This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intervest Bancshares Corporation Reports Net Loss Of $2.9 Million For The First Quarter Of 2010

Total nonperforming assets at March 31, 2010 amounted to $154.1 million, or 6.75% of total assets, compared to $155.8 million, or 6.49% of total assets at December 31, 2009. At March 31, 2010, nonperforming assets consisted of $96.2 million of nonaccrual loans, made up of 32 loans, and $57.9 million of real estate acquired through foreclosure, made up of 15 properties. At March 31, 2010, we also had $116.9 million (21 loans) of accruing restructured loans (with a weighted average interest rate of 4.87%) on which the Bank has granted certain concessions to provide payment relief to the borrower. These concessions generally consist of the deferral of principal and or interest payments for a period of time, or a partial reduction in interest payments.

The total allowance for loan losses decreased to $28.3 million at March 31, 2010 from $32.6 million at December 31, 2009, due to $14.0 million of chargeoffs, partially offset by a $9.7 million loan loss provision. The allowance represented 1.73% of total loans (net of deferred fees) at March 31, 2010, compared to 1.94% at December 31, 2009. At each date, a SFAS 114 specific valuation allowance (included as part of the overall allowance for loan losses) in the aggregate amount of $11.0 million and $13.8 million, respectively, was maintained on total nonaccrual and restructured loans.

Total deposits at March 31, 2010 decreased to $1.93 billion from $2.03 billion at December 31, 2009, nearly all of which was due to a $95 million decrease in certificate of deposit accounts.

Total borrowed funds and related interest payable at March 31, 2010 decreased to $103 million, from $119 million at December 31, 2009, due to the maturity and repayment of $16 million of FHLBNY borrowings. As disclosed in a prior report on Form 8-K, the Company has exercised its right to defer regularly scheduled interest payments on its $55 million of junior subordinated notes relating to its outstanding trust preferred securities and has also deferred the payment of its regular quarterly cash dividends on its $25 million of preferred stock held by the U.S. Treasury. The interest and dividend requirements continue to be accrued for financial statement purposes.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
IBCA $10.78 1.99%
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs