The Victory Bancorp, Inc., Announces 2023 Second Quarter Earnings – Victory Banc… – Press Release

LIMERICK, Pa., Aug. 03, 2023 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc. VTYB, the holding company for The Victory Bank, announced unaudited results for the quarter ended June 30, 2023.

Joseph W. Major, Bank Leader and Chief Executive Officer, stated, “Despite continued disruption in the banking industry and rapidly rising rates, our team’s commitment to providing quality lending and deposit options has propelled the bank forward. We are pleased with the core performance of the bank and with the bank’s ability to grow its loans 10% percent year over year while maintaining superior credit standards. The bank’s lending and credit teams are the strongest in the company’s history.”

Major concluded, “Rapid changes in market rates have put pressure on the industry, but Victory is well positioned to have its loans reprice overtime to match the rising cost in deposits. The bank continues to increase the book value of its shares, which as of June 30th was $13.57. In addition to funding the bank’s loans and investments with traditional bank deposits, the bank maintains other substantial sources of liquidity to fund steady asset growth, including the Federal Reserve Bank and the Federal Home Loan Bank of Pittsburgh.”

Second Quarter 2023 Highlights

  • Net Loans increased 10% to $341 million from $310 million at June 30, 2022
  • $0.9 million increase in stockholders’ equity since June 30, 2022  
  • $0.065 per share cash dividend paid to shareholders
  • Net interest margin at the Bank remains solid at 3.57%
  • Net income of $455 thousand, totaling approximately $0.22 per common share fully diluted
  • Book value per share as of June 30, 2023, of $13.57
  • Total assets decreased by $43 million to $414 million as of June 30, 2023
  • Credit quality remained stable

Capital Insights and Credit Quality:

  • Nonaccrual loans remain low, increasing from $85 thousand at year end 2022 to $189 thousand in the current quarter.
  • Non-performing assets to total assets increased slightly from 0.08% in the linked quarter to…