Total assets at September 30, 2011 decreased to $1.99 billion from $2.07 billion at December 31, 2010, primarily reflecting a decrease in loans, partially offset by an increase in security investments. Loans totaled $1.20 billion at September 30, 2011, a $138 million decrease from $1.34 billion at December 31, 2010. The decrease reflected $180.1 million of principal repayments (resulting from payoffs and amortization), $7.6 million of loan chargeoffs and $1.7 million transferred to REO, partially offset by $50.3 million of new originations. New loan originations for the first nine months of 2010 amounted to $46 million.Nonaccrual loans and REO aggregated to $87 million, or 4.4% of total assets, at September 30, 2011, compared to $80 million, or 3.9%, at December 31, 2010. Nonaccrual loans totaled $60 million at September 30, 2011 and $53 million at December 31, 2010 and included $37 million (9 loans) and $21 million (6 loans) of performing TDRs at each date, respectively. The increase in TDRs was primarily due to a $14.8 million nonaccrual loan restructured in June, which included $0.5 million of past due interest recovered as part of the settlement. The new terms call for interest payments at 5% in year one, increasing thereafter at predetermined amounts. All 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 nine months of 2011, based on updated appraisals received on the underlying collateral properties, we charged off a portion ($4.7 million in principal) of five TDRs. The borrowers remain obligated to pay all principal amounts due. The Company does not own or originate construction/development loans.
Intervest Bancshares Corporation Reports Earnings Of $2.6 Million Or $0.12 Per Share For 2011 Third Quarter
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