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CORRECTING and REPLACING -- Victory Bancorp, Inc. Announces Annual Earnings

LIMERICK, Pa., Jan. 29, 2020 (GLOBE NEWSWIRE) -- In the press release published at 1:40 p.m. EST on January 27, 2020 titled "Victory Bancorp, Inc. Announces Annual Earnings", the end of the first paragraph should read: Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.

In the accompanying Unaudited Balance sheet for December 31, 2019 the Surplus was changed from $14,220 to $14,212, Total stockholders’ equity from $19,786 to $19,778, and Total liabilities and stockholders’ equity from $279,664 to $279,656.

Set out below is the corrected press release in its entirety.

The Victory Bancorp, Inc. (VTYB) announced unaudited results for the year ended December 31, 2019. Highlights include a 12% earnings increase, asset growth of $27.9 million and a $2.2 million increase in stockholders’ equity for the year ended December 31, 2019 as compared to the year ended December 31, 2018. Net income increased $227 thousand to $2.1 million, totaling approximately $1.09 per common share. Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.

Joseph W. Major, Chairman & CEO, stated, “The company experienced another year of strong growth in assets and profitability while maintaining strong credit metrics, all made possible by the expertise and commitment of our team of bankers. Our priority is to understand and exceed our client’s expectations in a highly responsive manner. When it comes to building both loans and deposits, we believe that speed matters. We look forward to continued growth in assets and profitability in 2020 as we consistently pursue better ways to benefit our clients and the regions we serve.”

Consolidated net income for the year ended December 31, 2019, was $2.1 million, an increase of $227 thousand, compared to $1.9 million in 2018. Deposits grew to $247.8 million at December 31, 2019 from $223.8 million in 2018, a 10.7% increase. Net Loans increased 6.5% to $243.1 million at December 31, 2019 from $228.3 million in 2018, and total assets increased by $27.9 million to $279.7 million as of December 31, 2019, an increase of 11.1% over 2018. The company paid a cash dividend totaling 10 cents per share during 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 which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008.  The Bank is 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. 

As of December 31, 2019, The Victory Bank had total assets of $279.7 million, total deposits of $247.8 million, and total equity of $19.8 million. 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.

The Victory Bancorp, Inc.    
Consolidated Balance Sheet    
(numbers in thousands except share data) Unaudited  
  December 31,
2019
December 31,
2018
Assets    
Cash and due from banks $   7,367 $   5,914  
Federal funds sold   10,803   212  
     
Cash and cash equivalents   18,170   6,126  
     
Securities available-for-sale   11,084   9,696  
     
Loans receivable, net of allowance for loan losses    
of $2,213 and $2,096   243,131   228,261  
Premises and equipment, net   3,298   3,388  
Restricted investment in bank stocks   474   715  
Accrued interest receivable   716   811  
ORE   0   93  
BOLI   1,548   1,507  
Other assets   1,235   1,135  
     
  Total assets $   279,656 $   251,732  
     
Liabilities and Stockholders' Equity    
     
Liabilities    
Deposits:    
Non-interest bearing   48,060   38,841  
Interest-bearing   199,734   184,938  
     
Total deposits     247,794     223,779  
     
UnSecured borrowings   3,000   4,280  
Subordinated Debt   7,927   4,941  
Other liabilities   1,157   1,112  
     
  Total liabilities     259,878     234,112  
     
Stockholders' Equity    
Common stock, $1 par value; authorized 10,000,000    
shares; issued and outstanding 1,950,077 shares   1,950   1,950  
Surplus   14,212   14,158  
Accumulated earnings   3,481   1,547  
Accumulated other comprehensive income   135   (35 )
     
  Total stockholders' equity     19,778     17,620  
     
  Total liabilities and stockholders' equity $   279,656 $   251,732  
           


The Victory Bancorp, Inc.    
Consolidated Statement of Operations    
  Unaudited  
  For the year For the year
  ended ended
  December 31, December 31,
   2019   2018 
     
Interest Income    
Interest and fees on loans $   13,979   $   12,111  
Interest on investment securities     299       216  
Other Interest Income     203       69  
     
  Total interest income     14,481       12,396  
     
Interest Expense    
Deposits     2,984       2,073  
Borrowings     631       617  
     
  Total interest expense     3,615       2,690  
     
Net interest income     10,866       9,706  
     
Provision for Loan Losses     424       293  
     
  Net interest income after provision for loan losses     10,442       9,413  
     
Non-Interest Income    
Service charges and activity fees     242       191  
Net gains on sales of loans     -       108  
Other income     172       116  
     
  Total non-interest income     414       415  
     
Non-Interest Expenses    
Salaries and employee benefits     4,955       4,502  
Occupancy and equipment     496       479  
Legal and professional fees     403       427  
Advertising and promotion     108       85  
Loan expenses     149       115  
Data processing costs     1,012       868  
Supplies, printing and postage     128       110  
Telephone     32       34  
Entertainment     121       131  
Mileage and tolls     36       34  
Insurance     39       35  
Federal Deposit Insurance Corporation premiums     94       123  
Dues and subscriptions     72       67  
Shares tax     209       187  
Other     257       195  
     
  Total non-interest expenses     8,111       7,392  
     
Income before income taxes     2,745       2,436  
     
Income Taxes     (618 )     (536 )
     
Net income available to common stockholders $   2,127   $   1,900  
             


Contact:

Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
610-948-9000