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.
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