The Victory Bancorp, Inc. Announces 2024 Fourth Quarter Earnings
The Victory Bancorp (OTCQX: VTYB) reported strong financial results for 2024, marking significant growth across key metrics. The bank achieved $26.6 million in loan growth and $33 million in deposit growth, despite challenging market conditions. The company successfully raised $4.65 million in subordinated debt, with $2.5 million allocated to support bank growth initiatives.
Fourth-quarter earnings showed an $83 thousand year-over-year increase, with quarterly earnings at $558 thousand and a return on average equity of 7.58%. Book value per share slightly decreased from $14.89 to $14.84 in Q4. The company maintained exceptional loan quality metrics, outperforming peers with 0% losses to average loans, 0.01% in 30-89 day past due loans, and 0.05% in non-performing loans. The bank paid quarterly dividends of $0.065 per share, totaling $0.26 for 2024.
The Victory Bancorp (OTCQX: VTYB) ha riportato risultati finanziari solidi per il 2024, segnando una crescita significativa in vari parametri chiave. La banca ha raggiunto 26,6 milioni di dollari di crescita dei prestiti e 33 milioni di dollari di crescita dei depositi, nonostante le difficili condizioni di mercato. L'azienda ha raccolto con successo 4,65 milioni di dollari in debito subordinato, di cui 2,5 milioni destinati a sostenere le iniziative di crescita della banca.
I guadagni del quarto trimestre hanno mostrato un aumento di 83 mila dollari rispetto all'anno precedente, con guadagni trimestrali a 558 mila dollari e un ritorno sul capitale medio del 7,58%. Il valore contabile per azione è leggermente diminuito da 14,89 dollari a 14,84 dollari nel Q4. L'azienda ha mantenuto metriche eccezionali sulla qualità dei prestiti, superando i concorrenti con 0% di perdite sui prestiti medi, 0,01% di prestiti scaduti da 30 a 89 giorni, e 0,05% di prestiti non performanti. La banca ha distribuito dividendi trimestrali di 0,065 dollari per azione, per un totale di 0,26 dollari per il 2024.
The Victory Bancorp (OTCQX: VTYB) reportó resultados financieros sólidos para 2024, marcando un crecimiento significativo en métricas clave. El banco logró 26.6 millones de dólares en crecimiento de préstamos y 33 millones de dólares en crecimiento de depósitos, a pesar de las desafiantes condiciones del mercado. La empresa recaudó con éxito 4.65 millones de dólares en deuda subordinada, de los cuales 2.5 millones se destinaron a apoyar iniciativas de crecimiento del banco.
Las ganancias del cuarto trimestre mostraron un incremento de 83 mil dólares año tras año, con ganancias trimestrales de 558 mil dólares y un retorno sobre el capital promedio del 7.58%. El valor contable por acción disminuyó ligeramente de 14.89 dólares a 14.84 dólares en el Q4. La compañía mantuvo métricas excepcionales de calidad de préstamos, superando a sus pares con 0% de pérdidas en préstamos promedio, 0.01% en préstamos morosos de 30 a 89 días y 0.05% en préstamos no rentables. El banco pagó dividendos trimestrales de 0.065 dólares por acción, totalizando 0.26 dólares para 2024.
The Victory Bancorp (OTCQX: VTYB)는 2024년 강력한 재무 실적을 보고하며 주요 지표에서 상당한 성장을 기록했습니다. 이 은행은 어려운 시장 조건에도 불구하고 2,660만 달러의 대출 성장과 3,300만 달러의 예금 성장을 달성했습니다. 회사는 465만 달러의 후순위 채무를 성공적으로 조달했으며, 이 중 250만 달러는 은행 성장 이니셔티브를 지원하는 데 투입되었습니다.
4분기 수익은 작년 대비 8만 3천 달러 증가했으며, 분기 수익은 55만 8천 달러, 평균 자본 수익률은 7.58%입니다. 주당 장부가치는 4분기 동안 14.89달러에서 14.84달러로 약간 감소했습니다. 회사는 평균 대출 손실 0%, 30-89일 연체 대출 0.01%, 비수익 대출 0.05%로 동종 업계 대비 우수한 대출 품질 지표를 유지했습니다. 은행은 주당 분기 배당금 0.065달러를 지급하여 2024년 총 0.26달러에 달했습니다.
The Victory Bancorp (OTCQX: VTYB) a rapporté de solides résultats financiers pour 2024, marquant une croissance significative dans plusieurs indicateurs clés. La banque a réalisé 26,6 millions de dollars de croissance des prêts et 33 millions de dollars de croissance des dépôts, malgré des conditions de marché difficiles. L'entreprise a réussi à lever 4,65 millions de dollars de dette subordonnée, dont 2,5 millions de dollars destinés à soutenir les initiatives de croissance de la banque.
Les bénéfices du quatrième trimestre ont montré une augmentation de 83 000 dollars par rapport à l'année précédente, avec des bénéfices trimestriels de 558 000 dollars et un rendement des capitaux propres moyens de 7,58%. La valeur comptable par action a légèrement diminué de 14,89 dollars à 14,84 dollars au T4. L'entreprise a maintenu des indicateurs de qualité des prêts exceptionnels, dépassant ses concurrents avec 0% de pertes sur les prêts moyens, 0,01% de prêts en retard de 30 à 89 jours et 0,05% de prêts non performants. La banque a versé des dividendes trimestriels de 0,065 dollar par action, totalisant 0,26 dollar pour 2024.
The Victory Bancorp (OTCQX: VTYB) hat starke finanzielle Ergebnisse für 2024 gemeldet, die ein signifikantes Wachstum in wichtigen Kennzahlen zeigen. Die Bank erreichte 26,6 Millionen Dollar an Kreditenwachstum und 33 Millionen Dollar an Einlagenwachstum, trotz herausfordernder Marktbedingungen. Das Unternehmen hat erfolgreich 4,65 Millionen Dollar an nachrangigen Schulden aufgenommen, wovon 2,5 Millionen Dollar zur Unterstützung von Wachstumsinitiativen der Bank verwendet werden.
Die Einnahmen im vierten Quartal zeigten einen Jahresvergleichsanstieg von 83.000 Dollar, mit vierteljährlichen Einnahmen von 558.000 Dollar und einer Rendite auf das durchschnittliche Eigenkapital von 7,58%. Der Buchwert pro Aktie fiel leicht von 14,89 Dollar auf 14,84 Dollar im Q4. Das Unternehmen hielt außergewöhnliche Kennzahlen zur Kreditqualität aufrecht und übertraf die Konkurrenten mit 0% Verlusten bei durchschnittlichen Krediten, 0,01% bei 30-89 Tage überfälligen Krediten und 0,05% bei notleidenden Krediten. Die Bank zahlte vierteljährliche Dividenden von 0,065 Dollar pro Aktie, insgesamt 0,26 Dollar für 2024.
- Loan portfolio grew by $26.6 million
- Deposit base increased by $33 million
- Successfully raised $4.65 million in subordinated debt
- Year-over-year earnings increased by $83 thousand
- Superior loan quality metrics with 0% losses to average loans
- Stockholders' equity increased by $1.4 million compared to 2023
- Quarterly earnings declined from $586k to $558k (Q3 to Q4)
- Book value per share decreased from $14.89 to $14.84
LIMERICK, Pa., Jan. 30, 2025 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, today announced record growth and financial highlights for the year ended December 31, 2024.
Financial Highlights for 2024:
- Loan Growth: Loans increased by
$26.6 million despite much higher interest rates and softening demand for loans, underlining the Bank’s commitment to a strong lending culture and continued investment in lending infrastructure. - Deposit Growth: Deposits grew by
$33 million in 2024, driven by the bank’s focus on delivering exceptional customer service and focus on relationship banking. - Capital Acquisition: The Bancorp successfully issued
$4.65 million of subordinated debt in the fourth quarter, of which$2.5 million was down-streamed to the bank to support growth initiatives and enhance capital strength. - Net consolidated earnings: Earnings rose by
$83 thousand year-over-year in the fourth quarter. Compared to the third quarter, earnings remained stable, with a slight decrease from$586 thousand to$558 thousand . The return on average equity for the fourth quarter was7.58% . - Book Value: Book value per common share remained nearly consistent, decreasing slightly from
$14.89 in the third quarter to$14.84 in the fourth quarter. This stability reflects a solid foundation and demonstrates the company's ability to maintain value per share despite market fluctuations. - Stockholders’ Equity: As of December 31, 2024, the company's equity position grew by
$1.4 million compared to the end of 2023. - Dividends: The bank paid a quarterly cash dividend of
$0.06 5 per share;$0.26 per share for the calendar year
Loan Quality Metrics: The bank maintained superior loan quality metrics that outperformed peers:
- Losses to Average Loans at
0.0% as of December 31, 2024, compared to the peer average of0.05% (as of September 30, 2024). - 30-89 Day Past Due Loans at
0.01% , significantly better than the peer average of0.42% . - Non-Performing Loans at
0.05% , well below the peer average of0.49% .
Bank Leader, Joseph W. Major, stated, “The year 2024 has been a remarkable period of growth and achievement. Despite a challenging economic landscape, our team’s dedication and strategic initiatives have driven record results. The
“Our commitment to maintaining exceptional asset quality remains unwavering. The fact that our loan quality metrics significantly outperform peers is a testament to the vast experience of our lending and credit teams, our disciplined approach to risk management and our focus on long-term stability.”
“We are excited about the future and remain committed to delivering exceptional value to our shareholders, clients, and communities.”
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
Owen Magers
Investor Relations
484-791-3435
The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||
| (dollars in thousands, except per share data) | |||||||||
| December 31, | September 30, | December 31, | |||||||
| Selected Financial Data | 2024 | 2024 | 2023 | ||||||
| Investment securities | $ | 44,642 | $ | 46,110 | $ | 47,931 | |||
| Loans, net of allowance for loan losses | 390,954 | 395,213 | 364,383 | ||||||
| Total assets | 461,024 | 467,939 | 442,163 | ||||||
| Deposits | 397,080 | 398,169 | 364,032 | ||||||
| Borrowings | 15,440 | 24,692 | 36,200 | ||||||
| Subordinated debt | 17,309 | 12,851 | 12,830 | ||||||
| Stockholders' equity | $ | 29,337 | $ | 29,437 | $ | 27,948 | |||
| Book value per common share | $ | 14.84 | $ | 14.89 | $ | 14.17 | |||
| Allowance/loans | 0.92 | % | 0.91 | % | 0.94 | % | |||
| Nonperforming assets/total assets | 0.05 | % | 0.04 | % | 0.49 | % | |||
| 3 Months Ended | |||||||||
| December 31, | September 30, | December 31, | |||||||
| Selected Operations Data | 2024 | 2024 | 2023 | ||||||
| Interest income | $ | 7,281 | $ | 7,526 | $ | 6,680 | |||
| Interest expense | 3,886 | 4,064 | 3,337 | ||||||
| Net interest income | 3,395 | 3,462 | 3,343 | ||||||
| Provision for loan losses | (32 | ) | 71 | 170 | |||||
| Other income | 299 | 239 | 210 | ||||||
| Other expense | 3,000 | 2,895 | 2,748 | ||||||
| Income before income taxes | 726 | 735 | 635 | ||||||
| Income taxes | (168 | ) | (149 | ) | (160 | ) | |||
| Net income | $ | 558 | $ | 586 | $ | 475 | |||
| Earnings per common share (basic) | $ | 0.28 | $ | 0.30 | $ | 0.24 | |||
| Earnings per common share (diluted) | $ | 0.28 | $ | 0.29 | $ | 0.23 | |||
| Return on average assets (annualized) | 0.48 | % | 0.50 | % | 0.45 | % | |||
| Return on average equity (annualized) | 7.58 | % | 8.14 | % | 6.97 | % | |||
| Net charge-offs (recoveries)/average loans | 0.00 | % | 0.00 | % | 0.00 | % | |||
FAQ
What was VTYB's loan growth in 2024?
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