The Victory Bancorp, Inc., Announces 2024 Second Quarter Earnings
The Victory Bancorp, Inc. (OTCQX: VTYB) announced strong Q2 2024 results, demonstrating resilience amid challenging market conditions. Key highlights include:
- Net loans increased 16.3% YoY to $396.5 million
- Total assets grew by $55.9 million YoY to $469.8 million
- Deposits increased by $20.6 million from year-end 2023
- Net income of $289,000 ($0.14 per share)
- Book value per share reached $14.28
- $0.065 per share cash dividend paid
The bank maintained strong credit quality with reduced delinquencies and nonaccrual loans. The ACL ratio was 0.89%, covering non-performing loans 53.3 times. Victory Bancorp remains well-capitalized and positioned for continued growth.
Victory Bancorp, Inc. (OTCQX: VTYB) ha annunciato risultati solidi per il secondo trimestre del 2024, dimostrando resilienza in un contesto di mercato difficile. I punti salienti includono:
- I prestiti netti sono aumentati del 16,3% su base annua, raggiungendo i 396,5 milioni di dollari
- Il totale degli attivi è cresciuto di 55,9 milioni di dollari su base annua, arrivando a 469,8 milioni di dollari
- I depositi sono aumentati di 20,6 milioni di dollari rispetto alla fine del 2023
- Il reddito netto è stato di 289.000 dollari (0,14 dollari per azione)
- Il valore contabile per azione ha raggiunto i 14,28 dollari
- È stato distribuito un dividendo in contante di 0,065 dollari per azione
La banca ha mantenuto una forte qualità del credito con una riduzione dei ritardi e dei prestiti non performanti. Il rapporto ACL è stato dell'0,89%, coprendo i prestiti non performanti 53,3 volte. Victory Bancorp rimane ben capitalizzata e posizionata per una crescita continua.
Victory Bancorp, Inc. (OTCQX: VTYB) anunció sólidos resultados para el segundo trimestre de 2024, demostrando resiliencia en medio de condiciones de mercado desafiantes. Los aspectos más destacados incluyen:
- Los préstamos netos aumentaron un 16,3% interanual, alcanzando los 396,5 millones de dólares
- Los activos totales crecieron en 55,9 millones de dólares interanuales, llegando a 469,8 millones de dólares
- Los depósitos aumentaron en 20,6 millones de dólares desde finales de 2023
- Los ingresos netos fueron de 289,000 dólares (0,14 dólares por acción)
- El valor contable por acción alcanzó los 14,28 dólares
- Se pagó un dividendo en efectivo de 0,065 dólares por acción
El banco mantuvo una sólida calidad de crédito con una reducción en morosidades y préstamos no devengados. La ratio ACL fue del 0,89%, cubriendo los préstamos no productivos 53,3 veces. Victory Bancorp sigue bien capitalizada y posicionada para un crecimiento continuo.
Victory Bancorp, Inc. (OTCQX: VTYB)는 2024년 2분기 강력한 실적을 발표했으며, 어려운 시장 상황 속에서도 회복력을 보여주었습니다. 주요 내용은 다음과 같습니다:
- 순대출이 전년 대비 16.3% 증가하여 3억 9,650만 달러에 달했습니다.
- 총 자산이 전년 대비 5,590만 달러 증가하여 4억 6,980만 달러에 이릅니다.
- 예금은 2023년 말과 비교하여 2,060만 달러 증가했습니다.
- 순이익은 289,000 달러 (주당 0.14 달러)였습니다.
- 주당 장부가치는 14.28 달러에 도달했습니다.
- 주당 0.065 달러의 현금 배당금이 지급되었습니다.
은행은 연체율 감소와 비수익 대출을 유지하며 강력한 신용 품질을 유지했습니다. ACL 비율은 0.89%로, 비수익 대출을 53.3배로 커버했습니다. Victory Bancorp는 충분한 자본을 보유하고 있으며 지속적인 성장을 위한 위치를 확보하고 있습니다.
Victory Bancorp, Inc. (OTCQX: VTYB) a annoncé de solides résultats pour le deuxième trimestre 2024, démontrant une résilience face à des conditions de marché difficiles. Les faits saillants incluent :
- Les prêts nets ont augmenté de 16,3 % par rapport à l'année dernière, atteignant 396,5 millions de dollars
- Les actifs totaux ont crû de 55,9 millions de dollars par rapport à l'année précédente, atteignant 469,8 millions de dollars
- Les dépôts ont augmenté de 20,6 millions de dollars par rapport à la fin de 2023
- Le revenu net s'est élevé à 289 000 dollars (0,14 dollars par action)
- La valeur comptable par action a atteint 14,28 dollars
- Un dividende en espèces de 0,065 dollars par action a été versé
La banque a maintenu une solide qualité de crédit avec des retards réduits et des prêts non rémunérateurs. Le ratio ACL était de 0,89%, couvrant les prêts non performants 53,3 fois. Victory Bancorp reste bien capitalisé et positionné pour une croissance continue.
Victory Bancorp, Inc. (OTCQX: VTYB) gab starke Ergebnisse für das zweite Quartal 2024 bekannt und zeigte Resilienz inmitten herausfordernder Marktbedingungen. Die wichtigsten Punkte sind:
- Die Nettokredite stiegen im Jahresvergleich um 16,3% auf 396,5 Millionen Dollar
- Die Gesamtvermögen wuchsen im Jahresvergleich um 55,9 Millionen Dollar auf 469,8 Millionen Dollar
- Die Einlagen erhöhten sich um 20,6 Millionen Dollar seit Ende 2023
- Der Nettoertrag betrug 289.000 Dollar (0,14 Dollar pro Aktie)
- Buchwert pro Aktie erreichte 14,28 Dollar
- Es wurde eine Bardividende von 0,065 Dollar pro Aktie ausgeschüttet
Die Bank hielt eine hohe Kreditqualität mit reduzierte Rückständen und nicht aufgelaufenen Krediten aufrecht. Das ACL-Verhältnis betrug 0,89%, was 53,3-fache Deckung der notleidenden Kredite bedeutet. Victory Bancorp bleibt gut kapitalisiert und ist gut positioniert für weiteres Wachstum.
- Net loans increased 16.3% YoY to $396.5 million
- Total assets grew by $55.9 million YoY to $469.8 million
- Deposits increased by $20.6 million from year-end 2023
- Strong credit quality with reduced delinquencies and nonaccrual loans
- ACL ratio of 0.89% covering non-performing loans 53.3 times
- Well-capitalized position maintained
- Net income of $289,000 ($0.14 per share) may be considered low relative to asset growth
- Net interest margin at the Bank decreased to 3.14% for the quarter
LIMERICK, Pa., Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended June 30, 2024.
Joseph W. Major, Bank Leader and Chief Executive Officer, stated, “Our second quarter performance underscores the resilience of our financial position and the commitment of our team. In spite of challenging market conditions, we delivered robust financial outcomes, including a
In addition, we maintained strong credit quality metrics in 2024, with reductions in delinquencies exceeding 30 days and a significant decrease in nonaccrual loans. The Victory Bancorp remains a well-capitalized institution, effectively managing expenses to achieve increased operational efficiency.
Looking forward, Victory Bancorp is well-positioned to continue delivering substantial results for every stakeholder, both now and in the future.”
Second Quarter 2024 Highlights compared to Second Quarter 2023
- Net Loans increased
16.3% to$396.5 million from$341.0 million at June 30, 2023 $1.4 million increase in stockholders’ equity$0.06 5 per share cash dividend paid to shareholders- Net interest margin at the Bank was
3.14% for the quarter - Net income of
$289 thousand , totaling approximately$0.14 per common share fully diluted - Book value per share as of June 30, 2024 was
$14.28 - Total assets increased by
$55.9 million from June 30, 2023 to$469.8 million as of June 30, 2024 - Credit quality is strong
Capital Insights and Credit Quality:
- Nonaccrual loans decreased in the second quarter of 2024, from
$2.2 million at year end 2023 to$65 thousand in the current quarter. - Non-performing assets to total assets decreased from
0.09% in the linked quarter to0.01% in the current quarter. - Delinquencies greater than 30 days were
0.09% of total loans as of June 30, 2024, down from0.68% as of December 31, 2023. - The bank's ACL ratio was
0.89% as of June 30, 2024, down slightly from0.94% at year-end 2023. The June 30, 2024 ACL covered non-performing loans 53.3 times, an increase from 1.58 times at year-end 2023. - 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) | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||
| Selected Financial Data | 2024 | 2023 | 2023 | |||||||||
| Investment securities | $ | 46,325 | $ | 47,931 | $ | 49,513 | ||||||
| Loans, net of allowance for loan losses | 396,499 | 364,383 | 340,978 | |||||||||
| Total assets | 469,787 | 442,163 | 413,839 | |||||||||
| Deposits | 384,615 | 364,032 | 369,256 | |||||||||
| Borrowings | 42,617 | 36,200 | 3,750 | |||||||||
| Subordinated debt | 12,843 | 12,830 | 12,817 | |||||||||
| Stockholders' equity | $ | 28,155 | $ | 27,948 | $ | 26,759 | ||||||
| Book value per common share | $ | 14.28 | $ | 14.17 | $ | 13.57 | ||||||
| Allowance/loans | 0.89 | % | 0.94 | % | 0.95 | % | ||||||
| Nonperforming assets/total assets | 0.01 | % | 0.49 | % | 0.09 | % | ||||||
| 3 Months Ended | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||
| Selected Operations Data | 2024 | 2023 | 2023 | |||||||||
| Interest income | $ | 7,200 | $ | 6,680 | $ | 5,977 | ||||||
| Interest expense | 3,994 | 3,337 | 2,629 | |||||||||
| Net interest income | 3,206 | 3,343 | 3,348 | |||||||||
| Provision for loan losses | 110 | 170 | 0 | |||||||||
| Other income | 209 | 210 | 118 | |||||||||
| Other expense | 2,935 | 2,748 | 2,796 | |||||||||
| Income before income taxes | 370 | 635 | 670 | |||||||||
| Income taxes | (81 | ) | (160 | ) | (215 | ) | ||||||
| Net income | $ | 289 | $ | 475 | $ | 455 | ||||||
| Earnings per common share (basic) | $ | 0.15 | $ | 0.24 | $ | 0.23 | ||||||
| Earnings per common share (diluted) | $ | 0.14 | $ | 0.23 | $ | 0.22 | ||||||
| Return on average assets (annualized) | 0.25 | % | 0.45 | % | 0.44 | % | ||||||
| Return on average equity (annualized) | 4.08 | % | 6.97 | % | 6.84 | % | ||||||
| Net charge-offs(recoveries)/average loans | 0.01 | % | 0.00 | % | 0.00 | % | ||||||
FAQ
What was Victory Bancorp's (VTYB) net loan growth in Q2 2024?
How much did Victory Bancorp's (VTYB) total assets grow in Q2 2024?
What was Victory Bancorp's (VTYB) net income and EPS for Q2 2024?
How did Victory Bancorp's (VTYB) credit quality metrics perform in Q2 2024?
