INTEGRATED FINL HLDGS INC Stock Price, News & Analysis

Integrated Financial Holdings, Inc. (OTCQX: IFHI) reported a net loss of $7.5 million for Q3 2022, or $3.31 per diluted share, compared to a net income of $2.9 million in Q3 2021. The loss was significantly impacted by a $10 million litigation expense. Year-to-date, IFHI posted a net loss of $2.6 million versus $11.4 million in net income during the same period last year. Despite these losses, net interest income increased by 33% to $5.7 million for Q3, reflecting growth in government-guaranteed loan closings exceeding $100 million. The company's total assets were $437.4 million as of September 30, 2022, down 3% from year-end 2021.

MVB Financial Corp. (MVBF) announces the appointment of Steven E. Crouse as Chief Financial Officer following its merger with Integrated Financial Holdings Inc. (IFHI). Crouse brings nearly 30 years of banking experience, previously serving as EVP and CFO at IFH. His new role will involve overseeing financial management and operations at MVB, aiming to enhance shareholder value. Crouse is a Certified Public Accountant and has held key financial positions, indicating a strong leadership presence within the company.

Integrated Financial Holdings, Inc. (IFHI) reported its Q2 2022 financial results, showcasing a net income drop to $1.4 million or $0.63 per diluted share, down from $4.6 million or $2.07 per diluted share in Q2 2021. Year-to-date net income was $5 million, down from $8.5 million in 2021. Net interest income increased 25% to $5.1 million, driven by a rise in loan yields. The Company’s total assets decreased slightly to $435.5 million, while nonperforming assets decreased to 1.07%. Additionally, a merger agreement with MVB Financial Corp. was announced on August 12, 2022.

MVB Financial Corp. announced its definitive merger agreement to acquire Integrated Financial Holdings, Inc. for approximately $98 million. This all-stock transaction, valued at $41.79 per share, aims to enhance MVB's government-guaranteed lending capabilities, notably in SBA and USDA lending.

The merger is anticipated to be accretive to both tangible book value and earnings per share in 2023. The deal has received unanimous board approval and is expected to close in Q1 2023, pending regulatory and shareholder approvals.

Integrated Financial Holdings, Inc. (OTCQX: IFHI) reported first quarter 2022 net income of $3.6 million or $1.59 per diluted share, a decrease from last year's $3.9 million or $1.76. Loan processing revenues fell to $2.7 million, down from $8.8 million in Q1 2021. Despite a decrease in total assets by 5%, shareholders’ equity rose by 3%. The return on equity dropped to 15.97% from 20.30%. A decrease in noninterest expenses by 18% to $10.4 million was noted. The bank maintains strong asset quality and anticipates continued loan demand despite rising rates affecting the mortgage market.

Integrated Financial Holdings (OTCQX: IFHI) reported a record annual net income of $12.7 million or $5.71 per diluted share for the year ended December 31, 2021, up from $8.9 million in 2020. Return on average assets rose to 2.98%, and return on average common equity improved to 15.32%. Despite a decrease in fourth quarter net income to $1.3 million, the company experienced loan growth and a 16% increase in total assets to $453 million. The company allocated $6 million for balance sheet growth, emphasizing a strategy of holding more loans for interest income.

Integrated Financial Holdings (OTCQX: IFHI) reported strong Q3 2021 earnings, with a net income of $2.9 million or $1.32 per diluted share, up from $1.7 million or $0.78 per diluted share in Q3 2020. Key metrics include a return on average assets of 2.61% and a significant increase in loan processing and servicing revenue to $6 million. Total deposits rose to $340.9 million, a 13% increase. Despite challenges in mortgage revenue, overall growth remains robust due to strategic initiatives in government lending and deposit growth in the hemp industry.

Integrated Financial Holdings, Inc. (OTCQX: IFHI) reported a net income of $4.6 million ($2.07 per share) for Q2 2021, down from $6.3 million ($2.84 per share) in Q2 2020. The provision for loan losses decreased significantly to $50,000 from $665,000 year-over-year. The return on average assets fell to 4.39% from 7.11%, and return on average common equity dropped to 22.53% from 35.18%. Total assets increased to $440.3 million (up 13%), with nonperforming assets ratio improving to 1.55%. Noninterest income was $12.6 million, a decrease of 22% compared to the previous year.

OTC Markets Group Inc. has welcomed Integrated Financial Holdings, Inc. (OTCQX: IFHI) to the OTCQX Best Market, having upgraded from the Pink market. This transition signifies a key milestone for Integrated Financial Holdings, aimed at enhancing transparency and shareholder value. The company is committed to integrating financial service capabilities while adhering to high financial standards. Eric Bergevin, President & CEO, emphasized the company's vision of reshaping the financial service industry. U.S. investors can access real-time quotes and financial disclosures on OTC Markets.