The Victory Bank Announces 2nd Quarter Earnings

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LIMERICK, Pa., July 18, 2019 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX:VTYB) announced unaudited results for the quarter ended June 30, 2019. Highlights include an earnings increase of 13.9% over the quarter ended June 30, 2018 and asset growth of $27.4 million and a 12.8% increase in stockholder’s equity when comparing June 30, 2019 and June 30, 2018. Net income increased $61 thousand to $499 thousand, or approximately 26 cents per common share for the quarter ended June 30, 2019 as compared to $438 thousand for the quarter ended June 30, 2018.  Book Value per share increased from $9.28 to $9.53 during the quarter ended June 30, 2019.  Year to date results included net income of $1 million and an increase in book value per share from $9.04 to $9.53 for the six months ended June 30, 2019.

Joseph W. Major, Chairman and CEO, stated, “The Victory Bank was founded on a strategy of building a consistently superior team of 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 by adding high-quality clients and relationships.  This commitment continues to strengthen our bank and therefore the communities we serve. In addition, we are very pleased to have received a Five Star rating from Bauer Financial Inc. earlier this year.”

Deposits grew $34.7 million in the 12 months ended June 30, 2019 to $228.9 million, and net loans increased $21.3 million during the same period, totaling $233.5 million. Total assets also increased by $27.4 million for the twelve months ended June 30, 2019, totaling $258.6 million. Non-performing loans rose slightly from $168 thousand to $198 thousand for the twelve month period ended June 30, 2019.

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. The Victory Bank was established in 2008. Victory 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, www.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.

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Globe Newswire: 15:10 GMT Thursday 18th July 2019

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