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Progress Report

Dear Customers and Friends,

The month of September was another good month with net income being $865,000.  In addition, the third quarter ended with net income of $2,641,000 reflecting solid net income growth for the quarter.  Based on these numbers, projected fourth quarter's earnings should make the year-end earnings for 2017 to be approximately $9,400,000 as shown in the second graph below.  In addition, loans increased over the previous month by $8,639M to $661.254M with deposits increasing by $6.900M to $681.173M.  Other highlights worth noting are the following:

  • Net Interest Margin through September was 4.28%
  • Return on Average Equity (Annualized) was 12.18%
  • Return on Average Assets (Annualized) was 1.26%
  • Efficiency Ratio (Annualized) was 53.06%
  • Earnings LTM of $9.533M
  • Integrity Bancshares, Inc. Book Value per Share of $18.29 is an increase of $.16 per share from the previous month

I have received several questions asking me if "Harvey" has affected Integrity Bank significantly.  The answer at this time is no, not very much as all.  The bank has been asked to give a few 90-day extensions for a few small business loans that were flooded and a few businesses where their revenues were affected for several weeks but are now picking up.  Overall Integrity Bank and its customer base were most fortunate.  We are hopeful that this continues to the case in the next several months.  .

As always, please contact me with any questions.  .

 

Sincerely,

 


Charles Malcolm (Mack) Neff, Jr., President & CEO

 

Progress Report: Period ending September 30, 2017

 

Integrity Bank, SSB
Summary Financial Data
As of  September 30, 2017
($000's)

  Year Ended Year to Date Annualized
  December 2016 September 2017 Growth %
       
Cash and Fund at Correspondent Banks $63,331 $99,711  57.44%
Investments $23,809 $29,185   22.58%
Total Loans $602,052 $661,254     9.83%
Loan Loss Reserves ($7,385) ($7,884)    6.76%
Fixed Assets and Other Assets $20,933 $22,555    7.75%
Total Assets $702,740 $804,821   14.53%
       
Total Deposits $585,139 $681,173  16.41%
Other Liabilities $43,233   $41,818   -3.27%
       
Total Equity $74,368 $81,830    10.03%
Total Liabilities and Equity $702,740 $804,821   14.53%
       
Interest and Fees on Loans $29,615 $25,774  
Interest on FFS and Securities $983  $1,031  
Total Interest Income $30,598 $26,805  
       
Interest Expense $3,986  $3,580  
       
Net Interest Income $26,612 $23,225  
       
Non Interest Income $3,496 $1,306  
       
Compensation Expense $9,602 $7,778  
Occupancy Expense $2,152  $1,760  
Other Expense $4,009 $3,478  
Total Non Interest Expense $15,764 $13,016  
       
Income(Loss) from Operations $14,344 $11,517  
       
Provision for Loan Losses $3,024   $540  
       
Income(Loss) before Taxes $11,319 $10,977  
       
Income Tax $3,951 $3,800  
Net Income / (Loss) $7,368 $7,177  
       
Net Interest Margin 4.08% 4.28%  
       
Loan Loss Reserves  1.23% 1.19%  
       
Return on Avg. Equity (Annualized) 10.41% 12.18%  
Return on Avg. Assets (Annualized) 1.08% 1.26%