ALPHARETTA, Ga., July 31, 2006 (PRIMEZONE) -- Integrity Bancshares, Inc. (Pink Sheets:ITYC) today announced that the Company has filed an application to join the Nasdaq Global Market stock exchange. Management is hopeful that its stock will be listed on the NASDAQ exchange sometime in the third quarter. For the past few years, Integrity Bancshares has been quoted in the Pink Sheets in the Over the Counter market.
CEO Steve Skow said, "We believe this is a very positive step considering our continuing growth goals, and it should provide a more liquid market for our shareholders. In our five and a half year life, we have paid stock dividends in the form of stock splits three times, increasing the number of shares outstanding to over 14 million. Going on NASDAQ is the next obvious move for our stock."
Integrity Bancshares, Inc. recently announced record second quarter 2006 earnings of $2.8 million, or $.18 per diluted share. These results reflected an 88% increase over results for the same period last year of $1.5 million, or $.10 per diluted share. (Per share amounts for periods in 2005 have been adjusted for the December 2005 two-for-one stock split). Year to date net earnings were $4.9 million, or $.32 per diluted share, an increase of 76% over 2005 year to date net earnings of $2.8 million, or $.20 per diluted share. Integrity's year to date earnings resulted in a return on average shareholders' equity of 14.30% compared to 11.71% for the same period last year. Total assets as of June 30, 2006 were $958 million, up 60% over the $599 million at June 30, 2005. Asset growth was primarily due to growth in the loan portfolio, which increased 56% year over year to $815 million at June 30, 2006.
Integrity Bancshares, Inc. is the holding company for Integrity Bank, located in Alpharetta, Georgia. The bank began operations on November 1, 2000, and its main office is located at 11140 State Bridge Road. A second branch was opened at 900 Woodstock Road in Roswell, Georgia in 2003. A third branch opened at 1650 Cumberland Parkway in Smyrna, Georgia in June, 2004. We opened our fourth full-service branch facility in Duluth, Georgia on April 14, 2006. A loan production office opened in Cumming (Forsyth County), Georgia during the 4th quarter of 2005.
The primary investor contact at Integrity Bancshares, Inc. is Ms. Suzanne Long, Senior Vice-President & C.F.O. For a list of our primary market makers, please access the Investor Relations section of our website at www.myintegritybank.com.
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting our operations, markets, and products. Without limiting the foregoing, the words "believes," "expects," "anticipates," "estimates," "projects," "intends," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those projected for many reasons, including without limitation, changing events and trends that have influenced our assumptions. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) non-achievement of expected growth, (iii) less favorable than anticipated changes in the national and local business environment and securities markets, (iv) adverse changes in the regulatory requirements affecting Integrity, (v) greater competitive pressures among financial institutions in our market, (vi) changes in fiscal, monetary, regulatory, and tax policies, (vii) changes in political, legislative, and economic conditions, (viii) inflation, and (ix) greater loan losses than historic levels and (x) failure to achieve the revenue increases expected to result from our recent investments in its transaction deposit and lending businesses. Investors are encouraged to read the related section in Integrity Bancshares, Inc.'s 2005 Annual Report to Shareholders and the 2005 Annual Report on Form 10-K, including the "Risk Factors" set forth therein. Additional information and other factors that could affect future financial results are included in Integrity's filings with the Securities and Exchange Commission.