(2) For the 2012 quarterly and six-month periods, outstanding options/warrants to purchase 1,043,322 shares and 1,082,322 shares, respectively, were not dilutive. For both 2011 periods, outstanding options/warrants to purchase 1,045,422 shares were not dilutive.

(3) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.

(4) Represents common stockholders' equity less preferred dividends in arrears of $3.5 million, $3.1 million, $2.8 million, $2.4 million and $2.1 million, respectively, divided by common shares outstanding.

(5) Include performing TDRs maintained on nonaccrual status of $39 million, $44 million, $46 million, $37 million and $33 million, respectively.

(6) 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 June 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)
 

Six-Months

Ended

June 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 $1,862,110 $1,969,540 $2,070,868 $2,401,204 $2,271,833
Cash and short-term investments 122,378 29,863 23,911 7,977 54,903
Securities held to maturity 535,056 700,444 614,335 634,856 475,581
Loans, net of unearned fees 1,137,780 1,163,790 1,337,326 1,686,164 1,705,711
Allowance for loan losses 28,844 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 1,554,615 1,662,024 1,766,083 2,029,984 1,864,135
Borrowed funds and accrued interest payable 72,528 78,606 84,676 118,552 149,566
Preferred stockholder's equity 24,431 24,238 23,852 23,466 23,080
Common stockholders' equity 179,690 173,293 162,108 190,588 188,894
Common book value per share (1) 8.16 8.07 7.61 23.04 22.84
Market price per common share   3.83   2.65   2.93   3.28   3.99  
Asset Quality Highlights
Nonaccrual loans $50,643 $57,240 $52,923 $123,877 $108,610
Real estate owned, net of valuation allowance 26,370 28,278 27,064 31,866 9,081
Investment securities on a cash basis 4,222 4,379 2,318 1,385 -
Accruing troubled debt restructured loans (2) 14,596 9,030 3,632 97,311 -
Loans past due 90 days and still accruing 5,290 1,925 7,481 6,800 1,964
Loans past due 31-89 days and still accruing 1,902 28,770 11,364 5,925 18,943
Loan chargeoffs 1,928 9,598 100,146 8,103 4,227
Loan recoveries 357 155 883 1,354 -
Real estate chargeoffs - - 15,614 - -
Impairment writedowns on security investments   157   201   1,192   2,258   -  
Statement of Operations Highlights:
Interest and dividend income $40,404 $92,837 $ 107,072 $123,598 $128,497
Interest expense 20,741   50,540   62,692   81,000   90,335  
Net interest and dividend income 19,663 42,297 44,380 42,598 38,162
Provision for loan losses - 5,018 101,463 10,865 11,158
Noninterest income 2,531 4,308 2,110 297 5,026
Noninterest expenses:
Provision for real estate losses 1,908 3,349 15,509 2,275 518
Real estate expenses 939 1,619 4,105 4,945 4,281
Operating expenses 8,313   15,861   19,069   19,864   14,074  
Earnings (loss) before income taxes 11,034 20,758 (93,656 ) 4,946 13,157
Provision (benefit) for income taxes 5,020   9,512   (40,348 ) 1,816   5,891  
Net earnings (loss) before preferred dividend requirements 6,014 11,246 (53,308 ) 3,130 7,266
Preferred dividend requirements (3) 892   1,730   1,667   1,632   41  
Net earnings (loss) available to common stockholders $ 5,122   $ 9,516   $(54,975 ) $ 1,498   $ 7,225  
Basic earnings (loss) per common share $0.24 $0.45 $(4.95 ) $0.18 $0.87
Diluted earnings (loss) per common share $0.24 $0.45 $(4.95 ) $0.18 $0.87
Average common shares used to calculate:
Basic earnings (loss) per common share 21,542,103 21,126,187 11,101,196 8,270,812 8,259,091
Diluted earnings (loss) per common share 21,542,103 21,126,187 11,101,196 8,270,812 8,267,781
Common shares outstanding   21,590,689   21,125,289   21,126,489   8,270,812   8,270,812  
Other ratios:
Net interest margin (4) 2.19 % 2.18 % 2.11 % 1.83 % 1.79 %
Return on average assets 0.63 % 0.56 % -2.42 % 0.13 % 0.34 %
Return on average common equity 6.83 % 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 ($3.5 million at June 30, 2012, $2.8 million at December 31, 2011 and $1.4 million at December 31, 2010) divided by common shares outstanding.

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