Intervest Bancshares Corp. in New York posted a first-quarter profit after reporting a loss a year earlier.
The $2 billion-asset company reported a profit of $1.7 million, or 8 cents a share, compared with a loss of $2.9 million, or 35 cents a share, a year earlier. The company reporting earnings of $400,000 a quarter earlier.
The loan-loss provision fell 83% from a year earlier, to $2 million, the company said Tuesday. Nonaccrual loans made up 3.6% of assets at March 31, compared with 6.8% a year earlier.