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Intervest Bancshares Corporation Reports Earnings Of $2.6 Million Or $0.12 Per Share For 2011 Third Quarter

Stocks in this article: IBCA

Selected Consolidated Financial Information Follows.

 
 

INTERVEST BANCSHARES CORPORATION

Selected Consolidated Financial Information

(Dollars in thousands, except per share amounts)     Quarter Ended     Nine-Months Ended
September 30,     September 30,
Selected Operating Data:     2011     2010     2011     2010
Interest and dividend income $23,160     $ 25,265 $70,671     $82,325
Interest expense 12,729       15,180       39,016       48,385  
Net interest and dividend income 10,431 10,085 31,655 33,940
Provision for loan losses 2,191 1,598 4,978 98,770
Noninterest income 2,004 7 3,334 1,037
Noninterest expenses:
Provision for real estate losses 701 2,984 1,979 13,505
Real estate expenses 121 665 1,000 3,762
All other noninterest expenses 3,578       5,163       12,087       14,182  
Earnings (loss) before income taxes 5,844 (318 ) 14,945 (95,242 )
Provision (benefit) for income taxes 2,771       (78 )     6,833       (41,075 )
Net earnings (loss) before preferred dividend requirements 3,073 (240 ) 8,112 (54,167 )
Preferred dividend requirements (1) 435       421       1,290       1,245  
Net earnings (loss) available to common stockholders $ 2,638       $ (661 )     $ 6,822       $(55,412 )
Basic earnings (loss) per common share $0.12 $(0.07 ) $0.32 $(6.39 )
Diluted earnings (loss) per common share     $0.12       $(0.07 )     $0.32       $(6.39 )
Average shares used for basic and diluted earnings (loss) per share (2) 21,126,489 9,120,812 21,126,489 8,672,460
Common shares outstanding at end of period 21,126,489 9,120,812 21,126,489 9,120,812
Common stock options/warrants outstanding at end of period     1,045,422       1,018,122       1,045,422       1,018,122  
Yield on interest-earning assets 4.74 % 4.96 % 4.85 % 5.14 %
Cost of funds 2.81 % 3.15 % 2.90 % 3.25 %
Net interest margin     2.13 %     1.98 %     2.17 %     2.12 %
Return on average assets (annualized) 0.60 % -0.05 % 0.53 % -3.23 %
Return on average common equity (annualized) 7.31 % -0.68 % 6.54 % -42.89 %
Effective income tax rate 47 % 25 % 46 % 43 %
Efficiency ratio (3)     29 %     51 %     35 %     41 %
Average loans outstanding $1,228,049 $1,382,753 $1,281,126 $1,533,305
Average securities outstanding 705,291 624,197 653,943 586,284
Average short-term investments outstanding 6,179 14,690 13,204 20,973
Average assets outstanding     2,036,412       2,127,002       2,037,215       2,233,547  
Average interest-bearing deposits outstanding $1,716,529 $1,819,907 $1,720,306 $1,889,498
Average borrowings outstanding 78,148 92,801 79,678 100,671
Average stockholders' equity     192,314       164,288       189,396       192,008  
                         
   

At Sep 30,

At Jun 30,

At Mar 31,

At Dec 31,

At Sep 30,

Selected Financial Condition Information:     2011     2011     2011     2010     2010
Total assets $1,991,245 $2,050,379 $2,014,125 $2,070,868 $2,104,098
Cash and short-term investments 36,798 14,461 29,079 23,911 13,815
Securities held to maturity 678,118 691,334 589,940 614,335 613,844
Loans, net of unearned fees 1,199,770 1,252,128 1,300,546 1,337,326 1,363,312
Allowance for loan losses 32,365 31,772 32,400 34,840 32,250
Allowance for loan losses/net loans 2.70 % 2.54 % 2.49 % 2.61 % 2.37 %
Deposits 1,678,003 1,735,292 1,706,630 1,766,083 1,806,834
Borrowed funds and accrued interest payable 78,156 82,634 82,072 84,676 89,135
Preferred stockholder's equity 24,141 24,045 23,948 23,852 23,755
Common stockholders' equity 170,164 167,109 164,243 162,108 140,317
Common book value per share (4)     7.94       7.81       7.69       7.61       15.26  
Loan chargeoffs for the quarter $ 1,667 $ 1,374 $ 4,513 $ 386 $ 298
Loan recoveries for the quarter 69 4 28 283 600
Real estate chargeoffs for the quarter - - - 2,970 912
Security impairment writedowns for the quarter     96       -       105       351       293  
Nonaccrual loans (5) $ 59,707 $ 45,352 $ 45,192 $ 52,923 $ 38,560
Real estate owned, net of valuation allowance 27,005 25,786 27,064 27,064 38,792
Investment securities on a cash basis 4,379 4,475 4,475 2,318 2,670
Accruing troubled debt restructured (TDR) loans (6). 5,601 5,619 5,630 3,632 617
Loans 90 days past due and still accruing 8,571 4,594 3,879 7,481 16,865
Loans 31-89 days past due and still accruing     939       7,704       21,785       11,364       5,264  
(1)   Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount.
(2) Outstanding options/warrants were not dilutive for the reporting periods.
(3) Represents noninterest expenses (excluding provisions for real estate losses & real estate expenses) as a percentage of net interest and dividend income plus noninterest income.
(4) Represents common stockholders' equity less preferred dividends in arrears ($2.4 million at September 30, 2011 and $1.4 million at December 31, 2010) divided by common shares outstanding.
(5) Include performing TDRs maintained on nonaccrual status of $37 million, $33 million, $18 million, $21 million and $22 million, respectively.
(6) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments.
     
 

INTERVEST BANCSHARES CORPORATION

Consolidated Financial Highlights

  At or For The Period Ended

 

 ($ in thousands, except per share amounts)

     

Nine-Months

Ended

Sep 30,

2011

   

Year

Ended

Dec 31,

2010

   

Year

Ended

Dec 31,

2009

   

Year

Ended

Dec 31,

2008

   

Year

Ended

Dec 31,

2007

Balance Sheet Highlights:                
Total assets $1,991,245 $2,070,868 $2,401,204 $2,271,833 $2,021,392
Cash and short-term investments 36,798 23,911 7,977 54,903 33,086
Securities held to maturity 678,118 614,335 634,856 475,581 344,105
Loans, net of unearned fees 1,199,770 1,337,326 1,686,164 1,705,711 1,614,032
Allowance for loan losses 32,365 34,840 32,640 28,524 21,593
Allowance for loan losses/net loans 2.70 % 2.61 % 1.94 % 1.67 % 1.34 %
Deposits 1,678,003 1,766,083 2,029,984 1,864,135 1,659,174
Borrowed funds and accrued interest payable 78,156 84,676 118,552 149,566 136,434
Preferred stockholder's equity 24,141 23,852 23,466 23,080 -
Common stockholders' equity 170,164 162,108 190,588 188,894 179,561
Common book value per share (1) 7.94 7.61 23.04 22.84 22.23
Market price per common share       2.68       2.93       3.28       3.99       17.22  
Asset Quality Highlights
Nonaccrual loans $59,707 $52,923 $123,877 $108,610 $90,756
Real estate owned, net of valuation allowance 27,005 27,064 31,866 9,081 -
Investment securities on a cash basis 4,379 2,318 1,385 - -
Accruing troubled debt restructured loans (2) 5,601 3,632 97,311 - -
Loans past due 90 days and still accruing 8,571 7,481 6,800 1,964 11,853
Loans past due 31-89 days and still accruing 939 11,364 5,925 18,943 25,122
Loan chargeoffs 7,554 100,146 8,103 4,227 -
Loan recoveries 101 883 1,354 - -
Real estate chargeoffs - 15,614 - - -
Impairment writedowns on security investments       201       1,192       2,258       -       -  
Statement of Operations Highlights:
Interest and dividend income $70,671 $ 107,072 $123,598 $128,497 $131,916
Interest expense   39,016       62,692       81,000       90,335       89,653  
Net interest and dividend income 31,655 44,380 42,598 38,162 42,263
Provision for loan losses 4,978 101,463 10,865 11,158 3,760
Noninterest income 3,334 2,110 297 5,026 8,825
Noninterest expenses:
Provision for real estate losses 1,979 15,509 2,275 518 -
Real estate expenses 1,000 4,105 4,945 4,281 489
All other noninterest expenses   12,087       19,069       19,864       14,074       12,387  
Earnings (loss) before income taxes 14,945 (93,656 ) 4,946 13,157 34,452
Provision (benefit) for income taxes   6,833       (40,348 )     1,816       5,891       15,012  
Net earnings (loss) before preferred dividend requirements 8,112 (53,308 ) 3,130 7,266 19,440
Preferred dividend requirements (3)   1,290       1,667       1,632       41       -  
Net earnings (loss) available to common stockholders   $ 6,822       $(54,975 )     $ 1,498       $ 7,225       $ 19,440  
 
Basic earnings (loss) per common share $0.32 $(4.95 ) $0.18 $0.87 $2.35
Diluted earnings (loss) per common share $0.32 $(4.95 ) $0.18 $0.87 $2.31
 
Average common shares used to calculate:
Basic earnings (loss) per common share 21,126,489 11,101,196 8,270,812 8,259,091 8,275,539
Diluted earnings (loss) per common share 21,126,489 11,101,196 8,270,812 8,267,781 8,422,017
Common shares outstanding   21,126,489       21,126,489       8,270,812       8,270,812       8,075,812  
Net interest margin (4) 2.17 % 2.11 % 1.83 % 1.79 % 2.11 %
Return on average assets 0.53 % -2.42 % 0.13 % 0.34 % 0.96 %
Return on average common equity 6.54 % -32.20 % 1.65 % 3.94 % 11.05 %
Effective income tax rate 46 % 43 % 37 % 45 % 44 %
Efficiency ratio (5)       35 %     41 %     46 %     33 %     24 %
(1)   Represents common stockholders' equity less preferred dividends in arrears ($2.4 million at September 30, 2011 and $1.4 million at December 31, 2010) divided by common shares outstanding.
(2) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments.
(3) Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount.
(4) Net interest margin is reported exclusive of income from loan prepayments, which is included as a component of noninterest income. Inclusive of such income, the margin would compute to 2.31%, 2.18%, 1.81%, 1.95% and 2.57%, respectively.
(5) Represents noninterest expenses (excluding provisions for real estate losses and real estate expenses) as a percentage of net interest and dividend income plus noninterest income.
 




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