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Progress Report

Dear Customers and Friends,

The month of March ended well with a net income of $758,000 with year to date (first quarter) net income of $2,225,000.  Total loans ended at $559.82M with deposits ending the month at $642.30M with total assets ending at $763.52M an all time high for Integrity Bank.

Some highlights worth noting in the financials are:

  • Return on Average Equity (Bank-Annualized) was 11.87%
  • Return on Average Assets (Annualized) 1.25%
  • Integrity Bancshares, Inc. Book Value per Share was $17.23
  • Efficiency Ratio (Annualized) was 55.64%
  • Net Interest Margin was 4.19%

It appears that there is much more business activity in the greater Houston area since the first of the year with will certainly help Integrity Bank.  In addition, there has been much discussion in both the media, newspapers and banking circles that there should be atleast two more interest rate increases of 0.25% over the balance of the year.  These increases should help the earnings going forward.

As always, please contact me with any questions.  .

 

Sincerely,

 


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

 

Progress Report: Period ending March 31, 2017

 

Integrity Bank, SSB
Summary Financial Data
As of  March 31, 2017
($000's)

  Year Ended Year to Date Annualized
  December 2016 March 2017 Growth %
       
Cash and Fund at Correspondent Banks $63,331 $119,564  88.79%
Investments $23,809 $29,582    24.25%
Total Loans $602,052 $599,823    -0.37%
Loan Loss Reserves ($7,385) ($7,348)    -0.50%
Fixed Assets and Other Assets $20,933 $21,900    4.62%
Total Assets $702,740 $763,520    8.65%
       
Total Deposits $585,139 $642,302   9.77%
Other Liabilities $43,233   $44,597   3.15%
       
Total Equity $74,368 $76,621     3.03%
Total Liabilities and Equity $702,740 $763,520    8.65%
       
Interest and Fees on Loans $29,615 $7,869  
Interest on FFS and Securities $983  $302  
Total Interest Income $30,598 $8,171  
       
Interest Expense $3,986  $1,056  
       
Net Interest Income $26,612 $7,115  
       
Non Interest Income $3,496 $592  
       
Compensation Expense $9,602 $2,576  
Occupancy Expense $2,152  $582  
Other Expense $4,009 $1,130  
Total Non Interest Expense $15,764 $4,289  
       
Income(Loss) from Operations $14,344 $3,418  
       
Provision for Loan Losses $3,024 $ 0  
       
Income(Loss) before Taxes $11,319 $3,418  
       
Income Tax $3,951 $1,193  
Net Income / (Loss) $7,368 $2,225  
       
Net Interest Margin 4.08% 4.19%  
       
Loan Loss Reserves  1.23% 1.23%  
       
Return on Avg. Equity (Annualized) 10.41% 11.87%  
Return on Avg. Assets (Annualized) 1.08% 1.25%