Market Overview

The Victory Bank Announces 2nd Quarter Earnings


LIMERICK, Pa., July 18, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended June 30, 2019. Highlights include an earnings increase of 13.9% over the quarter ended June 30, 2018 and asset growth of $27.4 million and a 12.8% increase in stockholder's equity when comparing June 30, 2019 and June 30, 2018. Net income increased $61 thousand to $499 thousand, or approximately 26 cents per common share for the quarter ended June 30, 2019 as compared to $438 thousand for the quarter ended June 30, 2018.  Book Value per share increased from $9.28 to $9.53 during the quarter ended June 30, 2019.  Year to date results included net income of $1 million and an increase in book value per share from $9.04 to $9.53 for the six months ended June 30, 2019.

Joseph W. Major, Chairman and CEO, stated, "The Victory Bank was founded on a strategy of building a consistently superior team of bankers who provide trusted, valuable advice and extraordinary personal service to our clients.  We strive to maintain disciplined pricing and credit underwriting practices, as we continue to grow the bank by adding high-quality clients and relationships.  This commitment continues to strengthen our bank and therefore the communities we serve. In addition, we are very pleased to have received a Five Star rating from Bauer Financial Inc. earlier this year."

Deposits grew $34.7 million in the 12 months ended June 30, 2019 to $228.9 million, and net loans increased $21.3 million during the same period, totaling $233.5 million. Total assets also increased by $27.4 million for the twelve months ended June 30, 2019, totaling $258.6 million. Non-performing loans rose slightly from $168 thousand to $198 thousand for the twelve month period ended June 30, 2019.

The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB ( 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,

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      
(in thousands except share and per share data)   Unaudited  
    June 30, December 31,
     2019  2018 
NicCash and due from banks   $   6,835 $   5,914  
Federal funds sold     0   212  
   Cash and cash equivalents     6,835   6,126  
Securities available-for-sale     10,597   9,696  
Loans receivable, net of allowance for loan losses      
of $2,104 and $2,096     233,474   228,261  
Premises and equipment, net     3,355   3,388  
Restricted investment in bank stocks     667   715  
Accrued interest receivable     803   811  
ORE     60   93  
BOLI     1,528   1,507  
Other assets     1,237   1,135  
   Total assets   $   258,556 $   251,732  
Liabilities and Stockholders' Equity      
Non-interest bearing     41,175   38,841  
Interest-bearing     187,730   184,938  
   Total deposits       228,905     223,779  
UnSecured borrowings     2,000   4,280  
Subordinated Debt     7,917   4,941  
Other liabilities     1,066   1,112  
   Total liabilities       239,888     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     2,452   1,547  
Accumulated other comprehensive income     108   (35 )
   Total stockholders' equity       18,668     17,620  
   Total liabilities and stockholders' equity   $   258,556 $   251,732  

The Victory Bancorp, Inc.                      
Consolidated Statement of Operations                  
(in thousands except share and per share data)   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
       three months    three months    three months    three months    three months
      ended   ended   ended   ended   ended
      June 30,   March 31,   December 31,   September 30,   June 30,
      2019   2019   2018   2018   2018
Interest Income                      
Interest and fees on loans   $ 3,503
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