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Integrated Financial Holdings, Inc. First Quarter 2022 Financial Results

IFHI

RALEIGH, N.C., May 04, 2022 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTCQX: 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, 2022. The first quarter of 2022 was the first quarter in two years where income was only minimally impacted by revenues associated with the Paycheck Protection Program (“PPP”). Highlights from the 2022 first quarter include the following:

  • First quarter net income of $3.6 million or $1.59 per diluted share, compared to first quarter 2021 net income of $3.9 million or $1.76 per diluted share.
  • Provision for loan losses of $180,000 for the first quarter of 2022, compared to $622,000 for the same period in 2021.
  • Return on average assets of 3.30%, compared to 3.99% for the first quarter of 2021.
  • Return on average common equity of 15.97%, compared to 20.30% for the first quarter of 2021.
  • Return on average tangible common equity (a non-GAAP financial measure) of 20.36%, compared to 27.28% for the first quarter of 2021.
  • Loan processing and servicing revenue of $2.7 million, compared to $8.8 million for the first quarter of 2021.
  • Government lending revenues of $1.1 million, compared to $1.3 million for the first quarter of 2021.
  • Mortgage origination and sales revenue of $173,000, compared to $1.7 million for the first quarter of 2021.
  • Other noninterest income $6.5 million, compared to income of $2.2 million for the first quarter of 2021.

Eric Bergevin, President & CEO of IFH, stated, “The Company had a solid first quarter while adjusting for rising rates. With PPP in the rearview mirror, our focus continues to be on growing our loan pipeline and diversifying our loan verticals. We sold the majority of our variable rate SBA 7(a) loans during the quarter, but there were significant disruptions in the secondary market for interim fixed rate loans with 5-year repricing options due to rising rates. Accordingly, we continued to hold these USDA loans and will make them available for sale when stabilization of these premiums is recognized. The mortgage market has seen a significant increase in mortgage rates, but demand for purchase loans remains strong. We do have concerns regarding the outlook of the mortgage market in general as secondary market premiums continue to be compressed by investors and competitors across the board. We have solid purchase volume and are keeping a watchful eye out for relief on margins. Asset quality remains good, and we are seeing many items resolve themselves now that the courts are back in session and hearings are moving along. We had a short-term increase in our past due ratios in the first quarter, but those have mostly resolved themselves and we are seeing the ratios normalize quickly. Windsor continues to grow its servicing book and enhance Bank lending participations, growing its overall value. We anticipate that it will continue to be an earnings driver for the company well into and past 2022. Overall, we are off to a good start in 2022 and anticipate continued strong loan demand. We are poised to start selling fixed term loans in the near future once markets stabilize to further facilitate our earnings stream.”

BALANCE SHEET
On March 31, 2022, the Company’s total assets were $430.6 million, net loans held for investment were $262.3 million, loans held for sale (“HFS”) were $51.1 million, total deposits were $326.5 million and total shareholders’ equity attributable to IFH was $91.3 million. Compared with December 31, 2021, total assets decreased $22.3 million or 5%, net loans held for investment increased $2.7 million or 1%, HFS loans increased $23.2 million or 83%, total deposits decreased $21.7 million or 6%, and total shareholders’ equity attributable to IFH increased $2.8 million or 3%. The asset side of the balance sheet saw a favorable shift in mix as a large portion of the excess cash held at the Federal Reserve was redeployed into loans. The Bank has continued to see strong growth in originated for sale loans primarily as a result of a strong loan pipeline for the Government Guaranteed Lending (“GGL”) type loans. At $51.1 million in volume, HFS loans at March 31, 2022 represent significant potential future GGL revenues as those loans are sold in the market and the associated premiums are recognized. Noninterest bearing deposits declined $21.8 million during the quarter, in part, as a result of some ongoing merger and acquisition activity in one of the targeted industries that the Company banks; however, management believes the continued execution of strategic advances into the hemp banking space (trademarked “Hemp Banks Here”) will continue to drive strong deposit growth. The increase in total shareholders’ equity was primarily a result of net income posted for the first quarter of the year.

CAPITAL LEVELS
At March 31, 2022, the regulatory capital ratios of West Town Bank & Trust exceeded the minimum thresholds established for well-capitalized banks under applicable banking regulations.

"Well Capitalized"
Minimum
Basel III Fully
Phased-In
West Town
Bank & Trust
Tier 1 common equity ratio 6.50% 7.00% 15.77%
Tier 1 risk-based capital ratio 8.00% 8.50% 15.77%
Total risk-based capital ratio 10.00% 10.50% 17.03%
Tier 1 leverage ratio 5.00% 4.00% 11.70%

The Company’s book value per common share increased from $36.08 as of March 31, 2021, to $40.86 at March 31, 2022. The Company’s tangible book value per common share (a non-GAAP financial measure) increased from $27.16 as of March 31, 2021, to $32.21 at March 31, 2022, primarily as a result of the net income of the Company.

ASSET QUALITY
The Company’s nonperforming assets to total assets ratio decreased from 1.65% at December 31, 2021, to 1.52% at March 31, 2022, as management continued to aggressively work to reduce its special assets portfolio. Nonaccrual loans at March 31, 2022 decreased $290,000 or 4% as compared to December 31, 2021. The last foreclosed property held by Patriarch, LLC, a subsidiary of the Company formed to expedite the liquidation and recovery of certain Bank assets, was fully liquidated during the first quarter of 2022. Neither Patriarch, LLC, nor the Bank held any foreclosed assets at March 31, 2022.

The Company recorded a $180,000 provision for loan losses during the first quarter of 2022, as compared to a provision of $622,000 in first quarter 2021, as the problem loan portfolio decreased for the period. The Bank has granted 143 deferrals since the onset of the COVID-19 pandemic totaling $72 million in exposure to the Bank. However, as of March 31, 2022, there were only eight loans in a deferred status with net exposure to the Bank of $2.4 million. The Company recorded $105,000 in net charge-offs during the first quarter of 2022 as management continued to make progress in improving overall asset quality. Set forth in the table below is certain asset quality information as of the dates indicated:

(Dollars in thousands) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Nonaccrual loans $ 6,558 $ 6,848 $ 7,575 $ 5,765 $ 7,341
Foreclosed assets - 618 618 618 1,377
90 days past due and still accruing - - - 447 -
Total nonperforming assets $ 6,558 $ 7,466 $ 8,193 $ 6,830 $ 8,718
Net charge-offs $ 105 $ 1,038 $ 325 $ 24 $ 156
Annualized net charge-offs to total average portfolio loans 0.16 % 1.65 % 0.50 % 0.03 % 0.24 %
Ratio of total nonperforming assets to total assets 1.52 % 1.65 % 1.84 % 1.55 % 2.14 %
Ratio of total nonperforming loans to total loans, net
of allowance 2.56 % 2.70 % 2.99 % 2.40 % 2.69 %
Ratio of total allowance for loan losses to total loans 2.14 % 2.14 % 2.24 % 2.13 % 2.02 %

NET INTEREST INCOME AND MARGIN
Net interest income for the three months ended March 31, 2022, increased $869,000 or 23% in comparison to the first quarter of 2021 as loan yields increased year over year from 6.24% to 7.74%. Loan yield was positively impacted by the one-time impact of $766,000 in recapture of nonaccrual loan interest on several large problems loans settled during the quarter. Excluding that interest income recapture, loan yield would have been 6.69% with the increase in yield from the prior year resulting from a change in loan mix and slightly reflecting the impact of the 0.25% rate increase by the Federal Open Market Committee (“FOMC”) in the first quarter of 2022 in response to current economic conditions. Overall cost of funds decreased from 0.91% in the first quarter of 2021 to 0.63% for the same period in 2022. The Company continues to see a downward trend in its average retail CD rates as new CDs are originated at a lower market rate. Net interest margin increased from 4.55% during the three months ended March 31, 2021 to 5.69% for the same period in 2022. The increase in margin in the portfolio was also impacted by the previously mentioned nonaccrual interest income recapture. Excluding that impact, net interest margin would have been 4.86% with the adjusted increase primarily attributable to a continued quarter-over-quarter decrease in cost of funds. Cost of funds has decreased for nine consecutive quarters at the Company.

Three Months Ended
(Dollars in thousands) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Average balances:
Loans $ 294,502 $ 277,510 $ 272,994 $ 292,166 $ 288,700
Available-for-sale securities 21,088 20,367 19,393 17,969 16,044
Other interest-bearing balances 56,359 86,261 93,682 46,545 35,981
Total interest-earning assets 371,949 384,138 386,069 356,680 340,725
Total assets 437,402 442,139 446,822 418,741 399,775
Noninterest-bearing deposits 98,546 104,472 103,708 85,918 80,626
Interest-bearing liabilities:
Interest-bearing deposits 235,092 237,847 240,957 235,013 228,726
Borrowings 6,306 5,272 5,196 5,187 4,000
Total interest-bearing liabilities 241,398 243,119 246,153 240,200 232,726
Common shareholders' equity 90,441 86,549 85,683 81,584 78,640
Tangible common equity (1) 70,939 66,877 65,843 61,587 58,506
Interest income/expense:
Loans $ 5,623 $ 4,571 $ 4,759 $ 4,686 $ 4,442
Available-for-sale securities 89 77 75 66 50
Interest-bearing balances and other 42 53 67 33 35
Total interest income 5,754 4,701 4,901 4,785 4,527
Deposits 522 566 645 665 704
Borrowings 9 1 - - -
Total interest expense 531 567 645 665 704
Net interest income $ 5,223 $ 4,134 $ 4,256 $ 4,120 $ 3,823
(1) See reconciliation of non-GAAP financial measures.


Three Months Ended
3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Average yields and costs:
Loans 7.74 % 6.53 % 6.92 % 6.43 % 6.24 %
Available-for-sale securities 1.69 % 1.51 % 1.55 % 1.47 % 1.25 %
Interest-bearing balances and other 0.30 % 0.24 % 0.28 % 0.28 % 0.39 %
Total interest-earning assets 6.27 % 4.86 % 5.04 % 5.38 % 5.39 %
Interest-bearing deposits 0.90 % 0.94 % 1.06 % 1.13 % 1.25 %
Borrowings 0.58 % 0.08 % 0.00 % 0.00 % 0.00 %
Total interest-bearing liabilities 0.89 % 0.93 % 1.04 % 1.11 % 1.23 %
Cost of funds 0.63 % 0.65 % 0.73 % 0.82 % 0.91 %
Net interest margin 5.69 % 4.27 % 4.37 % 4.63 % 4.55 %

NONINTEREST INCOME
Noninterest income for the three months ended March 31, 2022, was $10.8 million, a decrease of $2.3 million or 18% as compared to the three months ended March 31, 2021. Specific items to note include:

  • Windsor Advantage, LLC (“Windsor”), a subsidiary of the Company which offers an SBA and USDA loan servicing platform, had processing and servicing revenue totaling $2.2 million, a decrease of $6.6 million or 75% as compared to the $8.8 million in income earned during the same prior year period. The decrease is attributable to $6.8 million in PPP fee related income realized in Q1 of 2021 compared to no such income in the same period in 2022.
  • Mortgage revenue totaled $173,000, a decrease of $1.5 million or 84% as compared to the first quarter of 2021. Of that decrease, $776,000 is attributable to the change in valuation on the portfolio of mortgage rate lock commitments. That valuation adjustment takes into account the prior quarters average gain percentage on the portfolio and the size of the already closed held for sale mortgage portfolio and the rate locks on committed mortgage loans at quarter end. With rising rates and a general slowdown in mortgage business, the valuation adjustment shifted from a positive impact of $167,000 in the first quarter of 2021 to a negative impact of $609,000 in the first quarter of 2022. Excluding that valuation adjustment, the realized premiums and other core business income of the mortgage department also declined $756,000 from $1.5 million in the first quarter of 2021 to $782,000 for the same period in 2022. Mortgage loans originated to sell to the secondary market decreased from $39.4 million in the first quarter 2021 to $22.4 million in the first quarter 2022. The decrease in both the core mortgage revenue and origination volume can be attributable to the nationwide slowdown in refinancing volume with housing supplies continuing to be an issue along with the impact of a nationwide increase of almost 20% for the median price of a new home and an almost doubling of long-term mortgage rates year-over-year.
  • Government Guaranteed Lending revenue was $1.1 million in the first quarter of 2022, a decrease of $201,000 or 15% in comparison to the $1.3 million of revenues for the same period in 2021. However, the loans held for sale portfolio, representing future premium income, increased significantly quarter over quarter and year-over-year. GGL related HFS loans were $47.7 million as of March 31, 2022 compared to $25.4 million at December 31, 2021 and $7.9 million at March 31, 2021.
  • Other noninterest income was $6.5 million in the first quarter of 2022 compared to income of $2.2 million in the same period in 2021. The increase is almost entirely attributable to a $6.0 million mark-to-market income adjustment on its investment in Dogwood State Bank due to a successful capital raise for Dogwood, which established a new market value. The prior year’s first quarter had a similar mark-to-market of $2.0 million. Excluding the Dogwood investment adjustment, other noninterest income would have been $509,000, up $303,000 or 160% in comparison to the same period in 2021.

NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2022 was $10.4 million, a decrease of $2.3 million or 18%, from $12.7 million for the first quarter of 2021. Contributing to the year-over-year decrease was software expenses, which decreased due to Windsor fully expensing the PPP platform in 2021. Software expenses were $425,000, a decrease of $3.0 million or 87% in the first quarter of 2022 compared to the same period in 2021 as a result of no additional costs related to the processing of PPP loans in the first quarter of 2022. Compensation increased $1.1 million from $6.0 million to $7.1 million due to additional costs for new hires in 2021 and first quarter of 2022. The decreases in most of the noninterest expense categories, including special assets, data processing, software, communications, and other operating expenses are primarily related to management’s overall effort to grow profitability.

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; and SBA Loan Documentation Services, LLC, a loan documentation origination 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. The Bank also has an investment in West Town Payments, LLC. Due to the nature of the investment, West Town Payments, LLC is considered a variable interest entity, and as a result, is consolidated for accounting purposes.

For more information, visit https://ifhinc.com/.

Important Note Regarding Forward-Looking Statements
This 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; adverse results (including judgments, costs, fines, reputational harm, financial settlements and/or other negative effects) from current or future litigation, regulatory proceedings, investigations, or similar matters, or developments related thereto; and the impact of competition from traditional or new sources, including non-bank financial service providers, such as Fintechs. 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) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Assets
Cash and due from banks $ 3,900 $ 3,803 $ 4,452 $ 3,537 $ 3,217
Interest-bearing deposits 28,876 79,910 83,327 76,957 30,224
Total cash and cash equivalents 32,776 83,713 87,779 80,494 33,441
Interest-bearing time deposits 1,746 1,746 1,996 2,746 2,746
Available-for-sale securities 20,386 20,659 19,341 18,928 16,215
Marketable equity securities 18,000 12,000 12,000 12,000 12,000
Loans held for sale 51,095 27,880 20,610 14,621 17,735
Loans held for investment 262,281 259,625 259,206 264,402 278,200
Allowance for loan and lease losses (5,622 ) (5,547 ) (5,810 ) (5,635 ) (5,609 )
Loans held for investment, net 256,659 254,078 253,396 258,767 272,591
Premises and equipment, net 4,235 4,106 4,127 4,599 4,651
Foreclosed assets - 618 618 618 1,377
Loan servicing assets 4,014 3,993 3,830 3,936 3,428
Bank-owned life insurance 5,271 5,246 5,220 5,193 5,161
Accrued interest receivable 1,886 1,373 1,508 1,672 1,656
Goodwill 13,161 13,161 13,161 13,161 13,161
Other intangible assets, net 6,180 6,400 6,569 6,737 6,851
Other assets 15,218 18,001 13,954 16,803 17,176
Total assets $ 430,627 $ 452,974 $ 444,109 $ 440,275 $ 408,189
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing $ 92,499 $ 114,313 $ 98,940 $ 98,797 $ 77,167
Interest-bearing 233,953 233,842 241,959 238,598 234,523
Total deposits 326,452 348,155 340,899 337,395 311,690
Borrowings 5,000 7,500 5,000 5,000 4,000
Accrued interest payable 325 326 372 388 454
Other liabilities 8,320 9,212 11,130 13,490 11,347
Total liabilities 340,097 365,193 357,401 356,273 327,491
Shareholders' equity:
Common stock, voting 2,213 2,176 2,176 2,183 2,223
Common stock, non-voting 22 22 22 22 22
Additional paid in capital 24,013 23,664 23,515 23,545 24,568
Retained earnings 66,372 62,810 61,534 58,597 54,015
Accumulated other comprehensive income (loss) (1,296 ) (99 ) 65 105 164
Total IFH, Inc. shareholders' equity 91,324 88,573 87,312 84,452 80,992
Noncontrolling interest (794 ) (792 ) (604 ) (450 ) (294 )
Total shareholders' equity 90,530 87,781 86,708 84,002 80,698
Total liabilities and shareholders' equity $ 430,627 $ 452,974 $ 444,109 $ 440,275 $ 408,189


Consolidated Statements of Income
(Dollars in thousands except per Three Months Ended
share data; unaudited) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Interest income
Loans $ 5,623 $ 4,571 $ 4,759 $ 4,686 $ 4,442
Available-for-sale securities and other 131 130 142 99 85
Total interest income 5,754 4,701 4,901 4,785 4,527
Interest expense
Interest on deposits 522 566 645 665 704
Interest on borrowings 9 1 - - -
Total interest expense 531 567 645 665 704
Net interest income 5,223 4,134 4,256 4,120 3,823
Provision for loan losses 180 775 500 50 622
Noninterest income
Loan processing and servicing
revenue 2,207 2,863 5,951 5,765 8,838
Mortgage 173 1,090 1,537 1,773 1,706
Government guaranteed lending 1,124 2,216 584 3,812 1,325
SBA documentation preparation fees 144 167 149 241 434
Service charges on deposits 104 85 77 49 32
Bank-owned life insurance 25 25 27 32 25
Other noninterest income (loss) 6,509 (1,473 ) 694 908 2,196
Total noninterest income 10,286 4,973 9,019 12,580 14,556
Noninterest expense
Compensation 7,061 6,178 5,462 5,996 6,016
Occupancy and equipment 344 254 324 300 303
Loan and special asset expenses 638 483 133 634 1,002
Professional services 551 845 732 560 680
Data processing 249 267 196 215 221
Software 425 830 842 1,524 3,391
Communications 83 99 100 90 107
Advertising 214 453 474 393 109
Amortization of intangibles 170 170 170 172 186
Other operating expenses 631 754 505 733 644
Total noninterest expense 10,366 10,333 8,938 10,617 12,659
Income (loss) before income taxes 4,963 (2,001 ) 3,837 6,033 5,098
Income tax expense (benefit) 1,403 (3,090 ) 1,055 1,606 1,296
Net income 3,560 1,089 2,782 4,427 3,802
Noncontrolling interest (2 ) (187 ) (155 ) (155 ) (134 )
Net income attributable
to IFH, Inc. $ 3,562 $ 1,276 $ 2,937 $ 4,582 $ 3,936
Basic earnings per common share $ 1.65 $ 0.60 $ 1.37 $ 2.14 $ 1.80
Diluted earnings per common share $ 1.59 $ 0.57 $ 1.32 $ 2.07 $ 1.76
Weighted average common shares
outstanding 2,159 2,140 2,144 2,147 2,185
Diluted average common shares
outstanding 2,242 2,234 2,219 2,219 2,240


Performance Ratios
Three Months Ended
3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
PER COMMON SHARE
Basic earnings per common share $ 1.65 $ 0.60 $ 1.37 $ 2.14 $ 1.80
Diluted earnings per common share 1.59 0.57 1.32 2.07 1.76
Book value per common share 40.86 40.35 39.74 38.32 36.08
Tangible book value per common share (2) 32.21 31.44 30.76 29.29 27.16
FINANCIAL RATIOS (ANNUALIZED)
Return on average assets 3.30 % 1.14 % 2.61 % 4.39 % 3.99 %
Return on average common shareholders'
equity 15.97 % 5.85 % 13.60 % 22.53 % 20.30 %
Return on average tangible common
equity (2) 20.36 % 7.57 % 17.70 % 29.84 % 27.28 %
Net interest margin 5.69 % 4.27 % 4.37 % 4.63 % 4.55 %
Efficiency ratio (1) 66.8 % 113.5 % 67.3 % 63.6 % 68.9 %
(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, 2022, were as follows:

% of
Commercial
(in millions) Amount Loans
Solar electric power generation $ 54.6 28 %
Power and communication line and related structures construction 41.0 21 %
Lessors of nonresidential buildings (except miniwarehouses) 17.1 9 %
Other activities related to real estate 13.5 7 %
Hotels (except casino hotels) and motels 9.7 5 %
Lessors of residential buildings and dwellings 5.0 3 %
Other heavy and civil engineering construction 4.4 2 %
Lessors of other real estate property 4.1 2 %
All other amusement and recreation industries 2.9 2 %
Amusement arcades 2.6 1 %
$ 154.9 80 %

Reconciliation of Non-GAAP Measures

(In thousands except book value per share) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Tangible book value per common share
Total IFH, Inc. shareholders' equity $ 91,324 $ 88,573 $ 87,312 $ 84,452 $ 80,992
Less: Goodwill 13,161 13,161 13,161 13,161 13,161
Less Other intangible assets, net 6,180 6,400 6,569 6,737 6,851
Total tangible common equity $ 71,983 $ 69,012 $ 67,582 $ 64,554 $ 60,980
Ending common shares outstanding 2,235 2,198 2,204 2,204 2,245
Tangible book value per common share $ 32.21 $ 31.44 $ 30.76 $ 29.29 $ 27.16
Three Months Ended
(Dollars in thousands) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Return on average tangible common equity
Average IFH, Inc. shareholders' equity $ 90,441 $ 86,549 $ 85,683 $ 81,584 $ 78,640
Less: Average goodwill 13,161 13,161 13,161 13,161 13,161
Less Average other intangible assets, net 6,341 6,511 6,679 6,836 6,973
Average tangible common equity $ 70,939 $ 66,877 $ 65,843 $ 61,587 $ 58,506
Net income attributable to IFH, Inc. $ 3,562 $ 1,276 $ 2,937 $ 4,582 $ 3,936
Return on average tangible common equity 20.36 % 7.57 % 17.70 % 29.84 % 27.28 %

Contact: Eric Bergevin, 252-482-4400


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