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President's Note to Fellow Shareholders of Integrity Bank for Business

May 3, 2022


Dear Fellow Shareholders,

Today is the first anniversary of the opening of Integrity Bank for Business on May 3, 2021. This past year has been a whirlwind of activity for us. Our team of twelve bankers has combined growing our deposits and loans with completing the usual regulatory and operational requirements for a new bank. Now our Bank embodies the aspirations and plans that our Organizers had from the very beginning to build a great business Bank.

At April 30, 2022, our Bank had total assets of $76,333,477, total deposits of $54,141,544, and total gross loans of $34,481,997. We are well on our way to converting our expected monthly operating losses into sustainable monthly operating profits within the time frame that we originally projected.

To reduce our monthly operating losses, we have decided to take advantage of the current interest rate environment. In April, we purchased 3-year U.S. Treasury Bonds, 3-year Federal Agency Securities, and 10-year fully amortizing mortgage-backed securities, with a collective average yield of approximately three per cent on approximately $25 million of securities. As we grow our deposits, we plan to continue to supplement our loan production with additional purchases of very liquid securities with similar characteristics.

Our confidence and enthusiasm for our Bank has never been higher. Our reception by our local business community is gratifying and encouraging for us. We very much appreciate the confidence that you have shown in us with your investments and will work each day to be worthy of your confidence in us.



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