The Victory Bancorp, Inc. First Quarter Earnings
First Quarter Highlights
- Book value per common share is $12.92
- $2.5 million increase in stockholders’ equity since March 31, 2021
- $0.05 per share cash dividend paid to shareholders
- Deposit increase of $47.8 million since March 31, 2021
LIMERICK, Pa., April 26, 2022 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended March 31, 2022. Highlights include asset growth of $25.7 million and a $2.5 million increase in stockholders’ equity at March 31, 2022, compared to March 31, 2021. Net income was $931 thousand, totaling approximately $0.46 per common share fully diluted. The Company paid a cash dividend totaling $0.05 per share for the quarter ended March 31, 2022. Book value per share as of March 31, 2022, was $12.92.
Deposits grew to $411 million at March 31, 2022, from $363 million at March 31, 2021, a 13.2% increase. Net Loans increased 1.3% to $297.4 million at March 31, 2022, from $293.8 million at March 31, 2021, and total assets increased by $25.7 million to $458 million as of March 31, 2022, an increase of 5.9% over one year.
Credit quality remained stable. First-quarter provision for loan losses was reduced to $40 thousand in 2022, from $73 thousand in 2021, and non-performing assets remained essentially unchanged, $191 thousand at March 31, 2022, compared with $272 thousand at year-end 2021.
Bank Leader, Joseph W. Major, stated, “With strong growth in assets, and deposits continuing in the first quarter, the Bank is starting the new year meeting its financial performance goals. As a niche lender, Victory remains committed to providing quality lending options to clients and prospects. Earnings have been driven by strong loan demand and increased deposits from businesses and consumers alike. Our team has continuously operated under the mantra of operational soundness, growth, and profitability while building long-term value for our shareholders.
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
610-948-9000
The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| Selected Financial Data | 2022 | 2021 | 2021 | ||||||||
| Securities available-for-sale | $ | 33,019 | $ | 24,088 | $ | 18,649 | |||||
| Loans, net of allowance for loan losses | 297,449 | 301,166 | 293,775 | ||||||||
| Total assets | 458,045 | 443,778 | 432,342 | ||||||||
| Deposits | 411,207 | 394,349 | 363,403 | ||||||||
| Borrowings | 6,750 | 10,500 | 27,696 | ||||||||
| Subordinated debt | 12,784 | 12,777 | 12,758 | ||||||||
| Stockholders’ equity | $ | 25,364 | $ | 25,190 | $ | 22,896 | |||||
| Book value per common share | 12.92 | 12.92 | 11.74 | ||||||||
| Allowance/loans | 1.16 | % | 1.13 | % | 1.10 | % | |||||
| Nonperforming assets/total assets | 0.04 | % | 0.04 | % | 0.04 | % | |||||
| March 31, | December 31, | March 31, | |||||||||
| Selected Operations Data | 2022 | 2021 | 2021 | ||||||||
| Interest income | $ | 4,354 | $ | 4,188 | $ | 4,211 | |||||
| Interest expense | 550 | 585 | 629 | ||||||||
| Net interest income | 3,804 | 3,603 | 3,582 | ||||||||
| Provision for loan losses | 40 | 91 | 73 | ||||||||
| Other income | 140 | 513 | 158 | ||||||||
| Other expense | 2,723 | 2,537 | 2,361 | ||||||||
| Income before income taxes | 1,181 | 1,488 | 1,306 | ||||||||
| Income taxes | (250 | ) | (152 | ) | (265 | ) | |||||
| Net income | $ | 931 | $ | 1,336 | $ | 1,041 | |||||
| Earnings per common share (basic) | $ | 0.48 | $ | 0.69 | $ | 0.53 | |||||
| Earnings per common share (diluted) | $ | 0.46 | $ | 0.66 | $ | 0.52 | |||||
| Return on average assets (annualized) | 0.83 | % | 1.17 | % | 0.99 | % | |||||
| Return on average equity (annualized) | 14.73 | % | 21.71 | % | 18.54 | % | |||||
| Net charge-offs(recoveries)/average loans | -0.01 | % | 0.00 | % | -0.01 | % | |||||
