- Net earnings for the first quarter of 2012 ("Q1-12") increased to $2.8 million, or $0.13 per diluted common share, from $1.7 million, or $0.08 per share, for the first quarter of 2011 ("Q1-11").
- Earnings before deducting provisions for loan and real estate losses, real estate expenses, income taxes and preferred dividend requirements increased to $6.9 million in Q1-12, from $6.3 million in Q1-11.
- Provisions for loan and real estate losses decreased to $0.5 million in Q1-12, from $2.0 million in Q1-11. The allowance for loan losses amounted to $29.2 million at March 31, 2012 and represented 2.52% of total outstanding loans.
- Net interest and dividend income decreased to $10.0 million in Q1-12, from $10.4 million in Q1-11, while the net interest margin improved slightly to 2.16% in Q1-12, from 2.14% in Q1-11. New loan originations for Q1-12 increased to $50 million, from $7 million in Q1-11.
- Noninterest expenses decreased to $4.2 million in Q1-12, from $4.4 million in Q1-11. The efficiency ratio (which measures the Company's ability to control expenses as a percentage of revenues) continued to be excellent and was 38% in Q1-12, compared to 41% in Q1-11.
- Nonaccrual loans and real estate owned (REO) totaled $81 million at March 31, 2012, compared to $86 million at December 31, 2011. Nonaccrual loans include certain restructured loans (TDRs) that are current as to payments and performing in accordance with their renegotiated terms, but are required to be classified nonaccrual based on regulatory guidance. At March 31, 2012, such loans totaled $44 million compared to $46 million at December 31, 2011 and they were yielding approximately 5%.
- Intervest National Bank's regulatory capital ratios continued to increase and be well above its minimum requirements. At March 31, 2012, its actual capital ratios were as follows: Tier One Leverage - 11.73%; Tier One Risk-Based - 16.88%; and Total Risk-Based Capital - 18.14%, compared to its minimum requirements of 9%, 10% and 12%, respectively. The Bank's Tier 1 capital amounted to $225 million and was $52 million in excess of the required minimum for its Tier One Leverage ratio.
- Book value per common share was $8.04 at March 31, 2012, compared to $8.07 at December 31, 2011, reflecting increased common shares outstanding from restricted stock awards made to directors and employees in Q1-12 under the Company's Long Term Incentive Plan.
Intervest Bancshares Corporation Reports 2012 First Quarter Earnings Of $2.8 Million Or $0.13 Per Share
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