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Integrated Financial Holdings, Inc. Second Quarter Financial Results

RALEIGH, N.C., July 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 six months ended June 30, 2024. Highlights from the 2024 second quarter results include the following:

  • Second quarter 2024 net income of $605,000, or $0.26 per diluted share compared to second quarter 2023 net income of $3.6 million, or $1.60 per diluted share.
  • Net interest income of $5.9 million for the second quarter of 2024 compared to $5.5 million for the same period in 2023.
  • Noninterest expense of $8.2 million for the second quarters of 2024 and 2023.
  • Return on average assets of 0.47% for the three-month period ending June 30, 2024, compared to 3.05% for the same period in 2023.
  • Return on average tangible common equity (a non-GAAP financial measure) of 2.89% for the three-month period ending June 30, 2024 compared to 19.84% for the same period in 2023.

Quarter-over-quarter results between the second quarter of 2024 and the same period in 2023 were somewhat skewed by several unusual items positively impacting the second quarter of 2023 and merger-related expenses associated with the proposed merger with Capital Bancorp, Inc. (“CBNK”) negatively impacting the second quarter of 2024. During the second quarter of 2023, the sale of the Bank’s ownership interest in West Town Payments, LLC (“WTP”) resulted in a pretax gain of about $366,000, and an exit from the Bank’s hemp-related business line resulted in a pretax gain of about $464,000. Conversely, the Company recorded $681,000 in pre-tax, merger-related expenses in the second quarter of 2024 as compared to $61,000 during the 2023 second quarter. In addition, due to the uneven nature of large USDA closings, government guaranteed lending revenue decreased by $2.3 million in the 2024 second quarter compared to the 2023 second quarter. The anticipated closing volume for the back half of 2024 remains strong. On a linked-quarter basis, government guaranteed lending revenue was $1.2 million for the second quarter of 2024 compared to $514,000 for the first quarter of 2024. Finally, charge-offs associated with two specific loans and considerable growth in the loan portfolio year over year drove an increase in the provision for credit losses from $130,000 in the second quarter of 2023 to $1.6 million in the second quarter of 2024.

In reflecting on the second quarter of 2024, Marc McConnell, Chairman, President, and CEO of IFHI, stated: “This quarter we remained focused on our main objective: priming the organization for strategic long-term growth as we continue preparing for our upcoming planned merger with Capital Bancorp, Inc. Though income this quarter was skewed by unusual items, we believe we are well positioned for net interest income growth in upcoming quarters. As a result of strong loan growth, our average earning assets have increased $54 million year over year. Our team will continue to execute our strategic plan as we maintain our foothold in the industry as a leader in GGL lending, relying on our sustainable growth trajectory and strong leadership to guide us into this next quarter.”

BALANCE SHEET
At June 30, 2024, the Company’s total assets were $558.5 million, net loans held for investment were $388.4 million, loans held for sale (“HFS”) were $44.1 million, total deposits were $400.8 million and total shareholders’ equity was $102.8 million. Compared with December 31, 2023, total assets increased $10.9 million or 2%, net loans held for investment increased $35.6 million or 10%, HFS loans increased $3.6 million or 9%, total deposits decreased $34.9 million or 8%, and total shareholders’ equity increased $2.4 million or 2%. Cash and cash equivalents decreased $27.7 million or 43% since the prior year-end. In the first quarter of 2023, the Bank discontinued banking two industries it had previously targeted resulting in a large outflow of non-maturity deposits over the first half of 2023. The Bank replaced those funds with a highly successful CD campaign. Most of those time deposits matured in the first quarter of 2024 and management made the decision to allow a large block of those higher cost funds to leave the Bank.

The increase in total shareholders’ equity since December 31, 2023, was primarily associated with earnings. The accumulated other comprehensive loss component of equity for the available-for-sale investment portfolio had a $113,000 negative impact during the six-month period ended June 30, 2024 as a result of changing rate expectations. The accumulated other comprehensive loss component of equity was $2.2 million at June 30, 2024 compared to $2.2 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 June 30, 2024, the regulatory capital ratios of the Bank exceeded the minimum thresholds established for well-capitalized banks under applicable banking regulations.

 “Well Capitalized” MinimumBasel III Fully Phased-InWest Town Bank & Trust
Tier 1 common equity ratio6.50%7.00%13.54%
Tier 1 risk-based capital ratio8.00%8.50%13.54%
Total risk-based capital ratio10.00%10.50%14.79%
Tier 1 leverage ratio5.00%4.00%12.11%


The Company’s book value per common share increased from $43.72 as of December 31, 2023, to $43.85 at June 30, 2024 as the impact of earnings was slightly offset by an increase of about 50,000 shares outstanding as a result of an annual grant for long-term incentive and the exercising of several blocks of stock options in the first quarter. The Company’s tangible book value per common share (a non-GAAP financial measure) also increased from $35.80 as of December 31, 2023, to $36.23 at June 30, 2024, for the same reason.

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 June 30, 2024, the average deposit account size was $98,600, and uninsured deposits excluding those required for debt service were $38.8 million or roughly 9.7% of total deposits.

The Bank’s primary on-balance sheet liquidity consists of cash and cash equivalents along with unencumbered available-for-sale investment securities, which totaled $57.8 million as of June 30, 2024. Additionally, the Bank maintains fully collateralized credit facilities with the Federal Home Loan Bank of Chicago (“FHLB”) and the Federal Reserve. As of June 30, 2024, the FHLB credit facility had a borrowing line of $87.0 million with $45.0 million in outstanding advances and available credit of $42.0 million. The Federal Reserve had an available borrowing capacity of $39,000 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 377% of the amount of uninsured deposits (excluding those required for debt service) as of June 30, 2024.  

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 June 30, 2024, the Bank had $44.0 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 3.00% at December 31, 2023, to 3.10% at June 30, 2024. Nonaccrual loans at June 30, 2024 increased $991,000 or 6% as compared to December 31, 2023. One relationship for $7.7 million makes up approximately 44% of all of the nonaccrual loans as of June 30, 2024. That relationship is secured by a property with an estimated value of approximately $12.0 million. We believe there is strong secondary support of the guarantors. The Bank held $101,000 in foreclosed assets as of December 31, 2023 but had none as of June 30, 2024.

During the second quarters of 2024 and 2023, the Company recorded provisions for credit losses of $1.6 million and $130,000, respectively. The Company recorded $1.0 million in net charge-offs during the second quarter of 2024 compared to $86,000 in net charge-offs for the same period in 2023. Set forth in the table below is certain asset quality information as of the dates indicated:

(Dollars in thousands)6/30/243/31/2412/31/239/30/236/30/23
Nonaccrual loans$17,294 $17,353 $16,303 $13,887 $5,586 
Foreclosed assets -  -  101  101  315 
90 days past due and still accruing -  -  -  320  476 
Total nonperforming assets$17,294 $17,353 $16,404 $14,308 $6,377 
      
Net charge-offs (recoveries)$1,046 $25 $(306)$(43)$86 
Annualized net charge-offs (recoveries) to total               
average portfolio loans 1.12% 0.03% -0.34% -0.05% 0.11%
      
Ratio of total nonperforming assets to total assets 3.10% 3.35% 3.00% 2.87% 1.32%
Ratio of total nonperforming loans to total loans, net               
of allowance 4.45% 4.89% 4.62% 4.17% 1.90%
Ratio of total allowance for credit losses to total loans (1) 2.00% 2.02% 1.93% 1.77% 1.87%
      
(1) Does not include the Company's reserve for unfunded commitments


NET INTEREST INCOME AND MARGIN

Net interest income for the three months ended June 30, 2024, increased $318,000 or 6% in comparison to the second quarter of 2023. Loan yields increased from 8.43% in the second quarter of 2023 to 8.73% for the same period in 2024. The increase in yield from the prior year reflected the impact of 50bps of rate increases by the Federal Open Market Committee (“FOMC”) during that 12-month period in response to economic conditions, as well as a change in loan mix. Overall cost of funds increased from 2.70% in the second quarter of 2023 to 3.66% for the same period in 2024 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 5.48% during the three months ended June 30, 2023, to 5.12% for the same period in 2024; however, the impact of that decrease was lessened by a period-over-period increase in average earning assets of $53.6 million.  

For the six months ended June 30, 2024 net interest income increased from $11.2 million in 2023 to $11.7 million in 2024. The increase of $508,000 or 5% was due to an increase in average loan volume offset by a decrease in net interest margin. Average loans increased from $351.5 million for the six months ended June 30, 2023 to $413.0 million for the same period in 2024. Net interest margin during those same periods decreased from 5.66% in 2023 to 5.10% in 2024.

 Three Months Ended Year-To-Date
(Dollars in thousands)6/30/243/31/2412/31/239/30/236/30/23 6/30/246/30/23
Average balances:        
Loans$419,029 $406,982 $400,502 $373,847 $357,272  $413,006 $351,461 
Available-for-sale securities 21,656  22,233  19,709  18,609  18,208   21,944  17,949 
Other interest-bearing balances 17,866  31,622  25,821  26,670  29,445   24,744  29,222 
Total interest-earning assets 458,551  460,837  446,032  419,126  404,925   459,694  398,632 
Total assets 521,782  525,202  510,760  484,190  472,169   523,492  466,291 
         
Noninterest-bearing deposits 69,087  75,236  79,986  80,390  78,676   72,162  88,615 
Interest-bearing liabilities:        
Interest-bearing deposits 327,579  334,165  314,726  300,109  288,972   330,872  270,126 
Borrowings 15,989  5,714  5,326  761  4,505   10,852  7,364 
Total interest-bearing liabilities 343,568  339,879  320,052  300,870  293,477   341,724  277,490 
Common shareholders' equity 101,868  101,172  97,314  95,362  91,281  ��101,520  89,928 
Tangible common equity (1) 83,912  83,050  79,026  76,907  72,661   83,481  71,225 
         
Interest income/expense:        
Loans$9,124 $8,977 $8,623 $7,877 $7,511  $18,101 $14,508 
Available-for-sale securities 201  203  115  146  133   404  253 
Interest-bearing balances and other 295  330  526  345  392   625  711 
Total interest income 9,620  9,510  9,264  8,368  8,036   19,130  15,472 
Deposits 3,553  3,586  3,243  2,743  2,445   7,139  4,141 
Borrowings 214  79  110  10  56   293  141 
Total interest expense 3,767  3,665  3,353  2,753  2,501   7,432  4,282 
Net interest income$5,853 $5,845 $5,911 $5,615 $5,535  $11,698 $11,190 
         
(1) See reconciliation of non-GAAP financial measures.
         


 Three Months Ended Year-To-Date
 6/30/243/31/2412/31/239/30/236/30/23 6/30/246/30/23
Average yields and costs:        
Loans8.73%8.85%8.54%8.36%8.43% 8.79%8.32%
Available-for-sale securities3.71%3.65%2.33%3.14%2.92% 3.68%2.82%
Interest-bearing balances and other6.62%4.19%8.08%5.13%5.34% 5.07%4.91%
Total interest-earning assets8.41%8.28%8.24%7.92%7.96% 8.35%7.83%
Interest-bearing deposits4.35%4.30%4.09%3.63%3.39% 4.33%3.09%
Borrowings5.37%5.55%8.19%5.21%4.99% 5.41%3.86%
Total interest-bearing liabilities4.40%4.33%4.16%3.63%3.42% 4.36%3.11%
Cost of funds3.66%3.54%3.33%2.86%2.70% 3.60%2.36%
Net interest margin5.12%5.09%5.26%5.32%5.48% 5.10%5.66%


NONINTEREST INCOME

Noninterest income for the three months ended June 30, 2024, was $4.9 million compared to $7.8 million for the same period in 2023. The decrease is primarily attributable to the nonrecurring items in the second quarter of 2023, which included, among other things, the previously discussed sale of the ownership interest in WTP and the gain on the exit in hemp-related deposits. In addition, there was a decrease in government guaranteed lending revenue quarter-over-quarter as a result of delayed deal flow. Those declines were partially offset by an increase in the income of Windsor, a subsidiary of the Company. Specifically:

  • Windsor, which offers an SBA and USDA loan servicing platform, had loan processing and servicing revenue totaling $3.4 million, an increase of $762,000 or 29% as compared to the $2.7 million in income earned during the prior second quarter.
  • Government Guaranteed Lending (“GGL”) revenue was $1.2 million in the second quarter of 2024, a decrease of $2.3 million or 66% in comparison to the $3.6 million of revenues for the same period in 2023.  

NONINTEREST EXPENSE
Noninterest expense for the second quarter of 2024 and 2023 was $8.2 million. Declines in recurring expenses were offset by an increase in nonrecurring expenses for a net year-over-year increase of $13,000 or 0%. Most notably, compensation expense decreased $1.0 million or 19% going from $5.4 million in the second quarter of 2023 down to $4.4 million for the same period in 2024. This was offset by $681,000 in merger-related expenses associated with the Company’s previously announced proposed merger with Capital Bancorp, Inc. Other notable expense categories were:  

  • Loan and special asset related expenses, which tend to fluctuate unexpectedly, increased by $257,000 or 74% from $346,000 in the first quarter of 2023 to $603,000 for the same period in 2024.
  • Other operating expenses increased $183,000 or 38% from $486,000 in the second quarter of 2023 to $669,000 for the same period in 2024.

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; that loan closing volume in future periods may not meet current expectations; 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; the ability to complete, or any delays in completing, the pending merger between the Company and Capital Bancorp, Inc.; any failure to realize the anticipated benefits of the pending merger transaction when expected or at all; certain restrictions during the pendency of the transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the possibility that the pending merger transaction may be more expensive to complete than anticipated, including as a result of conditions imposed by regulators, unexpected conditions, factors or events; 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)6/30/243/31/2412/31/239/30/236/30/23
Assets     
Cash and due from banks$3,097 $3,890 $3,541 $5,019 $3,582 
Interest-bearing deposits 32,901  26,467  60,166  28,746  39,258 
Total cash and cash equivalents 35,998  30,357  63,707  33,765  42,840 
Interest-bearing time deposits -  -  -  -  750 
Available-for-sale securities 21,820  22,028  22,668  17,827  18,977 
Marketable equity securities 21,557  21,557  19,597  19,980  19,980 
Loans held for sale 44,069  43,415  40,424  37,857  33,232 
Loans held for investment 396,300  361,942  359,729  346,842  325,673 
Allowance for credit losses (7,915) (7,310) (6,936) (6,128) (6,086)
Loans held for investment, net 388,385  354,632  352,793  340,714  319,587 
Premises and equipment, net 3,677  3,707  3,756  3,910  3,960 
Foreclosed assets -  -  101  101  315 
Loan servicing assets 4,081  3,922  3,966  3,813  3,717 
Bank-owned life insurance 4,749  4,720  4,688  4,663  5,087 
Accrued interest receivable 4,416  3,895  3,754  3,664  3,280 
Goodwill 13,161  13,161  13,161  13,161  13,161 
Other intangible assets, net 4,686  4,852  5,018  5,184  5,350 
Other assets 11,868  11,991  13,930  14,570  11,872 
Total assets$558,467 $518,237 $547,563 $499,209 $482,108 
      
Liabilities and Shareholders' Equity     
Liabilities     
Deposits:     
Noninterest-bearing$71,172 $73,523 $90,194 $84,901 $82,272 
Interest-bearing 329,621  325,036  345,483  307,467  296,805 
Total deposits 400,793  398,559  435,677  392,368  379,077 
Borrowings 45,000  10,000  -  -  - 
Accrued interest payable 936  1,008  1,346  1,042  1,014 
Other liabilities 8,965  6,782  10,209  9,409  7,655 
Total liabilities 455,694  416,349  447,232  402,819  387,746 
Shareholders’ equity:     
Common stock, voting 2,323  2,324  2,273  2,275  2,231 
Common stock, non-voting 22  22  22  22  22 
Additional paid in capital 26,438  26,258  25,809  25,503  25,253 
Retained earnings 76,223  75,618  74,347  71,565  69,165 
Accumulated other comprehensive loss (2,233) (2,334) (2,120) (2,975) (2,309)
Total shareholders’ equity 102,773  101,888  100,331  96,390  94,362 
Total liabilities and shareholders’ equity$558,467 $518,237 $547,563 $499,209 $482,108 
      


Consolidated Statements of Income
         
(In thousands except perThree Months Ended Year-To-Date
share data; unaudited)6/30/243/31/2412/31/239/30/236/30/23 6/30/246/30/23
Interest income        
Loans$9,124 $8,977 $8,623 $7,877 $7,511  $18,101 $14,508 
Available-for-sale securities and other 496  533  641  491  525   1,029  964 
Total interest income 9,620  9,510  9,264  8,368  8,036   19,130  15,472 
Interest expense        
Interest on deposits 3,553  3,586  3,243  2,743  2,445   7,139  4,141 
Interest on borrowings 214  79  110  10  56   293  141 
Total interest expense 3,767  3,665  3,353  2,753  2,501   7,432  4,282 
Net interest income 5,853  5,845  5,911  5,615  5,535   11,698  11,190 
Provision for credit losses 1,650  400  500  50  130   2,050  695 
Noninterest income        
Loan processing and servicing        
revenue 3,422  2,942  3,180  2,779  2,660   6,364  5,099 
Government guaranteed lending 1,230  514  1,313  1,953  3,576   1,744  4,480 
Service charges on deposits 17  26  35  41  52   43  185 
Bank-owned life insurance 28  33  25  128  34   61  589 
Change in fair value of marketable        
equity securities -  -  578  -  -   -  1,998 
Other noninterest income 247  2  231  152  1,434   249  2,000 
Total noninterest income 4,944  3,517  5,362  5,053  7,756   8,461  14,351 
Noninterest expense        
Compensation 4,366  4,517  4,583  4,403  5,379   8,883  10,960 
Occupancy and equipment 299  280  355  314  318   579  662 
Loan and special asset expenses 603  477  627  664  346   1,080  639 
Professional services 430  306  (161) 433  446   736  894 
Data processing 243  246  252  233  247   489  512 
Software 526  465  492  446  469   991  938 
Communications 64  60  50  65  68   124  146 
Advertising 126  62  99  108  174   188  422 
Amortization of intangibles 166  166  166  166  166   332  332 
Merger related expenses 681  -  -  -  61   681  177 
Other operating expenses 669  682  720  591  486   1,351  975 
Total noninterest expense 8,173  7,261  7,183  7,423  8,160   15,434  16,657 
Income before income taxes 974  1,701  3,590  3,195  5,001   2,675  8,189 
Income tax expense 369  430  808  795  1,416   799  2,194 
Net income 605  1,271  2,782  2,400  3,585   1,876  5,995 
Noncontrolling interest -  -  -  -  (10)  -  48 
Net income attributable        
to IFH, Inc.$ 605 $ 1,271 $ 2,782 $ 2,400 $ 3,595  $ 1,876 $ 5,947 
         
Basic earnings per common share$0.27 $0.56 $1.24 $1.08 $1.62  $0.82 $2.68 
Diluted earnings per common share$0.26 $0.55 $1.22 $1.06 $1.60  $0.81 $2.63 
Weighted average common shares        
outstanding 2,284  2,271  2,244  2,224  2,220   2,282  2,216 
Diluted average common shares        
outstanding 2,317  2,304  2,284  2,265  2,252   2,315  2,258 
         


Performance Ratios
         
 Three Months Ended Year-To-Date
 6/30/243/31/2412/31/239/30/236/30/23 6/30/246/30/23
PER COMMON SHARE        
Basic earnings per common share$0.27 $0.56 $1.24 $1.08 $1.62  $0.82 $2.68 
Diluted earnings per common share 0.26  0.55  1.22  1.06  1.60   0.81  2.63 
Book value per common share 43.85  43.45  43.72  41.98  41.90   43.85  41.90 
Tangible book value per common share (2) 36.23  35.77  35.80  33.99  33.68   36.23  33.68 
         
FINANCIAL RATIOS (ANNUALIZED)        
Return on average assets 0.47% 0.97% 2.16% 1.97% 3.05%  0.72% 2.57%
Return on average common shareholders'        
equity 2.38% 5.04% 11.34% 9.98% 15.80%  3.71% 13.34%
Return on average tangible common        
equity (2) 2.89% 6.14% 13.97% 12.38% 19.84%  4.51% 16.84%
Net interest margin 5.12% 5.09% 5.26% 5.32% 5.48%  5.10% 5.66%
Efficiency ratio (1) 75.7% 77.6% 63.7% 69.6% 61.4%  76.6% 65.2%
         
(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 June 30, 2024, were as follows:

  % of
  Commercial
(Dollars in millions)AmountLoans
Solar electric power generation$82.5 25%
Power and communication line and related structures construction 74.2 22%
Lessors of nonresidential buildings (except miniwarehouses) 14.9 4%
Other activities related to real estate 12.0 4%
Electric bulk power transmission and control 10.9 3%
Biomass electric power generation 10.6 3%
Colleges, universities and professional schools 9.5 3%
Postharvest crop activities 8.5 3%
Lessors of other real estate property 7.0 2%
Natural gas distribution 7.0 2%
 $237.1 71%


Reconciliation of Non-GAAP Measures

 6/30/243/31/2412/31/239/30/236/30/23   
   (Dollars in thousands except book value per share)   
Tangible book value per common share        
Total IFH, Inc. shareholders’ equity$102,773 $101,888 $100,331 $96,390 $94,362    
Less: Goodwill 13,161  13,161  13,161  13,161  13,161    
Less Other intangible assets, net 4,686  4,852  5,018  5,184  5,350    
Total tangible common equity$84,926 $83,875 $82,152 $78,045 $75,851    
         
Ending common shares outstanding 2,344  2,345  2,295  2,296  2,252    
Tangible book value per common share$36.23 $35.77 $35.80 $33.99 $33.68    
         
 Three Months Ended Year-To-Date
(Dollars in thousands)6/30/243/31/2412/31/239/30/236/30/23 6/30/246/30/23
Return on average tangible common equity        
Average IFH, Inc. shareholders’ equity$101,868 $101,172 $97,314 $95,362 $91,281  $101,520 $89,928 
Less: Average goodwill 13,161  13,161  13,161  13,161  13,161   13,161  13,161 
Less Average other intangible assets, net 4,795  4,961  5,127  5,294  5,459   4,878  5,542 
Average tangible common equity$83,912 $83,050 $79,026 $76,907 $72,661  $83,481 $71,225 
         
Net income attributable to IFH, Inc.$605 $1,271 $2,782 $2,400 $3,595  $1,876 $5,947 
Return on average tangible common equity 2.89% 6.14% 13.97% 12.38% 19.84%  4.51% 16.84%


Contact: Steve Crouse, 919-861-8018


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