Securities held to maturity increased by $63.8 million to $678.1 million at September 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 September 30, 2011, the portfolio, comprised mainly of U.S. government agency debt securities, had a weighted-average yield to earliest call date of 1.47% and a weighted-average remaining contractual maturity of 4.9 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, collateralized mortgage obligations or derivatives.Deposits at September 30, 2011 decreased to $1.68 billion from $1.77 billion at December 31, 2010, primarily reflecting an $89 million decrease in CD accounts. Borrowed funds and related interest payable at September 30, 2011 decreased to $78 million, from $85 million at December 31, 2010, due to the maturity and repayment of $8 million of FHLB borrowings, partially offset by a $1.7 million increase in accrued interest payable on trust preferred securities. As required by our regulators and as permitted by the underlying documents, since February 2010 we have suspended the payment of interest on $55 million of trust preferred securities as well as the declaration and payment of TARP dividends on $25 million of preferred stock held by the U.S. Treasury. Stockholders' equity increased to $194 million at September 30, 2011 from $186 million at December 31, 2010, due to $8 million of net earnings before preferred dividend requirements.
Intervest Bancshares Corporation Reports Earnings Of $2.6 Million Or $0.12 Per Share For 2011 Third Quarter
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