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The Victory Bank Announces 1st Quarter Earnings

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LIMERICK, Pa., April 23, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended March 31, 2019. Highlights include an earnings increase of 24% over the quarter ended March 31, 2018 and asset growth of $35.9 million and a 16% increase in stockholder's equity when comparing March 31, 2019 and March 31, 2018. Net income increased $98 thousand to $504 thousand, or approximately 26 cents per common share for the quarter ended March 31, 2019 as compared to $406 thousand for the quarter ended March 31, 2018.

Joseph W. Major, Chairman and CEO, stated, "Our first quarter results show a continuing trend in our growth and improved earnings. Our success is based on having a clear strategy and consistent implementation, rather than being distracted by every current trend. We strive to deliver first-class banking services by attracting, training and retaining what we believe is a markedly superior work force, coupled with the judicious use of the very latest of modern technology, resulting in an exceptional client experience."

Deposits grew $9.3 million in the quarter ended March 31, 2019 and net loans increased $2.8 million during the same period. Total assets also increased by $9.8 million for the quarter.

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.  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.

Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
610-948-9000

The Victory Bancorp, Inc.
Consolidated Balance Sheet    
(numbers in thousands except share data) Unaudited  
  March 31, December 31,
   2019  2018
Assets  
Cash and due from banks $ 7,889   $ 5,914  
Federal funds sold   5,756     212  
     
Cash and cash equivalents   13,645     6,126  
     
Securities available-for-sale   9,366     9,696  
     
Loans receivable, net of allowance for loan losses    
of $2,173 and $2,096   231,082     228,261  
Premises and equipment, net   3,344     3,388  
Restricted investment in bank stocks   440     715  
Accrued interest receivable   791     811  
ORE   83     93  
BOLI   1,518     1,507  
Other assets   1,295     1,135  
     
Total assets $ 261,564   $ 251,732  
     
Liabilities and Stockholders' Equity  
     
Liabilities    
Deposits:    
Non-interest bearing   40,739     38,841  
Interest-bearing   191,687     184,938  
     
Total deposits   232,426     223,779  
     
UnSecured borrowings   2,000     4,280  
Subordinated Debt   7,917     4,941  
Other liabilities   1,114     1,112  
     
Total liabilities   243,457     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   14,158     14,158  
Accumulated earnings/ (deficit)   2,002     1,547  
Accumulated other comprehensive income   (3 )   (35 )
     
Total stockholders' equity   18,107     17,620  
     
Total liabilities and stockholders' equity $ 261,564   $ 251,732  
   

 

The Victory Bancorp, Inc.            
Consolidated Statement of Operations            
    Unaudited Unaudited Unaudited Unaudited Unaudited
    For the three Three months Three months Three months Three months
    months ended ended ended ended ended
    March 31, December 31, September 30, June 30, March 31,
    2019 2018 2018 2018 2018
             
Interest Income            
Interest and fees on loans
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