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

Stocks in this article: IBCA

The allowance for loan losses at June 30, 2011 was $31.8 million, representing 2.54% of total net loans, compared to $34.8 million, or 2.61%, at December 31, 2010 and $30.4 million, or 2.17%, at June 30, 2010. The overall allowance included specific reserves for impaired loans (comprised of nonaccrual loans and accruing TDRs) at each date of $3.4 million, $7.2 million and $3.0 million, respectively.

Securities held to maturity increased by $77 million to $691.3 million at June 30, 2011 from $614.3 million at December 31, 2010, due to new purchases exceeding calls and maturities. The growth in the security investments has been a function of decreased lending opportunities. At June 30, 2011, the portfolio, comprised mainly of U.S. government agency debt securities, had a weighted-average yield to earliest call date of 1.58% and a weighted-average remaining contractual maturity of 4.7 years. The Bank invests in U.S. government agency debt obligations to emphasize safety and liquidity, and does not own or invest in collateralized debt obligations or collateralized mortgage obligations.

Deposits at June 30, 2011 decreased to $1.74 billion from $1.77 billion at December 31, 2010, reflecting a $24 million decrease in time deposits and an $8 million decrease in money market deposit accounts. Borrowed funds and related interest payable at June 30, 2011 decreased to $83 million, from $85 million at December 31, 2010, due to the maturity and repayment of FHLB borrowings, partially offset by an increase in interest payable on trust preferred securities. Stockholders' equity increased to $191 million at June 30, 2011 from $186 million at December 31, 2010, primarily due to $5 million of net earnings before preferred dividend requirements. As required by agreements with its regulators, and as permitted by the underlying documents, the Company has suspended the payment of TARP dividends on its preferred stock and interest on its trust preferred securities since February 2010.

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