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Integrated Financial Holdings, Inc. Fourth Quarter Financial Results

RALEIGH, N.C., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTCQX: IFHI) (the “Company” or “IFHI”), the financial holding company for West Town Bank & Trust (the “Bank”) and Windsor Advantage, LLC (“Windsor”), released its financial results for the three and twelve months ended December 31, 2023. Highlights from the 2023 fourth quarter results include the following:

  • Fourth quarter net income of $2.8 million, or $1.22 per diluted share compared to fourth quarter 2022 net income of $2.4 million, or $1.04 per diluted share. Year-to-date net income of $11.1 million or $4.91 per diluted share compared to a net loss of $199,000 or $(0.09) per diluted share in the prior year.
  • Net interest income of $5.9 million for both the fourth quarters of 2023 and 2022. For the year, net interest income was $22.7 million compared to $22.0 million for the same twelve-month period in 2022.
  • Return on average assets of 2.16% and 2.31% for the three and twelve-month periods ending December 31, 2023, compared to 2.15% and -0.05% for the same periods in 2022.
  • Return on average tangible common equity (a non-GAAP financial measure) of 13.97% and 14.92% for the three and twelve-month periods ending December 31, 2023, compared to 14.23% and -0.29% for the same periods in 2022.

The fourth quarter of 2023 continued to show positive results from an effort to improve efficiency as the Company continues to streamline operations and reduce overhead costs. The efficiency ratio in the fourth quarter of 2023 was 63.7% compared to 83.5% for the same period in 2022. It should be noted that the 2023 fourth quarter was impacted by a $582,000 recovery of litigation-related expenses from a lawsuit settled in the third quarter of 2022. However, that was offset in part by a decision by the Company to fully accrue $288,000 of contractually obligated consulting-related expenses for a software product at Windsor that will not be put into use. Excluding those nonrecurring items, fourth quarter 2023 noninterest expenses still reflected an improvement of $2.4 million or 24% period over period. Total noninterest expense for the twelve months ended December 31, 2023 was down $19.5 million or 38% from 2022 to 2023 resulting in an efficiency ratio of 65.8% for the twelve months ended December 31, 2023, compared to 101.1% for the same period in 2022. Excluding the 2022 litigation expense recognized in the third quarter of 2022, noninterest expenses for the twelve-month period ended December 31, 2022 would have been $40.8 million and the efficiency ratio would have been 81.2% for an improvement in 2023 of $9.5 million or 23%.

In reflecting on the fourth quarter of 2023, Marc McConnell, Chairman, President, and CEO of IFHI, stated: “During 2023, the Company faced a myriad of obstacles including the unexpected loss of our founding CEO, the termination of an anticipated merger, and an unprecedented level of volatility in the community banking landscape. However, from a financial standpoint, this year was a triumph for our organization. We exceeded $11 million in net income for the year and posted a 2.31% Return on Average Assets which far exceeded the national industry averages. Our outstanding return for the year reflected the success of our right-sizing measures and the resilience of our operations. We were very pleased to be recognized in the Top 50 companies on the OTC-QX market for the year for overall performance, especially in light of the unexpected and significant challenges IFHI faced. I am proud of the proactive strategic leadership that empowered the company to achieve such impressive results this year and of our strategic plan’s performance. As we embrace this next year, we move forward with renewed confidence in our team, our plan, and our potential to strengthen the organization through the next chapter.”

BALANCE SHEET
At December 31, 2023, the Company’s total assets were $547.6 million, net loans held for investment were $352.8 million, loans held for sale (“HFS”) were $40.4 million, total deposits were $435.7 million and total shareholders’ equity attributable to IFHI was $100.3 million. Compared with December 31, 2022, total assets increased $99.7 million or 22%, net loans held for investment increased $58.7 million or 20%, HFS loans increased $6.1 million or 18%, total deposits increased $122.6 million or 39%, and total shareholders’ equity attributable to IFHI increased $12.8 million or 15%. Cash and cash equivalents increased $29.7 million or 87% since the prior year-end. The Bank has continued to see growth in loans held for investment primarily as a result of activity in the Government Guaranteed Lending (“GGL”) type loans. At December 31, 2023, noninterest bearing deposits had decreased by $16.1 million or 15% since December 31, 2022, resulting largely from the Company’s decision to discontinue banking two industries the Company had previously targeted. The increase in total shareholders’ equity since December 31, 2022, was primarily associated with earnings. The accumulated other comprehensive loss component of equity for the available-for-sale investment portfolio has improved by $181,000 during the 12-month period ended December 31, 2023 as a result of changing rate expectations. The accumulated other comprehensive loss component of equity was $2.3 million at December 31, 2022 compared to $2.1 million at December 31, 2023. The Company does not have any investments in its portfolio treated as held-to-maturity being carried at cost.

CAPITAL AND LIQUIDITY STRENGTH
At December 31, 2023, the regulatory capital ratios of the Bank 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 ratio6.50%7.00%14.12%
Tier 1 risk-based capital ratio8.00%8.50%14.12%
Total risk-based capital ratio10.00%10.50%15.37%
Tier 1 leverage ratio5.00%4.00%12.00%
    

Primarily as a result of net income, the Company’s book value per common share increased from $38.69 as of December 31, 2022, to $43.72 at December 31, 2023. The Company’s tangible book value per common share (a non-GAAP financial measure) also increased from $30.36 as of December 31, 2022, to $35.80 at December 31, 2023, primarily as a result of net income.

Total deposits have increased by $122.6 million since December 31, 2022 primarily due to a successful retail CD campaign which accounted for $98.8 million of the increase. The Bank funds its loan growth primarily with a blend of customer deposits and wholesale funding and has a wide variety of customers and industries in its portfolio. The Bank also offers services that provide FDIC coverage for its customers in excess of the $250,000 per depositor limit. As of December 31, 2023, the average deposit account size was $103,000, and uninsured deposits excluding those required for debt service were $50.7 million or roughly 11.5% of total deposits.

The Bank’s primary on-balance sheet liquidity consists of cash and cash equivalents along with unpledged available-for-sale investment securities, which totaled $67.4 million as of December 31, 2023. Additionally, the Bank maintains fully collateralized credit facilities with the Federal Home Loan Bank of Chicago (“FHLB”) and the Federal Reserve. As of December 31, 2023, the FHLB credit facility had an available borrowing capacity of $75.5 million with no outstanding balance. The Federal Reserve had an available borrowing capacity of $47,000 with no outstanding balance. In addition, the Bank had $18.5 million in additional borrowing capacity with other financial institutions. In aggregate, total primary on-balance sheet liquidity and total available borrowing capacity was 318% of the amount of uninsured deposits (excluding those required for debt service) as of December 31, 2023.  

Additionally, the Bank’s business model includes the origination and sale of GGL loans, a process that occurs each month and can be accelerated or slowed down based on the Bank’s current funding needs. At December 31, 2023, the Bank had $40.4 million in loans available for sale, which could generate additional liquidity as needed.

ASSET QUALITY
The Company’s nonperforming assets to total assets ratio increased from 1.04% at December 31, 2022, to 3.00% at December 31, 2023. Nonaccrual loans at December 31, 2023 increased $11.8 million or 258% as compared to December 31, 2022. The increase was primarily related to one relationship for $7.4 million secured by a property with a value of approximately $12.0 million. We believe there is strong secondary support of the guarantors, and the Bank has not reserved against the loan given the estimated value of the collateral securing the loan. The Bank held $101,000 in foreclosed assets as of December 31, 2023 and December 31, 2022.

During the fourth quarters of 2023 and 2022, the Company recorded provisions for credit losses of $500,000 and ($150,000), respectively. The Company recorded $306,000 in net recoveries during the fourth quarter of 2023 compared to $149,000 in net recoveries for the same period in 2022. Set forth in the table below is certain asset quality information as of the dates indicated:

  (Dollars in thousands)12/31/239/30/236/30/233/31/2312/31/22
Nonaccrual loans$16,303 $13,887 $5,586 $4,485 $4,552 
Foreclosed assets 101  101  315  315  101 
90 days past due and still accruing -  320  476  -  - 
Total nonperforming assets$16,404 $14,308 $6,377 $4,800 $4,653 
      
Net charge-offs (recoveries)$(306)$(43)$86 $376 $(149)
Annualized net charge-offs (recoveries) to total     
  average portfolio loans -0.34% -0.05% 0.11% 0.49% -0.20%
      
Ratio of total nonperforming assets to total assets 3.00% 2.87% 1.32% 1.03% 1.04%
Ratio of total nonperforming loans to total loans, net     
  of allowance 4.62% 4.17% 1.90% 1.43% 1.55%
Ratio of total allowance for credit losses to total loans (1) 1.93% 1.77% 1.87% 1.88% 2.23%
      
  (1) Does not include the Company's reserve for unfunded commitments    
     

NET INTEREST INCOME AND MARGIN
Net interest income for the three months ended December 31, 2023, decreased $4,000 or less than 1% in comparison to the fourth quarter of 2022. Loan yields increased from 7.69% in the fourth quarter of 2022 to 8.54% for the same period in 2023. The increase in yield from the prior year reflected the impact of rate increases by the Federal Open Market Committee (“FOMC”) during that 12-month period in response to current economic conditions, as well as a change in loan mix. Overall cost of funds increased from 0.98% in the fourth quarter of 2022 to 3.33% for the same period in 2023 as average retail and brokered certificate of deposit (“CD”) rates trended up and new CDs were originated at higher market rates. Net interest margin declined from 6.35% during the three months ended December 31, 2022, to 5.26% for the same period in 2023; however, the impact of that decrease was lessened by a period-over-period increase in average earning assets of $76.7 million.  

Net interest income increased from $22.0 million in 2022 to $22.7 million in 2023. The increase of $760,000 or 3% in the comparative year periods was due to an increase in average loan volume slightly offset by a decrease in net interest margin. Average loans increased from $331.5 million for the twelve months ended December 31, 2022 to $400.5 million for the same period in 2023. Net interest margin during those same periods decreased from 5.94% in 2022 to 5.47% in 2023.

 Three Months Ended Year-To-Date
  (Dollars in thousands)12/31/239/30/236/30/233/31/2312/31/22 12/31/2312/31/22
Average balances:        
Loans$   400,502$   373,847$   357,272$   345,651$   331,508 $   369,318$   314,400
Available-for-sale securities       19,709       18,609       18,208       17,691       17,446        18,554       19,877
Other interest-bearing balances       25,821       26,670       29,445       28,998       20,367        27,734       35,108
Total interest-earning assets     446,032     419,126     404,925     392,340     369,321      415,606     369,385
Total assets     510,760     484,190     472,169     460,412     436,695      481,883     435,453
         
Noninterest-bearing deposits       79,986       80,390       78,676       98,555     113,851        84,402       97,863
Interest-bearing liabilities:        
Interest-bearing deposits     314,726     300,109     288,972     251,281     212,069      288,772     231,247
Borrowings         5,326            761         4,505       10,222         8,913          5,204         6,504
Total interest-bearing liabilities     320,052     300,870     293,477     261,503     220,982      293,976     237,751
Common shareholders' equity       97,314       95,362       91,281       88,574       84,831        93,133       88,509
Tangible common equity (1)      79,026       76,907       72,661       69,788       65,879        74,596       69,295
         
Interest income/expense:        
Loans$       8,623$       7,877$       7,511$       6,997$       6,422 $     31,008$     23,479
Available-for-sale securities            115            146            133            120              64             514            362
Interest-bearing balances and other            526            345            392            319            257          1,582            557
Total interest income         9,264         8,368         8,036         7,436         6,743        33,104       24,398
Deposits         3,243         2,743         2,445         1,696            735        10,127         2,312
Borrowings            110              10              56              85              93             261            130
Total interest expense         3,353         2,753         2,501         1,781            828        10,388         2,442
Net interest income$       5,911$       5,615$       5,535$       5,655$       5,915 $     22,716$     21,956
         
  (1) See reconciliation of non-GAAP financial measures.      

 

 Three Months Ended Year-To-Date
 12/31/239/30/236/30/233/31/2312/31/22 12/31/2312/31/22
Average yields and costs:        
Loans8.54%8.36%8.43%8.21%7.69% 8.40%7.47%
Available-for-sale securities2.33%3.14%2.92%2.71%1.47% 2.77%1.82%
Interest-bearing balances and other8.08%5.13%5.34%4.46%5.01% 5.70%1.59%
Total interest-earning assets8.24%7.92%7.96%7.69%7.24% 7.97%6.61%
Interest-bearing deposits4.09%3.63%3.39%2.74%1.38% 3.51%1.00%
Borrowings8.19%5.21%4.99%3.37%4.14% 5.02%2.00%
Total interest-bearing liabilities4.16%3.63%3.42%2.76%1.49% 3.53%1.03%
Cost of funds3.33%2.86%2.70%2.01%0.98% 2.75%0.73%
Net interest margin5.26%5.32%5.48%5.85%6.35% 5.47%5.94%
         

NONINTEREST INCOME
Noninterest income for the three months ended December 31, 2023, was $5.4 million compared to $5.9 million for the same period in 2022. The decrease is primarily attributable to a decrease in government guaranteed lending revenue quarter-over-quarter offset by an increase in the income of Windsor, a subsidiary of the Company and an increase in the value of marketable equity securities.

Specific items to note with respect to the most recently completed quarter include:

  • Windsor, which offers an SBA and USDA loan servicing platform, had loan processing and servicing revenue totaling $3.2 million, an increase of $331,000 or 12% as compared to the $2.8 million in income earned during the prior fourth quarter.
  • Government Guaranteed Lending revenue was $1.3 million in the fourth quarter of 2023, a decrease of $782,000 or 37% in comparison to the $2.1 million of revenues for the same period in 2022.  
  • The Company recorded an increase in the fair value of marketable equity securities of $578,000 during the fourth quarter of 2023 to reflect the value of warrants held in Dogwood State Bank.

On a year-to-date basis, noninterest income has decreased $3.5 million or 12%. The decrease is primarily the result of the difference in each period’s mark-to-market income adjustment on the Company’s equity investment in Dogwood State Bank due to successful capital raises for Dogwood in the first quarter of both years. The capital raises helped to establish new market values. The prior year’s first quarter had a positive mark-to-market of $6.0 million compared to $2.6 million for the current year.

NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2023 was $7.2 million, a decrease of $2.7 million or 27%, from $9.8 million for the fourth quarter of 2022. Most notably, compensation expense decreased $1.6 million or 26% going from $6.2 million in the fourth quarter of 2022 down to $4.6 million for the same period in 2023. In addition, other operating expenses decreased from $1.2 million in the fourth quarter of 2022 to $720,000 for the same period in 2023. The decrease primarily reflected a recovery of $582,000 worth of previously paid litigation expenses, which were recognized in the third quarter of 2022 in connection with the Company’s agreement to settle the litigation.   

Loan and special asset related expenses, which tend to fluctuate unexpectedly, increased by $570,000 or 1000% from $57,000 in the fourth quarter of 2022 to $627,000 for the same period in 2023.

The result of the decrease in total noninterest expense was a significant improvement in the efficiency ratio, which decreased from 83.5% during the fourth quarter of 2022 to 63.7% for the same period in 2023.  

On a year-to-date basis, noninterest expenses decreased from $50.8 million for the twelve months ended December 32, 2022 to $31.3 million for the same period in 2023, a decrease of $19.5 million or 38%. Other operating expenses was the biggest driver in the overall decrease, which declined by $11.1 million period-over-period again reflecting the impact of the litigation expense recognized in the third quarter of 2022. Compensation expense was a secondary driver of the decrease in total noninterest expenses, declining to $19.9 million for the year ended December 31, 2023 from $26.4 million in the same period in 2022, a decrease of $6.4 million or 24%.

ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.
Integrated Financial Holdings, Inc. is a financial holding company based in Raleigh, North Carolina. 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 service provider that offers community banks and credit unions with a comprehensive outsourced U.S. Small Business Association (“SBA”) 7(a) and U.S. Department of Agriculture (“USDA”) lending platform. 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 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; that the value realized upon the sale of any foreclosed assets may be less than anticipated, whether due to change in collateral value, inaccurate valuation assumptions or otherwise; 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 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; recent adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, our strategic initiatives, and regulatory response to these developments; 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
  (In thousands, unaudited)12/31/239/30/236/30/233/31/2312/31/22
Assets      
Cash and due from banks$3,541 $5,019 $3,582 $6,986 $7,553 
Interest-bearing deposits 60,166  28,746  39,258  21,224  26,430 
 Total cash and cash equivalents 63,707  33,765  42,840  28,210  33,983 
Interest-bearing time deposits -  -  750  999  999 
Available-for-sale securities 22,668  17,827  18,977  17,504  17,712 
Marketable equity securities 19,597  19,980  19,980  19,980  17,982 
Loans held for sale 40,424  37,857  33,232  39,088  34,302 
Loans held for investment 359,729  346,842  325,673  319,465  300,764 
 Allowance for credit losses (6,936) (6,128) (6,086) (6,011) (6,709)
  Loans held for investment, net 352,793  340,714  319,587  313,454  294,055 
Premises and equipment, net 3,756  3,910  3,960  4,041  4,098 
Foreclosed assets 101  101  315  315  101 
Loan servicing assets 3,966  3,813  3,717  3,604  3,715 
Bank-owned life insurance 4,688  4,663  5,087  5,053  5,357 
Accrued interest receivable 3,754  3,664  3,280  3,090  2,997 
Goodwill 13,161  13,161  13,161  13,161  13,161 
Other intangible assets, net 5,018  5,184  5,350  5,517  5,682 
Other assets 13,930  14,570  11,872  13,243  13,719 
   Total assets$547,563 $499,209 $482,108 $467,259 $447,863 
         
Liabilities and Shareholders' Equity     
Liabilities     
Deposits:     
 Noninterest-bearing$90,194 $84,901 $82,272 $76,554 $106,255 
 Interest-bearing 345,483  307,467  296,805  279,735  206,872 
  Total deposits 435,677  392,368  379,077  356,289  313,127 
Borrowings -  -  -  10,000  30,000 
Accrued interest payable 1,346  1,042  1,014  806  379 
Other liabilities 10,209  9,409  7,655  10,101  17,600 
 Total liabilities 447,232  402,819  387,746  377,196  361,106 
Shareholders' equity:     
Common stock, voting 2,273  2,275  2,231  2,231  2,239 
Common stock, non-voting 22  22  22  22  22 
Additional paid in capital 25,809  25,503  25,253  25,137  24,916 
Retained earnings 74,347  71,565  69,165  65,570  62,611 
Accumulated other comprehensive loss (2,120) (2,975) (2,309) (2,198) (2,301)
 Total IFH, Inc. shareholders' equity 100,331  96,390  94,362  90,762  87,487 
Noncontrolling interest -  -  -  (699) (730)
 Total shareholders' equity 100,331  96,390  94,362  90,063  86,757 
   Total liabilities and shareholders' equity$547,563 $499,209 $482,108 $467,259 $447,863 
         


Consolidated Statements of Income       
         
  (In thousands except perThree Months Ended Year-To-Date
  share data; unaudited)12/31/239/30/236/30/233/31/2312/31/22 12/31/2312/31/22
Interest income        
Loans$8,623 $7,877$7,511 $6,997$6,422  $31,008$23,479 
Available-for-sale securities and other 641  491 525  439 321   2,096 919 
Total interest income 9,264  8,368 8,036  7,436 6,743   33,104 24,398 
Interest expense        
Interest on deposits 3,243  2,743 2,445  1,696 735   10,127 2,312 
Interest on borrowings 110  10 56  85 93   261 130 
Total interest expense 3,353  2,753 2,501  1,781 828   10,388 2,442 
Net interest income 5,911  5,615 5,535  5,655 5,915   22,716 21,956 
Provision for credit losses 500  50 130  565 (150)  1,245 810 
Noninterest income        
Loan processing and servicing        
revenue 3,180  2,779 2,660  2,439 2,849   11,058 9,592 
Mortgage -  - -  - 99   - 1,815 
Government guaranteed lending 1,313  1,953 3,576  904 2,095   7,746 8,199 
SBA documentation preparation fees -  - -  - 2   - 352 
Service charges on deposits 35  41 52  133 240   261 644 
Bank-owned life insurance 25  128 34  555 26   742 111 
Change in fair value of marketable        
equity securities 578  - -  1,998 -   2,576 5,994 
Other noninterest income 231  152 1,434  566 549   2,383 1,576 
Total noninterest income 5,362  5,053 7,756  6,595 5,860 - 24,766 28,283 
Noninterest expense        
Compensation 4,583  4,403 5,379  5,581 6,168   19,946 26,380 
Occupancy and equipment 355  314 318  344 303   1,331 1,303 
Loan and special asset expenses 627  664 346  293 57   1,930 2,155 
Professional services (161) 433 446  448 676   1,166 1,925 
Data processing 252  233 247  265 272   997 1,055 
Software 492  446 469  469 467   1,876 1,778 
Communications 50  65 68  78 83   261 349 
Advertising 99  108 174  248 211   629 998 
Amortization of intangibles 166  166 166  166 169   664 679 
Merger related expenses -  - 61  116 192   177 753 
Other operating expenses 720  591 486  489 1,236   2,286 13,396 
Total noninterest expense 7,183  7,423 8,160  8,497 9,834   31,263 50,771 
Income (loss) before income taxes 3,590  3,195 5,001  3,188 2,091   14,974 (1,342)
Income tax expense (benefit) 808  795 1,416  778 (454)  3,797 (1,205)
Net income (loss) 2,782  2,400 3,585  2,410 2,545   11,177 (137)
Noncontrolling interest -  - (10) 58 182   48 62 
Net income (loss) attributable        
    to IFH, Inc.$ 2,782 $ 2,400$ 3,595 $ 2,352$ 2,363  $ 11,129$ (199)
         
Basic earnings (loss) per common share$1.24 $1.08$1.62 $1.06$1.08  $5.00$(0.09)
Diluted earnings (loss) per common share$1.22 $1.06$1.60 $1.04$1.04  $4.91$(0.09)
Weighted average common shares        
outstanding 2,244  2,224 2,220  2,211 2,194   2,225 2,178 
Diluted average common shares        
outstanding 2,284  2,265 2,252  2,265 2,267   2,266 2,257 
         


Performance Ratios        
          
  Three Months Ended Year-To-Date
  12/31/239/30/236/30/233/31/2312/31/22 12/31/2312/31/22
PER COMMON SHARE        
 Basic earnings (loss) per common share$1.24 $1.08 $1.62 $1.06 $1.08  $5.00 $(0.09)
 Diluted earnings (loss) per common share 1.22  1.06  1.60  1.04  1.04   4.91  (0.09)
 Book value per common share 43.72  41.98  41.90  40.28  38.69   43.72  38.69 
 Tangible book value per common share (2) 35.80  33.99  33.68  31.99  30.36   35.80  30.36 
          
FINANCIAL RATIOS (ANNUALIZED)        
 Return on average assets 2.16% 1.97% 3.05% 2.07% 2.15%  2.31% -0.05%
 Return on average common shareholders'        
   equity 11.34% 9.98% 15.80% 10.77% 11.05%  11.95% -0.22%
 Return on average tangible common        
   equity (2) 13.97% 12.38% 19.84% 13.67% 14.23%  14.92% -0.29%
 Net interest margin 5.26% 5.32% 5.48% 5.85% 6.35%  5.47% 5.94%
 Efficiency ratio (1) 63.7% 69.6% 61.4% 69.4% 83.5%  65.8% 101.1%
          
   (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 December 31, 2023, were as follows:

  % of
  Commercial
(Dollars in millions)AmountLoans
Solar electric power generation$84.827%
Power and communication line and related structures construction 65.621%
Lessors of nonresidential buildings (except miniwarehouses) 15.25%
Other activities related to real estate 11.94%
Postharvest Crop Activities 8.63%
Biomass electric power generation 8.23%
Colleges, universities and professional schools 7.52%
Lessors of other real estate property 7.42%
Lessors of residential buildings and dwellings 6.62%
Assisted living facilities for the elderly 5.72%
 $221.571%
   

Reconciliation of Non-GAAP Measures

 12/31/239/30/236/30/233/31/2312/31/22   
 (Dollars in thousands except book value per share)   
Tangible book value per common share        
Total IFH, Inc. shareholders' equity$100,331 $96,390 $94,362 $90,762 $87,487    
Less: Goodwill 13,161  13,161  13,161  13,161  13,161    
Less Other intangible assets, net 5,018  5,184  5,350  5,517  5,682    
  Total tangible common equity$82,152 $78,045 $75,851 $72,084 $68,644    
         
Ending common shares outstanding 2,295  2,296  2,252  2,253  2,261    
Tangible book value per common share$35.80 $33.99 $33.68 $31.99 $30.36    
         
 Three Months Ended Year-To-Date
  (Dollars in thousands)12/31/239/30/236/30/233/31/2312/31/22 12/31/2312/31/22
Return on average tangible common equity        
Average IFH, Inc. shareholders' equity$97,314 $95,362 $91,281 $88,574 $84,831  $93,133 $88,509 
Less: Average goodwill 13,161  13,161  13,161  13,161  13,161   13,161  13,161 
Less Average other intangible assets, net 5,127  5,294  5,459  5,625  5,791   5,376  6,053 
  Average tangible common equity$79,026 $76,907 $72,661 $69,788 $65,879  $74,596 $69,295 
         
Net income (loss) attributable to IFH, Inc.$2,782 $2,400 $3,595 $2,352 $2,363  $11,129 $(199)
Return on average tangible common equity 13.97% 12.38% 19.84% 13.67% 14.23%  14.92% -0.29%
                       

Contact: Steve Crouse, 919-861-8018


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