(2) For the 2012 quarterly and six-month periods, outstanding options/warrants to purchase 1,043,322 shares and 1,082,322 shares, respectively, were not dilutive. For both 2011 periods, outstanding options/warrants to purchase 1,045,422 shares were not dilutive.
(3) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.
(4) Represents common stockholders' equity less preferred dividends in arrears of $3.5 million, $3.1 million, $2.8 million, $2.4 million and $2.1 million, respectively, divided by common shares outstanding.
(5) Include performing TDRs maintained on nonaccrual status of $39 million, $44 million, $46 million, $37 million and $33 million, respectively.(6) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments, or extension of maturity date. All loans were performing and current as of June 30, 2012 and were yielding approximately 6.1%.
|INTERVEST BANCSHARES CORPORATION Consolidated Financial Highlights|
|At or For The Period Ended|
|($ in thousands, except per share amounts)||Six-Months Ended June 30, 2012||Year Ended Dec 31, 2011||Year Ended Dec 31, 2010||Year Ended Dec 31, 2009||Year Ended Dec 31, 2008|
|Balance Sheet Highlights:|
|Cash and short-term investments||122,378||29,863||23,911||7,977||54,903|
|Securities held to maturity||535,056||700,444||614,335||634,856||475,581|
|Loans, net of unearned fees||1,137,780||1,163,790||1,337,326||1,686,164||1,705,711|
|Allowance for loan losses||28,844||30,415||34,840||32,640||28,524|
|Allowance for loan losses/net loans||2.54||%||2.61||%||2.61||%||1.94||%||1.67||%|
|Borrowed funds and accrued interest payable||72,528||78,606||84,676||118,552||149,566|
|Preferred stockholder's equity||24,431||24,238||23,852||23,466||23,080|
|Common stockholders' equity||179,690||173,293||162,108||190,588||188,894|
|Common book value per share (1)||8.16||8.07||7.61||23.04||22.84|
|Market price per common share||3.83||2.65||2.93||3.28||3.99|
|Asset Quality Highlights|
|Real estate owned, net of valuation allowance||26,370||28,278||27,064||31,866||9,081|
|Investment securities on a cash basis||4,222||4,379||2,318||1,385||-|
|Accruing troubled debt restructured loans (2)||14,596||9,030||3,632||97,311||-|
|Loans past due 90 days and still accruing||5,290||1,925||7,481||6,800||1,964|
|Loans past due 31-89 days and still accruing||1,902||28,770||11,364||5,925||18,943|
|Real estate chargeoffs||-||-||15,614||-||-|
|Impairment writedowns on security investments||157||201||1,192||2,258||-|
|Statement of Operations Highlights:|
|Interest and dividend income||$40,404||$92,837||$ 107,072||$123,598||$128,497|
|Net interest and dividend income||19,663||42,297||44,380||42,598||38,162|
|Provision for loan losses||-||5,018||101,463||10,865||11,158|
|Provision for real estate losses||1,908||3,349||15,509||2,275||518|
|Real estate expenses||939||1,619||4,105||4,945||4,281|
|Earnings (loss) before income taxes||11,034||20,758||(93,656||)||4,946||13,157|
|Provision (benefit) for income taxes||5,020||9,512||(40,348||)||1,816||5,891|
|Net earnings (loss) before preferred dividend requirements||6,014||11,246||(53,308||)||3,130||7,266|
|Preferred dividend requirements (3)||892||1,730||1,667||1,632||41|
|Net earnings (loss) available to common stockholders||$ 5,122||$ 9,516||$(54,975||)||$ 1,498||$ 7,225|
|Basic earnings (loss) per common share||$0.24||$0.45||$(4.95||)||$0.18||$0.87|
|Diluted earnings (loss) per common share||$0.24||$0.45||$(4.95||)||$0.18||$0.87|
|Average common shares used to calculate:|
|Basic earnings (loss) per common share||21,542,103||21,126,187||11,101,196||8,270,812||8,259,091|
|Diluted earnings (loss) per common share||21,542,103||21,126,187||11,101,196||8,270,812||8,267,781|
|Common shares outstanding||21,590,689||21,125,289||21,126,489||8,270,812||8,270,812|
|Net interest margin (4)||2.19||%||2.18||%||2.11||%||1.83||%||1.79||%|
|Return on average assets||0.63||%||0.56||%||-2.42||%||0.13||%||0.34||%|
|Return on average common equity||6.83||%||6.74||%||-32.20||%||1.65||%||3.94||%|
|Effective income tax rate||46||%||46||%||43||%||37||%||45||%|
|Efficiency ratio (5)||37||%||34||%||41||%||46||%||33||%|
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