- Net earnings for the first quarter of 2011 ("Q1-11") amounted to $1.7 million, or $0.08 per diluted common share, compared to a net loss of $2.9 million, or $0.35 per share, for the same quarter a year ago ("Q1-10") and net earnings of $0.4 million, or $0.02 per share, for the fourth quarter of 2010 ("Q4-10").
- Pre-tax earnings before deducting provisions for loan and real estate losses and real estate expenses amounted to $6.3 million in Q1-11, compared to $8.3 million in Q1-10 and $6.6 million in Q4-10.
- Net interest margin for Q1-11 was 2.14%, compared to 2.23% in Q1-10 and 2.06% in Q4-10.
- Nonaccrual loans and real estate owned totaled $72 million at March 31, 2011, down 10% from $80 million at December 31, 2010 and 53% from $154 million at March 31, 2010. New non-accrual loans decreased to $5 million in Q1-11, down from $26 million in Q1-10 and $15 million in Q4-10.
- The total provision for loan and real estate losses decreased to $2.0 million for Q1-11, down substantially from $11.6 million in Q1-10 and $4.7 million in Q4-10. The allowance for loan losses amounted to 2.49% of total outstanding loans at March 31, 2011, compared to 2.61% at December 31, 2010 and 1.73% at March 31, 2010.
- Noninterest expense amounted to $4.4 million in Q1-11, down from $4.7 million in Q1-10 and $4.9 million in Q4-10. The Company's efficiency ratio, which is a measure of its ability to control expenses as a percentage of its revenues, was 41% in Q1-11, 42% in Q4-10 and 36% in Q1-10.
- Intervest National Bank's regulatory capital ratios continued to improve and were well in excess of the minimums that the Bank has agreed with its regulator to maintain. At March 31, 2011, the Bank's actual ratios were as follows: total capital to risk-weighted assets – 14.81%; Tier 1 capital to risk-weighted assets – 13.55%; and Tier 1 capital to total average assets (leverage ratio) – 10.04%. The Bank's minimum required capital ratios are 12%, 10% and 9%, respectively.
- Common book value per share increased to $7.69 at March 31, 2011 from $7.61 at December 31, 2010.
Intervest Bancshares Corporation Reports 2011 First Quarter Earnings Of $1.7 Million
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