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Progress Report

Dear Customers and Friends,

The Net Income for March was $863,000.  This is after expensing $610,000 in the provision for Loan Loss for a potential loan that may be a loss.  Due to the pending merger, Integrity Bank must be most cautious in verifying any potential loan issues prior to closing.  Loans increased during the month by an additional $9.53M to $673.06M, with deposits decreasing during the month by $21.26M, with Total Assets decreasing by $9.01M to $761.28.

Other highlights worth noting on the attached reports are:

  • Integrity Bancshares, Inc. Book Value per Share is $18.42
  • Efficiency Ratio (Annualized) for the month and year-to-date were 45.25% and 51.12%
  • Return on Average Equity (Bank Annualized) for March was 11.91% and 12.67% year-to-date
  • Loan Loss Reserves are presently at 130%
  • Net Income Year to Date from March 2017 to March 2018 (1st quarter) increased 18.7% from $2.22M to $2.64M

As always, please contact me with any questions.

 

Sincerely,

 


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

 

Progress Report: Period ending March 31, 2018

 

Integrity Bank, SSB
Summary Financial Data
As of  March 31, 2018
($000's)

  Year Ended Year to Date Annualized
  December 2017 March 2018 Growth %
       
Cash and Fund at Correspondent Banks $57,218 $39,568  -30.85%
Investments $27,435 $25,518    -6.99%
Total Loans $661,182 $683,066     3.31%
Loan Loss Reserves ($7,980) ($8,882)    11.30%
Fixed Assets and Other Assets $21,358 $22,012    3.06%
Total Assets $759,212 $761,282    0.27%
       
Total Deposits $639,719 $601,489   -5.98%
Other Liabilities $36,719   $74,551   103.03%
       
Total Equity $82,774 $85,242     2.98%
Total Liabilities and Equity $759,212 $761,282    0.27%
       
Interest and Fees on Loans $35,024  $9,239  
Interest on FFS and Securities  $1,480    $317  
Total Interest Income $36,504  $9,556  
       
Interest Expense $4,855  $1,157  
       
Net Interest Income $31,649   $8,399  
       
Non Interest Income $1,674   $323  
       
Compensation Expense $11,207  $2,429  
Occupancy Expense $2,420    $589  
Other Expense $4,784 $1,440  
Total Non Interest Expense $18,412   $4,458  
       
Income(Loss) from Operations $14,911   $4,264  
       
Provision for Loan Losses $635   $910  
       
Income(Loss) before Taxes $14,276   $3,354  
       
Income Tax $6,051   $713  
Net Income / (Loss) $8,225 $2,641  
       
Net Interest Margin 4.30% 4.62%  
       
Loan Loss Reserves  1.21% 1.30%  
       
Return on Avg. Equity (Annualized) 10.31% 12.67%  
Return on Avg. Assets (Annualized) 1.07% 1.39%