- Net earnings amounted to $2.6 million, or $0.12 per diluted common share, for the third quarter of 2011 ("Q3-11"), compared to net earnings of $2.5 million, or $0.12 per share, for the second quarter of 2011 ("Q2-11'') and a net loss of $0.7 million, or $0.07 per share for the third quarter of 2010 ("Q3-10"). Earnings before deducting provisions for loan and real estate losses, real estate expenses, income taxes and preferred dividend requirements were $8.9 million in Q3-11, compared to $7.8 million in Q2-11 and $4.9 million in Q3-10.
- The net interest margin was 2.13% for Q3-11, compared to 2.24% for Q2-11 and 1.98% for Q3-10.
- Nonaccrual loans and real estate owned (REO) totaled $87 million at September 30, 2011, compared to $71 million at June 30, 2011 and $80 million at December 31, 2010. Nonaccrual loans include certain restructured loans (TDRs) that are current and performing in accordance with their renegotiated terms, but are classified nonaccrual based on regulatory guidance. At September 30, 2011, such loans totaled $37 million and were yielding 4.71%, compared to $33 million yielding 4.43% at June 30, 2011 and $21 million yielding 2.98% at December 31, 2010.
- The total provision for loan and real estate losses amounted to $2.9 million in Q3-11, compared to $2.0 million in Q2-11 and $4.6 million in Q3-10. The allowance for loan losses was 2.70% of total outstanding loans at September 30, 2011, compared to 2.54% at June 30, 2011 and 2.61% at December 31, 2010.
- Noninterest expenses amounted to $3.6 million in Q3-11, compared to $4.1 million in Q2-11 and $5.2 million in Q3-10. The Company's efficiency ratio, which is a measure of its ability to control expenses as a percentage of its revenues, improved to 29% in Q3-11, from 35% in Q2-11 and 51% in Q3-10.
- Intervest National Bank's regulatory capital ratios at September 30, 2011 were well above its minimum requirements and were as follows: Tier One Leverage - 10.62%; Tier One Risk-Based - 15.28%; and Total Risk-Based Capital - 16.54%. The Bank's minimum required capital ratios as per its agreement with its regulator are 9%, 10% and 12%, respectively.
- Common book value per share increased to $7.94 at September 30, 2011.
Intervest Bancshares Corporation Reports Earnings Of $2.6 Million Or $0.12 Per Share For 2011 Third Quarter
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts