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Victory Bancorp, Inc. Announces Annual Earnings

/EIN News/ -- 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 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

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