The Victory Bancorp, Inc. Second Quarter Earnings
Victory Bancorp, Inc. (VTYB) reported its unaudited financial results for the second quarter of 2022, achieving a net income of $1.0 million, equivalent to approximately $0.50 per diluted share. Stockholders' equity increased by $2.4 million, reaching a total of $25.8 million. The bank's total assets grew by 1.0% to $457 million, with deposits rising 2.4% to $414 million. A cash dividend of $0.065 per share was paid. Credit quality remained stable, with a reduced provision for loan losses of $94 thousand.
- Net income of $1.0 million for Q2 2022, or $0.50 per share.
- Stockholders' equity increased by $2.4 million since June 2021.
- Total assets rose to $457 million, a 1.0% growth year-over-year.
- Deposits increased by $9.7 million to $414 million, a 2.4% rise.
- Cash dividend of $0.065 per share paid to shareholders.
- Net income decreased from $1.336 million in Q2 2021 to $1.0 million in Q2 2022.
- Earnings per diluted share fell from $0.66 in Q2 2021 to $0.50 in Q2 2022.
- Provision for loan losses was reduced but still indicates potential credit risk.
Second Quarter Highlights
- Net Income of
$1.0 million for the quarter - Book value per common share is
$13.11 $2.4 million increase in stockholders’ equity since June 30, 2021$0.06 5 per share cash dividend paid to shareholders- Deposit increase of
$9.7 million since June 30, 2021
LIMERICK, Pa., July 26, 2022 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended June 30, 2022. Highlights include asset growth of
Deposits grew to
Credit quality remained stable. Second-quarter provision for loan losses was reduced to
“Our second quarter results show a continuing trend in our growth and improved earnings. Commitment to delivering first-class banking services is an integral part of our strategy. We hire talented, dedicated bankers who provide trusted, valuable advice, and extraordinary personal service to our clients. We strive to maintain disciplined pricing and credit underwriting practices as we continue to grow the Bank. Our diligence continues to strengthen our Bank and, therefore, the communities we serve,” stated Bank Leader, Joseph W. Major.
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
Kelly Taylor,
Investor Relations
484-791-3407
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 | 2022 | 2021 | 2021 | ||||||
| Securities | $ | 59,478 | $ | 24,088 | $ | 18,574 | |||
| Loans, net of allowance for loan losses | 310,133 | 301,166 | 305,923 | ||||||
| Total assets | 457,249 | 443,778 | 452,654 | ||||||
| Deposits | 414,010 | 394,349 | 404,281 | ||||||
| Borrowings | 3,750 | 10,500 | 10,500 | ||||||
| Subordinated debt | 12,791 | 12,777 | 12,764 | ||||||
| Stockholders' equity | $ | 25,836 | $ | 25,190 | $ | 23,465 | |||
| Book value per common share | $ | 13.11 | $ | 12.92 | $ | 12.03 | |||
| Allowance/loans | |||||||||
| Nonperforming assets/total assets | |||||||||
| June 30, | December 31, | June 30, | |||||||
| Selected Operations Data | 2022 | 2021 | 2021 | ||||||
| Interest income | $ | 4,597 | $ | 4,188 | $ | 4,106 | |||
| Interest expense | 650 | 585 | 608 | ||||||
| Net interest income | 3,947 | 3,603 | 3,498 | ||||||
| Provision for loan losses | 94 | 91 | 150 | ||||||
| Other income | 142 | 513 | 153 | ||||||
| Other expense | 2,730 | 2,537 | 2,639 | ||||||
| Income before income taxes | 1,265 | 1,488 | 862 | ||||||
| Income taxes | (255) | (152) | (185) | ||||||
| Net income | $ | 1,010 | $ | 1,336 | $ | 677 | |||
| Earnings per common share (basic) | $ | 0.51 | $ | 0.69 | $ | 0.35 | |||
| Earnings per common share (diluted) | $ | 0.50 | $ | 0.66 | $ | 0.33 | |||
| Return on average assets (annualized) | |||||||||
| Return on average equity (annualized) | |||||||||
| Net charge-offs(recoveries)/average loans | |||||||||
FAQ
What are the Q2 2022 financial results for Victory Bancorp (VTYB)?
What is the dividend paid by Victory Bancorp (VTYB) in Q2 2022?
How much did stockholders' equity increase for Victory Bancorp (VTYB) compared to last year?
What was the provision for loan losses for Victory Bancorp (VTYB) in Q2 2022?
How did the net income of Victory Bancorp (VTYB) in Q2 2022 compare to Q2 2021?
