Integrity Financial (NASDAQ:IFCB)
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Integrity Financial Reports Earnings for Third Quarter
HICKORY, N.C., Oct. 28 /PRNewswire-FirstCall/ -- Integrity Financial
Corporation , a financial services holding company that includes Catawba Valley
Bank (Hickory, NC), First Gaston Bank (Gastonia, NC) and Northwestern Bank (a
division of Catawba Valley Bank), reported earnings of $1,161,114 during the
third quarter of 2003. Earnings per share were $0.28.
That compares to third quarter 2002 earnings of $1,092,382 and $0.40 earnings
per share.
For the first nine months of 2003, Integrity earnings were $3,693,132, a 30%
increase over the $2,844,943 earned during the first three quarters of last
year. Last year's figures do not include earnings from Community Bancshares
(Northwestern Bank), which was acquired by Integrity Financial on December 31,
2002.
Net income per share for the first nine months of this year was $0.89, compared
to $1.03 during the same period last year.
"This was a busy third quarter and our earnings reflect that," Integrity
Financial president Steve Aaron said. "We have opened three new branches. We
have purchased and moved into a stand-alone headquarters building for the
holding company. We have opened a stand-alone securities office. We have
completed a data processing conversion from third party vendors to an in-house
operation. While such growth can be expensive up-front, we see long- term
savings and long-term earnings that will positively enhance and reward our
stockholders."
Integrity Financial showed total assets of $599.4 million at the end of this
third quarter. Other key areas of growth included total loans of $444.3 million
(September 30, 2003) and total deposits of $479.8 million (September 30, 2003).
"We are blessed with strong management and dedicated staff members who perform
despite economic distractions and internal growth strategies," Aaron added. "We
serve our customers, and our communities, very well. We continue to meet our
expectations, budgets and goals."
Earlier in the third quarter, Integrity announced dividends of stock and cash
paid to shareholders of record on October 31, 2003.
While the three distinct bank brands operate as powerful community banks, they
benefit from the economies of scale through the Integrity holding company.
Areas such as accounting, marketing, operations, human resources, training and
other common expenses can be shared by the various banks.
Catawba Valley Bank currently has four offices in Catawba County, two in Iredell
County, and a stand-alone mortgage center. First Gaston Bank has five offices
in Gaston County. Northwestern Bank has six offices in Wilkes, Alexander,
Watauga, and Ashe Counties.
Integrity Financial also holds a securities firm and provides other non- bank
product services.
For more information about these banks, Integrity stock or related items, call
the stockholder relations office toll-free at 888-894-2483. The stock prices
are listed on the NASDAQ under the symbol IFCB.
DATASOURCE: Integrity Financial Corporation
CONTACT: Steve Aaron of Integrity Financial Corporation,
+1-828-322-8167, or +1-888-894-2483