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Integrated Financial Holdings, Inc. (IFHI)

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  • OTC Markets Group Welcomes Integrated Financial Holdings, Inc. to OTCQX
    PR Newswire

    OTC Markets Group Welcomes Integrated Financial Holdings, Inc. to OTCQX

    OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Integrated Financial Holdings, Inc. (OTCQX: IFHI), a financial holding company based in Raleigh, North Carolina, has qualified to trade on the OTCQX®Best Market. Integrated Financial Holdings, Inc. upgraded to OTCQX from the Pink®market.

  • Integrated Financial Holdings, Inc. First Quarter 2021 Financial Results
    GlobeNewswire

    Integrated Financial Holdings, Inc. First Quarter 2021 Financial Results

    RALEIGH, N.C., May 06, 2021 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTC PINK: IFHI) (the “Company” or “IFH”), the financial holding company for West Town Bank & Trust (“the Bank”), released its financial results for the three months ended March 31, 2021. Highlights include the following: First quarter net income of $3.9 million or $1.76 per diluted share compared to 2020 first quarter net loss of $832,000 or ($0.37) per diluted share. Provision for loan losses of $622,000 for the first quarter of 2021 compared to $3.5 million for the same period in 2020.Return on average assets of 3.99%, compared to (1.06%) for the first quarter of 2020.Return on average common equity of 20.30%, compared to (4.88%) for the first quarter of 2020.Return on average tangible common equity (a non-GAAP financial measure) of 27.28%, compared to (7.02%) for the first quarter of 2020.Loan processing and servicing revenue of $8.8 million, compared to $1.7 million for the first quarter of 2020.Mortgage origination and sales revenue of $1.7 million as compared to $1.4 million for the same period in 2020.Other noninterest income of $2.2 million compared to $635,000 for the same period in 2020. “The Company’s strong first quarter earnings to start the year can be attributed to Windsor’s recent PPP loan processing revenue and continued strong results from our Mortgage and Government Guaranteed Lending departments,” said Eric Bergevin, President & CEO. “In particular, we are very pleased with Windsor’s continued growth, having processed nearly $1 billion in PPP loans during the first quarter of 2021 alone, as well as growing it’s servicing portfolio as the result of increased government guaranteed lending activity from both new and existing financial institution clients. In addition, the Bank’s management team continues to perform exceptionally well in terms of addressing credit concerns related to the pandemic. Our strategy around proactive communication efforts with our existing business clients has led to improvements in asset quality across the board, including fewer charge-offs, positive trends in reserve allocations and a decrease in overall non-performing assets. With increased economic activity expected nationwide as we begin to see businesses reopen that have been significantly impacted by COVID-19, we feel confident that we will continue to experience positive trends in earnings, growth and asset quality going forward.” BALANCE SHEETAt March 31, 2021, the Company’s total assets were $408.2 million, net loans held for investment were $272.6 million, loans held for sale were $17.7 million, total deposits were $311.7 million and total shareholders’ equity attributable to IFH was $80.7 million. Compared with December 31, 2020, total assets increased $19.0 million or 5%, net loans held for investment increased $19.7 million or 8%, loans held for sale decreased $8.6 million or 33%, total deposits increased $10.8 million or 4%, and total shareholders’ equity attributable to IFH increased $4.1 million or 5%. The increases in assets and loans reflect the Bank’s continued growth in its Government Guaranteed Loans (“GGL”) program as well as participation in the Paycheck Protection Program (“PPP”). The Bank funded $12.4 million of Round 2 PPP loans for its existing customers during 2021 with $7.3 million outstanding balances from 2020 Round 1 of PPP still on the balance sheet at quarter end. The Bank originated $56.3 million in Government Guaranteed Loans (“GGL”) during the first quarter. The Bank sold $12.6 million in GGL loans during the quarter ended March 31, 2021. The Bank has continued to see strong growth in deposits primarily as a result of corresponding growth in in GGL loans, many of which require customer deposits, as well as continued execution of a strategic advance into the hemp banking space (trademarked “Hemp Banks Here”). The increase in total shareholders’ equity was primarily a result of net income posted for the year. During the first quarter of 2021, the Company issued 49,898 shares associated with various stock-based compensation programs and option exercises and repurchased 7,200 shares of its voting common stock. CAPITAL LEVELSAt March 31, 2021, the regulatory capital ratios of West Town Bank & Trust exceeded the minimum thresholds established for well-capitalized banks under applicable banking regulations. "Well Capitalized"MinimumBasel III FullyPhased-InWest TownBank & TrustTier 1 common equity ratio6.50%7.00%12.00%Tier 1 risk-based capital ratio8.00%8.50%12.00%Total risk-based capital ratio10.00%10.50%13.26%Tier 1 leverage ratio5.00%4.00%9.72% The Company’s book value per common share increased from $30.25 at March 30, 2020 to $36.08 at March 31, 2021. The Company’s tangible book value per common share (a non-GAAP financial measure) increased from $20.88 at March 31, 2020 to $27.16 at March 31, 2021, primarily as a result of the net income of the Company. ASSET QUALITYThe Company’s nonperforming assets to total assets ratio decreased from 2.74% at December 31, 2020 to 2.14% at March 31, 2021, as management continued to address credit concerns surrounding the potential economic impact of COVID-19 and the widespread societal responses to the pandemic. Nonaccrual loans decreased $1.2 million or 14% as compared to December 31, 2020 while foreclosed assets decreased $995,000 or 42% during the same period. Patriarch, LLC, a subsidiary of the Company formed to expedite the liquidation and recovery of certain Bank assets, held $1.4 million in foreclosed assets while the Bank held no such assets. The Company regularly conducts impairment analyses on all nonperforming assets with updated appraisals to ensure the assets are carried at the lower of fair market value (less cost to sell) or book value. The Company recorded a $622,000 provision for loan losses during the first quarter of 2021, as compared to a provision of $3.5 million in first quarter 2020, as the problem loan portfolio decreased for the period. The Company has granted 139 deferrals since June 30, 2020 totaling $71.1 million. However, as of March 31, 2021, there are only 27 loans in deferral status with net exposure of $18.9 million. Expected loss estimates consider the impacts of decreased economic activity and higher unemployment, partially offset by the mitigating benefits of government stimulus and industry-wide loan modification efforts. The Company recorded $156,000 net charge-offs during the first quarter of 2021. (Dollars in thousands)3/31/2112/31/209/30/206/30/203/31/20Nonaccrual loans$7,341 $8,506 $8,790 $7,799 $7,732 Foreclosed assets 1,377 2,372 3,522 4,464 5,243 90 days past due and still accruing - - - - - Total nonperforming assets$8,718 $10,878 $12,312 $12,263 $12,975 Net charge-offs$156 $96 $2 $667 $2,390 Annualized net charge-offs to total average portfolio loans 0.24% 0.14% 0.00% 1.13% 4.39% Ratio of total nonperforming assets to total assets 2.14% 2.74% 3.29% 3.45% 4.16%Ratio of total nonperforming loans to total loans, net of allowance 2.69% 3.26% 3.66% 3.33% 3.66%Ratio of total allowance for loan losses to total loans 2.02% 1.94% 2.05% 2.05% 2.27% NET INTEREST INCOME AND MARGINNet interest income for the three months ended March 31, 2021 increased $47,000 or 1% in comparison to the first quarter of 2020 as loan growth year over year offset the decrease in margin as a result of the low interest rate environment. The net interest margin was 4.40% for the first quarter of 2021 compared to 5.66% for the same period in 2020. Interest-earning asset yields decreased from 7.09% to 5.22% while interest-bearing liabilities cost decreased from 2.09% to 1.23% year-over-year between March 31, 2021 and 2020. The overall decrease in both yield on assets and rates on liabilities are reflective of the rate decreases by the Federal Open Market Committee (“FOMC”) in the first quarter of 2020 in response to the pandemic. Three Months Ended (Dollars in thousands)3/31/2112/31/209/30/206/30/203/31/20 Average balances: Loans$288,700$285,969$270,897$250,125$226,683 Available-for-sale securities 27,366 25,200 25,581 24,743 23,861 Other interest-bearing balances 35,981 21,305 22,596 22,326 17,046 Total interest-earning assets 352,047 332,474 319,074 297,194 267,590 Total assets 399,774 382,574 371,395 353,179 313,476 Noninterest-bearing deposits 80,626 81,552 77,857 64,617 56,329 Interest-bearing liabilities: Interest-bearing deposits 228,726 212,636 204,204 185,507 166,567 Borrowed funds 4,000 5,838 6,793 23,459 16,475 Total interest-bearing liabilities 232,726 218,474 210,997 208,966 183,042 Common shareholders' equity 78,639 75,774 73,970 71,035 68,445 Tangible common equity (1) 58,505 55,454 53,463 50,343 47,570 Interest income/expense: Loans$4,442$4,250$4,394$4,283$4,559 Investment securities 50 52 64 72 95 Interest-bearing balances and other 35 38 35 36 76 Total interest income 4,527 4,340 4,493 4,391 4,730 Deposits 704 759 855 835 845 Borrowings - 2 1 70 109 Total interest expense 704 761 856 905 954 Net interest income$3,823$3,579$3,637$3,486$3,776 (1) See reconciliation of non-GAAP financial measures. Three Months Ended 3/31/2112/31/209/30/206/30/203/31/20 Average yields and costs: Loans6.24%5.90%6.44%6.87%8.07% Available-for-sale securities0.73%0.83%1.00%1.16%1.59% Interest-bearing balances and other0.39%0.71%0.61%0.65%1.79% Total interest-earning assets5.22%5.18%5.59%5.93%7.09% Interest-bearing deposits1.25%1.42%1.66%1.81%2.03% Borrowed funds0.00%0.14%0.06%1.20%2.65% Total interest-bearing liabilities1.23%1.38%1.61%1.74%2.09% Cost of funds0.91%1.01%1.18%1.33%1.60% Net interest margin4.40%4.27%4.52%4.70%5.66% NONINTEREST INCOMENoninterest income for the three months ended March 31, 2021 was $14.6 million, an increase of $9.9 million or 214% as compared to the three months ended March 31, 2020. Specific items to note include: Windsor, a subsidiary of the Company which offers an SBA and USDA loan servicing platform, had processing and servicing revenue totaling $8.8 million, an increase of $7.1 million or 415% as compared to the $1.7 million in income earned from the investment in Windsor during the same prior year period. The increase is directly attributable to PPP fee related income and increased volume of the servicing portfolio from new and existing clients. Mortgage revenue totaled $1.7 million, an increase of $288,000 or 20% as compared to the first quarter 2020. Mortgage loans originated to sell to the secondary market increased from $20.9 million in the first quarter 2020 to $39.4 million in the first quarter 2021. The increase in both the revenue and origination volume can be attributable to the decrease in market rates tied to the FOMC decision to decrease rates.GGL revenue was $1.3 million in the first quarter of 2021, an increase of $570,000 or 75% in comparison to the same period in 2020. GGL volume was impacted by increased economic activity nationwide.Other noninterest income totaled $2.2 million in the first quarter or 2021, an increase $1.6 million or 214% in comparison to the same period in 2020. The Company recognized a gain of $2.0 million in the share value in its investment in Dogwood State Bank after a successful capital raise by Dogwood Bank in the first quarter of 2021. NONINTEREST EXPENSENoninterest expense for the first quarter of 2021 was $12.7 million, an increase of $6.6 million or 110%, from $6.0 million for the first quarter of 2020. The primary cause for the year-over-year increase was the cost of the software needed to process the PPP loans in the first quarter of 2021. Software costs at Windsor, the subsidiary that does the majority of the PPP loan processing, increased from $75,000 in the first quarter of 2020 to $3.1 million in the same period in 2021. However, the corresponding revenues of Windsor increased during that same period by $7.1 million. The increases in all noninterest expense categories, including compensation, occupancy, special assets, data processing, software, communications and other operating expenses are primarily related to the overall growth of the Company and its new business initiatives including the addition of West Town Payments in the third quarter of 2020 as well as a year-over-year increase in mortgage related compensation tied to the increase in revenues. ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.Integrated Financial Holdings, Inc. is a financial holding company based in Raleigh, North Carolina. The Company changed its name from West Town Bancorp, Inc. in the third quarter of 2020. The Company is the holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank & Trust provides banking services through its full-service office located in the greater Chicago area. The Company is also the parent company of: Windsor Advantage, LLC, a loan servicing company; West Town Insurance Agency, Inc., an insurance agency; Patriarch, LLC, a real estate management company; SBA Loan Documentation Services, LLC, a loan documentation origination company; and Glenwood Structured Finance, LLC, a loan broker and large loan syndication company. The Company is registered with and supervised by the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC. For more information, visit https://ifhinc.com/. Important Note Regarding Forward-Looking StatementsThis release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; changes in Small Business Administration rules, regulations, or loan products, including the section 7(a) program; changes in other government guaranteed loan programs or our ability to participate in such programs; changes in tax law, including the impact of such changes on our tax assets and liabilities; future governmental shutdowns that may impact revenues associated with our lending and other operations that are dependent on government guaranteed loan programs; changes in banking regulations and accounting principles, policies, or guidelines; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Company’s acquisition and divesture activities; the failure of our strategic investments or acquisitions to perform as anticipated and the impact of any impairments to our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees, and the impact of competition from traditional or new sources. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release. Consolidated Balance Sheets Ending Balance (Dollars in thousands, unaudited)3/31/2112/31/209/30/206/30/203/31/20Assets Cash and due from banks$3,217 $4,268 $6,007 $6,183 $5,928 Interest-bearing deposits 30,224 28,657 13,294 11,644 8,518 Total cash and cash equivalents 33,441 32,925 19,301 17,827 14,446 Interest-bearing time deposits 2,746 2,746 2,746 2,746 2,746 Available-for-sale securities 28,215 25,711 24,462 26,081 24,946 Loans held for sale 17,735 26,308 35,743 23,072 11,839 Loans held for investment 278,200 258,454 244,994 238,926 216,423 Allowance for loan and lease losses (5,609) (5,144) (5,029) (4,906) (4,907) Loans held for investment, net 272,591 253,310 239,965 234,020 211,516 Premises and equipment, net 4,651 4,658 4,628 4,761 4,740 Foreclosed assets 1,377 2,372 3,522 4,464 5,243 Loan servicing assets 3,428 3,456 3,265 3,262 3,528 Bank-owned life insurance 5,161 5,136 5,109 5,082 5,048 Accrued interest receivable 1,656 1,556 1,705 1,422 1,067 Goodwill 13,161 13,161 13,161 13,161 13,161 Other intangible assets, net 6,851 7,037 7,224 7,409 7,596 Other assets 17,176 10,833 13,186 12,349 6,370 Total assets$408,189 $389,209 $374,017 $355,656 $312,246 Liabilities and Shareholders' Equity Liabilities Deposits: Noninterest-bearing$77,167 $80,854 $78,849 $66,874 $59,360 Interest-bearing 234,523 220,036 206,913 198,108 162,059 Total deposits 311,690 300,890 285,762 264,982 221,419 Borrowings 4,000 4,000 4,000 6,000 17,649 Accrued interest payable 454 427 396 391 433 Other liabilities 11,347 7,139 8,845 10,771 5,735 Total liabilities 327,491 312,456 299,003 282,144 245,236 Shareholders' equity: Common stock, voting 2,223 2,181 2,181 2,193 2,193 Common stock, non-voting 22 22 22 22 22 Additional paid in capital 24,568 24,361 24,220 24,357 24,162 Retained earnings 54,015 50,079 48,349 46,629 40,371 Accumulated other comprehensive income 164 271 308 311 262 Total IFH, Inc. shareholders' equity 80,992 76,914 75,080 73,512 67,010 Noncontrolling interest (294) (161) (66) - - Total shareholders' equity 80,698 76,753 75,014 73,512 67,010 Total liabilities and shareholders' equity$408,189 $389,209 $374,017 $355,656 $312,246 Consolidated Statements of Income Three Months Ended (Dollars in thousands except per share data; unaudited)3/31/2112/31/209/30/206/30/203/31/20 Interest income Loans$4,442 $4,250 $4,394 $4,283 $4,559 Available-for-sale securities and other 85 90 99 108 171 Total interest income 4,527 4,340 4,493 4,391 4,730 Interest expense Interest on deposits 704 759 855 835 845 Interest on borrowings - 2 1 70 109 Total interest expense 704 761 856 905 954 Net interest income 3,823 3,579 3,637 3,486 3,776 Provision for loan losses 622 210 125 665 3,460 Noninterest income Loan processing and servicing revenue 8,838 2,291 2,579 14,186 1,713 Mortgage 1,706 1,398 2,400 1,573 1,418 Government guaranteed lending 1,325 1,815 571 37 755 SBA documentation preparation fees 434 57 195 423 74 Bank-owned life insurance 32 20 15 34 27 Service charges on deposits 25 26 28 11 19 Other noninterest income 2,196 491 771 (56) 635 Total noninterest income 14,556 6,098 6,559 16,208 4,641 Noninterest expense Compensation 6,016 5,250 4,422 5,682 3,753 Occupancy and equipment 303 286 289 211 256 Loan and special asset expenses 1,002 655 1,013 816 242 Professional services 680 559 534 676 490 Data processing 221 196 187 165 148 Software 3,391 492 415 2,221 249 Communications 107 94 83 82 89 Advertising 109 128 109 215 55 Amortization of intangibles 186 186 186 186 186 Other operating expenses 644 792 545 593 562 Total noninterest expense 12,659 8,638 7,783 10,847 6,030 Income (loss) before income taxes 5,098 829 2,288 8,182 (1,073) Income tax expense (benefit) 1,296 (805) 634 1,924 (241) Net income (loss) 3,802 1,634 1,654 6,258 (832) Noncontrolling interest (134) (96) (66) - - Net income (loss) attributable to IFH, Inc.$ 3,936 $ 1,730 $ 1,720 $ 6,258 $ (832) Basic earnings (loss) per common share$1.80 $0.80 $0.79 $2.87 $(0.38) Diluted earnings (loss) per common share$1.76 $0.78 $0.78 $2.84 $(0.37) Weighted average common shares outstanding 2,185 2,169 2,176 2,177 2,193 Diluted average common shares outstanding 2,240 2,212 2,206 2,204 2,232 Performance Ratios Three Months Ended 3/31/2112/31/209/30/206/30/203/31/20 PER COMMON SHARE Basic earnings (loss) per common share$1.80 $0.80 $0.79 $2.87 $(0.38) Diluted earnings (loss) per common share 1.76 0.78 0.78 2.84 (0.37) Book value per common share 36.08 34.91 34.08 33.19 30.25 Tangible book value per common share (2) 27.16 25.74 24.83 23.90 20.88 FINANCIAL RATIOS (ANNUALIZED) Return on average assets 3.99% 1.79% 1.84% 7.11% -1.06% Return on average common shareholders' equity 20.30% 9.06% 9.23% 35.34% -4.88% Return on average tangible common equity (2) 27.28% 12.38% 12.76% 49.86% -7.02% Net interest margin 4.40% 4.27% 4.52% 4.70% 5.66% Efficiency ratio (1) 68.9% 89.3% 76.3% 55.1% 71.6% (1) Efficiency ratio is calculated by dividing noninterest expense less transaction-related costs by the sum of net interest income and noninterest income, less gains or losses on sale of securities. (2) See reconciliation of non-GAAP measures Loan Concentrations The top ten commercial loan concentrations as of March 31, 2021 were as follows: % of Commercial(in millions)AmountLoansSolar electric power generation$56.628% Power and communication line and related structures construction 29.214% Lessors of nonresidential buildings (except miniwarehouses) 19.29% Hotels (except casino hotels) and motels 14.07% Lessors of other real estate property 11.05% Other activities related to real estate 8.54% Lessors of residential buildings and dwellings 7.84% General freight trucking, local 5.23% Golf courses and country clubs 4.12% Colleges, universities, and professional schools 3.52% $159.178% Reconciliation of Non-GAAP Measures (In thousands except book value per share)3/31/2112/31/209/30/206/30/203/31/20 Tangible book value per common share Total IFH, Inc. shareholders' equity$80,992 $76,914 $75,080 $73,512 $67,010 Less: Goodwill 13,161 13,161 13,161 13,161 13,161 Less Other intangible assets, net 6,851 7,037 7,224 7,409 7,596 Total tangible common equity$60,980 $56,716 $54,695 $52,942 $46,253 Ending common shares outstanding 2,245 2,203 2,203 2,215 2,215 Tangible book value per common share$27.16 $25.74 $24.83 $23.90 $20.88 Three Months Ended (Dollars in thousands)3/31/2112/31/209/30/206/30/203/31/20 Return on average tangible common equity Average IFH, Inc. shareholders' equity$78,639 $76,723 $73,970 $71,035 $68,445 Less: Average goodwill 13,161 13,161 13,161 13,161 13,157 Less Average other intangible assets, net 6,973 7,037 7,346 7,531 7,718 Average tangible common equity$58,505 $56,525 $53,463 $50,343 $47,570 Net income attributable to IFH, Inc.$3,936 $1,730 $1,720 $6,258 $(832) Return on average tangible common equity 27.28% 12.14% 12.76% 49.86% -7.02% Contact: Eric Bergevin, 252-482-4400

  • West Town Insurance Agency Hires New Insurance Producer
    PR Newswire

    West Town Insurance Agency Hires New Insurance Producer

    West Town Insurance Agency, Inc. (the "Company") announced today that Amy S. Roberson, a business development professional in the medical industry with over ten years of experience, has joined the Company as an Insurance Producer, effective April 1, 2021. With the addition of Amy, the Company now totals four producers across two locations in Edenton, North Carolina and Chicago, Illinois.