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 $0.7 Million For The Third Quarter Of 2010

Intervest Bancshares Corporation (NASDAQ-GS: IBCA) (the "Company") today reported a net loss for the third quarter of 2010 ("Q3-10") of $0.7 million, or $0.07 per diluted common share, compared to net income of $0.3 million, or $0.04 per share, for the third quarter of 2009 ("Q3-09"). Results for both periods included $0.4 million of preferred dividend requirements related to the Company's participation in TARP. The change in results was primarily due to a $1.8 million increase in the combined provision for loan and real estate losses and a $0.6 million non-recurring charge related to the conversion of Intervest National Bank's core data processing to a lower-cost provider. These items were partially offset by a $1.3 million decrease in carrying expenses associated with a lower level of nonperforming assets. At September 30, 2010, the Company's common stock book value per share was $15.26.

At September 30, 2010, nonaccrual loans, troubled debt restructurings (TDRs) and real estate owned aggregated to $78 million, or 3.7% of total assets, compared to $75 million, or 3.4%, at June 30, 2010 and $253 million, or 10.5%, at December 31, 2009. At September 30, 2010, the allowance for loan losses was $32.3 million, representing 2.37% of total net loans, compared to $30.4 million, or 2.17%, at June 30, 2010 and $32.6 million, or 1.94%, at December 31, 2009.

At September 30, 2010, Intervest National Bank's regulatory capital ratios were as follows: total capital to risk-weighted assets – 12.43%; Tier 1 capital to risk-weighted assets – 11.17%; and Tier 1 capital to total average assets (leverage ratio) – 8.42%. Except for its leverage ratio requirement of 9%, the Bank's other two capital ratios were in excess of the higher levels of capital that the Bank has agreed to maintain of 12% and 10%, respectively. The Company's consolidated regulatory ratios were 12.96%, 11.68% and 8.81%, respectively, at September 30, 2010.

1 of 6

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
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs