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1. Intervest Bancshares

Intervest Bancshares ( IBCA) of New York has seen its stock decline 8% year-to-date, closing at $2.70 Wednesday.

The shares traded for 0.3 times their June 30 tangible book value of $7.91, according to SNL Financial.

Intervest had $2.1 billion in total assets as of June 30, operating through its main office in New York and six branches in Pinellas County, Fla.

The company owes $25 million in TARP money and has deferred its last seven dividend payments to the government. Intervest's tangible common equity ratio was 8.15% as of June 30, according to SNL.

The company reported second-quarter net earnings available to common shareholders of $2.5 million, or 12 cents a share, compared to a net loss of $51.9 million, or $6.02 a share, during the second quarter of 2010, when Intervest recorded an $87.5 million provision for loan losses. During the most recent quarter, the provision was $742,000.

The company's nonperforming assets ratio was 3.96% as of June 30 according to SNL, increasing from 3.58% a year earlier.

Sandler O'Neill analyst Michael Sarcone rates Intervest a buy. The shares trade for six times the analysts' 2012 earnings estimate of 46 cents a share.

-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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