Integrity Financial Reports Earnings for Third Quarter
29 October 2003 - 4:10AM
PR Newswire (US)
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
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