Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  The Victory Bancorp, Inc.    VTYB

THE VICTORY BANCORP, INC.

(VTYB)
  Report
SummaryQuotesChartsNewsCompanyFinancials 
SummaryAll NewsPress ReleasesOfficial PublicationsSector news

Victory Bancorp, Inc. Reports Annual Earnings Growth of 40% Over Prior Year

share with twitter share with LinkedIn share with facebook
01/29/2019 | 09:33am EDT

LIMERICK, Pa., Jan. 29, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc., (OTCQX: VTYB) announced unaudited results for the year ended December 31, 2018.

Highlights include an earnings increase of 40%, asset growth of $31 million and a $1.8 million increase in stockholders’ equity. Net income increased $545,000 to $1.9 million, or approximately 98 cents per common share.  Joseph W. Major, Chairman & CEO, stated, “Our company once again demonstrated excellent growth in 2018, while maintaining strong credit quality and improved earnings.  From the beginning, our relationship-based banking strategy has focused on building a better team of bankers, committed to serving the needs of our clients.  This approach helped us deliver the best year in the company’s history.”

Net income for the year ended December 31, 2018 was $1.917 million, an increase of $545,000 compared to $1.372 million in 2017. Deposits grew to $223.8 million at December 31, 2018 from $189.2 million in 2017, an 18% increase. Net Loans increased 12% to $228.3 million at December 31, 2018 from $204.2 million in 2017, and total assets increased by $30.9 million to $251.7 million as of December 31, 2018, an increase of 14% over 2017.

The company paid a cash dividend totaling 8 cents per share during 2018.

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. The Victory Bank was established 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.

As of December 31, 2018 The Victory Bank had total assets of $251.5 million, total deposits of $223.9 million, and total equity of $22.4 million. 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.


The Victory Bancorp, Inc.   
Consolidated Balance Sheet   
December 31, 2018 and December 31, 2017 Unaudited 
(numbers in thousands except share data) December 31,December 31,
  20182017
Assets   
    
Cash and due from banks $5,914$3,276
Federal funds sold  212 0
    
Cash and cash equivalents  6,126 3,276
    
Securities available-for-sale  9,696 5,962
    
   228,261 206,013
   3,388 1,807
Loans receivable, net of allowance for loan losses   
of $2,096 and $2,064  228,261 204,206
Premises and equipment, net  3,388 3,482
Restricted investment in bank stocks  715 706
Accrued interest receivable  810 647
ORE  93 99
BOLI  1,507 1,466
Other assets  1,060 883
    
Total assets $251,656$220,727
    
Liabilities and Stockholders' Equity   
    
Liabilities   
Deposits:   
Non-interest bearing  38,841 27,824
Interest-bearing  184,938 161,370
    
Total deposits  223,779 189,194
    
UnSecured borrowings  4,280 9,960
Subordinated Debt  4,941 4,933
Other liabilities  1,019 764
    
Total liabilities  234,019 204,851
    
Stockholders' Equity   
Common stock, $1 par value; authorized 10,000,000   
shares; issued and outstanding 1,950,077 shares  1,950 1,950
Surplus  14,158 14,158
Accumulated earnings/ (deficit)  1,564 -197
Accumulated other comprehensive income  -35 -35
    
Total stockholders' equity  17,637 15,876
    
Total liabilities and stockholders' equity $251,656$220,727
    




The Victory Bancorp, Inc.   
Consolidated Statement of Operations (numbers in thousands) 
  Unaudited 
  For the year endedYear ended
  December 31,December 31,
   2018  2017 
    
Interest Income   
Interest and fees on loans $  12,111  $  10,567 
Interest on investment securities    216     167 
Other Interest Income    69     10 
    
Total interest income    12,396     10,744 
    
Interest Expense   
Deposits    2,073     1,271 
Borrowings    617     685 
    
Total interest expense    2,690     1,956 
    
Net interest income    9,706     8,788 
    
Provision for Loan Losses    293     452 
    
Net interest income after provision for loan losses    9,413     8,336 
    
Non-Interest Income   
Service charges and activity fees    191     174 
Net gains on sales of loans    108     281 
Other income    116     170 
    
Total non-interest income    415     625 
    
Non-Interest Expenses   
Salaries and employee benefits    4,502     4,110 
Occupancy and equipment    479     430 
Legal and professional fees    427     360 
Advertising and promotion    85     80 
Loan expenses    115     97 
Data processing costs    868     772 
Supplies, printing and postage    110     79 
Telephone    34     33 
Entertainment    131     98 
Mileage and tolls    34     34 
Insurance    35     53 
Federal Deposit Insurance Corporation premiums    123     131 
Dues and subscriptions    67     61 
Shares tax    187     158 
Other    195     191 
    
Total non-interest expenses    7,392     6,687 
    
Income before income taxes    2,436     2,274 
    
Income Taxes  (519) (902)
    
Net income    1,917     1,372 
    
Preferred Stock Dividends    -     92 
    
Net Income available to common stockholders $  1,917  $  1,280 


Contact:
Joseph W. Major
Chairman and Chief Executive Officer

Robert H. Schultz
Chief Financial Officer, Chief Operating Officer

610-948-9000

Victory BanCorp_Red.png


© GlobeNewswire 2019
share with twitter share with LinkedIn share with facebook
All news about THE VICTORY BANCORP, INC.
09/21OTC Markets Group Announces Agenda for Financial Services Virtual Investor Co..
AQ
09/17VICTORY BANCORP : to Webcast Live at VirtualInvestorConferences.com September 24..
AQ
09/17Victory Bancorp Inc. to Webcast Live at VirtualInvestorConferences.com Septem..
GL
09/15VICTORY BANCORP : Graver Appointed as Chairman to PA Bankers Association Governm..
AQ
09/15Graver Appointed as Chairman to PA Bankers Association Government Relations C..
GL
08/19Victory Bancorp, Inc. Announces Quarterly Cash Dividend
GL
08/06VICTORY BANCORP : Jon Swearer Named Chief Credit Officer of The Victory Bank
AQ
08/06Jon Swearer Named Chief Credit Officer of The Victory Bank
GL
07/17VICTORY BANCORP : Second Quarter Earnings
AQ
06/29The Victory Bancorp, Inc. Completes Private Placement of $10.0 Million of Sub..
GL
More news
Financials (USD)
Sales 2019 10,9 M - -
Net income 2019 2,13 M - -
Net cash 2019 7,24 M - -
P/E ratio 2019 9,42x
Yield 2019 1,22%
Capitalization 13,3 M 13,3 M -
EV / Sales 2018 1,77x
EV / Sales 2019 1,18x
Nbr of Employees 35
Free-Float -
Chart THE VICTORY BANCORP, INC.
Duration : Period :
The Victory Bancorp, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers
NameTitle
Joseph W. Major Chairman & Chief Executive Officer
Richard L. Graver President
Robert H. Schultz Chief Financial Officer, COO & Compliance Officer
Alan S. Apt Independent Director
Matthew Bowen Bates Independent Director