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TheStreet Open House

Intervest Bancshares Corporation Reports Earnings Of $2.5 Million Or $0.12 Per Share For 2011 Second Quarter

Stocks in this article: IBCA

Total assets at June 30, 2011 decreased to $2.05 billion from $2.07 billion at December 31, 2010, primarily reflecting a decrease in loans and overnight investments, partially offset by an increase in security investments. Total loans, net of unearned fees, amounted to $1.25 billion at June 30, 2011, an $85 million decrease from $1.34 billion at December 31, 2010. The decrease reflected $108.6 million of principal repayments (resulting from payoffs and normal amortization) and $5.9 million of loan chargeoffs, partially offset by $28.2 million of new originations. At June 30, 2011, the Company had a net deferred tax asset totaling $43 million, which included gross net operating loss carryforwards (NOLs) of $50 million for Federal purposes and $82 million for state and local purposes. The NOLs are available to reduce future taxable income.

Nonaccrual loans and real estate owned aggregated to $71 million, or 3.5% of total assets, at June 30, 2011, compared to $80 million, or 3.9%, at December 31, 2010. Nonaccrual loans totaled $45 million at June 30, 2011 and $53 million at December 31, 2010 and included $33 million and $21 million, respectively, of performing TDRs that are classified as nonaccrual based on regulatory guidance. In June 2011, a $14.8 million nonaccrual loan was restructured and $0.5 million of past due interest was recovered as part of the settlement. The restructured terms call for interest payments at 5% for the first year, increasing thereafter at predetermined amounts. All of the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. In the first half of 2011, based on updated appraisals received, the Bank charged off a portion ($3.6 million) of three of the performing TDRs. The borrowers remain obligated to pay all principal amounts due. The Company does not own or originate construction/development loans.

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