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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

Selected Consolidated Financial Information Follows.

 

INTERVEST BANCSHARES CORPORATION

Selected Consolidated Financial Information
( Dollars in thousands, except per share amounts)   Quarter Ended   Year Ended
December 31,   December 31,
Selected Operating Data:   2012   2011   2012   2011
Interest and dividend income $17,798   $22,166 $77,284   $92,837
Interest expense 8,103   11,524   38,067   50,540
Net interest and dividend income 9,695 10,642 39,217 42,297
Provision for loan losses - 40 - 5,018
Noninterest income 2,476 974 6,194 4,308
Noninterest expenses:
Provision for real estate losses 1,135 1,370 4,068 3,349
Real estate expenses 324 619 2,146 1,619
Operating expenses 4,195   3,774   16,668   15,861
Earnings before income taxes 6,517 5,813 22,529 20,758
Provision for income taxes 2,987   2,679   10,307   9,512
Net earnings before preferred dividend requirements 3,530 3,134 12,222 11,246
Preferred dividend requirements (1) 456   440   1,801   1,730
Net earnings available to common stockholders $ 3,074   $ 2,694   $ 10,421   $ 9,516
Basic and diluted earnings per common share   $0.14   $0.13   $0.48   $0.45
Average shares used for basic earnings per share 21,589,589 21,125,289 21,566,009 21,126,187
Average shares used for diluted earnings per share (2) 21,594,468 21,125,289 21,568,196 21,126,187
Common shares outstanding at end of period 21,589,589 21,125,289 21,589,589 21,125,289
Common stock options/warrants outstanding at end of period (2)   1,078,122   1,085,622   1,078,122   1,085,622
Yield on interest-earning assets 4.54% 4.63% 4.51% 4.80%
Cost of funds 2.22% 2.62% 2.40% 2.83%
Net interest margin (3)   2.47%   2.22%   2.29%   2.18%
Return on average assets (annualized) 0.82% 0.63% 0.66% 0.56%
Return on average common equity (annualized) 7.67% 7.31% 6.82% 6.74%
Effective income tax rate 46% 46% 46% 46%
Efficiency ratio (4)   35%   32%   37%   34%
Average loans outstanding $1,112,357 $1,191,177 $1,149,689 $1,258,454
Average securities outstanding 437,604 700,221 555,777 665,608
Average short-term investments outstanding 10,350 7,658 8,273 11,806
Average assets outstanding   1,712,892   1,984,615   1,839,727   2,023,957
Average interest-bearing deposits outstanding $1,395,622 $1,668,111 $1,522,625 $1,707,150
Average borrowings outstanding 59,452 74,202 65,789 78,298
Average stockholders' equity   208,691   195,576   203,647   190,954

At Dec 31,

At Sep 30,

At Jun 30,

At Mar 31,

At Dec 31,

Selected Financial Condition Information: 2012   2012   2012   2012   2011
Total assets $1,665,792 $1,751,880 $1,862,110 $1,909,052 $1,969,540
Cash and short-term investments 60,395 94,268 122,378 89,839 29,863
Securities held to maturity 443,777 440,002 535,056 590,959 700,444
Loans, net of unearned fees 1,107,466 1,155,171 1,137,780 1,155,437 1,163,790
Allowance for loan losses 28,103 28,382 28,844 29,169 30,415
Allowance for loan losses/net loans 2.54% 2.46% 2.54% 2.52% 2.61%
Deposits 1,362,619 1,432,209 1,554,615 1,599,653 1,662,024
Borrowed funds and accrued interest payable 62,930 69,487 72,528 72,064 78,606
Preferred stockholder's equity 24,624 24,528 24,431 24,335 24,238
Common stockholders' equity 186,323 182,580 179,690 176,716 173,293
Common book value per share (5) 8.44   8.28   8.16   8.04   8.07
Loan chargeoffs for the quarter $ 676 $ 548 $498 $1,430 $2,044
Loan recoveries for the quarter 397 86 173 184 54
Real estate chargeoffs for the quarter 1,124 3,642 - - -
Security impairment writedowns for the quarter 425   -   -   157   -
Nonaccrual loans (6) $45,898 $47,957 $50,643 $53,208 $57,240
Real estate owned, net of valuation allowance 15,923 21,858 26,370 27,767 28,278
Investment securities on a cash basis 3,721 4,221 4,221 4,221 4,378
Accruing troubled debt restructured (TDR) loans (7). 20,076 14,167 14,596 8,980 9,030
Loans 90 days past due and still accruing 4,391 6,503 5,290 2,798 1,925
Loans 60-89 days past due and still accruing - 15,477 1,902 6,303 3,894
Loans 31-59 days past due and still accruing 15,497   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 997,622 shares and 1,085,622 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 3.08%, 2.33%, 2.59% 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 $4.2 million, $3.8 million, $3.5 million, $3.1 million and $2.8 million, respectively, divided by common shares outstanding.
(6) Include performing TDRs maintained on nonaccrual status of $36 million, $39 million, $39 million, $44 million and $46 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 December 31, 2012 and were yielding approximately 5%.
 
 

INTERVEST BANCSHARES CORPORATION

Consolidated Financial Highlights

At or For The Period Ended
Year   Year   Year   Year   Year
Ended Ended Ended Ended Ended

($ in thousands, except per share amounts)

Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,

 

2012   2011   2010   2009   2008
Balance Sheet Highlights:
Total assets $1,665,792 $1,969,540 $2,070,868 $2,401,204 $2,271,833
Cash and short-term investments 60,395 29,863 23,911 7,977 54,903
Securities held to maturity 443,777 700,444 614,335 634,856 475,581
Loans, net of unearned fees 1,107,466 1,163,790 1,337,326 1,686,164 1,705,711
Allowance for loan losses 28,103 30,415 34,840 32,640 28,524
Allowance for loan losses/net loans 2.54% 2.61% 2.61% 1.94% 1.67%
Deposits 1,362,619 1,662,024 1,766,083 2,029,984 1,864,135
Borrowed funds and accrued interest payable 62,930 78,606 84,676 118,552 149,566
Preferred stockholder's equity 24,624 24,238 23,852 23,466 23,080
Common stockholders' equity 186,323 173,293 162,108 190,588 188,894
Common book value per share (1) 8.44 8.07 7.61 23.04 22.84
Market price per common share 3.89   2.65   2.93   3.28   3.99
Asset Quality Highlights
Nonaccrual loans $45,898 $57,240 $52,923 $123,877 $108,610
Real estate owned, net of valuation allowance 15,923 28,278 27,064 31,866 9,081
Investment securities on a cash basis 3,721 4,378 2,318 1,385 -
Accruing troubled debt restructured loans (2) 20,076 9,030 3,632 97,311 -
Loans past due 90 days and still accruing 4,391 1,925 7,481 6,800 1,964
Loans past due 31-89 days and still accruing 15,497 28,770 11,364 5,925 18,943
Loan chargeoffs 3,152 9,598 100,146 8,103 4,227
Loan recoveries 840 155 883 1,354 -
Real estate chargeoffs 4,766 - 15,614 - -
Impairment writedowns on security investments 582   201   1,192   2,258   -
Statement of Operations Highlights:
Interest and dividend income $77,284 $92,837 $107,072 $123,598 $128,497
Interest expense 38,067   50,540   62,692   81,000   90,335
Net interest and dividend income 39,217 42,297 44,380 42,598 38,162
Provision for loan losses - 5,018 101,463 10,865 11,158
Noninterest income 6,194 4,308 2,110 297 5,026
Noninterest expenses:
Provision for real estate losses 4,068 3,349 15,509 2,275 518
Real estate expenses 2,146 1,619 4,105 4,945 4,281
Operating expenses 16,668   15,861   19,069   19,864   14,074
Earnings (loss) before income taxes 22,529 20,758 (93,656) 4,946 13,157
Provision (benefit) for income taxes 10,307   9,512   (40,348)   1,816   5,891
Net earnings (loss) before preferred dividend requirements 12,222 11,246 (53,308) 3,130 7,266
Preferred dividend requirements (3) 1,801   1,730   1,667   1,632   41
Net earnings (loss) available to common stockholders $10,421   $ 9,516   $(54,975)   $ 1,498   $ 7,225
Basic earnings (loss) per common share $0.48 $0.45 $(4.95) $0.18 $0.87
Diluted earnings (loss) per common share $0.48 $0.45 $(4.95) $0.18 $0.87
Average common shares used to calculate:
Basic earnings (loss) per common share 21,566,009 21,126,187 11,101,196 8,270,812 8,259,091
Diluted earnings (loss) per common share 21,568,196 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) 2.29% 2.18% 2.11% 1.83% 1.79%
Return on average assets 0.66% 0.56% -2.42% 0.13% 0.34%
Return on average common equity 6.82% 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%
(1)   Represents common stockholders' equity less preferred dividends in arrears ($4.2 million at December 31, 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 2.59%, 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.




Stock quotes in this article: IBCA 

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