LIMERICK, PA — The Victory Bancorp, Inc. (OTCQX: VTYB) recently announced unaudited results for the quarter ended June 30, 2022. Highlights include asset growth of $4.6 million and a $2.4 million increase in stockholders’ equity at June 30, 2022, compared to June 30, 2021. Net income was $1.0 million, totaling approximately $0.50 per common share fully diluted. The Company paid a cash dividend totaling $0.065 per share for the quarter ended June 30, 2022. Book value per share as of June 30, 2022, was $13.11.
Deposits grew to $414 million at June 30, 2022, from $404 million on June 30, 2021, a 2.4% increase. Net Loans increased 1.4% to $310 million on June 30, 2022, from $306 million at June 30, 2021, and total assets increased by $4.6 million to $457 million as of June 30, 2022, an increase of 1.0% over one year.
Credit quality remained stable. Second-quarter provision for loan losses was reduced to $94 thousand in 2022, from $150 thousand in 2021, and non-performing assets dropped slightly, $120 thousand on June 30, 2022, compared with $195 thousand at year-end 2021.
“Our second quarter results show a continuing trend in our growth and improved earnings. Commitment to delivering first-class banking services is an integral part of our strategy. We hire talented, dedicated bankers who provide trusted, valuable advice, and extraordinary personal service to our clients. We strive to maintain disciplined pricing and credit underwriting practices as we continue to grow the Bank. Our diligence continues to strengthen our Bank and, therefore, the communities we serve,” stated Bank Leader, Joseph W. Major.
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