This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Intervest Bancshares Corporation Reports 2012 Fourth Quarter Earnings Of $3.1 Million Or $0.14 Per Share And Full Year Earnings Of $10.4 Million Or $0.48 Per Share

Stocks in this article: IBCA

Total assets at December 31, 2012 decreased to $1.67 billion from $1.97 billion at December 31, 2011, primarily reflecting a $257 million decrease in security investments and a $56 million decrease in loans, partially offset by a $31 million increase in cash and short-term investments.

Securities held to maturity decreased to $444 million at December 31, 2012 from $700 million at December 31, 2011, reflecting calls of securities exceeding new purchases. The bulk of the resulting proceeds were used to fund planned deposit outflow and repayments of borrowings and a portion was being held temporarily in cash and short-term investments. At December 31, 2012, the securities portfolio, which represented 27% of total assets and was comprised almost entirely of U.S. government agency debt ($355 million) and residential mortgage-backed pass through securities ($84 million), had a weighted-average expected yield, remaining life and remaining contractual maturity of 1.05%, 2.0 years and 7.1 years, respectively.

Loans totaled $1.11 billion at December 31, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $249 million of payoffs, $42 million of amortization, $2.3 million of net chargeoffs and $4.7 million of transfers to REO, mostly offset by $242 million of new loans. Loans paid off had a weighted-average yield of 6.15%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of 4.87%, 5.8 years and 56%, respectively.

Nonaccrual loans and REO aggregated to $62 million, or 3.7% of total assets, at December 31, 2012, compared to $86 million, or 4.3%, at December 31, 2011. Nonaccrual loans totaled $46 million at December 31, 2012, down from $57 million at December 31, 2011. Nonaccrual loans included $36 million (10 loans) and $46 million (12 loans) of TDRs that were current at each date, respectively. All the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. Based on annual updated appraisals received on the underlying collateral properties, a portion of five TDRs (or $2.0 million of aggregate principal) was charged off for financial statement purposes during 2012. The borrowers remain obligated to pay all contractual principal due on the TDRs.

3 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs