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 Earnings Of $2.5 Million Or $0.12 Per Share For 2011 Second Quarter

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.

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


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs