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Integrated Financial Holdings, Inc. (OTC PINK: IFHI) reported robust first-quarter financial results for 2021, achieving a net income of $3.9 million or $1.76 per diluted share, a significant turnaround from a $832,000 loss in Q1 2020. Loan processing and servicing revenue surged to $8.8 million, up from $1.7 million year-over-year. Total assets reached $408.2 million, while total deposits increased 4%. The company attributed its success to high activity in its PPP loans and government guaranteed lending. However, noninterest expenses rose sharply by 110% due to increased software costs for loan processing.
West Town Insurance Agency, effective April 1, 2021, has welcomed Amy S. Roberson as an Insurance Producer, expanding its team to four producers across North Carolina and Illinois. Roberson, with over ten years in business development and a background in the medical industry, aims to enhance the agency's market share in eastern North Carolina. She brings experience as a Physical Therapist Assistant and a business owner, focusing on tailored insurance solutions amid increased risk management needs. The agency, a subsidiary of Integrated Financial Holdings, Inc. (IFHI), emphasizes personalized coverage for individuals and businesses.
Integrated Financial Holdings, Inc. (OTCPK: IFHI) has initiated a stock repurchase program, allowing the Company to buy back up to 9.99% of its outstanding common stock. This decision reflects the Board's confidence in the Company's capital position and aims to maximize shareholder returns. Repurchases will be conducted at the Company's discretion, influenced by market conditions and alternative investment opportunities. The Company also retains the right to suspend or terminate the program at any time.
Integrated Financial Holdings, Inc. (OTC PINK: IFHI) reported fourth quarter net income of $1.7 million, or $0.78 per diluted share, unchanged from Q4 2019. Loan losses provision dropped to $210,000 from $1.2 million year-over-year. Key metrics include a 1.73% return on average assets and a 26% increase in total assets to $396.5 million. The Bank funded $22.8 million in PPP loans, with strong deposit growth of 36%. Noninterest income rose 38% year-over-year, driven by processing and servicing revenues, while noninterest expenses increased by 50%.
Windsor Advantage has appointed Will McClain as President & CEO, succeeding Michael Breckheimer, who transitions to Executive VP of Corporate Strategy at Integrated Financial Holdings (OTCPK: IFHI). McClain, with nearly a decade of experience at Windsor, is expected to lead the company in a pivotal year for SBA lending due to the CARES Act provisions. Windsor has processed over $4 billion in SBA loans since 2012, and McClain's leadership is anticipated to bolster company growth and enhance client experiences.
West Town Bank & Trust has appointed Ross Sloan as Senior Vice President of its Hemp Banking Division, effective September 30, 2020. With over 30 years in banking, Sloan aims to enhance the bank's service to hemp-related businesses following the 2018 Farm Bill that legalized hemp production. The bank focuses on compliance and customer relations to address the unique needs of its hemp clients, aided by technology and strategic partnerships. This move aligns with West Town's strategy to expand its market share in the growing hemp industry.