Securities held to maturity decreased to $440 million at September 30, 2012 from $700 million at December 31, 2011, reflecting calls of securities exceeding new purchases. A portion of the resulting proceeds was used to fund planned deposit outflow and a portion was being held temporarily in cash and short-term investments as denoted above. At September 30, 2012, the securities portfolio, which represented 25% of total assets and was comprised nearly all of U.S. government agency debt ($347 million) and residential mortgage-backed pass through securities ($89 million), had a weighted-average expected yield, remaining life and remaining contractual maturity of 1.32%, 1.3 years and 7.2 years, respectively.Loans totaled $1.15 billion at September 30, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $132 million of payoffs, $33 million of amortization and $2.5 million of chargeoffs, mostly offset by $159 million of new loans. Loans paid off had a weighted-average yield of 6.24%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of 4.64%, 6.0 years and 58%, respectively.
Intervest Bancshares Corporation Reports 2012 Third Quarter Earnings Of $2.2 Million Or $0.10 Per Share
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.