Integrity Financial Corporation Announces 2004 Earnings
March 11 2005 - 3:01PM
PR Newswire (US)
Integrity Financial Corporation Announces 2004 Earnings HICKORY,
N.C., March 11 /PRNewswire-FirstCall/ -- Integrity Financial
Corporation (NASDAQ:IFCB) today reported operating results for the
year ended December 31, 2004. Integrity reported net income of $1.3
million, representing diluted earnings per share of $0.27.
Commenting on Integrity's results, W. Alex Hall, interim President
and Chief Executive Officer of Integrity Financial Corporation,
said, "2004 was an eventful year. We experienced adverse credit
developments in the loan portfolio of our subsidiary bank, Catawba
Valley Bank. As a result of these loan events, there was a change
of executive management. The Board of Directors and management of
Integrity further addressed these issues by increasing the
allowance for possible loan loss in the third and fourth quarters
to help ensure that Integrity remains well-positioned to provide
for any potential credit losses going forward. A regulatory
examination of the banks was concluded in the fourth quarter of
2004." Integrity's net income for the year ended December 31, 2004
of $1.3 million represents a decline of $3.4 million, or 73%, when
compared to net income of $4.7 million for the year ended December
31, 2003. Net income declined primarily due to a substantial
increase in the provision for loan losses of $5.3 million, or 482%,
from $1.1 million in 2003 to $6.5 million in 2004. Net interest
income was $20.6 million for 2004, representing an increase of $3.0
million, or 16.9%, when compared to 2003. Integrity reported total
assets of $664.7 million at December 31, 2004, representing an
increase of $34.9 million, or 5.5%, when compared to the $629.7
million reported at December 31, 2003. This increase resulted
primarily from an increase of $33.0 million, or 7.2%, in net loans
from $457.3 million to $490.3 million. The allowance for loan
losses increased $4.2 million, or 68.8%, to $10.4 million. Total
deposits at the end of the year were $538.2 million, representing
an increase of $40.3 million, or 8.1%. During 2004, each category
of core deposits, including demand, money market and NOW accounts,
savings and other time deposits, improved when compared to the
results reported at December 31, 2003. Total stockholders' equity
was $62.5 million, representing a decline of $0.3 million, or 0.5%,
as Integrity repurchased additional shares of its common stock and
rising interest rates and correspondingly lower prevailing market
value for investment securities available for sale resulted in a
decline of Integrity's accumulated other comprehensive income.
DATASOURCE: Integrity Financial Corporation CONTACT: W. Alex Hall,
Interim President and Chief Executive Officer of Integrity
Financial Corporation, +1-828-322-8167
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