LIMERICK, PA — The Victory Bancorp, Inc. (OTCQX: VTYB), the parent company of The Victory Bank, has unveiled robust financial results for the third quarter of 2024, reflecting strategic growth and solid credit quality. Under the leadership of Joseph W. Major, the bank has demonstrated consistent progress in its core financial metrics, underscoring its commitment to excellence in banking services.
As of September 30, 2024, deposits at The Victory Bank surged to $398.2 million, marking a 10.8% increase from the previous year. This growth in deposits is complemented by a 12.7% rise in net loans, which reached $395.2 million compared to $351.9 million a year prior. The bank’s total assets have grown by $49.1 million, reaching $467.9 million, representing an 11.9% increase year-over-year.
Joseph W. Major, Bank Leader and Chief Executive Officer, emphasized the bank’s dedication to quality service and strategic growth, stating, “Our third quarter results reflect consistent growth and improved earnings. Our commitment to providing top-notch banking services is central to our strategy which we implement by hiring skilled and dedicated bankers who offer trusted advice and exceptional personal service to our clients.”
The Victory Bancorp’s credit quality remains outstanding, with non-performing assets significantly reduced from $2.2 million at the end of 2023 to just $209 thousand by September 30, 2024. The provision for loan losses decreased to $71 thousand, reflecting the bank’s prudent credit management practices.
For the third quarter, the bank reported a net income of $586 thousand, equating to approximately $0.29 per fully diluted common share. Additionally, the bank maintained a net interest margin of 3.58% and paid a cash dividend of $0.065 per share to its shareholders. The book value per share stood at $14.89 at the end of the quarter.
The Victory Bancorp continues to strengthen its position within the Pennsylvania banking sector, leveraging its specialized focus on serving small to mid-sized businesses and professionals across Montgomery and Berks Counties. With a well-capitalized status and a forward-looking strategy, The Victory Bank is poised for sustained growth and continued contributions to the communities it serves.
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