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Intervest Bancshares Corporation Reports Earnings Of $2.3 Million Or $0.11 Per Share For 2012 Second Quarter

Selected Consolidated Financial Information Follows.

INTERVEST BANCSHARES CORPORATION

Selected Consolidated Financial Information

 
( Dollars in thousands, except per share amounts)   Quarter Ended Six-Months Ended
June 30, June 30,
Selected Operating Data:   2012   2011   2012   2011  
Interest and dividend income $19,706 $23,917 $40,404 $47,511
Interest expense 10,001   13,044   20,741   26,287  
Net interest and dividend income 9,705 10,873 19,663 21,224
Provision for loan losses - 742 - 2,787
Noninterest income 1,406 1,007 2,531 1,330
Noninterest expenses:
Provision for real estate losses 1,397 1,278 1,908 1,278
Real estate expenses 479 554 939 879
Operating expenses 4,149   4,099   8,313   8,509  
Earnings before income taxes 5,086 5,207 11,034 9,101
Provision for income taxes 2,326   2,321   5,020   4,062  
Net earnings before preferred dividend requirements 2,760 2,886 6,014 5,039
Preferred dividend requirements (1) 448   428   892   855  
Net earnings available to common stockholders $ 2,312   $ 2,458   $ 5,122   $ 4,184  
Basic and diluted earnings per common share   $0.11   $0.12   $0.24   $0.20  
Average shares used for basic earnings per share (2) 21,590,689 21,126,489 21,542,103 21,126,489
Average shares used for diluted earnings per share (2) 21,591,648 21,126,489 21,542,103 21,126,489
Common shares outstanding at end of period 21,590,689 21,126,489 21,590,689 21,126,489
Common stock options/warrants outstanding at end of period   1,082,322   1,045,422   1,082,322   1,045,422  
Yield on interest-earning assets 4.52 % 4.94 % 4.51 % 4.91 %
Cost of funds 2.46 % 2.92 % 2.50 % 2.94 %
Net interest margin   2.23 % 2.24 % 2.19 % 2.19 %
Return on average assets (annualized) 0.58 % 0.57 % 0.63 % 0.49 %
Return on average common equity (annualized) 6.22 % 7.00 % 6.83 % 6.15 %
Effective income tax rate 46 % 45 % 46 % 45 %
Efficiency ratio (3)   37 % 35 % 37 % 38 %
Average loans outstanding $1,159,305 $1,287,029 $1,162,318 $1,308,104
Average securities outstanding 586,814 640,194 632,829 627,844
Average short-term investments outstanding 7,071 16,497 7,368 16,774
Average assets outstanding   1,887,668   2,029,339   1,916,410   2,037,623  
Average interest-bearing deposits outstanding $1,570,674 $1,712,380 $1,601,169 $1,722,225
Average borrowings outstanding 67,202 79,334 68,779 80,455
Average stockholders' equity   201,873   188,993   200,319   187,914  
At Jun 30, At Mar 31, At Dec 31, At Sep 30, At Jun 30,
Selected Financial Condition Information: 2012   2012   2011   2011   2011  
Total assets $1,862,110 $1,909,052 $1,969,540 $1,991,245 $2,050,379
Cash and short-term investments 122,378 89,839 29,863 36,798 14,461
Securities held to maturity 535,056 590,959 700,444 678,118 691,334
Loans, net of unearned fees 1,137,780 1,155,437 1,163,790 1,199,770 1,252,128
Allowance for loan losses 28,844 29,169 30,415 32,365 31,772
Allowance for loan losses/net loans 2.54 % 2.52 % 2.61 % 2.70 % 2.54 %
Deposits 1,554,615 1,599,653 1,662,024 1,678,003 1,735,292
Borrowed funds and accrued interest payable 72,528 72,064 78,606 78,156 82,634
Preferred stockholder's equity 24,431 24,335 24,238 24,141 24,045
Common stockholders' equity 179,690 176,716 173,293 170,164 167,109
Common book value per share (4) 8.16     8.04   8.07   7.94   7.81  
Loan chargeoffs for the quarter $498 $1,430 $2,044 $1,667 $ 1,374
Loan recoveries for the quarter 173 184 54 69 4
Real estate chargeoffs for the quarter - - - - -
Security impairment writedowns for the quarter -     157   -   96   -  
Nonaccrual loans (5) $50,643 $53,208 $57,240 $59,707 $45,352
Real estate owned, net of valuation allowance 26,370 27,767 28,278 27,005 25,786
Investment securities on a cash basis 4,222 4,222 4,379 4,379 4,475

Accruing troubled debt restructured (TDR) loans (6)

14,596 8,980 9,030 5,601 5,619
Loans 90 days past due and still accruing 5,290 2,798 1,925 8,571 4,594
Loans 60-89 days past due and still accruing 1,902 6,303 3,894 939 7,704
Loans 31-59 days past due and still accruing -     11,840   24,876   -   -  

(1) Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount.

Stock quotes in this article: IBCA 

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