The Victory Bancorp, Inc., Announces 2024 Second Quarter Earnings
Rhea-AI Summary
The Victory Bancorp, Inc. (OTCQX: VTYB) announced strong Q2 2024 results, demonstrating resilience amid challenging market conditions. Key highlights include:
- Net loans increased 16.3% YoY to $396.5 million
- Total assets grew by $55.9 million YoY to $469.8 million
- Deposits increased by $20.6 million from year-end 2023
- Net income of $289,000 ($0.14 per share)
- Book value per share reached $14.28
- $0.065 per share cash dividend paid
The bank maintained strong credit quality with reduced delinquencies and nonaccrual loans. The ACL ratio was 0.89%, covering non-performing loans 53.3 times. Victory Bancorp remains well-capitalized and positioned for continued growth.
Positive
- Net loans increased 16.3% YoY to $396.5 million
- Total assets grew by $55.9 million YoY to $469.8 million
- Deposits increased by $20.6 million from year-end 2023
- Strong credit quality with reduced delinquencies and nonaccrual loans
- ACL ratio of 0.89% covering non-performing loans 53.3 times
- Well-capitalized position maintained
Negative
- Net income of $289,000 ($0.14 per share) may be considered low relative to asset growth
- Net interest margin at the Bank decreased to 3.14% for the quarter
LIMERICK, Pa., Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended June 30, 2024.
Joseph W. Major, Bank Leader and Chief Executive Officer, stated, “Our second quarter performance underscores the resilience of our financial position and the commitment of our team. In spite of challenging market conditions, we delivered robust financial outcomes, including a
In addition, we maintained strong credit quality metrics in 2024, with reductions in delinquencies exceeding 30 days and a significant decrease in nonaccrual loans. The Victory Bancorp remains a well-capitalized institution, effectively managing expenses to achieve increased operational efficiency.
Looking forward, Victory Bancorp is well-positioned to continue delivering substantial results for every stakeholder, both now and in the future.”
Second Quarter 2024 Highlights compared to Second Quarter 2023
- Net Loans increased
16.3% to$396.5 million from$341.0 million at June 30, 2023 $1.4 million increase in stockholders’ equity$0.06 5 per share cash dividend paid to shareholders- Net interest margin at the Bank was
3.14% for the quarter - Net income of
$289 thousand , totaling approximately$0.14 per common share fully diluted - Book value per share as of June 30, 2024 was
$14.28 - Total assets increased by
$55.9 million from June 30, 2023 to$469.8 million as of June 30, 2024 - Credit quality is strong
Capital Insights and Credit Quality:
- Nonaccrual loans decreased in the second quarter of 2024, from
$2.2 million at year end 2023 to$65 thousand in the current quarter. - Non-performing assets to total assets decreased from
0.09% in the linked quarter to0.01% in the current quarter. - Delinquencies greater than 30 days were
0.09% of total loans as of June 30, 2024, down from0.68% as of December 31, 2023. - The bank's ACL ratio was
0.89% as of June 30, 2024, down slightly from0.94% at year-end 2023. The June 30, 2024 ACL covered non-performing loans 53.3 times, an increase from 1.58 times at year-end 2023. - The bank remains well capitalized.
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
Phone: 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 | 2024 | 2023 | 2023 | |||||||||
| Investment securities | $ | 46,325 | $ | 47,931 | $ | 49,513 | ||||||
| Loans, net of allowance for loan losses | 396,499 | 364,383 | 340,978 | |||||||||
| Total assets | 469,787 | 442,163 | 413,839 | |||||||||
| Deposits | 384,615 | 364,032 | 369,256 | |||||||||
| Borrowings | 42,617 | 36,200 | 3,750 | |||||||||
| Subordinated debt | 12,843 | 12,830 | 12,817 | |||||||||
| Stockholders' equity | $ | 28,155 | $ | 27,948 | $ | 26,759 | ||||||
| Book value per common share | $ | 14.28 | $ | 14.17 | $ | 13.57 | ||||||
| Allowance/loans | 0.89 | % | 0.94 | % | 0.95 | % | ||||||
| Nonperforming assets/total assets | 0.01 | % | 0.49 | % | 0.09 | % | ||||||
| 3 Months Ended | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||
| Selected Operations Data | 2024 | 2023 | 2023 | |||||||||
| Interest income | $ | 7,200 | $ | 6,680 | $ | 5,977 | ||||||
| Interest expense | 3,994 | 3,337 | 2,629 | |||||||||
| Net interest income | 3,206 | 3,343 | 3,348 | |||||||||
| Provision for loan losses | 110 | 170 | 0 | |||||||||
| Other income | 209 | 210 | 118 | |||||||||
| Other expense | 2,935 | 2,748 | 2,796 | |||||||||
| Income before income taxes | 370 | 635 | 670 | |||||||||
| Income taxes | (81 | ) | (160 | ) | (215 | ) | ||||||
| Net income | $ | 289 | $ | 475 | $ | 455 | ||||||
| Earnings per common share (basic) | $ | 0.15 | $ | 0.24 | $ | 0.23 | ||||||
| Earnings per common share (diluted) | $ | 0.14 | $ | 0.23 | $ | 0.22 | ||||||
| Return on average assets (annualized) | 0.25 | % | 0.45 | % | 0.44 | % | ||||||
| Return on average equity (annualized) | 4.08 | % | 6.97 | % | 6.84 | % | ||||||
| Net charge-offs(recoveries)/average loans | 0.01 | % | 0.00 | % | 0.00 | % | ||||||
FAQ
What was Victory Bancorp's (VTYB) net loan growth in Q2 2024?
How much did Victory Bancorp's (VTYB) total assets grow in Q2 2024?
What was Victory Bancorp's (VTYB) net income and EPS for Q2 2024?
How did Victory Bancorp's (VTYB) credit quality metrics perform in Q2 2024?
