The Victory Bancorp, Inc. Announces First Quarter Earnings

First Quarter Highlights

Book value per common share is $12.92

$2.5 million increase in stockholders’ equity since March 31, 2021

$0.05 per share cash dividend paid to shareholders

Deposit increase of $47.8 million since March 31, 2021

The Victory Bancorp, Inc. (OTCQX: VTYB) announced unaudited results for the quarter ended March 31, 2022. Highlights include asset growth of $25.7 million and a $2.5 million increase in stockholders’ equity at March 31, 2022, compared to March 31, 2021. Net income was $931 thousand, totaling approximately $0.46 per common share fully diluted. The Company paid a cash dividend totaling $0.05 per share for the quarter ended March 31, 2022. Book value per share as of
March 31, 2022, was  $12.92.

Deposits grew to $411 million at March 31, 2022, from $363 million at March 31, 2021, a 13.2% increase. Net Loans increased 1.3% to $297.4 million at March 31, 2022, from $293.8 million at March 31, 2021, and total assets increased by $25.7 million to $458 million as of March 31, 2022, an increase of 5.9% over one year.

Credit quality remained stable. First-quarter provision for loan losses was reduced to $40 thousand in 2022, from $73 thousand in 2021, and non-performing assets remained essentially unchanged, $191 thousand at March 31, 2022, compared with $272 thousand at year-end 2021.

Bank Leader, Joseph W. Major, stated, “With strong growth in assets, and deposits continuing in the first quarter, the Bank is starting the new year meeting its financial performance goals. As a niche lender, Victory remains committed to providing quality lending options to clients and prospects. Earnings have been driven by strong loan demand and increased deposits from businesses and consumers alike. Our team has continuously operated under the mantra of operational soundness, growth, and profitability while building long-term value for our shareholders.

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.