UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 16, 2012
INTERVEST BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-23377 | 13-3699013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||
1 Rockefeller Plaza, Suite 400 New York, New York | 10020-2002 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number Including Area Code: (212) 218-2800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 2 Financial Information
Item 2.02. | Results of Operations and Financial Condition. |
On April 16, 2012, the registrant issued a press release related to its results of operations for the quarterly period ended March 31, 2012 and the text of that announcement is attached hereto as Exhibit 99.1.
Section 9 Financial Statements and Exhibits
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. |
Description | |
99.1 | Press Release dated April 16, 2012. |
This Form 8-K and the attached exhibit are provided under Section 2, Item 2.02 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INTERVEST BANCSHARES CORPORATION | ||||||||
Date: April 16, 2012 | By: | /s/ Lowell S. Dansker | ||||||
Lowell S. Dansker | ||||||||
Chairman and Chief Executive Officer (Principal Executive Officer) |
Date: April 16, 2012 | By: | /s/ John J. Arvonio | ||||||
John J. Arvonio | ||||||||
Chief Financial and Accounting Officer (Principal Financial Officer) |
EXHIBIT 99.1
INTERVEST BANCSHARES CORPORATION
Reports 2012 First Quarter Earnings of $2.8 Million or $0.13 per share
Business EditorsNew York (Business Wire April 16, 2012)
Intervest Bancshares Corporation (NASDAQ-GS: IBCA), parent company of Intervest National Bank, today reported its financial results for the first quarter of 2012. Financial highlights follow.
| Net earnings for the first quarter of 2012 (Q1-12) increased to $2.8 million, or $0.13 per diluted common share, from $1.7 million, or $0.08 per share, for the first quarter of 2011 (Q1-11). |
| Earnings before deducting provisions for loan and real estate losses, real estate expenses, income taxes and preferred dividend requirements increased to $6.9 million in Q1-12, from $6.3 million in Q1-11. |
| Provisions for loan and real estate losses decreased to $0.5 million in Q1-12, from $2.0 million in Q1-11. The allowance for loan losses amounted to $29.2 million at March 31, 2012 and represented 2.52% of total outstanding loans. |
| Net interest and dividend income decreased to $10.0 million in Q1-12, from $10.4 million in Q1-11, while the net interest margin improved slightly to 2.16% in Q1-12, from 2.14% in Q1-11. New loan originations for Q1-12 increased to $50 million, from $7 million in Q1-11. |
| Noninterest expenses decreased to $4.2 million in Q1-12, from $4.4 million in Q1-11. The efficiency ratio (which measures the Companys ability to control expenses as a percentage of revenues) continued to be excellent and was 38% in Q1-12, compared to 41% in Q1-11. |
| Nonaccrual loans and real estate owned (REO) totaled $81 million at March 31, 2012, compared to $86 million at December 31, 2011. Nonaccrual loans include certain restructured loans (TDRs) that are current as to payments and performing in accordance with their renegotiated terms, but are required to be classified nonaccrual based on regulatory guidance. At March 31, 2012, such loans totaled $44 million compared to $46 million at December 31, 2011 and they were yielding approximately 5%. |
| Intervest National Banks regulatory capital ratios continued to increase and be well above its minimum requirements. At March 31, 2012, its actual capital ratios were as follows: Tier One Leverage11.73%; Tier One Risk-Based16.88%; and Total Risk-Based Capital18.14%, compared to its minimum requirements of 9%, 10% and 12%, respectively. The Banks Tier 1 capital amounted to $225 million and was $52 million in excess of the required minimum for its Tier One Leverage ratio. |
| Book value per common share was $8.04 at March 31, 2012, compared to $8.07 at December 31, 2011, reflecting increased common shares outstanding from restricted stock awards made to directors and employees in Q1-12 under the Companys Long Term Incentive Plan. |
Net earnings for Q1-12 increased by $1.1 million over Q1-11 due to the following: a $1.5 million decrease in the total provision for loan and real estate losses (resulting from fewer credit rating downgrades on loans); a $0.8 million increase in noninterest income (reflecting primarily higher income from loan prepayments) and a $0.2 million decrease in noninterest expenses (reflecting primarily a $0.5 million decrease in FDIC premiums, partially offset by a $0.3 million aggregate increase in salaries, benefits and stock compensation expense). The total of these items was partially offset by a $0.9 million increase in income tax expense (due to higher pre-tax income); a $0.4 million decrease in net interest and dividend income (as described below) and a $0.1 million increase in real estate expenses. The effective income tax rate was 45% in both quarterly periods.
The decrease in net interest and dividend income in Q1-12 compared to Q1-11 reflected a planned reduction in the size of the Banks balance sheet as well as fewer suitable lending opportunities during the period. In Q1-12, total average interest-earning assets decreased by $110 million from Q1-11, reflecting a $164 million decrease in average loans, partially offset by a $54 million net increase in average security and overnight investments. At the same time, average deposits and borrowed funds decreased by $101 million and $11 million, respectively, while average stockholders equity increased by $12 million. The reduction in the balance sheet positively impacted the Banks regulatory capital ratios. The slightly higher net interest margin was attributable to lower rates paid on deposit accounts and the run off of higher-cost CDs and borrowings, largely offset by payoffs of higher yielding loans and calls of security investments due to declining interest rates, coupled with the re-investment of a large portion of these cash inflows into new securities and loans at lower market interest rates. Overall, the average cost of funds decreased by 42 basis points to 2.54% in Q1-12, from 2.96% in Q1-11, while the average yield on earning assets decreased at a slower pace by 38 basis points to 4.50% in Q1-12, from 4.88% in Q1-11.
Total assets at March 31, 2012 decreased to $1.91 billion from $1.97 billion at December 31, 2011, primarily reflecting a decrease in security investments, partially offset by an increase in cash and short-term investments.
Cash and short-term investments increased to $90 million at March 31, 2012 from $30 million at December 31, 2011. This category will fluctuate based on various factors, including liquidity needs, loan demand, deposit flows, calls of securities, repayments of borrowed funds and alternative investment opportunities. The Bank expects to utilize a large portion of the balance to fund new loans over the next several quarters. At March 31, 2012, the Bank had $41 million of potential new real estate loans in its origination pipeline.
Securities held to maturity decreased by $109 million to $591 million at March 31, 2012 from $700 million at December 31, 2011, reflecting calls of securities exceeding new purchases. A portion of the proceeds was used to fund planned deposit outflow and a portion was being held temporarily in cash and short-term investments as denoted above. At March 31, 2012, the securities portfolio, which represented 31% of total assets and was comprised almost all of U.S. government agency debt securities, had a weighted-average yield to earliest call date of 1.36% and a weighted-average remaining contractual maturity of 4.8 years. The Bank invests primarily in U.S. government agency debt obligations to emphasize safety and liquidity. In March 2012, the Bank also began purchasing residential mortgage-backed pass through securities issued by GNMA, FNMA and FHLMC in an effort to increase the overall yield on its investment portfolio.
Loans totaled $1.15 billion at March 31, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $45 million of payoffs and $12 million of amortization and $1.4 million of chargeoffs, partially offset by $50 million of new loans. Loans paid off during Q1-12 had a weighted-average yield of 6.31%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of approximately 5%, 5 years and 60%, respectively.
Nonaccrual loans and REO aggregated to $81 million, or 4.2% of total assets, at March 31, 2012, compared to $86 million, or 4.3%, at December 31, 2011. Nonaccrual loans totaled $53 million at March 31, 2012 and $57 million at December 31, 2011 and included $44 million (12 loans) and $46 million (12 loans) of TDRs that were current at each date, respectively. All the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. During Q1-12, based on annual updated appraisals received on the underlying collateral properties, a portion of three of the above TDRs (or $1.4 million of aggregate principal) was charged off for financial statement purposes. The borrowers remain obligated to pay all contractual principal due on the TDRs.
The allowance for loan losses at March 31, 2012 was $29.2 million, representing 2.52% of total net loans, compared to $30.4 million, or 2.61%, at December 31, 2011. The allowance included specific reserves for impaired loans (comprised of all nonaccrual loans as well as accruing TDRs) at each date totaling $7 million and $8 million, respectively.
At March 31, 2012, the Company had a deferred tax asset totaling $36.3 million, which included remaining unused NOL and AMT credit carryforwards totaling $32 million for Federal tax purposes and $63 million for State and Local tax purposes. These carryforwards are available to reduce taxes payable on the Companys future taxable income.
Deposits at March 31, 2012 decreased to $1.60 billion from $1.66 billion at December 31, 2011, primarily reflecting a $60 million decrease in CD accounts, of which $16.5 million were brokered. Borrowed funds and related interest payable at March 31, 2012 decreased to $72.1 million, from $78.6 million at December 31, 2011, due to the maturity and repayment of $7 million of FHLB borrowings, partially offset by a $0.5 million increase in accrued interest payable on trust preferred securities (TRUPs). Since February 2010, as required by its regulator and as permitted by the underlying documents, the Company has suspended the payment of interest on $55 million of its debt in the form of TRUPs as well as the declaration and payment of TARP dividends on $25 million of preferred stock held by the U.S.Treasury. Stockholders equity increased to $201 million at March 31, 2012 from $198 million at December 31, 2011, primarily due to $3.3 million of net earnings before preferred dividend requirements.
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. IBCs 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: the regulatory agreements to which IBC and INB are currently subject to and any operating restrictions arising therefrom including availability of regulatory approvals or waivers; 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 IBCs filings with the SEC for further discussion of risks and uncertainties regarding our business. Historical results are not necessarily indicative of our future prospects.
Contact: Lowell S. Dansker, Chairman; Phone 212-218-2800 Fax 212-218-2808.
Selected Consolidated Financial Information Follows.
Page 2 of 4
INTERVEST BANCSHARES CORPORATION
Selected Consolidated Financial Information
(Dollars in thousands, except per share amounts) | Quarter Ended March 31, |
|||||||||||
Selected Operating Data: | 2012 | 2011 | ||||||||||
Interest and dividend income |
$ | 20,698 | $ | 23,594 | ||||||||
Interest expense |
10,740 | 13,243 | ||||||||||
Net interest and dividend income |
9,958 | 10,351 | ||||||||||
Provision for loan losses |
| 2,045 | ||||||||||
Noninterest income |
1,125 | 323 | ||||||||||
Noninterest expenses: |
||||||||||||
Provision for real estate losses |
511 | | ||||||||||
Real estate expenses |
460 | 325 | ||||||||||
All other noninterest expenses |
4,164 | 4,410 | ||||||||||
Earnings before income taxes |
5,948 | 3,894 | ||||||||||
Provision for income taxes |
2,694 | 1,741 | ||||||||||
Net earnings before preferred dividend requirements |
3,254 | 2,153 | ||||||||||
Preferred dividend requirements (1) |
444 | 427 | ||||||||||
Net earnings available to common stockholders |
$ | 2,810 | $ | 1,726 | ||||||||
Basic earnings per common share |
$ | 0.13 | $ | 0.08 | ||||||||
Diluted earnings per common share |
$ | 0.13 | $ | 0.08 | ||||||||
Average shares used for basic and diluted earnings per share (2) |
21,493,518 | 21,126,489 | ||||||||||
Common shares outstanding at end of period |
21,590,689 | 21,126,489 | ||||||||||
Common stock options/warrants outstanding at end of period |
1,085,022 | 1,045,422 | ||||||||||
Yield on interest-earning assets |
4.50 | % | 4.88 | % | ||||||||
Cost of funds |
2.54 | % | 2.96 | % | ||||||||
Net interest margin |
2.16 | % | 2.14 | % | ||||||||
Return on average assets (annualized) |
0.67 | % | 0.42 | % | ||||||||
Return on average common equity (annualized) |
7.46 | % | 5.29 | % | ||||||||
Effective income tax rate |
45 | % | 45 | % | ||||||||
Efficiency ratio (3) |
38 | % | 41 | % | ||||||||
Average loans outstanding |
$ | 1,165,330 | $ | 1,329,413 | ||||||||
Average securities outstanding |
678,844 | 615,357 | ||||||||||
Average short-term investments outstanding |
7,664 | 17,055 | ||||||||||
Average assets outstanding |
1,945,130 | 2,045,999 | ||||||||||
Average interest-bearing deposits outstanding |
$ | 1,631,664 | $ | 1,732,180 | ||||||||
Average borrowings outstanding |
70,356 | 81,589 | ||||||||||
Average stockholders equity |
198,746 | 186,823 |
|
At Mar 31, | At Dec 31, | At Sep 30, | At Jun 30, | At Mar 31, | |||||||||||||||
Selected Financial Condition Information: | 2012 | 2011 | 2011 | 2011 | 2011 | |||||||||||||||
Total assets |
$ | 1,909,052 | $ | 1,969,540 | $ | 1,991,245 | $ | 2,050,379 | $ | 2,014,125 | ||||||||||
Cash and short-term investments |
89,839 | 29,863 | 36,798 | 14,461 | 29,079 | |||||||||||||||
Securities held to maturity |
590,959 | 700,444 | 678,118 | 691,334 | 589,940 | |||||||||||||||
Loans, net of unearned fees |
1,155,437 | 1,163,790 | 1,199,770 | 1,252,128 | 1,300,546 | |||||||||||||||
Allowance for loan losses |
29,169 | 30,415 | 32,365 | 31,772 | 32,400 | |||||||||||||||
Allowance for loan losses/net loans |
2.52 | % | 2.61 | % | 2.70 | % | 2.54 | % | 2.49 | % | ||||||||||
Deposits |
1,599,653 | 1,662,024 | 1,678,003 | 1,735,292 | 1,706,630 | |||||||||||||||
Borrowed funds and accrued interest payable |
72,064 | 78,606 | 78,156 | 82,634 | 82,072 | |||||||||||||||
Preferred stockholders equity |
24,335 | 24,238 | 24,141 | 24,045 | 23,948 | |||||||||||||||
Common stockholders equity |
176,716 | 173,293 | 170,164 | 167,109 | 164,243 | |||||||||||||||
Common book value per share (4) |
8.04 | 8.07 | 7.94 | 7.81 | 7.69 | |||||||||||||||
Loan chargeoffs for the quarter |
$ | 1,430 | $ | 2,044 | $ | 1,667 | $ | 1,374 | $ | 4,513 | ||||||||||
Loan recoveries for the quarter |
184 | 54 | 69 | 4 | 28 | |||||||||||||||
Real estate chargeoffs for the quarter |
| | | | | |||||||||||||||
Security impairment writedowns for the quarter |
157 | | 96 | | 105 | |||||||||||||||
Nonaccrual loans (5) |
$ | 53,208 | $ | 57,240 | $ | 59,707 | $ | 45,352 | $ | 45,192 | ||||||||||
Real estate owned, net of valuation allowance |
27,767 | 28,278 | 27,005 | 25,786 | 27,064 | |||||||||||||||
Investment securities on a cash basis |
4,222 | 4,379 | 4,379 | 4,475 | 4,475 | |||||||||||||||
Accruing troubled debt restructured (TDR) loans (6) |
8,980 | 9,030 | 5,601 | 5,619 | 5,630 | |||||||||||||||
Loans 90 days past due and still accruing |
2,798 | 1,925 | 8,571 | 4,594 | 3,879 | |||||||||||||||
Loans 60-89 days past due and still accruing |
6,303 | 3,894 | 939 | 7,704 | | |||||||||||||||
Loans 31-59 days past due and still accruing |
11,840 | 24,876 | | | 21,785 |
(1) | Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount. |
(2) | Outstanding options/warrants were not dilutive for the reporting periods. |
(3) | Represents noninterest expenses (excluding provisions for real estate losses & real estate expenses) as a percentage of net interest and dividend income plus noninterest income. |
(4) | Represents common stockholders equity less preferred dividends in arrears of $3.1 million, $2.8 million, $2.4 million, $2.1 million and $1.8 million, respectively, divided by common shares outstanding. |
(5) | Include performing TDRs maintained on nonaccrual status of $44 million, $46 million, $37 million, $33 million and $18 million, respectively. The balance at March 31, 2012 was yielding approximately 5% |
(6) | Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments. All loans were performing and current as of March 31, 2012 and were yielding approximately 5.50%. |
Page 3 of 4
INTERVEST BANCSHARES CORPORATION
Consolidated Financial Highlights
At or For The Period Ended | ||||||||||||||||||||
($ in thousands, except per share
amounts) |
Quarter Ended Mar 31, 2012 |
Year Ended Dec 31, 2011 |
Year Ended Dec 31, 2010 |
Year Ended Dec 31, 2009 |
Year Ended Dec 31, 2008 |
|||||||||||||||
Balance Sheet Highlights: |
||||||||||||||||||||
Total assets |
$ | 1,909,052 | $ | 1,969,540 | $ | 2,070,868 | $ | 2,401,204 | $ | 2,271,833 | ||||||||||
Cash and short-term investments |
89,839 | 29,863 | 23,911 | 7,977 | 54,903 | |||||||||||||||
Securities held to maturity |
590,959 | 700,444 | 614,335 | 634,856 | 475,581 | |||||||||||||||
Loans, net of unearned fees |
1,155,437 | 1,163,790 | 1,337,326 | 1,686,164 | 1,705,711 | |||||||||||||||
Allowance for loan losses |
29,169 | 30,415 | 34,840 | 32,640 | 28,524 | |||||||||||||||
Allowance for loan losses/net loans |
2.52 | % | 2.61 | % | 2.61 | % | 1.94 | % | 1.67 | % | ||||||||||
Deposits |
1,599,653 | 1,662,024 | 1,766,083 | 2,029,984 | 1,864,135 | |||||||||||||||
Borrowed funds and accrued interest payable |
72,064 | 78,606 | 84,676 | 118,552 | 149,566 | |||||||||||||||
Preferred stockholders equity |
24,335 | 24,238 | 23,852 | 23,466 | 23,080 | |||||||||||||||
Common stockholders equity |
176,716 | 173,293 | 162,108 | 190,588 | 188,894 | |||||||||||||||
Common book value per share (1) |
8.04 | 8.07 | 7.61 | 23.04 | 22.84 | |||||||||||||||
Market price per common share |
3.82 | 2.65 | 2.93 | 3.28 | 3.99 | |||||||||||||||
Asset Quality Highlights |
||||||||||||||||||||
Nonaccrual loans . |
$ | 53,208 | $ | 57,240 | $ | 52,923 | $ | 123,877 | $ | 108,610 | ||||||||||
Real estate owned, net of valuation allowance |
27,767 | 28,278 | 27,064 | 31,866 | 9,081 | |||||||||||||||
Investment securities on a cash basis .. |
4,222 | 4,379 | 2,318 | 1,385 | | |||||||||||||||
Accruing troubled debt restructured loans (2) |
8,980 | 9,030 | 3,632 | 97,311 | | |||||||||||||||
Loans past due 90 days and still accruing |
2,798 | 1,925 | 7,481 | 6,800 | 1,964 | |||||||||||||||
Loans past due 31-89 days and still accruing |
18,143 | 28,770 | 11,364 | 5,925 | 18,943 | |||||||||||||||
Loan chargeoffs |
1,430 | 9,598 | 100,146 | 8,103 | 4,227 | |||||||||||||||
Loan recoveries |
184 | 155 | 883 | 1,354 | | |||||||||||||||
Real estate chargeoffs |
| | 15,614 | | | |||||||||||||||
Impairment writedowns on security investments |
157 | 201 | 1,192 | 2,258 | | |||||||||||||||
Statement of Operations Highlights: |
||||||||||||||||||||
Interest and dividend income |
$ | 20,698 | $ | 92,837 | $ | 107,072 | $ | 123,598 | $ | 128,497 | ||||||||||
Interest expense |
10,740 | 50,540 | 62,692 | 81,000 | 90,335 | |||||||||||||||
Net interest and dividend income |
9,958 | 42,297 | 44,380 | 42,598 | 38,162 | |||||||||||||||
Provision for loan losses |
| 5,018 | 101,463 | 10,865 | 11,158 | |||||||||||||||
Noninterest income |
1,125 | 4,308 | 2,110 | 297 | 5,026 | |||||||||||||||
Noninterest expenses: |
||||||||||||||||||||
Provision for real estate losses |
511 | 3,349 | 15,509 | 2,275 | 518 | |||||||||||||||
Real estate expenses |
460 | 1,619 | 4,105 | 4,945 | 4,281 | |||||||||||||||
All other noninterest expenses |
4,164 | 15,861 | 19,069 | 19,864 | 14,074 | |||||||||||||||
Earnings (loss) before income taxes |
5,948 | 20,758 | (93,656 | ) | 4,946 | 13,157 | ||||||||||||||
Provision (benefit) for income taxes |
2,694 | 9,512 | (40,348 | ) | 1,816 | 5,891 | ||||||||||||||
Net earnings (loss) before preferred dividend requirements |
3,254 | 11,246 | (53,308 | ) | 3,130 | 7,266 | ||||||||||||||
Preferred dividend requirements (3) |
444 | 1,730 | 1,667 | 1,632 | 41 | |||||||||||||||
Net earnings (loss) available to common stockholders |
$ | 2,810 | $ | 9,516 | $ | (54,975 | ) | $ | 1,498 | $ | 7,225 | |||||||||
Basic earnings (loss) per common share |
$ | 0.13 | $ | 0.45 | $ | (4.95 | ) | $ | 0.18 | $ | 0.87 | |||||||||
Diluted earnings (loss) per common share |
$ | 0.13 | $ | 0.45 | $ | (4.95 | ) | $ | 0.18 | $ | 0.87 | |||||||||
Average common shares used to calculate: |
||||||||||||||||||||
Basic earnings (loss) per common share |
21,493,518 | 21,126,187 | 11,101,196 | 8,270,812 | 8,259,091 | |||||||||||||||
Diluted earnings (loss) per common share |
21,493,518 | 21,126,187 | 11,101,196 | 8,270,812 | 8,267,781 | |||||||||||||||
Common shares outstanding |
21,590,689 | 21,125,289 | 21,126,489 | 8,270,812 | 8,270,812 | |||||||||||||||
Net interest margin (4) |
2.16 | % | 2.18 | % | 2.11 | % | 1.83 | % | 1.79 | % | ||||||||||
Return on average assets |
0.67 | % | 0.56 | % | -2.42 | % | 0.13 | % | 0.34 | % | ||||||||||
Return on average common equity |
7.46 | % | 6.74 | % | -32.20 | % | 1.65 | % | 3.94 | % | ||||||||||
Effective income tax rate |
45 | % | 46 | % | 43 | % | 37 | % | 45 | % | ||||||||||
Efficiency ratio (5) |
38 | % | 34 | % | 41 | % | 46 | % | 33 | % |
(1) | Represents common stockholders equity less preferred dividends in arrears ($3.1 million at March 31, 2012, $2.8 million at December 31, 2011 and $1.4 million at December 31, 2010) divided by common shares outstanding. |
(2) | Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments. |
(3) | Represents dividend requirements on cumulative preferrd stock held by the U.S. Treasury and amortization of related preferred stock discount. |
(4) | 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 compute to 2.37%, 2.14%, 2.32%, 1.68% and 1.74%, respectively. |
(5) | Represents noninterest expenses (excluding provisions for real estate losses and real estate expenses) as a percentage of net interest and dividend income plus noninterest income. |
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