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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:IBCA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 10.79 | 0 | 01:00:00 |
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 for the second quarter of 2014 (Q2-14) increased 79% to $5.7 million, or $0.26 per share, from $3.2 million, or $0.14 per share, for the second quarter of 2013 (Q2-13). For the first half of 2014 (6mths-14), net earnings increased 44% to $9.6 million, or $0.43 per share, from $6.6 million, or $0.30 per share, for the first half of 2013 (6mths-13). IBC also announced that its Board of Directors declared a quarterly dividend of $0.05 per common share payable on August 26, 2014 to shareholders of record at the close of business August 15, 2014.
Operating Summary
Balance Sheet Summary
Asset Quality Summary
Net Interest and Dividend Income
The $2.3 million quarterly increase in net interest and dividend income reflected an improved interest rate spread and a higher ratio (1.15x compared to 1.10x) of interest-earning assets to interest-bearing liabilities due to deployment of cash into new loans. The net interest margin increased to 2.84% in Q2-14 from 2.30% in Q2-13, primarily due to a 53 basis point increase in the interest rate spread and a $56 million increase in net interest-earning assets. The higher spread reflected primarily the run-off and replacement of higher-cost legacy CDs with new CDs at lower interest rates, which reduced the average cost of funds by 54 basis points to 1.55% in Q2-14 from 2.09% in Q2-13. The average yield on earning assets decreased slightly to 4.19% in Q2-14 from 4.20% in Q2-13 as the negative impact of payoffs of older, higher yielding loans coupled with new loan originations at lower market interest rates was offset by higher yields on security investments and the growth in net interest earning assets. Total average interest-earning assets increased by $44 million in Q2-14 from Q2-13, reflecting a $107 million increase in loans, partially offset by a $63 million decrease in total securities and overnight investments. At the same time, total average deposits decreased by $12 million, while average total stockholders' equity decreased by $13 million (reflecting the repurchase and retirement of $25 million of preferred stock during the middle of 2013, partially offset by an $11 million increase in retained earnings).
The $3.5 million six-month increase in net interest and dividend income was due to the same reasons noted above. The net interest margin increased to 2.79% in 6mths-14, from 2.33% in 6mths-13. The average cost of funds decreased by 54 basis points to 1.57% in 6mths-14, from 2.11% in 6mths-13, while the average yield on earning assets decreased by only 6 basis points to 4.17% in 6mths-14, from 4.23% in 6mths-13. Total average interest-earning assets increased for the 6mths-14 period by $10 million from 6mths-13, reflecting an increase of $71 million in loans, partially offset by a $61 million decrease in total securities and overnight investments. At the same time, total average deposits decreased by $25 million, while average stockholders' equity decreased by $13 million.
Loans
The $31 million net increase in loans at June 30, 2014 compared to December 31, 2013 reflected $164.6 million of new originations and $0.3 million of recoveries of prior charge offs, partially offset by $110.1 million of payoffs and $24.2 million of principal amortization and partial pay downs. New originations were comprised of $131 million of commercial real estate (CRE) loans, $28 million of multifamily loans and $5 million of loans secured by investor-owned, 1-4 family condominiums. New CRE loans included $25 million of single tenant credit and $28 million of single tenant non-credit properties.
New originations for the first half of 2014 had a weighted-average rate, term, debt service coverage ratio and loan-to-value ratio of 4.72%, 6.6 years, 1.24x and 59%, respectively, compared to 4.47%, 5.9 years, 1.29x and 58%, respectively, for new loans originated in the first half of 2013. Nearly all of the new loans in both periods had fixed interest rates. Loans paid off in 6mths-14 and 6mths-13 had a weighted-average rate of 5.22% and 5.98%, respectively.
At June 30, 2014, the loan portfolio was concentrated in CRE loans and was comprised of 76% of loans secured by CRE, 18% secured by multifamily properties and 5% by investor-owned, 1-4 family condominiums. The single tenant category totaled $206 million at June 30, 2014, or approximately 23% of the total CRE loan portfolio, up from $157 million and 19% at December 31, 2013.
Deposits
The $4.4 million decrease in deposits reflected an $18.9 million decrease in total money market and checking accounts, partially offset by a $14.5 million increase in certificate of deposit accounts.
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. 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.
Selected Consolidated Financial Information Follows.
INTERVEST BANCSHARES CORPORATION
Selected Consolidated Financial Information
(Dollars in thousands, except per share amounts) Quarter Ended Six-Months Ended June 30, June 30, Selected Operating Data: 2014 2013 2014 2013 Interest and dividend income $ 16,066 $ 15,623 $ 31,579 $31,872 Interest expense 5,195 7,048 10,465 14,293 Net interest and dividend income 10,871 8,575 21,114 17,579 Credit for loan losses (1,000 ) (750 ) (1,500 ) (1,750 ) Noninterest income 2,461 702 3,327 1,445 Noninterest expenses: Provision for real estate losses - 76 - 705 Real estate expenses (income), net 298 (346 ) 499 (1,332 ) Operating expenses 3,926 3,954 8,498 8,092 Earnings before income taxes 10,108 6,343 16,944 13,309 Provision for income taxes 4,370 2,804 7,364 5,879 Net earnings before preferred dividend requirements 5,738 3,539 9,580 7,430 Preferred dividend requirements (1) - 326 - 788 Net earnings available to common stockholders $ 5,738 $ 3,213 $ 9,580 $ 6,642 Basic and diluted earnings per common share $ 0.26 $ 0.14 $ 0.43 $ 0.30 Cash dividends paid per common share $ 0.05 - $ 0.05 - Average shares used for basic earnings per share 22,023,783 21,923,243 22,007,706 21,877,973 Average shares used for diluted earnings per share (2) 22,248,479 22,003,149 22,235,805 21,920,280 Common shares outstanding at end of period 22,025,390 21,923,756 22,025,390 21,923,756 Common stock options/warrants outstanding at end of period (2) 1,025,278 1,061,755 1,025,278 1,061,755 Yield on interest-earning assets 4.19 % 4.20 % 4.17 % 4.23 % Cost of funds 1.55 % 2.09 % 1.57 % 2.11 % Net interest margin (3) 2.84 % 2.30 % 2.79 % 2.33 % Return on average assets (annualized) 1.45 % 0.88 % 1.21 % 0.91 % Return on average common equity (annualized) 11.31 % 7.39 % 9.54 % 7.83 % Effective income tax rate 43 % 44 % 44 % 44 % Efficiency ratio (4) 27 % 43 % 35 % 43 % Average loans outstanding $ 1,167,943 $ 1,061,202 $ 1,149,835 $1,078,943 Average securities outstanding 362,098 420,763 370,262 428,146 Average short-term investments outstanding 7,146 11,343 8,009 11,107 Average assets outstanding 1,587,282 1,613,961 1,586,160 1,625,946 Average interest-bearing deposits outstanding $ 1,284,865 $ 1,297,106 $ 1,286,150 $1,311,444 Average borrowings outstanding 56,702 56,702 56,702 56,702 Average stockholders' equity 202,886 215,752 200,789 214,140At Jun 30,
At Mar 31,
At Dec 31,
At Sep 30,
At Jun 30,
Selected Financial Condition Information: 2014 2014 2013 2013 2013 Total assets $ 1,571,824 $ 1,596,027 $ 1,567,796 $1,584,239 $ 1,596,639 Cash and short-term investments 35,367 79,157 24,700 30,253 86,977 Securities held to maturity 358,338 346,425 383,937 416,321 410,986 Loans, net of unearned fees 1,157,957 1,142,231 1,127,522 1,100,277 1,056,191 Allowance for loan losses 26,598 27,418 27,833 26,777 26,455 Allowance for loan losses/net loans 2.30 % 2.40 % 2.47 % 2.43 % 2.50 % Deposits 1,277,823 1,303,972 1,282,232 1,298,403 1,293,175 Borrowed funds and accrued interest payable 56,760 56,769 57,570 57,165 56,760 Preferred stockholder's equity - - - - 18,620 Common stockholders' equity 206,579 201,644 196,991 192,288 193,155 Common book value per share (5) 9.38 9.16 8.99 8.77 8.64 Loan chargeoffs for the quarter $ - $ - $ - $ - $ 1,823 Loan recoveries for the quarter 180 85 106 72 818 Real estate chargeoffs for the quarter 803 824 256 4,171 - Security impairment writedowns for the quarter - - - 273 325 Impaired Loans: Nonaccrual loans (6) $ 23,005 $ 38,750 $ 35,903 $ 39,517 $ 39,069 Accruing troubled debt restructured (TDR) loans (7) 27,088 13,337 13,429 11,381 11,464 Accruing performing loan 7,727 7,777 7,828 - - Real estate owned, net of valuation allowance 2,650 9,335 10,669 12,019 14,869 Investment securities on a cash basis - - - 2,604 2,923 Loans 90 days past due and still accruing (8) 2,993 - 4,087 18,403 5,285 Loans 60-89 days past due and still accruing - - - 3,265 11,065 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 223,280 shares and 235,630 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 3.36%, 2.47%, 3.12% and 2.51%, respectively. (4) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income. (5) Represents common stockholders' equity less any preferred dividends in arrears ($3.7 million at June 30, 2013 only) divided by common shares outstanding. (6) Include performing TDRs maintained on nonaccrual status, or cash basis, of $18 million, $33 million, $33 million, $36 million and $36 million, respectively. (7) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments, or extension of maturity date. At June 30, 2014, all loans were performing and were yielding approximately 5% on a weighted-average basis. (8) Represents one performing and paying loan at June 30, 2014 that matured and was in the process of an extension.INTERVEST BANCSHARES CORPORATION
Consolidated Historical Financial Information
At or For The Period Ended
($ in thousands, except per share amounts)
Six-MonthsEndedJune 30,2014
YearEndedDec 31,2013
YearEndedDec 31,2012
YearEndedDec 31,2011
YearEndedDec 31,2010
Balance Sheet Highlights: Total assets $ 1,571,824 $ 1,567,796 $ 1,665,792 $ 1,969,540 $ 2,070,868 Cash and short-term investments 35,367 24,700 60,395 29,863 23,911 Securities held to maturity 358,338 383,937 443,777 700,444 614,335 Loans, net of unearned fees 1,157,957 1,127,522 1,107,466 1,163,790 1,337,326 Allowance for loan losses 26,598 27,833 28,103 30,415 34,840 Allowance for loan losses/net loans 2.30 % 2.47 % 2.54 % 2.61 % 2.61 % Deposits 1,277,823 1,282,232 1,362,619 1,662,024 1,766,083 Borrowed funds and accrued interest payable 56,760 57,570 62,930 78,606 84,676 Preferred stockholder's equity - - 24,624 24,238 23,852 Common stockholders' equity 206,579 196,991 186,323 173,293 162,108 Common book value per share (1) 9.38 8.99 8.44 8.07 7.61 Market price per common share 7.74 7.51 3.89 2.65 2.93 Asset Quality Highlights Impaired Loans: Nonaccrual loans $ 23,005 $ 35,903 $ 45,898 $ 57,240 $ 52,923 Accruing troubled debt restructured loans 27,088 13,429 20,076 9,030 3,632 Accruing performing loan 7,727 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 2,993 4,087 4,391 1,925 7,481 Loans 31-89 days past due and still accruing - 2,642 15,497 28,770 11,364 Loan chargeoffs - 1,938 3,152 9,598 100,146 Loan recoveries 265 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 $ 31,579 $ 63,616 $ 77,284 $ 92,837 $ 107,072 Interest expense 10,465 27,110 38,067 50,540 62,692 Net interest and dividend income 21,114 36,506 39,217 42,297 44,380 (Credit) provision for loan losses (1,500 ) (550 ) - 5,018 101,463 Noninterest income 3,327 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 499 (836 ) 2,146 1,619 4,105 Operating expenses 8,498 15,584 16,668 15,861 19,069 Earnings (loss) before income taxes 16,944 26,149 22,529 20,758 (93,656 ) Provision (benefit) for income taxes 7,364 11,655 10,307 9,512 (40,348 ) Net earnings (loss) before preferred dividend requirements 9,580 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 $ 9,580 $ 13,437 $ 10,421 $ 9,516 $ (54,975 ) Basic earnings (loss) per common share $ 0.43 $ 0.61 $ 0.48 $ 0.45 $ (4.95 ) Diluted earnings (loss) per common share $ 0.43 $ 0.61 $ 0.48 $ 0.45 $ (4.95 ) Cash dividends paid per common share $ 0.05 - - - - Average common shares used to calculate: Basic earnings (loss) per common share 22,007,706 21,894,030 21,566,009 21,126,187 11,101,196 Diluted earnings (loss) per common share 22,235,805 21,993,626 21,568,196 21,126,187 11,101,196 Common shares outstanding 22,025,390 21,918,623 21,589,589 21,125,289 21,126,489 Other ratios: Net interest margin (2) 2.79 % 2.39 % 2.29 % 2.18 % 2.11 % Return on average assets 1.21 % 0.90 % 0.66 % 0.56 % -2.42 % Return on average common equity 9.54 % 7.58 % 6.82 % 6.74 % -32.20 % Effective income tax rate 44 % 45 % 46 % 46 % 43 % Efficiency ratio 35 % 38 % 37 % 34 % 41 % (1) Represents common stockholders' equity less any preferred dividends in arrears (none at June 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 3.12%, 2.56%, 2.59%, 2.31% and 2.17%, respectively.
Intervest Bancshares CorporationLowell S. Dansker, ChairmanPhone: 212-218-2800Fax: 212-218-2808
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