The increase in net earning contributed by a $1.5m decrease in the total provision for loan and real estate losses, a $0.8m increase in noninterest income and a $0.2m decrease in noninterest expenses.
The firm said that it earnings before deducting provisions for loan and real estate losses, real estate expenses, income taxes and preferred dividend requirements rose to $6.9m, from $6.3m during the corresponding period previous fiscal.
For the latest quarter period, its provisions for loan and real estate losses decreased to $0.5m, from $2m during the same period a year ago.
As per the quarterly financial statement of the firm, net interest and dividend income declined to $10m, from $10.4m compared to the same quarter of 2011.
The net interest margin grew marginally to 2.16% during the latest quarter, from 2.14% in last year, while new loan originations rose to $50m, from $7m compared to same quarter last year.
The company said that its noninterest expenses fall to $4.2m during the latest quarter, from $4.4m compared to the first quarter of 2011.
As of 31 March 2012, its total assets declined to $1.91bn compared to $1.97bn at 31 December 2011, which reflects a decrease in security investments, partially offset by an increase in cash and short-term investments.
Intervest Bancshares Corporation (IBC) operates through its subsidiary Intervest National Bank (INB) and manages 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, US.
