The Victory Bancorp, Inc., Announces 2024 Third Quarter Earnings
The Victory Bancorp (OTCQX: VTYB) reported strong Q3 2024 financial results with significant growth across key metrics. Deposits increased 10.8% to $398.2 million, while net loans grew 12.7% to $395.2 million compared to Q3 2023. Total assets reached $467.9 million, up 11.9% year-over-year. Credit quality showed remarkable improvement with non-performing assets declining from $2.2 million at end-2023 to $209 thousand. The company reported net income of $586 thousand ($0.29 per share) and maintained a net interest margin of 3.58%. A cash dividend of $0.065 per share was paid to shareholders.
The Victory Bancorp (OTCQX: VTYB) ha riportato risultati finanziari forti per il terzo trimestre del 2024, con una crescita significativa in metriche chiave. I depositi sono aumentati del 10,8% raggiungendo $398,2 milioni, mentre i prestiti netti sono cresciuti del 12,7% a $395,2 milioni rispetto al terzo trimestre del 2023. Gli attivi totali hanno raggiunto $467,9 milioni, un incremento dell'11,9% su base annua. La qualità del credito ha mostrato un miglioramento notevole, con gli attivi non performanti che sono diminuiti da $2,2 milioni a fine 2023 a $209 mila. L'azienda ha riportato un reddito netto di $586 mila ($0,29 per azione) e ha mantenuto un margine di interesse netto del 3,58%. È stato corrisposto un dividendo in contante di $0,065 per azione agli azionisti.
The Victory Bancorp (OTCQX: VTYB) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento significativo en métricas clave. Los depósitos aumentaron un 10,8% hasta alcanzar $398,2 millones, mientras que los préstamos netos crecieron un 12,7% hasta $395,2 millones en comparación con el tercer trimestre de 2023. Los activos totales alcanzaron $467,9 millones, un 11,9% más interanual. La calidad del crédito mostró una mejora notable, con los activos no rentables disminuyendo de $2,2 millones a finales de 2023 a $209 mil. La empresa reportó un ingreso neto de $586 mil ($0,29 por acción) y mantuvo un margen de interés neto del 3,58%. Se pagó un dividendo en efectivo de $0,065 por acción a los accionistas.
The Victory Bancorp (OTCQX: VTYB)는 2024년 3분기 강력한 재무 결과를 발표하였으며, 주요 지표에서 상당한 성장을 기록하였습니다. 예금은 10.8% 증가하여 3억 9,820만 달러에 이르렀고, 순대출은 12.7% 증가하여 3억 9,520만 달러에 달했습니다. 총 자산은 4억 6,790만 달러에 도달해 전년 대비 11.9% 증가했습니다. 신용 품질은 눈에 띄는 개선을 보였고, 비수익 자산은 2023년 말 220만 달러에서 209,000달러로 감소했습니다. 회사는 순이익 58만 6천 달러($0.29 주당)를 보고했으며, 순이자 마진은 3.58%를 유지했습니다. 주주들에게 주당 $0.065의 현금 배당금이 지급되었습니다.
The Victory Bancorp (OTCQX: VTYB) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec une croissance significative dans les indicateurs clés. Les dépôts ont augmenté de 10,8 % pour atteindre 398,2 millions de dollars, tandis que les prêts nets ont crû de 12,7 % pour atteindre 395,2 millions de dollars par rapport au troisième trimestre 2023. Les actifs totaux ont atteint 467,9 millions de dollars, soit une hausse de 11,9 % en glissement annuel. La qualité du crédit a montré une amélioration remarquable, les actifs non performants étant passés de 2,2 millions de dollars fin 2023 à 209 000 dollars. L'entreprise a déclaré un revenu net de 586 000 dollars (0,29 dollar par action) et a maintenu une marge d'intérêt nette de 3,58 %. Un dividende en espèces de 0,065 dollar par action a été versé aux actionnaires.
The Victory Bancorp (OTCQX: VTYB) hat starke Finanzkennzahlen für das dritte Quartal 2024 bekannt gegeben, mit einem signifikanten Wachstum in wichtigen Kennzahlen. Die Einlagen stiegen um 10,8% auf 398,2 Millionen US-Dollar, während die Netto-Darlehen um 12,7% auf 395,2 Millionen US-Dollar im Vergleich zum dritten Quartal 2023 wuchsen. Die Gesamtaktiva erreichten 467,9 Millionen US-Dollar, was einem Anstieg von 11,9% im Jahresvergleich entspricht. Die Kreditqualität zeigte eine bemerkenswerte Verbesserung, da die notleidenden Vermögenswerte von 2,2 Millionen US-Dollar Ende 2023 auf 209 Tausend US-Dollar gesunken sind. Das Unternehmen berichtete von einem Nettoeinkommen von 586.000 US-Dollar (0,29 US-Dollar pro Aktie) und hielt eine Nettomarge von 3,58% aufrecht. Eine Barausschüttung von 0,065 US-Dollar pro Aktie wurde an die Aktionäre gezahlt.
- Net loans increased 12.7% YoY to $395.2 million
- Deposits grew 10.8% YoY to $398.2 million
- Total assets increased 11.9% YoY to $467.9 million
- Non-performing assets decreased significantly from $2.2M to $209K
- Delinquencies >30 days improved from 0.68% to 0.05% of total loans
- Net interest margin decreased to 3.58%
- ACL ratio declined from 0.94% to 0.91%
LIMERICK, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended September 30, 2024.
Joseph W. Major, Bank Leader and Chief Executive Officer, stated, “Our third quarter results reflect consistent growth and improved earnings. Our commitment to providing top-notch banking services is central to our strategy which we implement by hiring skilled and dedicated bankers who offer trusted advice and exceptional personal service to our clients. Our focus is on maintaining disciplined pricing and credit underwriting practices as we expand the Bank. This diligence not only strengthens our institution but also benefits the communities we serve.”
As of September 30, 2024, deposits rose to
Third Quarter 2024 Highlights compared to Third Quarter 2023
- Net Loans increased
12.7% to$395.2 million from$351.9 million at September 30, 2023 $2.9 million increase in stockholders’ equity$0.06 5 per share cash dividend paid to shareholders- Net interest margin at the Bank was
3.58% for the quarter - Net income of
$586 thousand , totaling approximately$0.29 per common share fully diluted - Book value per share as of September 30, 2024 was
$14.89 - Total assets increased by
$49.1 million from September 30, 2023 to$467.9 million as of September 30, 2024 - Credit quality is outstanding
Capital Insights and Credit Quality:
- Nonaccrual loans decreased in the third quarter of 2024, from
$2.2 million at year end 2023 to$206 thousand in the current quarter. - Non-performing assets to total assets rose slightly from
0.01% in the linked quarter to0.04% in the current quarter. - Delinquencies greater than 30 days were
0.05% of total loans as of September 30, 2024, down from0.68% as of December 31, 2023. - The bank's ACL ratio was
0.91% as of September 30, 2024, down slightly from0.94% at year-end 2023. The September 30, 2024 ACL covered non-performing loans 17.5 times, an increase from 1.6 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
The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
| CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | ||||||
| (dollars in thousands, except per share data) | ||||||
| September 30, | December 31, | September 30, | ||||
| Selected Financial Data | 2024 | 2023 | 2023 | |||
| Investment securities | $ | 46,110 | $ | 47,931 | $ | 47,335 |
| Loans, net of allowance for loan losses | 395,213 | 364,383 | 351,926 | |||
| Total assets | 467,939 | 442,163 | 418,843 | |||
| Deposits | 398,169 | 364,032 | 358,207 | |||
| Borrowings | 24,692 | 36,200 | 19,750 | |||
| Subordinated debt | 12,851 | 12,830 | 12,824 | |||
| Stockholders' equity | $ | 29,437 | $ | 27,948 | $ | 26,548 |
| Book value per common share | $ | 14.89 | $ | 14.17 | $ | 13.47 |
| Allowance/loans | ||||||
| Nonperforming assets/total assets | ||||||
| 3 Months Ended | ||||||
| September 30, | December 31, | September 30, | ||||
| Selected Operations Data | 2024 | 2023 | 2023 | |||
| Interest income | $ | 7,526 | $ | 6,680 | $ | 6,298 |
| Interest expense | 4,064 | 3,337 | 2,955 | |||
| Net interest income | 3,462 | 3,343 | 3,343 | |||
| Provision for loan losses | 71 | 170 | 75 | |||
| Other income | 239 | 210 | 143 | |||
| Other expense | 2,895 | 2,748 | 2,826 | |||
| Income before income taxes | 735 | 635 | 585 | |||
| Income taxes | (149) | (160) | (39) | |||
| Net income | $ | 586 | $ | 475 | $ | 546 |
| Earnings per common share (basic) | $ | 0.30 | $ | 0.24 | $ | 0.28 |
| Earnings per common share (diluted) | $ | 0.29 | $ | 0.23 | $ | 0.26 |
| Return on average assets (annualized) | ||||||
| Return on average equity (annualized) | ||||||
| Net charge-offs(recoveries)/average loans | ||||||
FAQ
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