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President's Quarterly Message to Shareholders of Integrity Bank for Business

July 25, 2022

Dear Fellow Shareholders,

It has only been a little over one year since we opened our doors on May 3, 2021. The past year has been a whirlwind of activity for us as we have worked hard to grow your new Bank, to enhance commercial banking technology to the state of the art, to satisfy fully all of the regulatory requirements for a new Bank, and, most importantly, to make the client service experience more like that of a private bank for business.

With all that we had to do on so many different fronts, we are quite pleased that the Bank grew to approximately $80 million of assets at June 30, 2022. In addition, on the same date, the Bank had grown its deposits to approximately $60 million. Unlike many new banks, all of our deposits are core deposits from our local client base.

As projected and expected, the Bank is not yet profitable. However, we are closing the gap to profitability as we continue to grow your Bank. There is a very high correlation between our growth in assets and continuing reductions in our operating losses.

With that being said, our highest priority right now is growing core deposits as quickly as possible. We have the opportunity today to invest all new deposits in loans, high-quality securities, and even overnight investments with favorable net interest spreads.

Placing your deposits with your Bank will help us reach profitability more quickly than we can without the boost from your deposits. This in turn will enhance the value of your investment in Integrity.

Our deposit clients are very pleased with the combination of our state-of-the-art banking technology and our attentive personal services. We invite you to experience this extraordinary level of deposit banking services unmatched by our local banking competitors. In addition, we ask that you please refer you friends and businesses to us to assist your Bank with deposit growth. We are highly confident they will be satisfied with their customized banking experience with your Bank.

Just a reminder, our fiscal year ended on June 30, 2022. You will be receiving our first annual report and the materials for our annual shareholder meeting in late September. We hope that you will join us for our shareholder meeting to learn more about your Bank. On behalf of my teammates, our Directors, and myself, we thank you for your investment, support, and business. We look forward to growing your Bank into the premier community bank in Hampton Roads.

Mike

Important Notice

Integrity Bank for Business will be closed Wednesday, June 19th, 2024 in observance of the Juneteenth National Independence Day federal holiday. Our online and mobile banking platforms will be available for your banking needs.

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