Intervest Bancshares Corp. in New York on Tuesday posted a narrow fourth-quarter profit, reversing a recent trend of losses.
The $2.4 billion-asset company earned $400,000 in the fourth quarter, or 2 cents a share. Intervest posted a loss of $700,000 in the third quarter and a $300,000 gain a year earlier. The loan-loss provision fell 31% from a quarter earlier, to $2.7 million. For the year Intervest swung to a loss of $55 million from a profit of $1.5 million in 2009.
Intervest raised $21 million in the fourth quarter selling common stock. At Dec. 31 its total capital to risk-weighted assets ratio was 14.22%.