Victory Bancorp, Inc. had strong financial performance in Q3 2024 with significant growth and decreased losses

From GlobeNewswire: 2024-10-24 09:10:00

The Victory Bancorp, Inc. reported strong results for the quarter ended September 30, 2024. Deposits increased by 10.8% to $398.2 million, while net loans grew by 12.7% to $395.2 million. Total assets rose by 11.9% to $467.9 million. Non-performing assets decreased significantly, with outstanding credit quality metrics. Third quarter provision for loan losses decreased to $71 thousand.

Victory Bancorp, Inc. saw net income of $586 thousand for the third quarter of 2024, resulting in approximately $0.29 per common share fully diluted. The bank’s stockholders’ equity also increased by $2.9 million, providing a strong financial foundation for future growth. The bank remains well-capitalized, with exceptional credit quality and consistent growth in key financial areas.

Moving into the third quarter of 2024, Victory Bancorp, Inc. continued to show outstanding credit quality metrics. Nonaccrual loans decreased, while delinquencies greater than 30 days fell as well. The bank’s ACL ratio was 0.91% as of September 30, 2024, covering non-performing loans 17.5 times. Victory Bancorp, Inc. remains committed to maintaining excellent credit quality and capitalization levels for the benefit of its clients and communities.



Read more at GlobeNewswire:: The Victory Bancorp, Inc., Announces 2024 Third Quarter