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

Net interest and dividend income decreased by $0.9 million to $10.1 million in Q3-10 from $11.0 million in Q3-09, reflecting the planned reduction in the size of our balance sheet, partially offset by an improved net interest margin. The margin increased to 1.98% in Q3-10 from 1.86% in Q3-09 primarily due to the effect of lower rates paid on deposits and the repayment of higher cost borrowings. The positive effect of these items was partially offset primarily by calls of higher yielding U.S. government agency security investments (coupled with reinvestment of the proceeds into similar securities with lower interest rates). The yield on average interest-earning assets decreased by 28 basis points to 4.96% in Q3-10, from 5.24% in Q3-09. The average cost of funds decreased at a faster pace by 60 basis points to 3.15% in Q3-10, from 3.75% in Q3-09. In Q3-10, average loans outstanding decreased by $352 million from Q3-09, while average interest-bearing deposits and borrowed funds decreased by $178 million and $18 million, respectively, from Q3-09. The Company's loan portfolio had an average yield of 6.42% in Q3-10.

Total assets at September 30, 2010 decreased to $2.10 billion from $2.40 billion at December 31, 2009, primarily reflecting a decrease in loans receivable and security investments, partially offset by an increase in the deferred tax asset.

Total loans receivable, net of unearned fees, amounted to $1.36 billion at September 30, 2010, a $323 million decrease from $1.68 billion at December 31, 2009. The decrease was due to an aggregate of $229 million of principal reductions resulting from the bulk sale completed in the second quarter of 2010 and other principal repayments, $41 million of loans transferred to real estate owned and $99 million of loan chargeoffs, partially offset by $46 million of new loan originations. The Company does not own or originate construction/development loans. Total securities held to maturity decreased by $21.0 million to $613.8 million at September 30, 2010 from $634.8 million at December 31, 2009, primarily due to calls exceeding new purchases. The securities portfolio is comprised mainly of U.S. government agency securities. At September 30, 2010, the Company had a net deferred tax asset totaling $47.8 million, of which $29 million related to an unused gross operating loss carryforward of $67 million generated from the previously reported May 2010 bulk sale of nonperforming and underperforming assets.

3 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 $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs