The Victory Bancorp, Inc., Announces 2024 First Quarter Earnings
The Victory Bancorp, holding company for The Victory Bank, announced its first quarter 2024 results. Key highlights include a 14.3% rise in net loans to $378 million and a $1.1 million increase in net interest income. Deposits grew by $17.7 million, and total assets increased by $29.7 million to $450.1 million. The company maintained strong credit quality, with nonaccrual loans decreasing to $736 thousand and delinquencies dropping. The bank achieved a net income of $230 thousand ($0.11 per share) and paid a $0.065 per share dividend. The net interest margin was 3.08% for the quarter, and book value per share was $14.18. Despite challenging market conditions, Victory Bancorp remains well-capitalized and managed expenses effectively, achieving positive operating leverage.
- Net loans increased 14.3% year-over-year to $378 million.
- Net interest income rose by $1.1 million.
- Deposits grew by $17.7 million in the first quarter.
- Total assets increased by $29.7 million to $450.1 million.
- Nonaccrual loans decreased to $736 thousand from $2,173 thousand.
- Delinquencies over 30 days dropped significantly to 0.25% from 0.68%.
- Net income was $230 thousand ($0.11 per share).
- $0.065 per share cash dividend paid.
- Book value per share was $14.18.
- Net interest margin was 3.08%.
- The bank remains well-capitalized.
- Non-performing assets to total assets increased from 0.08% to 0.17%.
- ACL ratio slightly declined from 0.94% to 0.91%.
LIMERICK, Pa., May 16, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended March 31, 2024.
Joseph W. Major, Bank Leader and Chief Executive Officer, stated, “Victory Bancorp's first quarter results reflect the strength of our balance sheet and the dedication of our team. Despite continued difficult market factors, we achieved strong financial results and grew deposits by
We also maintained solid credit quality metrics, with nonaccrual loans decreasing and delinquencies over 30 days dropping significantly. The Victory Bank remains a well-capitalized institution and we controlled expenses well, achieving positive operating leverage.
Looking ahead, Victory Bancorp is well-positioned to continue delivering strong results for all stakeholders, both now and in the future.”
First Quarter 2024 Highlights compared to First Quarter 2023
- Net Loans increased
14.3% to$378 million from$330 million at March 31, 2023 $937 thousand increase in stockholders’ equity$0.06 5 per share cash dividend paid to shareholders- Net interest margin at the Bank was
3.08% for the quarter - Net income of
$230 thousand , totaling approximately$0.11 per common share fully diluted - Book value per share as of March 31, 2024 was
$14.18 - Total assets increased by
$29.7 million to$450.1 million as of March 31, 2024 - Credit quality is strong
Capital Insights and Credit Quality:
- Nonaccrual loans decreased in the first quarter of 2024, from
$2,173 thousand at year end in 2023 to$736 thousand in the current quarter. - Non-performing assets to total assets increased from
0.08% in the linked quarter to0.17% in the current quarter. - Delinquencies greater than 30 days were
0.25% of total loans as of March 31, 2024, down from0.68% as of December 31, 2023. - The bank's ACL ratio was
0.91% as of March 31, 2024, down slightly from0.94% at year-end 2023. The March 31, 2024 ACL covered non-performing loans 4.7 times. - The bank remains well capitalized.
Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (https://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 three 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
Phone: 610-948-9000
The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| Selected Financial Data | 2024 | 2023 | 2023 | ||||||||
| Investment securities | $ | 47,015 | $ | 47,931 | $ | 51,440 | |||||
| Loans, net of allowance for loan losses | 377,792 | 364,383 | 330,467 | ||||||||
| Total assets | 450,102 | 442,163 | 420,377 | ||||||||
| Deposits | 381,783 | 364,032 | 371,018 | ||||||||
| Borrowings | 25,725 | 36,200 | 8,250 | ||||||||
| Subordinated debt | 12,836 | 12,830 | 12,811 | ||||||||
| Stockholders' equity | $ | 27,940 | $ | 27,948 | $ | 27,003 | |||||
| Book value per common share | $ | 14.18 | $ | 14.17 | $ | 13.70 | |||||
| Allowance/loans | 0.91 | % | 0.94 | % | 0.98 | % | |||||
| Nonperforming assets/total assets | 0.17 | % | 0.49 | % | 0.08 | % | |||||
| 3 Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| Selected Operations Data | 2024 | 2023 | 2023 | ||||||||
| Interest income | $ | 6,860 | $ | 6,680 | $ | 5,711 | |||||
| Interest expense | 3,759 | 3,337 | 2,242 | ||||||||
| Net interest income | 3,101 | 3,343 | 3,469 | ||||||||
| Provision for loan losses | 49 | 170 | 0 | ||||||||
| Other income | 199 | 210 | 139 | ||||||||
| Other expense | 2,957 | 2,748 | 2,770 | ||||||||
| Income before income taxes | 294 | 635 | 838 | ||||||||
| Income taxes | (64 | ) | (160 | ) | (173 | ) | |||||
| Net income | $ | 230 | $ | 475 | $ | 665 | |||||
| Earnings per common share (basic) | $ | 0.12 | $ | 0.24 | $ | 0.34 | |||||
| Earnings per common share (diluted) | $ | 0.11 | $ | 0.23 | $ | 0.32 | |||||
| Return on average assets (annualized) | 0.20 | % | 0.45 | % | 0.64 | % | |||||
| Return on average equity (annualized) | 3.29 | % | 6.97 | % | 10.00 | % | |||||
| Net charge-offs(recoveries)/average loans | 0.03 | % | 0.00 | % | 0.00 | % | |||||
FAQ
What were Victory Bancorp's earnings for Q1 2024?
How much did Victory Bancorp's net loans increase in Q1 2024?
What was the change in Victory Bancorp's total assets in Q1 2024?
How did Victory Bancorp's deposits change in Q1 2024?
What was Victory Bancorp's net interest margin for Q1 2024?
What dividend did Victory Bancorp pay in Q1 2024?
How did Victory Bancorp's nonaccrual loans change in Q1 2024?
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