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Intervest Bancshares Corporation Reports 2012 Third Quarter Earnings Of $2.2 Million Or $0.10 Per Share

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:   2012   2011   2012   2011
Interest and dividend income $19,082   $23,160 $59,486   $70,671
Interest expense 9,223   12,729   29,964   39,016
Net interest and dividend income 9,859 10,431 29,522 31,655
Provision for loan losses - 2,191 - 4,978
Noninterest income 1,187 2,004 3,718 3,334
Noninterest expenses:
Provision for real estate losses 1,025 701 2,933 1,979
Real estate expenses 883 121 1,822 1,000
Operating expenses 4,160   3,578   12,473   12,087
Earnings before income taxes 4,978 5,844 16,012 14,945
Provision for income taxes 2,300   2,771   7,320   6,833
Net earnings before preferred dividend requirements 2,678 3,073 8,692 8,112
Preferred dividend requirements (1) 453   435   1,345   1,290
Net earnings available to common stockholders $ 2,225   $ 2,638   $ 7,347   $ 6,822
Basic and diluted earnings per common share   $0.10   $0.12   $0.34   $0.32
Average shares used for basic earnings per share 21,589,744 21,126,489 21,558,092 21,126,489
Average shares used for diluted earnings per share (2) 21,590,722 21,126,489 21,558,368 21,126,489
Common shares outstanding at end of period 21,589,589 21,126,489 21,589,589 21,126,489
Common stock options/warrants outstanding at end of period (2)   1,041,122   1,045,422   1,041,122   1,045,422
Yield on interest-earning assets 4.48% 4.74% 4.50% 4.85%
Cost of funds 2.35% 2.81% 2.45% 2.90%
Net interest margin (3)   2.32%   2.13%   2.23%   2.17%
Return on average assets (annualized) 0.59% 0.60% 0.62% 0.53%
Return on average common equity (annualized) 5.93% 7.31% 6.53% 6.54%
Effective income tax rate 46% 47% 46% 46%
Efficiency ratio (4)   38%   29%   38%   35%
Average loans outstanding $1,162,038 $1,228,049 $1,162,224 $1,281,126
Average securities outstanding 524,000 705,291 595,455 653,943
Average short-term investments outstanding 7,987 6,179 7,576 13,204
Average assets outstanding   1,814,884   2,036,412   1,882,314   2,037,215
Average interest-bearing deposits outstanding $1,494,247 $1,716,529 $1,565,268 $1,720,306
Average borrowings outstanding 66,213 78,148 67,918 79,678
Average stockholders' equity   205,206   192,314   201,953   189,396
 

At Sep 30,

At Jun 30,

At Mar 31,

At Dec 31,

At Sep 30,

Selected Financial Condition Information:   2012   2012   2012   2011   2011
Total assets $1,751,880 $1,862,110 $1,909,052 $1,969,540 $1,991,245
Cash and short-term investments 94,268 122,378 89,839 29,863 36,798
Securities held to maturity 440,002 535,056 590,959 700,444 678,118
Loans, net of unearned fees 1,155,171 1,137,780 1,155,437 1,163,790 1,199,770
Allowance for loan losses 28,382 28,844 29,169 30,415 32,365
Allowance for loan losses/net loans 2.46% 2.54% 2.52% 2.61% 2.70%
Deposits 1,432,209 1,554,615 1,599,653 1,662,024 1,678,003
Borrowed funds and accrued interest payable 69,487 72,528 72,064 78,606 78,156
Preferred stockholder's equity 24,528 24,431 24,335 24,238 24,141
Common stockholders' equity 182,580 179,690 176,716 173,293 170,164
Common book value per share (5)   8.28   8.16   8.04   8.07   7.94
Loan chargeoffs for the quarter $ 548 $498 $1,430 $2,044 $1,667
Loan recoveries for the quarter 86 173 184 54 69
Real estate chargeoffs for the quarter 3,642 - - - -
Security impairment writedowns for the quarter   -   -   157   -   96
Nonaccrual loans (6) $47,957 $50,643 $53,208 $57,240 $59,707
Real estate owned, net of valuation allowance 21,858 26,370 27,767 28,278 27,005
Investment securities on a cash basis 4,221 4,221 4,221 4,378 4,378
Accruing troubled debt restructured (TDR) loans (7). 14,167 14,596 8,980 9,030 5,601
Loans 90 days past due and still accruing 6,503 5,290 2,798 1,925 8,571
Loans 60-89 days past due and still accruing 15,477 1,902 6,303 3,894 939
Loans 31-59 days past due and still accruing   50   -   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.
(2) Outstanding options/warrants to purchase 1,041,122 shares and 1,045,422 shares were not dilutive for the 2012 and 2011 periods, respectively.
(3) 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 2.49%, 2.46%, 2.44% and 2.31%, respectively.
(4) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.
(5) Represents common stockholders' equity less preferred dividends in arrears of $3.8 million, $3.5 million, $3.1 million, $2.8 million and $2.4 million, respectively, divided by common shares outstanding.
(6) Include performing TDRs maintained on nonaccrual status of $39 million, $39 million, $44 million, $46 million and $37 million, respectively.
(7) 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 September 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)

  Nine-Months

Ended

Sep 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:        
Total assets $1,751,880 $1,969,540 $2,070,868 $2,401,204 $2,271,833
Cash and short-term investments 94,268 29,863 23,911 7,977 54,903
Securities held to maturity 440,002 700,444 614,335 634,856 475,581
Loans, net of unearned fees 1,155,171 1,163,790 1,337,326 1,686,164 1,705,711
Allowance for loan losses 28,382 30,415 34,840 32,640 28,524
Allowance for loan losses/net loans 2.46% 2.61% 2.61% 1.94% 1.67%
Deposits 1,432,209 1,662,024 1,766,083 2,029,984 1,864,135
Borrowed funds and accrued interest payable 69,487 78,606 84,676 118,552 149,566
Preferred stockholder's equity 24,528 24,238 23,852 23,466 23,080
Common stockholders' equity 182,580 173,293 162,108 190,588 188,894
Common book value per share (1) 8.28 8.07 7.61 23.04 22.84
Market price per common share   3.80   2.65   2.93   3.28   3.99
Asset Quality Highlights
Nonaccrual loans $47,957 $57,240 $52,923 $123,877 $108,610
Real estate owned, net of valuation allowance 21,858 28,278 27,064 31,866 9,081
Investment securities on a cash basis 4,221 4,378 2,318 1,385 -
Accruing troubled debt restructured loans (2) 14,167 9,030 3,632 97,311 -
Loans past due 90 days and still accruing 6,503 1,925 7,481 6,800 1,964
Loans past due 31-89 days and still accruing 15,527 28,770 11,364 5,925 18,943
Loan chargeoffs 2,476 9,598 100,146 8,103 4,227
Loan recoveries 443 155 883 1,354 -
Real estate chargeoffs 3,642 - 15,614 - -
Impairment writedowns on security investments   157   201   1,192   2,258   -
Statement of Operations Highlights:
Interest and dividend income $59,486 $92,837 $ 107,072 $123,598 $128,497
Interest expense 29,964   50,540   62,692   81,000   90,335
Net interest and dividend income 29,522 42,297 44,380 42,598 38,162
Provision for loan losses - 5,018 101,463 10,865 11,158
Noninterest income 3,718 4,308 2,110 297 5,026
Noninterest expenses:
Provision for real estate losses 2,933 3,349 15,509 2,275 518
Real estate expenses 1,822 1,619 4,105 4,945 4,281
Operating expenses 12,473   15,861   19,069   19,864   14,074
Earnings (loss) before income taxes 16,012 20,758 (93,656) 4,946 13,157
Provision (benefit) for income taxes 7,320   9,512   (40,348)   1,816   5,891
Net earnings (loss) before preferred dividend requirements 8,692 11,246 (53,308) 3,130 7,266
Preferred dividend requirements (3) 1,345   1,730   1,667   1,632   41
Net earnings (loss) available to common stockholders $ 7,347   $ 9,516   $(54,975)   $ 1,498   $ 7,225
Basic earnings (loss) per common share $0.34 $0.45 $(4.95) $0.18 $0.87
Diluted earnings (loss) per common share $0.34 $0.45 $(4.95) $0.18 $0.87
Average common shares used to calculate:
Basic earnings (loss) per common share 21,558,092 21,126,187 11,101,196 8,270,812 8,259,091
Diluted earnings (loss) per common share 21,558,368 21,126,187 11,101,196 8,270,812 8,267,781
Common shares outstanding   21,589,589   21,125,289   21,126,489   8,270,812   8,270,812
Other ratios:
Net interest margin (4) 2.23% 2.18% 2.11% 1.83% 1.79%
Return on average assets 0.62% 0.56% -2.42% 0.13% 0.34%
Return on average common equity 6.53% 6.74% -32.20% 1.65% 3.94%
Effective income tax rate 46% 46% 43% 37% 45%
Efficiency ratio (5)   38%   34%   41%   46%   33%
(1)   Represents common stockholders' equity less preferred dividends in arrears ($3.8 million at September 30, 2012, $2.8 million at December 31, 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 2.44%, 2.31%, 2.17%, 1.89% and 1.90%, respectively.
(5) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.




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