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 fourth
quarter of 2014 (Q4-14) decreased slightly to $3.9 million, or
$0.18 per share, from $4.2 million, or $0.19 per share, for the
fourth quarter of 2013 (Q4-13). For the year 2014, net earnings
available to common stockholders increased 32% to $17.7 million, or
$0.80 per share, from $13.4 million, or $0.61 per share, for
2013.
Returns on average assets and average common stockholders’
equity were 1.05% and 7.55%, respectively, for Q4-14 and 1.14% and
8.67%, respectively, for 2014. On January 6, 2015, IBC declared a
quarterly cash dividend of $0.05 per share payable on January 26,
2015 to stockholders of record at the close of business on January
16, 2015.
As announced on December 31, 2014, IBC's previously announced
merger with and into Bank of the Ozarks, Inc. is anticipated to
close on February 10, 2015, subject to satisfaction of the
remaining closing conditions set forth in the merger agreement,
including approval and adoption of the merger agreement by IBC's
stockholders at the special meeting of stockholders scheduled for
January 27, 2015.
Operating
Summary
- There were no preferred dividend
requirements in 2014, compared to none in Q4-13 and $1.1 million
for 2013.
- Net interest and dividend income
increased to $10.7 million in Q4-14 from $10.1 million in Q4-13,
and to $42.8 million in 2014 from $36.5 million in 2013.
- The net interest margin (exclusive of
loan prepayment income) increased to 3.03% in Q4-14 and 2.86% in
2014, from 2.57% and 2.39% for the same periods of 2013.
- A $1.0 million credit for loan losses
was recorded in Q4-14, compared to a provision of $1.0 million in
Q4-13. The credit was largely a function of a $42 million net
decrease in the loan portfolio during Q4-14. For the year 2014, a
$2.5 million credit was recorded, compared to a $0.5 million credit
for 2013. In 2014, INB continued to see improvement in its loan
credit quality and in both its historical loan loss rates and the
qualitative factors used in the determination of the appropriate
level of the allowance for loan losses.
- Noninterest income (inclusive of loan
prepayment income) totaled $1.8 million in Q4-14 and $6.1 million
in 2014, compared to $2.6 million and $4.9 million for the same
periods of 2013. The quarter over quarter decrease was primarily
due to a $1.5 million gain recorded in Q4-13 from the sale of
impaired investment securities. For the full year periods, the
increase was primarily due to higher prepayment income from loans
($4.3 million in 2014 versus $2.6 million in 2013).
- Provision for real estate losses
amounted to $0.3 million in Q4-14 and for 2014, compared to $0.1
million in Q4-13 and $1.1 million in 2013.
- Real estate expenses, net of rental and
other income, decreased to $0.2 million in Q4-14 from to $0.3
million in Q4-13. For the year, these expenses totaled $0.8 million
in 2014, compared to net income of $0.8 million in 2013 (which
reflected gains during 2013 from sales of real estate acquired
through foreclosure and cash recoveries of expenses incurred in
prior years). Exclusive of these non-recurring income items, net
real estate expenses for 2013 would have been $1.7 million.
- Operating expenses increased to $5.4
million in Q4-14, from $3.6 million in Q4-13, and to $18.5 million
in 2014, from $15.6 million in 2013. The increases were largely due
to higher professional fees ($0.7 million in Q4-14 and $1.5 million
for 2014) associated with the proposed merger as well as increases
in salaries, stock compensation and bonus expense aggregating to
$1.3 million in Q4-14 and $2.1 million in 2014, partially offset by
a decrease in FDIC insurance premiums of $0.1 million in Q4-14 and
$0.5 million in 2014.
- Our efficiency ratio, which measures
our expenses as a percentage of revenues, continued to be favorable
and was 43% for Q4-14, compared to 29% for Q4-13. Excluding the
merger expenses noted above, the ratio would have been 37% for
Q4-14.
Balance Sheet
Summary
- Assets decreased by $100 million to
$1.47 billion at December 31, 2014, from $1.57 billion at December
31, 2013 as a decrease in security investments of $180 million was
partially offset by an increase in cash and short-term investments
of $88 million.
- Loans increased slightly to $1.14
billion at December 31, 2014, from $1.13 billion at December 31,
2013.
- New loan originations decreased to $240
million in 2014 from $303 million in 2013, while loan repayments
decreased slightly to $235 million in 2014 from $244 million in
2013.
- Deposits decreased by $112 million to
$1.17 billion at December 31, 2014, from $1.28 billion at December
31, 2013.
- Stockholders' equity increased to $210
million at December 31, 2014, from $197 million at December 31,
2013.
- INB's regulatory capital ratios at
December 31, 2014 were as follows: Tier One Leverage - 17.36%; Tier
One Risk-Based Capital - 21.70%; and Total Risk-Based Capital -
22.97%.
- Book value per common share increased
to $9.52 at December 31, 2014, from $8.99 at December 31, 2013. In
2014, IBC paid a total of $0.15 per common share in cash dividends
or a total of $3.3 million.
Net Interest
Margin
The net interest margin increased to 3.03% in Q4-14 from 2.57%
in Q4-13, primarily due to a 52 basis point improvement in the
interest rate spread, partially offset by a $45 million decrease in
average net interest-earning assets. The higher spread reflected
primarily the run-off of higher-cost legacy CDs, which reduced our
cost of funds by 31 basis points to 1.45% in Q4-14 from 1.76% in
Q4-13. Additionally, the average yield on interest-earning assets
increased to 4.31% in Q4-14 from 4.10% in Q4-13, primarily due to a
slightly higher yield earned on security investments and an
increase in average loans outstanding, the impact of which was
largely offset by a smaller securities portfolio outstanding (due
to sales of securities), payoffs of older, higher yielding loans
and new loan originations at lower market interest rates.
Total average interest-earning assets decreased by $156 million
in Q4-14 from Q4-13, reflecting a $178 million decrease in total
securities and overnight investments, partially offset by a $22
million increase in loans. At the same time, average deposits
decreased by $109 million, while average stockholders' equity
increased by $15 million.
For 2014, the net interest margin increased to 2.86% from 2.39%
in 2013, primarily due to a 47 basis points decrease in the average
cost of funds to 1.53% in 2014, from 2.00% in 2013. Average
interest-earning assets decreased by $31 million in 2014 from 2013,
reflecting a $95 million decrease in total securities and overnight
investments, partially offset by a $64 million increase in average
loans outstanding. At the same time, average deposits decreased by
$49 million and average stockholders' equity decreased by $2
million. Average stockholders' equity (for 2014 as compared to
2013) was negatively 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.
Security
Investments
The $180 million decrease in security investments was primarily
due to sales of securities. In the third quarter of 2014, 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 2014, proceeds from
periodic sales of AFS securities totaled $131 million, resulting in
a net realized gain of $0.1 million in Q4-14 and $0.3 million for
2014. These sales enhanced INB's cash on hand. In order to
encourage deposit outflow, since July 2014 INB has also
significantly reduced its interest rates offered on longer-terms
CDs from a high of 1.92% to 1.00% on its five-year CD. INB's
loan-to-deposit ratio increased to 92% at December 31, 2014 from
84% at December 31, 2013.
Loans and Allowance
for Loan Losses
The $5 million increase in loans reflected $240 million of
originations, partially offset by payoffs, principal amortization
and partial pay downs totaling $235 million. New originations were
comprised primarily of $189 million of commercial real estate (CRE)
loans and $41 million of multifamily loans. New CRE loans included
loans on $32 million of single tenant credit and $38 million of
single tenant non-credit properties. New originations for 2014 had
a weighted-average rate, term, debt service coverage ratio and
loan-to-value ratio of 4.67%, 6.5 years, 1.26x and 60%,
respectively, compared to 4.53%, 6.8 years, 1.34x and 60%,
respectively, for new loans originated in 2013. Nearly all new
loans in both periods had fixed interest rates. Loans paid off in
2014 and 2013 had a weighted-average rate of 5.09% and 5.85%,
respectively.
At December 31, 2014, our loan portfolio remained concentrated
in CRE loans, with 78% of loans secured by CRE, 16% secured by
multifamily properties and 5% by investor-owned, 1-4 family
condominiums. The single tenant category totaled $206 million at
December 31, 2014, or approximately 23% of the total CRE loan
portfolio, up from $157 million and 19% at December 31, 2013.
At December 31, 2014, the allowance for loan losses totaled
$25.2 million, or 2.22% of total loans, compared to $27.8 million,
or 2.47%, at December 31, 2013. The allowance included at each date
$4.7 million and $6.1 million, respectively, allocated to impaired
loans.
Asset
Quality
Impaired loans (comprised of nonaccrual loans, all restructured
loans (TDRs) and one other accruing and performing loan) totaled
$52.2 million, or 3.56% of total assets, at December 31, 2014,
compared to $57.2 million, or 3.65% of total assets, at December
31, 2013. Nonaccrual loans included TDRs at each date ($20.0
million and $33.2 million, respectively) that were current and
performing. Accruing TDR loans amounted to $19.3 million at
December 31, 2014, compared to $13.4 million at December 31,
2013.
Real estate acquired through foreclosure, net of a valuation
allowance, decreased to $2.3 million at December 31, 2014, from
$10.6 million at December 31, 2013. The decrease reflected the sale
of two properties (totaling $8.0 million) in the first half of 2014
and a $0.3 million write down in Q4-14 on one remaining property
located in Jacksonville, Florida.
Deposits
The $112 million decrease in deposits reflected a $76 million
decrease in certificate of deposit accounts and a $36 million
decrease in total money market and checking accounts.
Stockholders'
Equity
The $12.6 million increase in stockholders' equity was due to
$17.7 million of earnings, $1.6 million of paid-in capital from
stock compensation and related income tax benefits, partially
offset by $3.3 million of common dividends paid, a $0.5 million net
increase in unrealized losses from AFS securities 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 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, on December 8, 2014, IBC filed a definitive
proxy statement and Ozarks filed a final prospectus with the
Securities and Exchange Commission ("SEC"). The proxy
statement/prospectus contains important information about Ozarks,
IBC, the transaction and related matters. Copies of the proxy
statement/prospectus were mailed to IBC stockholders commencing on
or about December 10, 2014.
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 are 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 CORPORATIONSelected Consolidated Financial
Information
(Dollars in thousands, except per share amounts)
Quarter Ended Year Ended
December 31, December 31, Selected
Operating Data: 2014
2013 2014 2013
Interest and dividend income $15,264 $16,120 $62,759
$63,616 Interest expense 4,556 6,023
19,947 27,110 Net interest and dividend
income 10,708 10,097 42,812 36,506 Provision (credit) for loan
losses (1,000) 950 (2,500) (550) Noninterest income 1,787 2,600
6,123 4,946 Noninterest expenses: Provision for real estate losses
300 150 300 1,105 Real estate expenses (income), net 157 284 773
(836) Operating expenses 5,376 3,630
18,488 15,584 Earnings before income taxes 7,662
7,683 31,874 26,149 Provision for income taxes 3,747
3,476 14,199 11,655 Net earnings before
preferred dividend requirements 3,915 4,207 17,675 14,494 Preferred
dividend requirements (1) - - -
1,057 Net earnings available to common stockholders $ 3,915
$ 4,207 $ 17,675 $13,437
Basic and diluted earnings per common share $0.18 $0.19 $0.80 $0.61
Cash dividends paid per common share $0.05 - $0.15 - Preferred cash
dividends paid - - - $5,068 Average shares used for basic earnings
per share 22,022,751 21,900,391 22,016,021 21,894,030 Average
shares used for diluted earnings per share (2)
22,077,484 22,041,319 22,230,830
21,993,626 Common shares outstanding at end of period
22,022,090 21,918,623 22,022,090 21,918,623 Common stock
options/warrants outstanding at end of period (2)
327,896 1,041,445 327,896
1,041,445 Yield on interest-earning assets 4.31% 4.10% 4.20%
4.17% Cost of funds 1.45% 1.76% 1.53% 2.00% Net interest margin (3)
3.03% 2.57% 2.86%
2.39% Return on average assets (annualized) 1.05%
1.06% 1.14% 0.90% Return on average common equity (annualized)
7.55% 8.72% 8.67% 7.58% Effective income tax rate 49% 45% 45% 45%
Efficiency ratio (4) 43% 29%
38% 38% Average loans outstanding
$1,155,131 $1,133,017 $1,156,245 $1,092,229 Average securities
outstanding 243,551 415,858 332,377 423,558 Average short-term
investments outstanding 5,243 10,648 6,937 10,972 Average assets
outstanding 1,492,222 1,593,216
1,553,001 1,605,435 Average
interest-bearing deposits outstanding $1,189,258 $1,298,646
$1,250,893 $1,299,998 Average borrowings outstanding 56,702 57,873
56,702 56,997 Average stockholders' equity
207,520 193,064 203,875
205,635
At Dec
31,
At Sep
30,
At Jun
30,
At Mar
31,
At Dec
31,
Selected Financial Condition Information:
2014 2014
2014 2014 2013
Total assets $1,465,961 $1,511,203 $1,571,824 $1,596,027 $1,567,796
Cash and short-term investments 112,749 11,483 35,367 79,157 24,700
Securities held to maturity - - 358,338 346,425 383,937 Securities
available for sale 204,832 305,347 994 980 965 Loans, net of
unearned fees 1,133,068 1,175,269 1,157,957 1,142,231 1,127,522
Allowance for loan losses 25,204 26,634 26,598 27,418 27,833
Allowance for loan losses/net loans 2.22% 2.27% 2.30% 2.40% 2.47%
Deposits 1,170,576 1,214,324 1,277,823 1,303,972 1,282,232 Borrowed
funds and accrued interest payable 56,763 56,758 56,760 56,769
57,570 Common stockholders' equity 209,571 205,879 206,579 201,644
196,991 Common book value per share (5) 9.52
9.35 9.38 9.16
8.99 Loan recoveries for the quarter $55 $36 $180 $85
$106 Real estate chargeoffs for the quarter - - 803 824 256 Loan
chargeoffs 485 -
- - - Impaired Loans: Nonaccrual
loans (6) $25,259 $22,538 $23,005 $38,750 $35,903 Accruing troubled
debt restructured (TDR) loans (7) 19,331 24,690 27,088 13,337
13,429 Accruing performing loan 7,625 7,677 7,727 7,777 7,828 Real
estate owned, net of valuation allowance 2,350 2,650 2,650 9,335
10,669 Loans 90 days past due and still accruing (8) 3,108 3,965
2,993 - 4,087 Loans 60-89 days past due and still accruing 3,780
3,731 - - - Loans 31-59 days past due and still accruing
12,794 - -
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 109,740 shares and 224,630
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
3.40%, 2.74%, 3.15% and 2.56%, 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, $20 million, $18 million, $33 million and $33 million,
respectively. (7) Represent loans whose terms have been modified
mostly through the deferral of principal and/or a partial reduction
in interest payments, or extension of maturity date. At December
31, 2014, all loans were performing and were yielding approximately
5% on a weighted-average basis. (8) Represents two performing and
paying loans at December 31, 2014 that matured and were in the
process of an extension.
INTERVEST
BANCSHARES CORPORATIONConsolidated Historical
Financial Information
At or For The Period Ended
($ in thousands, except per share
amounts)
YearEndedDec 31,2014
YearEndedDec 31,2013
YearEndedDec 31,2012
YearEndedDec 31,2011
YearEndedDec 31,2010
Balance Sheet Highlights:
Total assets $1,465,961 $1,567,796 $1,665,792
$1,969,540 $2,070,868 Cash and short-term investments 112,749
24,700 60,395 29,863 23,911 Securities held to maturity - 383,937
443,777 700,444 614,335 Securities available for sale 204,832 965
1,000 - - Loans, net of unearned fees 1,133,068 1,127,522 1,107,466
1,163,790 1,337,326 Allowance for loan losses 25,204 27,833 28,103
30,415 34,840 Allowance for loan losses/net loans 2.22% 2.47% 2.54%
2.61% 2.61% Deposits 1,170,576 1,282,232 1,362,619 1,662,024
1,766,083 Borrowed funds and accrued interest payable 56,763 57,570
62,930 78,606 84,676 Preferred stockholder's equity - - 24,624
24,238 23,852 Common stockholders' equity 209,571 196,991 186,323
173,293 162,108 Common book value per share (1) 9.52 8.99 8.44 8.07
7.61 Market price per common share 10.05
7.51 3.89 2.65
2.93
Asset Quality Highlights Impaired Loans:
Nonaccrual loans $25,259 $35,903 $45,898 $57,240 $52,923 Accruing
troubled debt restructured loans 19,331 13,429 20,076 9,030 3,632
Accruing performing loan 7,625 7,828 - - - Real estate owned, net
of valuation allowance 2,350 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 3,108 4,087 4,391 1,925 7,481 Loans 31-89
days past due and still accruing 16,574 2,642 15,497 28,770 11,364
Loan chargeoffs 485 1,938 3,152 9,598 100,146 Loan recoveries 356
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 $62,759 $63,616 $77,284 $92,837 $107,072
Interest expense 19,947 27,110 38,067
50,540 62,692 Net interest and dividend
income 42,812 36,506 39,217 42,297 44,380 (Credit) provision for
loan losses (2,500) (550) - 5,018 101,463 Noninterest income 6,123
4,946 6,194 4,308 2,110 Noninterest expenses: Provision for real
estate losses 300 1,105 4,068 3,349 15,509 Real estate expenses
(income), net 773 (836) 2,146 1,619 4,105 Operating expenses 18,488
15,584 16,668 15,861
19,069 Earnings (loss) before income taxes 31,874
26,149 22,529 20,758 (93,656) Provision (benefit) for income taxes
14,199 11,655 10,307
9,512 (40,348) Net earnings (loss) before preferred
dividend requirements 17,675 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 $17,675 $13,437
$10,421 $ 9,516 $(54,975)
Basic earnings (loss) per common share $0.80 $0.61 $0.48 $0.45
$(4.95) Diluted earnings (loss) per common share $0.80 $0.61 $0.48
$0.45 $(4.95) Cash dividends paid per common share $0.15 - - - -
Average common shares used to calculate: Basic earnings (loss) per
common share 22,016,021 21,894,030 21,566,009 21,126,187 11,101,196
Diluted earnings (loss) per common share 22,230,830 21,993,626
21,568,196 21,126,187 11,101,196 Common shares outstanding
22,022,090 21,918,623
21,589,589 21,125,289 21,126,489
Other ratios: Net interest margin (2) 2.86% 2.39% 2.29%
2.18% 2.11% Return on average assets 1.14% 0.90% 0.66% 0.56% -2.42%
Return on average common equity 8.67% 7.58% 6.82% 6.74% -32.20%
Effective income tax rate 45% 45% 46% 46% 43% Efficiency ratio
38% 38% 37%
34% 41% (1) Represents common
stockholders' equity less any preferred dividends in arrears (none
at December 31, 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 3.15%, 2.56%,
2.59%, 2.31% and 2.17%, respectively.
Intervest Bancshares CorporationLowell S. Dansker,
212-218-2800Fax 212-218-2808Chairman
Intervest Bancshares (NASDAQ:IBCA)
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