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.
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