Third Quarter Highlights

• Net Income of $1.2 million for the quarter
• Net Interest Margin expanded to 4.06% in 3Q22 compared to 3.51% in 3Q21
• Book value per common share is $12.98
• $1.4 million increase in stockholders’ equity since September 30, 2021
• $0.065 per share cash dividend paid to shareholders
  

LIMERICK, Pa., Nov. 01, 2022 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended September 30, 2022. Highlights include interest income increase of $825 thousand and a $1.3 million increase in stockholders’ equity at September 30, 2022, compared to September 30, 2021. Net income was $1.2 million, totaling approximately $0.56 per common share fully diluted. The Company paid a cash dividend totaling $0.065 per share for the quarter ended September 30, 2022. Book value per share as of September 30, 2022, was $12.98.

Deposits remained steady at $394 million at September 30, 2022. Net Loans increased $42 million, net of Paycheck Protection Program loans, to $312 million at September 30, 2022, from $270 million at September 30, 2021, and total assets were $437 million.   Credit quality remained strong. Third-quarter provision for loan losses increased slightly to $43 thousand in 2022, from $21 thousand in 2021, and non-performing assets dropped to $114 thousand at September 30, 2022, compared with $195 thousand at year-end 2021.

Unrealized investment portfolio losses, flowing through Accumulated Other Comprehensive Loss, were at $2.3 million at quarter end compared to $1.1 million in the prior quarter. This resulted in a book value per common share of $12.98 on September 30, 2022, versus $13.11 in the prior quarter and $12.43 for the third quarter of 2021. Absent this accounting adjustment, Tier 1 book value per share stood at $14.17 on September 30, 2022.

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. 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 to ultimately provide an exceptional client experience.”

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)
						September 30,			December 31,			September 30,
Selected Financial Data						2022			2021			2021
Investment securities					$	73,509		$	24,088		$	18,341
Loans, net of allowance for loan losses						312,100			301,166			302,024
Total assets						437,493			443,778			446,869
Deposits						393,985			394,349			397,696
Borrowings						3,750			10,500			10,500
Subordinated debt						12,797			12,777			12,771
Stockholders' equity					$	25,588		$	25,190		$	24,231
Book value per common share					$	12.98			12.92		$	12.43
Allowance/loans						1.11%			1.13%			1.10%
Nonperforming assets/total assets						0.03%			0.04%			0.03%
						Three months ended,
						September 30,			December 31,			September 30,
Selected Operations Data						2022			2021			2021
Interest income					$	5,201		$	4,188		$	4,376
Interest expense						942			585			621
Net interest income						4,259			3,603			3,755
Provision for loan losses						43			91			21
Other income						140			513			131
Other expense						2,914			2,537			2,723
Income before income taxes						1,442			1,488			1,142
Income taxes						(291	)		(152	)		(246	)
Net income					$	1,151		$	1,336		$	896
Earnings per common share (basic)					$	0.59		$	0.69		$	0.46
Earnings per common share (diluted)					$	0.56		$	0.66		$	0.44
Return on average assets (annualized)						1.02%			1.17%			0.78%
Return on average equity (annualized)						17.91%			21.71%			15.02%
Net charge-offs(recoveries)/average loans						0.17%			-0.00%			0.00%

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