The Victory Bancorp, Inc. Fourth Quarter Results

Fourth Quarter Highlights

  • Record earnings of $0.66 per share
  • Book value per common share increased to $12.92
  • $3.2 million increase in equity since December 31, 2020
  • Cash dividend of $0.05 per share paid to shareholders
  • $0.10 one-time special cash dividend paid to shareholders
  • Increase in deposits of $57.3 million since December 31, 2020

LIMERICK, Pa. Feb. 15 Dec. 31, 2022 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc. (OTCQX: VTYB) reported net income of $1.3 million, or 66 cents per share (diluted), for the fourth quarter ended December 31, 2021, compared to $993,000, or 50 cents per share, for the fourth quarter ended December 31, 2020. This represents an increase of $343,000 or 35% over the fourth quarter of 2020. A one-time special cash dividend of 10 cents per outstanding common share was reported in November 2021. Net income for the year ended December 31, 2021 was $4.0 million, or $1.94 per share (diluted), an increase of 1. $7 million, or 74%, over the fiscal year last year.

Book value per common share increased to $12.92 as of December 31, 2021.

Interest income increased by $1.3 million or 8.1% from $15.6 million for the year ended December 31, 2020 to $16.9 million for the year ended December 31, 2020 2021. The bank increased total loan loss reserves from $3.1 million as of December 31, 2020 to $3.5 million as of December 31, 2021; the loan loss reserve was approximately 1.13% of total loans and 1.22% of non-PPP loans (Small Business Administration Paycheck Protection Program loans). Non-performing assets remained low during the quarter, increasing slightly from $117,000 as of September 30, 2021 to $195,000 as of December 31, 2021.

Consolidated pretax income, excluding loan loss provisions, for the three months ended December 31, 2021 was $1.6 million, compared to pretax income before provision of $1.3 million for the quarter ended December 31, 2021. same quarter in 2020. Consolidated net income was $1.3 million. , an increase of $343,000 from $993,000 for the same quarter in 2020, totaling approximately $0.66 per common share. Deposits increased to $394.3 million as of December 31, 2021 from $337.0 million as of December 31, 2020, an increase of 17.0%. Including SBA PPP loans, net loans increased 6.2% to $301.2 million as of December 31, 2021, from $283.6 million as of December 31, 2020. Total net loans, net of PPP loans, increased by 16.0% or $38.5 million from $240.9 million as of December 31, 2020, to $279.4 million as of December 31, 2021. Total assets increased by $14.4 million to reach $443.8 million as of December 31, 2021, an increase of 3.3% year-on-year.

Bank chief Joseph W. Major said, “Despite continued economic disruption due to the pandemic, the bank experienced substantial revenue, loan and deposit growth in 2021 while delivering record fourth quarter results. trimester. We responded to customer needs in these difficult circumstances and continued to expand our customer base. Most notably, our team remained true to its commitment to our clients and, in 2020 and 2021 combined, closed $100 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and helped businesses in our communities protect more than 11,000 local jobs. We continue to see strong demand for commercial and bank loans, which resulted in loan growth of $17.5 million and deposit growth of more than $57 million over the prior year. In addition, our new loan office in Horsham successfully completed its first full quarter of operations. »

Victory Bancorp, Inc. is listed 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 is in Limerick, Pennsylvania, which is located just outside of the Philadelphia Market in Montgomery County. Victory Bank was established in 2008 as a specialty lender that provides high quality banking services to small and medium 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 the Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that could 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; legislative or regulatory changes; and other economic; competitive, governmental, regulatory and technological factors affecting the Company’s operations, prices, products and services.

Contact:

Joseph W. Major,
President and CEO

Robert H. Schultz,
Chief Financial Officer, Director of Operations

Kelly Taylor,
Investor Relations
610-948-9000

Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, Pennsylvania 19468

CONSOLIDATED FINANCIAL INFORMATION (unaudited)
(in thousands of dollars, except per share data)
The 31st of December, September 30, The 31st of December,
Selected financial data 2021 2021 2020
Titles available for sale $ 24,088 $ 18,341 $ 13,306
Loans, net of allowance for loan losses 301 166 302,024 283,618
Total assets 443,778 446,869 429 425
Deposits 394 349 397,696 337,013
Loans 10,500 10,500 51,481
Subordinated debt 12,777 12,771 17,709
Equity 25,190 24,231 22,022
Book value per common share $ 12.92 $ 12:43 p.m. $ 11.29
Grant/loans 1.13 % 1.10 % 1.10 %
Non-performing assets/total assets 0.04 % 0.03 % 0.04 %
Three months completed
The 31st of December,
September 30,
The 31st of December,
Selected operating data 2021 2021 2020
interest income $ 4,188 $ 4,376 $ 4,312
Interest expense 585 621 822
Net interest income 3,603 3,755 3,490
Allowance for loan losses 91 21 51
Other income 513 131 217
Other expenses 2,537 2,723 2,380
income before taxes 1,488 1,142 1,276
Income taxes (152 ) (246 ) (283 )
Net revenue $ 1,336 $ 896 $ 993
Earnings per common share (basic) $ 0.69 $ 0.46 $ 0.51
Earnings per common share (diluted) $ 0.66 $ 0.44 $ 0.50
Return on average assets (annualized) 1.17 % 0.78 % 0.92 %
Return on average equity (annualised) 21.71 % 15.02 % 6:48 p.m. %
Net write-offs (recoveries)/average loans 0.00 % 0.00 % 0.34 %

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