Intervest Bancshares Corporation Reports Net Loss of $0.7 Million

Intervest Bancshares Corporation

today reported a net loss for the third quarter of 2010 of $0.7 million, or $0.07 per diluted common share, compared to net income of $0.3 million, or $0.04 per share, for the third quarter of 2009. Results for both periods included $0.4 million of preferred dividend requirements related to the Company's participation in TARP. The change in results was primarily due to a $1.8 million increase in the combined provision for loan and real estate losses and a $0.6 million non-recurring charge related to the conversion of Intervest National Bank's core data processing to a lower-cost provider. These items were partially offset by a $1.3 million decrease in carrying expenses associated with a lower level of nonperforming assets. At September 30, 2010, the Company's common stock book value per share was $15.26.