LIMERICK, Pa., Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. VTYB reported net income of $993 thousand, or 50 Cents per share (diluted), for the fourth-quarter ended December 31, 2020, compared to $502 thousand, or 25 cents per share, for the fourth quarter ended December 31, 2019. This represents a $491 thousand or 98% increase over the fourth quarter of 2019. Net income for the year ended December 31, 2020, was $2.3 million, or $1.14 per share, an increase of $148 thousand, or 7%, over the last year.
Book value per common share climbed to $11.29 on December 31, 2020.
The Victory Bank, the sole subsidiary of The Victory Bancorp, Inc., recorded net income of $3.1 million for the year ended December 31, 2020, compared to $2.6 million for the prior year. Interest income increased $1.3 million or 8.8%, from $14.4 million for the year ended December 31, 2019, to $15.6 million for the year ended December 31, 2020. While the bank reported no delinquent loans for December 31, 2020, in response to uncertain business conditions related to the COVID-19 pandemic, the bank increased total loan loss reserves from $2.2 million at December 31, 2019, to $3.1 million at December 31, 2020; approximately 1.10% of total loans; 1.29% of non-PPP loans (Small Business Administration Paycheck Protection Program loans). Non-performing assets remained low during the quarter, increasing slightly from $127 thousand at September 30, 2020, to $161 thousand at December 31, 2020. As of year-end, 2020, loan modifications in response to the pandemic stood at $475 thousand, approximately 0.2% of loans.
Consolidated pre-tax income, excluding provisions for loan losses, for the quarter ended December 31, 2020, was $1.3 million, compared with pre-provision pre-tax income of $741 thousand for the same quarter in 2019. Consolidated net income was $993 thousand, an increase of $491 thousand as compared to $502 thousand for the same quarter in 2019, totaling approximately $0.50 per common share. Deposits grew to $337.0 million at December 31, 2020, from $247.8 million at December 31, 2019, a 36.0% increase. Including SBA PPP loans, net loans increased 16.7% to $283.6 million at December 31, 2020, from $243.1 million at December 31, 2019. Total assets increased by $150.1 million to $429.4 million as of December 31, 2020, an increase of 53.8% over one year.
Bank Leader, Joseph W. Major, stated, "Despite ongoing economic disruption, the bank experienced substantial asset and deposit growth in 2020, and generated record-setting fourth-quarter results. We've been able to quickly identify changing circumstances in the community and adapt to meet the needs of our clients. For most of 2020, we focused on meeting those needs while balancing the safety of our clients and employees. Most notably, our team remained steadfast in their commitment to our clients and closed over $60 million of Small Business Administration Paycheck Protection loans, processing approximately 577 loan applications, helping businesses in our communities protect 7,277 local jobs."
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 as 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.
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.
Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
610-948-9000
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| December 31, | December 31, | ||||||||||
| Selected Financial Data | 2020 | 2019 | |||||||||
| Securities available-for-sale | $ | 13,306 | $ | 11,084 | |||||||
| Loans, net of allowance for loan losses | 283,618 | 243,131 | |||||||||
| Total assets | 429,425 | 279,293 | |||||||||
| Deposits | 337,013 | 247,794 | |||||||||
| Borrowings | 51,481 | 3,000 | |||||||||
| Subordinated debt | 17,709 | 7,927 | |||||||||
| Stockholders' equity | 22,022 | 19,778 | |||||||||
| Book value per common share | $ | 11.29 | $ | 10.14 | |||||||
| Allowance/loans | 1.10 | % | 0.90 | % | |||||||
| Nonperforming assets/total assets | 0.04 | % | 0.11 | % | |||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
| Selected Operations Data | 2020 | 2019 | 2020 | 2019 | |||||||||
| Interest income | $ | 4,312 | $ | 3,598 | $ | 15,617 | $ | 14,354 | |||||
| Interest expense | 822 | 880 | 3,474 | 3,615 | |||||||||
| Net interest income | 3,490 | 2,718 | 12,143 | 10,739 | |||||||||
| Provision for loan losses | 51 | 67 | 1,287 | 424 | |||||||||
| Other income | 217 | 244 | 580 | 541 | |||||||||
| Other expense | 2,380 | 2,221 | 8,524 | 8,111 | |||||||||
| Income before income taxes | 1,276 | 674 | 2,912 | 2,745 | |||||||||
| Income taxes | (283 | ) | (172 | ) | (637 | ) | (618 | ) | |||||
| Net income | $ | 993 | $ | 502 | $ | 2,275 | $ | 2,127 | |||||
| Earnings per common share (basic) | $ | 0.51 | $ | 0.26 | $ | 1.17 | $ | 1.09 | |||||
| Earnings per common share (diluted) | $ | 0.50 | $ | 0.25 | $ | 1.14 | $ | 1.06 | |||||
| Return on average assets (annualized) | 0.92 | % | 0.74 | % | 0.60 | % | 0.81 | % | |||||
| Return on average equity (annualized) | 18.48 | % | 10.28 | % | 11.00 | % | 11.40 | % | |||||
| Net charge-offs(recoveries)/average loans | 0.08 | % | 0.00 | % | 0.13 | % | 0.13 | % | |||||
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