Integrity Bank is one great company! The business model we originally put in place continues to elevate us to levels never seen before in Pennsylvania banking history. Integrity reached record highs in income, assets, loans, deposits and many other areas.
For 2007, total assets increased to $314 million, or 13%, from $277 million at year-end 2006. Our gross loans grew 25% from $224 million in 2006 to $280 million in 2007. Our loan portfolio continues to be strong, with 99.84% of our loans performing as agreed (well above our peers). I am also proud to report we have zero sub prime exposure.
Net income for the year increased 17% to $1,647,000 after the contribution of $755,000 to loan loss reserves and paying $869,000 in taxes. This also includes the full-year expense of the three new branches opened in the third quarter of 2006.
As a result of this outstanding performance the Board of Directors unanimously approved a 5% stock dividend to every shareholder. The record date is February 20, 2008 and the distribution date will be March 5, 2008. The most recent stock trades have been at $22.00.
As we enter 2008 with the possibility of a recession, low interest rates, and the collapse of the sub prime market, the banking environment is extremely turbulent. Some of our competitors will not survive through this cycle, and we see this as an exciting time to gain momentum and accelerate our future success. We eagerly welcome the opportunities that come only in these periods.
I want to express my thanks to the Directors, employees, shareholders and friends who continue to make referrals to Integrity Bank.
