LIMERICK, Pa., Jan. 27, 2020 (GLOBE NEWSWIRE) --  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 .025 cents per share per quarter to .05 cents per share per quarter in the first quarter of 2020. Book value per share increased to $10.15.

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,December 31,
  2019 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 14,220  14,158 
Accumulated earnings 3,481  1,547 
Accumulated other comprehensive income 135  (35)
   
Total stockholders' equity   19,786    17,620 
   
Total liabilities and stockholders' equity$  279,664 $  251,732 
       


The Victory Bancorp, Inc.  
Consolidated Statement of Operations  
 Unaudited 
 For the yearFor the year
 endedended
 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

Primary Logo