Dear Shareholders and Friends:
Integrity Bank continues to be Pennsylvania’s most successful de novo bank franchise. Our performance has gained the respect and recognition of banks throughout the Eastern United States. The enclosed charts compare the velocity of Integrity Bank to the other leading, well-managed, and very successful Pennsylvania de novo banks.
For the second quarter of 2005 Integrity Bank reported record growth in total assets to $161 million which is a 71% increase from $94 million at June 30, 2004. Loans grew from $58 million to a record $134 million for an increase of 131% over the same time period. The bank had zero past due or non-performing loans as of June 30, 2005. This precedent setting growth propelled earnings to a record high of $287,000 for the second quarter of 2005. This was accomplished even with absorbing additional expenses for our two new branches in downtown York and New Cumberland while allocating an additional $305,000 for Loan Loss Reserves.
We are exceptionally proud that our fast paced growth accelerated in the second quarter of 2005. This level of success is reflected in Integrity Bank’s most recent stock trade at $15.00 per share by third parties and the waiting list to purchase stock is now approaching 150 people.
I want to express my thanks to many of you who have been participants in this wonderful success story. We need to sustain this momentum for the second half of 2005 and ask you for your continuing commitment with your accounts and referrals.
Integrity Bank, “More. Faster. Better.” Be a part!
James T. Gibson