29		43		18
Total interest income			3,664		3,642		3,450		3,397		3,162
Interest Expense
Deposits			750		772		747		652		599
Borrowings			171		158		137		120		118
Total interest expense			921		930		884		772		717
Net interest income			2,743		2,712		2,566		2,625		2,445
Provision for Loan Losses			75		209		73		108		88
Net interest income after provision for Loan Losses			2,668		2,503		2,493		2,517		2,357
Non-Interest Income
Service charges and activity fees			65		55		55		55		50
Net gains on sales of loans			-		-		-		-		95
Other income			49		21		52		27		30
Total non-interest income			114		76		107		82		175
Non-Interest Expenses
Salaries and employee benefits			1,254		1,145		1,210		1,171		1,152
Occupancy and equipment			120		125		127		123		114
Legal and professional fees			85		103		66		139		81
Advertising and promotion			23		35		23		24		18
Loan expenses			35		34		39		26		37
Data processing costs			241		254		259		234		213
Supplies, printing and postage			28		30		43		33		31
Telephone			9		8		9		8		8
Entertainment			26		33		23		33		21
Mileage and tolls			8		12		6		10		7
Insurance			10		9		10		11		10
Federal Deposit Insurance Corporation premiums			1		43		34		35		28
Dues and subscriptions			16		17		19		15		16
Shares tax			53		53		49		37		50
Other			69		45		49		49		36
Total non-interest expenses			1,978		1,946		1,966		1,948		1,822
Income before income taxes			804		633		634		651		710
Income Taxes			-182		-134		-130		-153		-152
Net income		$	622	$	499	$	504	$	498	$	558

Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer and Chief Operating Officer
610-948-9000

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