Declares Quarterly
Common Stock Dividend of $0.05 per share
Intervest Bancshares Corporation (IBC) (NASDAQ-GS:IBCA), parent
company of Intervest National Bank (INB), today announced that its
net earnings available to common stockholders for the third quarter
of 2014 (Q3-14) increased 62% to $4.2 million, or $0.19 per share,
from $2.6 million, or $0.12 per share, for the third quarter of
2013 (Q3-13). For the first nine months of 2014 (9mths-14), net
earnings available to common stockholders increased 49% to $13.8
million, or $0.62 per share, from $9.2 million, or $0.42 per share,
for the same period of 2013 (9mths-13).
Returns on average assets and average common stockholders’
equity increased to 1.08% and 8.10% for Q3-14 and to 1.17% and
9.05% for 9mths-14. IBC's Board of Directors also declared a
quarterly cash dividend of $0.05 per share payable on November 24,
2014 to stockholders of record at the close of business November
14, 2014.
Operating
Summary
- There were no preferred dividend
requirements in the 2014 periods, compared to $0.3 million in Q3-13
and $1.1 million in 9mths-13.
- Net interest and dividend income
increased to $11.0 million in Q3-14, from $8.8 million in Q3-13,
and to $32.1 million in 9mths-14, from $26.4 million in 9mths-13,
reflecting a higher net interest margin.
- The net interest margin (exclusive of
loan prepayment income) increased to 2.86% in Q3-14 and 2.81% in
9mths-14, from 2.32% and 2.33% in the same periods of 2013.
- No provision for loan losses was
recorded in Q3-14, compared to $0.3 million in Q3-13. A credit for
loan losses of $1.5 million was recorded in 9mths-14 and in
9mths-13. The credit for 9mths-14 reflected improved credit quality
resulting from the payoff of substandard loans and other credit
upgrades, while the credit for 9mths-13 was primarily due to
partial cash recoveries of prior loan charge offs.
- Noninterest income (inclusive of loan
prepayment income) increased to $1.0 million in Q3-14 and to $4.3
million in 9mths-14, from $0.9 million and $2.3 million in the same
periods of 2013. The increase for 9mths-14 was primarily due to
higher prepayment income ($3.0 million versus $1.9 million in
9mths-13) and no security impairment charges in 9mths-14 (compared
to $1.9 million in 9mths-13).
- No provisions for real estate losses
were recorded in the 2014 periods, compared to $0.3 million in
Q3-13 and $1.0 million in 9mths-13.
- Real estate expenses, net of rental and
other income, amounted to $0.1 million in Q3-14, compared to $0.2
million in Q3-13. For 9mths-14, these expenses totaled $0.6
million, compared to net income of $1.1 million in 9mths-13. The
net income reflected gains from sales of several properties and
cash recoveries of expenses associated with previously owned
properties. Exclusive of these non-recurring income items, net real
estate expenses would have been $1.3 million in 9mths-13.
- Operating expenses increased to $4.6
million in Q3-14, from $3.9 million in Q3-13, and to $13.1 million
in 9mths-14, from $12.0 million in 9mths-13. The increase for both
periods was largely due to higher professional fees of $0.8 million
associated with the previously announced proposed merger with Bank
of the Ozarks, Inc. Contributing to the increase in 9mths-14 was
salary increases, higher stock compensation and employee bonus
expense totaling $0.8 million, partially offset by a $0.4 million
decrease in FDIC insurance premiums.
- Our efficiency ratio, which measures
our ability to control expenses as a percentage of revenues,
continued to be favorable and improved to 38% for Q3-14 and 36% for
9mths-14, from 40% and 42% in the same periods of 2013,
respectively.
Balance Sheet
Summary
- Assets decreased to $1.51 billion at
September 30, 2014, from $1.58 billion at December 31, 2013, as
decreases of $80 million in security investments, $13 million in
cash and short-term investments and $8 million in properties owned
through foreclosure were partially offset by a $48 million increase
in loans.
- Loans increased to $1.18 billion at
September 30, 2014, from $1.13 billion at December 31, 2013.
- New loan originations for 9mths-14
totaled $223 million, compared to $221 million for 9mths-13, while
loan repayments decreased to $175 million from $225 million in the
same periods, respectively.
- Deposits decreased $68 million to $1.21
billion at September 30, 2014, from $1.28 billion at December 31,
2013.
- Stockholders' equity increased to $206
million at September 30, 2014, from $197 million at December 31,
2013.
- INB's regulatory capital ratios at
September 30, 2014 were as follows: Tier One Leverage - 16.44%;
Tier One Risk-Based Capital - 20.22%; and Total Risk-Based Capital
- 21.48%.
- Book value per common share increased
to $9.35 at September 30, 2014, from $8.99 at December 31,
2013.
Net Interest and
Dividend Income
The increase in net interest and dividend income for both
periods of 2014 was driven by an improved interest rate spread and
a higher ratio of interest-earning assets to interest-bearing
liabilities due to deployment of cash into new loans. The net
interest margin improved to 2.86% in Q3-14 from 2.32% in Q3-13,
primarily due to a 57 basis point increase in the interest rate
spread and a $48 million increase in net interest-earning assets.
The higher spread reflected primarily the run-off of higher-cost
legacy CDs, which reduced the average cost of funds by 52 basis
points to 1.50% in Q3-14 from 2.02% in Q3-13. At the same time, the
average yield on interest-earning assets increased slightly to
4.15% in Q3-14 from 4.10% in Q3-13 as slightly higher yields on
security investments and the growth in net interest-earning assets
were mostly offset by the negative impact of payoffs of older,
higher yielding loans coupled with new loan originations at lower
market interest rates.
Total average interest-earning assets increased by $12 million
in Q3-14 from Q3-13, reflecting a $92 million increase in loans,
partially offset by an $80 million decrease in total securities and
overnight investments. At the same time, average deposits decreased
by $36 million, while average stockholders' equity increased by $5
million.
For 9mths-14, the net interest margin increased to 2.81%, from
2.33% in 9mths-13. The average cost of funds decreased by 53 basis
points to 1.55% in 9mths-14, from 2.08% in 9mths-13, while the
average yield on interest-earning assets decreased by 3 basis
points to 4.16% in 9mths-14, from 4.19% in 9mths-13. Total average
interest-earning assets increased for the 9mths-14 by $11 million
from 9mths-13, reflecting an increase of $78 million in loans,
partially offset by a $67 million decrease in total securities and
overnight investments. At the same time, average deposits decreased
by $29 million and average stockholders' equity decreased by $7
million. Average stockholders' equity for both periods of 2014 was
impacted by the repurchase and retirement of $25 million of TARP
preferred stock (plus payment of $5.1 million of preferred
dividends) during the middle of 2013 and the repurchase and
cancelation (for $2.9 million) in September 2014 of a related
common stock warrant as discussed below.
Security
Investments
The $80 million decrease in securities was due to repayments and
sales exceeding new purchases. In Q3-14, INB transferred its entire
portfolio of securities held to maturity (with a then carrying
value of $352 million and estimated fair value of $349 million) to
the available-for-sale ("AFS") category in order to provide
additional flexibility in executing asset and liability management
strategies. During Q3-14, proceeds from periodic sales of AFS
securities totaled $37 million, resulting in a net realized gain of
$0.2 million. The sales enhanced INB's liquidity to fund new loans
and planned deposit outflow. INB's current strategy is to re-deploy
low-yielding investments into loans. INB also significantly reduced
its interest rates offered on longer-terms CDs from a high of 1.92%
to 1.24% on its five-year CD term during Q3-14. INB's
loan-to-deposit ratio increased to 92% at September 30, 2014 from
84% at December 31, 2013.
Loans and Allowance
for Loan Losses
The $48 million increase in loans reflected $223 million of
originations, partially offset by payoffs, principal amortization
and partial pay downs totaling $175 million. New originations were
comprised primarily of $176 million of commercial real estate (CRE)
loans and $39 million of multifamily loans. New CRE loans included
loans on $30 million of single tenant credit and $38 million of
single tenant non-credit properties. New originations for 9mths-14
had a weighted-average rate, term, debt service coverage ratio and
loan-to-value ratio of 4.70%, 6.5 years, 1.24x and 60%,
respectively, compared to 4.40%, 6.6 years, 1.35x and 61%,
respectively, for new loans originated in 9mths-13. Nearly all new
loans in both periods had fixed interest rates. Loans paid off in
9mths-14 and 9mths-13 had a weighted-average rate of 5.25% and
5.96%, respectively.
At September 30, 2014, our loan portfolio remained concentrated
in CRE loans, with 77% of loans secured by CRE, 17% secured by
multifamily properties and 5% by investor-owned, 1-4 family
condominiums. The single tenant category totaled $212 million at
September 30, 2014, or approximately 23% of the total CRE loan
portfolio, up from $157 million and 19% at December 31, 2013.
At September 30, 2014, the allowance for loan losses totaled
$26.6 million, or 2.27% of total loans, compared to $27.8 million,
or 2.47%, at December 31, 2013. The allowance included at each date
$5.1 million and $6.1 million, respectively, allocated to impaired
loans.
Asset
Quality
Impaired loans (nonaccrual, restructured (TDRs) and one other
accruing and performing loan) totaled $54.9 million at September
30, 2014, compared to $57.2 million at December 31, 2013.
Nonaccrual loans decreased to $22.5 million at September 30, 2014,
from $35.9 million at December 31, 2013, primarily reflecting one
loan transferred to an accruing TDR status. Nonaccrual loans
included TDRs at each date of $19.9 million and $33.2 million,
respectively. These TDRs were current and had a weighted-average
interest rate of 4.31% as of September 30, 2014. Accruing TDR loans
increased to $24.7 million at September 30, 2014 from $13.4 million
at December 31, 2013, due to the transfer of the loan noted above.
These TDRs had a weighted-average interest rate of approximately 5%
at September 30, 2014.
Real estate acquired through foreclosure decreased to $2.6
million at September 30, 2014, from $10.6 million at December 31,
2013, reflecting sales of two properties.
Deposits
The $68 million decrease in deposits reflected a $41 million
decrease in certificate of deposit accounts and a $27 million
decrease in total money market and checking accounts.
Stockholders'
Equity
The $9 million increase in stockholders' equity reflected
primarily net earnings of $13.8 million, partially offset by $2.2
million of common dividends paid and $2.9 million paid on September
3, 2014 to repurchase and cancel a common stock warrant held by the
U.S. Treasury. The warrant was issued by IBC in December 2008 in
connection with its participation in the TARP Capital Purchase
Program and it had permitted the Treasury to purchase up to 691,882
shares of IBC's common stock at an exercise price of $5.42 per
share. There are no other investments from IBC's participation in
TARP that remain outstanding. IBC's $25 million TARP preferred
stock was repurchased and retired during June and August 2013.
Proposed
Merger
IBC entered into a definitive agreement and plan of merger dated
July 31, 2014, among Bank of the Ozarks, Inc. ("Ozarks"), Bank of
the Ozarks, IBC and INB, relating to a proposed merger transaction.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Ozarks or IBC or
the solicitation of any vote or approval. In connection with the
proposed transaction, Ozarks filed a registration statement on Form
S-4 with the Securities and Exchange Commission ("SEC") containing
a proxy statement/prospectus. The proxy statement/prospectus
contains important information about Ozarks, IBC, the transaction
and related matters. When available, copies of the proxy
statement/prospectus will be mailed to IBC stockholders.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS (AND ANY
OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE
TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY
STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT
INFORMATION REGARDING THE PROPOSED MERGER TRANSACTION. Investors
and security holders will be able to obtain free copies of these
documents (when they become available) and other documents filed
with the SEC on the SEC's website at http://www.sec.gov. Investors
and security holders are also able to obtain free copies of the
documents filed with the SEC by IBC at IBC's website at
www.intervestbancsharescorporation.com.
Ozarks, IBC, their directors, executive officers and certain
other persons may be deemed to be participants in the solicitation
of proxies from IBC stockholders in favor of the approval of the
proposed transaction. Information regarding IBC's executive
officers and directors is included in IBC's Annual Report on Form
10-K for the fiscal year ended December 31, 2013 filed with the SEC
on March 3, 2014 and IBC's definitive proxy statement on Schedule
14A filed with the SEC on April 1, 2014, and information regarding
Ozarks' executive officers and directors is included in Ozarks'
Annual Report on Form 10-K for the fiscal year ended December 31,
2013 filed with the SEC on February 28, 2014 and Ozarks' definitive
proxy statement on Schedule 14A filed with the SEC on March 11,
2014. Descriptions of the interests of the directors and executive
officers of IBC and Ozarks in the proposed transaction will be set
forth in the proxy statement/prospectus and other relevant
documents filed with the SEC.
Intervest Bancshares Corporation (IBC) is a bank holding
company. Its operating subsidiary is Intervest National Bank (INB),
a nationally chartered commercial bank that has its headquarters
and full-service banking office at One Rockefeller Plaza, in New
York City, and a total of six full-service banking offices in
Clearwater and Gulfport, Florida. IBC's Common Stock is listed on
the NASDAQ Global Select Market: Trading Symbol IBCA.
This release may contain forward-looking information. Words such
as "may," "will," "could," "should," "would," "believe,"
"anticipate," "estimate," "expect," "intend," "plan," "project,"
"assume," "indicate," "continue," "target," "goal," and similar
words or expressions of the future are intended to identify
forward-looking statements. Except for historical information, the
matters discussed herein are subject to certain risks and
uncertainties that may adversely affect our business, financial
condition and results of operations. The following factors, among
others, could cause actual results to differ materially from those
set forth in forward looking statements: changes in economic
conditions and real estate values both nationally and in our market
areas; changes in our borrowing facilities, volume of loan
originations and deposit flows; changes in the levels of our
non-interest income and provisions for loan and real estate losses;
changes in the composition and credit quality of our loan
portfolio; legislative or regulatory changes, including increased
expenses arising therefrom; changes in interest rates which may
reduce our net interest margin and net interest income; increases
in competition; technological changes which we may not be able to
implement; changes in accounting or regulatory principles, policies
or guidelines; changes in tax laws and our ability to utilize our
deferred tax asset, including NOL and AMT carryforwards; and our
ability to attract and retain key members of management, the
requisite stockholder or regulatory approval of the previously
disclosed proposed merger with Bank of the Ozarks may not be
received or other conditions to the completion of the proposed
merger might not be satisfied or waived; and our business and
operations will continue to be impacted until the proposed merger
transaction is either consummated or terminated. Reference is made
to IBC's filings with the SEC for further discussion of risks and
uncertainties regarding our business. Forward looking statements
speak only as of the date they are made. We undertake no obligation
to publicly update or revise forward looking information, whether
as a result of new, updated information, future events, or
otherwise. Historical results are not necessarily indicative of our
future prospects.
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:
2014 2013 2014
2013 Interest and dividend income $ 15,916 $ 15,624 $
47,495 $ 47,496 Interest expense 4,926
6,794 15,391
21,087 Net interest and dividend income 10,990 8,830 32,104
26,409 Provision (credit) for loan losses - 250 (1,500 ) (1,500 )
Noninterest income 1,009 901 4,336 2,346 Noninterest expenses:
Provision for real estate losses - 250 - 955 Real estate expenses
(income), net 117 212 616 (1,120 ) Operating expenses 4,614
3,862 13,112
11,954 Earnings before income taxes 7,268
5,157 24,212 18,466 Provision for income taxes 3,088
2,300 10,452
8,179 Net earnings before preferred dividend
requirements 4,180 2,857 13,760 10,287 Preferred dividend
requirements (1) - 269
- 1,057 Net earnings available
to common stockholders $ 4,180 $ 2,588
$ 13,760 $ 9,230 Basic and diluted earnings
per common share $ 0.19 $ 0.12 $ 0.62 $ 0.42 Cash dividends paid
per common share $ 0.05 - $ 0.10 - Preferred cash dividends paid -
$ 3,840 - $ 5,068 Average shares used for basic earnings per share
22,024,722 21,915,596 22,013,754 21,891,886 Average shares used for
diluted earnings per share (2) 22,268,245
22,051,462 22,206,735
21,972,950 Common shares outstanding at end of
period 22,023,990 21,916,623 22,023,990 21,916,623 Common stock
options/warrants outstanding at end of period (2)
330,496 1,054,455 330,496
1,054,455 Yield on interest-earning
assets 4.15 % 4.10 % 4.16 % 4.19 % Cost of funds 1.50 % 2.02 % 1.55
% 2.08 % Net interest margin (3) 2.86 %
2.32 % 2.81 % 2.33 % Return on average
assets (annualized) 1.08 % 0.72 % 1.17 % 0.85 % Return on average
common equity (annualized) 8.10 % 5.94 % 9.05 % 7.20 % Effective
income tax rate 43 % 45 % 43 % 44 % Efficiency ratio (4)
38 % 40 % 36 % 42
% Average loans outstanding $ 1,169,968 $ 1,077,578 $ 1,156,620 $
1,078,483 Average securities outstanding 346,671 422,234 362,312
426,153 Average short-term investments outstanding 6,522 11,027
7,508 11,080 Average assets outstanding 1,548,580
1,577,214 1,573,496
1,609,523 Average interest-bearing
deposits outstanding $ 1,243,145 $ 1,278,867 $ 1,271,658 $
1,300,465 Average borrowings outstanding 56,702 56,702 56,702
56,702 Average stockholders' equity 206,359
201,401 202,666
209,847
At Sep
30,
At Jun
30,
At Mar
31,
At Dec
31,
At Sep
30,
Selected Financial Condition Information: 2014
2014 2014 2013
2013 Total assets $ 1,511,203 $ 1,571,824 $ 1,596,027 $
1,567,796 $ 1,584,239 Cash and short-term investments 11,483 35,367
79,157 24,700 30,253 Securities held to maturity - 358,338 346,425
383,937 416,321 Securities available for sale 305,347 994 980 965
1,016 Loans, net of unearned fees 1,175,269 1,157,957 1,142,231
1,127,522 1,100,277 Allowance for loan losses 26,634 26,598 27,418
27,833 26,777 Allowance for loan losses/net loans 2.27 % 2.30 %
2.40 % 2.47 % 2.43 % Deposits 1,214,324 1,277,823 1,303,972
1,282,232 1,298,403 Borrowed funds and accrued interest payable
56,758 56,760 56,769 57,570 57,165 Common stockholders' equity
205,879 206,579 201,644 196,991 192,288 Common book value per share
(5) 9.35 9.38
9.16 8.99 8.77
Loan recoveries for the quarter $ 36 $ 180 $ 85 $ 106 $ 72
Real estate chargeoffs for the quarter - 803 824 256 4,171 Security
impairment writedowns for the quarter -
- - -
273 Impaired Loans: Nonaccrual loans (6) $
22,538 $ 23,005 $ 38,750 $ 35,903 $ 39,517 Accruing troubled debt
restructured (TDR) loans (7) 24,690 27,088 13,337 13,429 11,381
Accruing performing loan 7,677 7,727 7,777 7,828 - Real estate
owned, net of valuation allowance 2,650 2,650 9,335 10,669 12,019
Investment securities on a cash basis - - - - 2,604 Loans 90 days
past due and still accruing (8) 3,965 2,993 - 4,087 18,403 Loans
60-89 days past due and still accruing 3,731 - - - 3,265 Loans
31-59 days past due and still accruing -
- 10,927
2,642 - (1) Represents dividend
requirements on cumulative preferred stock outstanding during the
period plus amortization of related preferred stock discount. (2)
Outstanding options/warrants to purchase 110,040 shares and 234,430
shares were not dilutive for the 2014 and 2013 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 be
2.98%, 2.48%, 3.07% and 2.49%, respectively. (4) Represents
operating expenses as a percentage of net interest and dividend
income plus noninterest income. (5) Represents common stockholders'
equity divided by common shares outstanding. (6) Include performing
TDRs maintained on nonaccrual status, or cash basis, of $20
million, $18 million, $33 million, $33 million and $36 million,
respectively. (7) Represent loans whose terms have been modified
mostly through the deferral of principal and/or a partial reduction
in interest payments, or extension of maturity date. At September
30, 2014, all loans were performing and were yielding approximately
5% on a weighted-average basis. (8) Represents two performing and
paying loans at September 30, 2014 that matured and were in the
process of an extension.
INTERVEST
BANCSHARES CORPORATION
Consolidated Historical Financial
Information
At or For The Period Ended
Nine-Months
Year
Year
Year
Year
Ended
Ended
Ended
Ended
Ended
($ in thousands, except per share
amounts)
Sep 30,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
2014
2013
2012
2011
2010
Balance Sheet Highlights: Total assets $ 1,511,203 $
1,567,796 $ 1,665,792 $ 1,969,540 $ 2,070,868 Cash and short-term
investments 11,483 24,700 60,395 29,863 23,911 Securities held to
maturity - 383,937 443,777 700,444 614,335 Securities available for
sale 305,347 965 1,000 - - Loans, net of unearned fees 1,175,269
1,127,522 1,107,466 1,163,790 1,337,326 Allowance for loan losses
26,634 27,833 28,103 30,415 34,840 Allowance for loan losses/net
loans 2.27 % 2.47 % 2.54 % 2.61 % 2.61 % Deposits 1,214,324
1,282,232 1,362,619 1,662,024 1,766,083 Borrowed funds and accrued
interest payable 56,758 57,570 62,930 78,606 84,676 Preferred
stockholder's equity - - 24,624 24,238 23,852 Common stockholders'
equity 205,879 196,991 186,323 173,293 162,108 Common book value
per share (1) 9.35 8.99 8.44 8.07 7.61 Market price per common
share 9.56 7.51
3.89 2.65 2.93
Asset Quality Highlights Impaired Loans: Nonaccrual
loans $ 22,538 $ 35,903 $ 45,898 $ 57,240 $ 52,923 Accruing
troubled debt restructured loans 24,690 13,429 20,076 9,030 3,632
Accruing performing loan 7,677 7,828 - - - Real estate owned, net
of valuation allowance 2,650 10,669 15,923 28,278 27,064 Investment
securities on a cash basis - - 3,721 4,378 2,318 Loans 90 days past
due and still accruing 3,965 4,087 4,391 1,925 7,481 Loans 31-89
days past due and still accruing 3,731 2,642 15,497 28,770 11,364
Loan chargeoffs - 1,938 3,152 9,598 100,146 Loan recoveries 301
2,218 840 155 883 Real estate chargeoffs 1,627 4,427 4,766 - 15,614
Impairment writedowns on security investments -
964 582
201 1,192
Statement of
Operations Highlights: Interest and dividend income $ 47,495 $
63,616 $ 77,284 $ 92,837 $ 107,072 Interest expense 15,391
27,110 38,067
50,540 62,692 Net
interest and dividend income 32,104 36,506 39,217 42,297 44,380
(Credit) provision for loan losses (1,500 ) (550 ) - 5,018 101,463
Noninterest income 4,336 4,946 6,194 4,308 2,110 Noninterest
expenses: Provision for real estate losses - 1,105 4,068 3,349
15,509 Real estate expenses (income), net 616 (836 ) 2,146 1,619
4,105 Operating expenses 13,112 15,584
16,668 15,861
19,069 Earnings (loss) before income taxes
24,212 26,149 22,529 20,758 (93,656 ) Provision (benefit) for
income taxes 10,452 11,655
10,307 9,512
(40,348 ) Net earnings (loss) before preferred dividend
requirements 13,760 14,494 12,222 11,246 (53,308 ) Preferred
dividend requirements - 1,057
1,801 1,730
1,667 Net earnings (loss) available to common stockholders $
13,760 $ 13,437 $ 10,421
$ 9,516 $ (54,975 ) Basic earnings (loss) per common
share $ 0.62 $ 0.61 $ 0.48 $ 0.45 $ (4.95 ) Diluted earnings (loss)
per common share $ 0.62 $ 0.61 $ 0.48 $ 0.45 $ (4.95 ) Cash
dividends paid per common share $ 0.10 - - - - Average common
shares used to calculate: Basic earnings (loss) per common share
22,013,754 21,894,030 21,566,009 21,126,187 11,101,196 Diluted
earnings (loss) per common share 22,206,735 21,993,626 21,568,196
21,126,187 11,101,196 Common shares outstanding
22,023,990 21,918,623
21,589,589 21,125,289
21,126,489
Other ratios: Net interest margin (2) 2.81
% 2.39 % 2.29 % 2.18 % 2.11 % Return on average assets 1.17 % 0.90
% 0.66 % 0.56 % -2.42 % Return on average common equity 9.05 % 7.58
% 6.82 % 6.74 % -32.20 % Effective income tax rate 43 % 45 % 46 %
46 % 43 % Efficiency ratio 36 % 38 %
37 % 34 % 41 % (1)
Represents common stockholders' equity less any preferred dividends
in arrears (none at September 30, 2014 and December 31, 2013, $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) 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 be
3.07%, 2.56%, 2.59%, 2.31% and 2.17%, respectively.
Intervest Bancshares CorporationLowell S. Dansker,
212-218-2800ChairmanFax 212-218-2808
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