Intervest Bancshares Corp. in New York said Monday that its third-quarter earnings rose 4% from a quarter earlier, to $2.6 million.
The quarter also reversed a $700,000 loss from a year earlier for the $2 billion-asset company. Intervest attributed the improvement compared to the year earlier loss to several factors, including a $2 million increase in noninterest income and a $1.7 million decline in its loan-loss provision and real estate losses tied to fewer credit rating downgrades.
The provision actually rose 45% from the second quarter, to $2.9 million, or 2.7% of total loans at Sept. 30.
Intervest National Bank's capital ratios were above the minimums set by a December 2010 agreement with the Office of the Comptroller of the Currency. The bank's Tier 1 leveraged ratio was 10.62% and its total risk-based capital ratio was 16.54% at the end of the third quarter. The bank is required by the OCC agreement to maintain those ratios at 9% and 12%, respectively.
