Dear Shareholders and Friends:
Integrity Bank continues to receive local and national attention with its outstanding performance. Our first quarter 2007 income increased 23% compared to the first quarter of 2006. Net income grew from $329,000 in 2006 to $404,000 in 2007. This demonstrates Integrity’s exceptional performance, proven by the fact that many other banks have reported a decrease in earnings.
During the same time period total assets grew from $211 million to $282 million, a 34% increase, while loans increased 40%, from $174 million to $243 million. Our newest branches, Colonial Road and Allentown Boulevard, attained profitability in only their sixth full month of operations.
One of the ways we measure our success is the number of new accounts opened, and more importantly the number of new checking accounts opened. Through March of 2007, we opened over 2,000 new accounts, of which nearly half were checking accounts. We continued our record-breaking trend by opening over 375 new checking accounts in April. Also in April, we established an in-house residential mortgage division to increase long-term income and provide better customer service.
Although the banking industry will face some difficult challenges in 2007, we believe that these times will prove how superior our business model is to other banks in our market. I am very excited about the present and the future consolidation of our competition and how these changes will create additional opportunities for Integrity Bank. We again ask you to be partners with us by having your deposits and loans with us, and by referring us to your friends.
WHAT A RIDE!!!!
James T. Gibson