The Victory Bancorp, Inc. Third Quarter Earnings

Third Quarter Highlights

• Net Income of $1.2 million for the quarter
• Net Interest Margin expanded to 4.06% in 3Q22 compared to 3.51% in 3Q21
• Book value per common share is $12.98
• $1.4 million increase in stockholders’ equity since September 30, 2021
• $0.065 per share cash dividend paid to shareholders
  

LIMERICK, Pa., Nov. 01, 2022 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended September 30, 2022. Highlights include interest income increase of $825 thousand and a $1.3 million increase in stockholders’ equity at September 30, 2022, compared to September 30, 2021. Net income was $1.2 million, totaling approximately $0.56 per common share fully diluted. The Company paid a cash dividend totaling $0.065 per share for the quarter ended September 30, 2022. Book value per share as of September 30, 2022, was $12.98.

Deposits remained steady at $394 million at September 30, 2022. Net Loans increased $42 million, net of Paycheck Protection Program loans, to $312 million at September 30, 2022, from $270 million at September 30, 2021, and total assets were $437 million.   Credit quality remained strong. Third-quarter provision for loan losses increased slightly to $43 thousand in 2022, from $21 thousand in 2021, and non-performing assets dropped to $114 thousand at September 30, 2022, compared with $195 thousand at year-end 2021.

Unrealized investment portfolio losses, flowing through Accumulated Other Comprehensive Loss, were at $2.3 million at quarter end compared to $1.1 million in the prior quarter. This resulted in a book value per common share of $12.98 on September 30, 2022, versus $13.11 in the prior quarter and $12.43 for the third quarter of 2021. Absent this accounting adjustment, Tier 1 book value per share stood at $14.17 on September 30, 2022.

Bank Leader, Joseph W. Major, stated, “We are pleased with the continued growth of the bank and are enjoying another record earning quarter while approaching half of a billion dollars in total assets. Results show a continuing trend in our growth and improved earnings. Our success is based on having a clear strategy and consistent implementation, rather than being distracted by every current trend. We strive to deliver first-class banking services by attracting, training, and retaining what we believe is a markedly superior work force to ultimately provide an exceptional client experience.”

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

Kelly Taylor,
Investor Relations

484-791-3407

The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468