The Victory Bancorp, Inc. Second Quarter Earnings
The Victory Bancorp, Inc. (OTCQX: VTYB) reported its second-quarter results for 2021, highlighting a net income of $677,000, or $0.33 per share, marking an increase of $117,000 compared to 2020. Book value per share rose to $12.03, while stockholders' equity increased by $2.9 million. Total assets reached $453 million, with a 9.2% annual growth. Deposits surged by 32% to $404 million. The bank also paid a $0.05 per share cash dividend. The provision for loan losses was notably reduced to $150,000, indicating stable credit quality.
- Net income increased by $117,000 to $677,000 compared to Q2 2020.
- Deposits grew by 32% year-over-year, reaching $404 million.
- Book value per share increased to $12.03.
- Total assets rose by 9.2% to $453 million.
- None.
Second Quarter Highlights
- Book value per share increased to
$12.03 $2.9 million increase in stockholders’ equity since June 30, 2020$0.05 per share cash dividend paid to shareholders- Deposit growth of
$41 million - Total assets reach
$453 million
LIMERICK, Pa., Aug. 03, 2021 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended June 30, 2021. Highlights include asset growth of
Deposits grew to
Credit quality remained stable. Second-quarter provision for loan losses was reduced to
Bank Leader, Joseph W. Major, stated, “We are pleased with the continued growth of the bank and are enjoying another record earning quarter while approaching half of a billion dollars in total assets. We are close to receiving forgiveness for all of 2020’s Paycheck Protection Program (PPP) loans and have a healthy loan pipeline as our economy improves. As we look forward to the future, we have expanded to 57 employees and recently leased additional office space to accommodate this growth. A key strategy to our success is our entire staff of experienced bankers who provide first-class banking services, resulting in an exceptional client experience.”
The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (http://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 two 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
Kelly Taylor,
Investor Relations
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 | 2021 | 2020 | 2020 | |||||||||||
| Securities available-for-sale | $ | 18,574 | $ | 13,306 | $ | 9,982 | ||||||||
| Loans, net of allowance for loan losses | 305,923 | 283,618 | 299,309 | |||||||||||
| Total assets | 452,654 | 429,425 | 414,460 | |||||||||||
| Deposits | 404,281 | 337,013 | 306,314 | |||||||||||
| Borrowings | 10,500 | 51,481 | 68,615 | |||||||||||
| Subordinated debt | 12,764 | 17,709 | 17,692 | |||||||||||
| Stockholders' equity | 23,465 | 22,022 | 20,567 | |||||||||||
| Book value per common share | $ | 12.03 | $ | 11.29 | $ | 10.55 | ||||||||
| Allowance/loans | 1.08 | % | 1.10 | % | 0.90 | % | ||||||||
| Nonperforming assets/total assets | 0.03 | % | 0.04 | % | 0.07 | % | ||||||||
| Three months ended | ||||||||||||||
| June 30, | December 31, | June 30, | ||||||||||||
| Selected Operations Data | 2021 | 2020 | 2020 | |||||||||||
| Interest income | $ | 4,106 | $ | 4,312 | $ | 3,820 | ||||||||
| Interest expense | 608 | 822 | 803 | |||||||||||
| Net interest income | 3,498 | 3,490 | 3,017 | |||||||||||
| Provision for loan losses | 150 | 51 | 450 | |||||||||||
| Other income | 153 | 217 | 129 | |||||||||||
| Other expense | 2,639 | 2,380 | 1,977 | |||||||||||
| Income before income taxes | 862 | 1,276 | 719 | |||||||||||
| Income taxes | (185 | ) | (283 | ) | (159 | ) | ||||||||
| Net income | $ | 677 | $ | 993 | $ | 560 | ||||||||
| Earnings per common share (basic) | $ | 0.35 | $ | 0.51 | $ | 0.29 | ||||||||
| Earnings per common share (diluted) | $ | 0.33 | $ | 0.50 | $ | 0.28 | ||||||||
| Return on average assets (annualized) | 0.62 | % | 0.92 | % | 0.61 | % | ||||||||
| Return on average equity (annualized) | 11.68 | % | 18.48 | % | 11.02 | % | ||||||||
| Net charge-offs(recoveries)/average loans | 0.04 | % | 0.34 | % | 0.14 | % | ||||||||
FAQ
What was the net income of Victory Bancorp for Q2 2021?
How much did deposits grow for Victory Bancorp in the last year?
What is the book value per share for VTYB as of June 30, 2021?
How did Victory Bancorp's total assets change in Q2 2021?
