Victory Bancorp : CORRECTING and REPLACING -- Victory Bancorp, Inc. Announces Annual Earnings
January 29, 2020 at 04:08 pm EST
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LIMERICK, Pa., Jan. 29, 2020 (GLOBE NEWSWIRE) -- In the press release published at 1:40 p.m. EST on January 27, 2020 titled "Victory Bancorp, Inc. Announces Annual Earnings", the end of the first paragraph should read: Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.
In the accompanying Unaudited Balance sheet for December 31, 2019 the Surplus was changed from $14,220 to $14,212, Total stockholders’ equity from $19,786 to $19,778, and Total liabilities and stockholders’ equity from $279,664 to $279,656.
Set out below is the corrected press release in its entirety.
The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the year ended December 31, 2019. Highlights include a 12% earnings increase, asset growth of $27.9 million and a $2.2 million increase in stockholders’ equity for the year ended December 31, 2019 as compared to the year ended December 31, 2018. Net income increased $227 thousand to $2.1 million, totaling approximately $1.09 per common share. Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.
Joseph W. Major, Chairman & CEO, stated, “The company experienced another year of strong growth in assets and profitability while maintaining strong credit metrics, all made possible by the expertise and commitment of our team of bankers. Our priority is to understand and exceed our client’s expectations in a highly responsive manner. When it comes to building both loans and deposits, we believe that speed matters. We look forward to continued growth in assets and profitability in 2020 as we consistently pursue better ways to benefit our clients and the regions we serve.”
Consolidated net income for the year ended December 31, 2019, was $2.1 million, an increase of $227 thousand, compared to $1.9 million in 2018. Deposits grew to $247.8 million at December 31, 2019 from $223.8 million in 2018, a 10.7% increase. Net Loans increased 6.5% to $243.1 million at December 31, 2019 from $228.3 million in 2018, and total assets increased by $27.9 million to $279.7 million as of December 31, 2019, an increase of 11.1% over 2018. The company paid a cash dividend totaling 10 cents per share during 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 which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008. The Bank is a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania.
As of December 31, 2019, The Victory Bank had total assets of $279.7 million, total deposits of $247.8 million, and total equity of $19.8 million. 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.
The Victory Bancorp, Inc.
Consolidated Balance Sheet
(numbers in thousands except share data)
Unaudited
December 31, 2019
December 31, 2018
Assets
Cash and due from banks
$
7,367
$
5,914
Federal funds sold
10,803
212
Cash and cash equivalents
18,170
6,126
Securities available-for-sale
11,084
9,696
Loans receivable, net of allowance for loan losses
of $2,213 and $2,096
243,131
228,261
Premises and equipment, net
3,298
3,388
Restricted investment in bank stocks
474
715
Accrued interest receivable
716
811
ORE
0
93
BOLI
1,548
1,507
Other assets
1,235
1,135
Total assets
$
279,656
$
251,732
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing
48,060
38,841
Interest-bearing
199,734
184,938
Total deposits
247,794
223,779
UnSecured borrowings
3,000
4,280
Subordinated Debt
7,927
4,941
Other liabilities
1,157
1,112
Total liabilities
259,878
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
14,212
14,158
Accumulated earnings
3,481
1,547
Accumulated other comprehensive income
135
(35
)
Total stockholders' equity
19,778
17,620
Total liabilities and stockholders' equity
$
279,656
$
251,732
The Victory Bancorp, Inc.
Consolidated Statement of Operations
Unaudited
For the year
For the year
ended
ended
December 31,
December 31,
2019
2018
Interest Income
Interest and fees on loans
$
13,979
$
12,111
Interest on investment securities
299
216
Other Interest Income
203
69
Total interest income
14,481
12,396
Interest Expense
Deposits
2,984
2,073
Borrowings
631
617
Total interest expense
3,615
2,690
Net interest income
10,866
9,706
Provision for Loan Losses
424
293
Net interest income after provision for loan losses
10,442
9,413
Non-Interest Income
Service charges and activity fees
242
191
Net gains on sales of loans
-
108
Other income
172
116
Total non-interest income
414
415
Non-Interest Expenses
Salaries and employee benefits
4,955
4,502
Occupancy and equipment
496
479
Legal and professional fees
403
427
Advertising and promotion
108
85
Loan expenses
149
115
Data processing costs
1,012
868
Supplies, printing and postage
128
110
Telephone
32
34
Entertainment
121
131
Mileage and tolls
36
34
Insurance
39
35
Federal Deposit Insurance Corporation premiums
94
123
Dues and subscriptions
72
67
Shares tax
209
187
Other
257
195
Total non-interest expenses
8,111
7,392
Income before income taxes
2,745
2,436
Income Taxes
(618
)
(536
)
Net income available to common stockholders
$
2,127
$
1,900
Contact: Joseph W. Major, Chairman and Chief Executive Officer Robert H. Schultz, Chief Financial Officer, Chief Operating Officer 610-948-9000