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Progress Report

Dear Customers and Friends,

As you can see by the graphs below, Integrity Bank's year to date growth in total assets, loans, deposits and net income have increased very nicely since the first of the year.  The net income for the month of June was $817,000 with year to date net income of $4,535,000.  These represent substantial increases over the same period from a year ago (see attachments).  The most notable items for June are:

  • Integrity Bancshares, Inc. Book Value per Share increased 18 cents per share from the previous month to $17.76
  • The trailing twelve months earnings was $9,195,000
  • Efficiency Ratio (Annualized) was 54.19%
  • Return on Average Assets (Annualized)  for the month was 1.30%, year to date 1.24%
  • Return on Average Equity (Bank-Annualized) for the month was 12.55%, year to date 11.85%
  • Net Interest Margin for the month was 4.48% and year to date of 4.26%

In addition, the deposits increased in June by $2.93M to $648.40M with loans also increasing by $26.69M too $661.12M (the banks loan to deposit ratio is presently at 101.96%) and finally total assets increasing by $13.41M to $772.23M, an 9.95% increase over the same period last year.  All of this growth resulted in the net income surpassing $800,000 for a 30-day month.

Presently it does not appear that the Houston economy is not backsliding due to the recent reduction in oil prices.  The price of homes has continued to rise to an all-time high with over 8,000 homes sold in the greater Houston area just last month.  The only area where problems are still occurring are in the large class A commercial properties which are still under performing with substantial vacancies.  These properties are expensive and beyond Integrity Bank's lending limit.  At the present time it appears that the banks loan demand is holding up well but attracting stable core deposits is a challenge.  However, this is in fact the slow growth time of year in the middle of summer.

As always, please contact me with any questions.  .




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


Progress Report: Period ending June 30, 2017


Integrity Bank, SSB
Summary Financial Data
As of  June 30, 2017

  Year Ended Year to Date Annualized
  December 2016 June 2017 Growth %
Cash and Fund at Correspondent Banks $63,331 $66,305   4.70%
Investments $23,809 $30,209   26.88%
Total Loans $602,052 $661,124     9.81%
Loan Loss Reserves ($7,385) ($7,629)    3.30%
Fixed Assets and Other Assets $20,933 $22,228    6.19%
Total Assets $702,740 $772,237    9.89%
Total Deposits $585,139 $648,403  10.81%
Other Liabilities $43,233   $44,686   3.36%
Total Equity $74,368 $79,148     6.43%
Total Liabilities and Equity $702,740 $772,237    9.89%
Interest and Fees on Loans $29,615 $16,514  
Interest on FFS and Securities $983  $644  
Total Interest Income $30,598 $17,159  
Interest Expense $3,986  $2,254  
Net Interest Income $26,612 $14,,904  
Non Interest Income $3,496 $952  
Compensation Expense $9,602 $5,165  
Occupancy Expense $2,152  $1,170  
Other Expense $4,009 $2,258  
Total Non Interest Expense $15,764 $8,593  
Income(Loss) from Operations $14,344 $7,264  
Provision for Loan Losses $3,024   $320  
Income(Loss) before Taxes $11,319 $6,944  
Income Tax $3,951 $2,409  
Net Income / (Loss) $7,368 $4,535  
Net Interest Margin 4.08% 4.26%  
Loan Loss Reserves  1.23% 1.15%  
Return on Avg. Equity (Annualized) 10.41% 11.85%  
Return on Avg. Assets (Annualized) 1.08% 1.24%