Dear Shareholders and Friends:
Integrity Bank’s third quarter results reflect continued, outstanding financial performance. While many financial institutions were writing off bad debts relating to subprime loans, the stock of FNMA and Freddie Mac, and distressing their investors with poor performance, Integrity kept setting records.
Net income increased 66% to $801,000 for the quarter ended September 30, 2008, compared to $481,000 for the same period in 2007. Equally important is the fact that our year-to-date income for the first nine months of 2008 increased 52% from $1,185,000 in 2007 to $1,806,000. Integrity Bank is the most profitable new bank in Pennsylvania history and we are excited about our future.
The strategic decision to keep our business plan focused on Central Pennsylvania has positioned us to take advantage of this turbulent market. Some of our competitors have been distracted from their primary business and have stopped making loans as they focus on correcting their problems.
In contrast, Integrity Bank’s loans have grown 19% to $331 million, while our assets increased 20% to $359 million at September 30, 2008.
Many have expressed an interest in buying additional Integrity Bancshares stock. If you would like to remain on or be added to the list to purchase our stock, please contact Laurel Leitzel at 920-3690 or by email firstname.lastname@example.org.
The Directors, staff and I believe that our original plan for controlled, profitable growth will continue to provide excellent returns to our investors. I sincerely urge you to have your loan and deposit accounts with Integrity Bank; a safe, community bank that has adhered to a proven strategy to provide banking services for you, your family and your friends.
I look forward to sending you our next quarterly report, reflecting the
success of Integrity Bank.
WHAT A RIDE!!!!
James T. Gibson