The Victory Bank Announces 3rd Quarter Earnings
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.
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer and Chief Operating Officer