LIMERICK, PA — The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, has reported significant financial growth for the year ending December 31, 2024. Despite economic headwinds such as higher interest rates and reduced loan demand, the company demonstrated resilience and steady expansion across key performance metrics.
The bank’s loan portfolio grew by $26.6 million in 2024, a remarkable achievement given the challenging lending environment. Similarly, deposits increased by $33 million, reflecting the bank’s dedication to relationship banking and exceptional customer service.
Capital strength remained a strategic priority as The Victory Bancorp successfully raised $4.65 million in subordinated debt during the fourth quarter. Of this, $2.5 million was allocated to the bank to support growth initiatives and fortify its capital position.
Net consolidated earnings rose by $83,000 in the fourth quarter compared to the prior year, highlighting improvements in the net interest margin and balance sheet growth. Despite a slight quarter-to-quarter decrease in earnings, from $586,000 in Q3 to $558,000 in Q4, the company achieved an annual return on average equity of 7.58%.
Book value per common share remained steady at $14.84 for the fourth quarter, down minimally from $14.89 in Q3, demonstrating the bank’s ability to preserve value. Stockholders’ equity climbed by $1.4 million year-over-year, reinforcing the company’s strong financial foundation. During 2024, the bank paid dividends totaling $0.26 per share, reflecting its commitment to shareholder returns.
Loan quality metrics continued to outperform industry averages, a point of pride for The Victory Bancorp. Losses to average loans stood at 0.0%, while non-performing loans were limited to 0.05%, both well below peer benchmarks. Additionally, loans 30–89 days past due accounted for only 0.01%, compared to the 0.42% peer average.
“The year 2024 has been a remarkable period of growth and achievement,” said Joseph W. Major, Bank Leader. “Despite a challenging economic landscape, our team’s dedication and strategic initiatives have driven record results. The $26.7 million growth in our loan portfolio and $33 million increase in deposits underscore our ability to attract and retain high-value clients, and earnings showed substantial improvement based on improvements to net interest margin and overall balance sheet growth. Additionally, our successful capital acquisition strengthens our financial foundation and positions us for continued expansion.”
Major also emphasized the bank’s superior credit performance. “Our commitment to maintaining exceptional asset quality remains unwavering. The fact that our loan quality metrics significantly outperform peers is a testament to the vast experience of our lending and credit teams, our disciplined approach to risk management and our focus on long-term stability.”
With a firm focus on strategic growth, exceptional customer service, and sound risk management, The Victory Bancorp enters 2025 well-positioned to deliver value to its shareholders and community stakeholders alike. “We are excited about the future and remain committed to delivering exceptional value to our shareholders, clients, and communities,” Major added.
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