LIMERICK, PA — The Victory Bancorp, Inc. (OTCQX: VTYB), the parent company of The Victory Bank, announced its unaudited financial results for the first quarter ended March 31, 2024, showcasing a period of robust growth and continued strong credit performance.
Joseph W. Major, the bank’s Leader and CEO, expressed satisfaction with the company’s performance, highlighting significant growth in deposits and assets amidst challenging market conditions. “Victory Bancorp’s first quarter results reflect the strength of our balance sheet and the dedication of our team,” Major stated. He noted that net loans surged by 14.3% to $378 million, while net interest income grew by $1.1 million since March 2023.
The bank reported a net income of $230 thousand, equating to approximately $0.11 per common share fully diluted, with total assets increasing by $29.7 million to $450.1 million as of March 31, 2024. Additionally, stockholders’ equity saw an increase of $937 thousand, and a cash dividend of $0.065 per share was paid to shareholders.
A noteworthy aspect of Victory Bancorp’s quarterly report is the institution’s strong credit quality metrics. Nonaccrual loans significantly decreased from $2,173 thousand at the end of 2023 to just $736 thousand in the first quarter of 2024. Despite a slight increase in non-performing assets to total assets ratio, from 0.08% in the previous quarter to 0.17%, the bank’s allowance for credit losses (ACL) ratio decreased slightly from 0.94% at year-end 2023 to 0.91% as of March 31, 2024, covering non-performing loans 4.7 times.
Major emphasized the bank’s solid positioning for the future, stating, “Looking ahead, Victory Bancorp is well-positioned to continue delivering strong results for all stakeholders, both now and in the future.”
The results spotlight Victory Bancorp’s resilience in navigating through difficult market factors and its success in maintaining a well-capitalized stance. The bank’s ability to control expenses while achieving positive operating leverage further illustrates its strong operational efficiency. With impressive loan growth, increased net interest income, and maintained credit quality, Victory Bancorp’s first quarter performance signals a healthy outlook for the remainder of 2024. This financial stability not only benefits shareholders through dividends but also strengthens the bank’s capacity to serve its community effectively.
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