Market Overview

The Victory Bank Announces 3rd Quarter Earnings


LIMERICK, Pa., Oct. 22, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended September 30, 2019. When comparing September 30, 2019 to September 30, 2018, highlights include an earnings increase of 11.5%, asset growth of $25.6 million and a 13.5% increase in stockholder's equity. 

For the third quarter, Book Value per share increased from $9.57 to $9.90, as net income increased $64 thousand to $622 thousand, or approximately 32 cents per common share, as compared to $558 thousand for the quarter ended September 30, 2018.  Year to date results included net income of $1.6 million and an increase in book value per share from $9.04 to $9.90 for the nine months ended September 30, 2019.

Deposits grew $19.2 million in the 12 months ended September 30, 2019 to $236.3 million, and net loans increased $13.6 million during the same period, totaling $235.5 million. Total assets also increased by $25.6 million for the 12 months ended September 30, 2019, totaling $267.7 million. Non-performing loans fell from $187 thousand to $160 thousand for the twelve month period ended September 30, 2019.

Joseph W. Major, Chairman and CEO, stated, "Victory Bank is managed by a team of highly experienced bankers seeking to build successful and valuable relationships with our clients. Our top priority is to understand and exceed our clients' expectations, providing them with great advice, convenience and speed of service, while effectively managing credit risk. In addition, we are very pleased to have received a Five Star rating from Bauer Financial Inc. earlier this year."

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 and founded 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 data) Unaudited  
  September 30, December 31,
  2019 2018
Cash and due from banks $   10,140   $   5,914  
Federal funds sold   3,966     212  
Cash and cash equivalents   14,106     6,126  
Securities available-for-sale   10,187     9,696  
Loans receivable, net of allowance for loan losses    
of $2,146 and $2,096   235,497     228,261  
Premises and equipment, net   3,343     3,388  
Restricted investment in bank stocks   834     715  
Accrued interest receivable   796     811  
ORE   -     93  
BOLI   1,538     1,507  
Other assets   1,360     1,135  
Total assets $   267,661   $   251,732  
Liabilities and Stockholders' Equity    
Non-interest bearing $   49,870   $   38,841  
Interest-bearing   186,430     184,938  
Total deposits     236,300       223,779  
Unsecured borrowings   3,000     4,280  
Subordinated Debt   7,917     4,941  
Other liabilities   1,128     1,112  
Total liabilities     248,345       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   3,025     1,547  
Accumulated other comprehensive income   183     (35 )
Total stockholders' equity     19,316       17,620  
Total liabilities and stockholders' equity $   267,661   $   251,732  

The Victory Bancorp, Inc.                    
Consolidated Statement of Operations      
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