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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| (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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.79 | 0 | 01:00:00 |
From May 2019 to May 2024
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
Balance Sheet Summary
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 206,359 201,401 202,666 209,847At 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 $36 million, respectively. (7) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments, or extension of maturity date. At September 30, 2014, all loans were performing and were yielding approximately 5% on a weighted-average basis. (8) Represents two performing and paying loans at September 30, 2014 that matured and were in the process of an extension.INTERVEST BANCSHARES CORPORATION
Consolidated Historical Financial Information
At or For The Period EndedNine-Months
Year
Year
Year
Year
Ended
Ended
Ended
Ended
Ended
($ 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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