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Intervest Bancshares Corp (IBCA) Message Board

  • MGMTravel MGMTravel Jul 15, 2003 1:26 PM Flag

    Great Earnings - Anyone out there?

    Intervest Bancshares Corporation Reports 56% Increase in Earnings for The Second Quarter of 2003
    Tuesday July 15, 9:47 am ET

    NEW YORK--(BUSINESS WIRE)--July 15, 2003--Intervest Bancshares Corporation (NASDAQ: IBCA - News; the "Company") today reported that its consolidated net earnings in the second quarter of 2003 increased to $2,566,000, from $1,644,000 in the second quarter of 2002. Earnings per share on a diluted basis increased to $0.45 in the second quarter of 2003, from $0.33 in the second quarter of 2002

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    • BigEar,

      Thanks for the excellent Due Diligence (I need to start picking up the phone). I would have no problem holding this or any stock for the long-term so long as its return was a good one. In fact, few if any of my holdings are based on a buyout hope - it just oddly kept happening this Summer(no complaints here). I'm happy to be long, long-term.


    • I talked at length with the president of the bank a few weeks ago, on a wide range of topics. Willingness to sell the bank wasn't one of the topics we discussed nor would I want to raise the matter with him.

      But I went away from the conversation with the firm belief that (1) this is a family enterprise that (2) intends to retain the bank's earnings rather than pay a dividend and (3) plans to earn a healthy return on that equity for many years.

      I see from your posts that you bought your IBCA stock sometime on or before July. So by yearend 2003, book value should equal your cost. At that point I think you can just be happy compounding that book value at a mid-teens rate.

      Perhaps at some point the stock will trade at a premium to book and you will get an extra 15-25 percent gain. But I doubt there will be a sale of the bank anytime soon. In fact, I hope there isn't a sale as it would cut off the potential returns you can expect from this stock over the long run.

    • In the merger department, I've just had my third buyout in my bank stock portfolio in about 2 months: KYF, JXVL and now MSBF, which with its $2/sh special dividend last year and now its 50% ascent since that time is my best ROI to date. I think RPBAA and PBCI are oing within 2 years. Any thoughts on IBCA selling out?

    • just for info purposes for whatever its worth- i usually have had around an avg( at one time) around 70 banks & made money on 95% of them. my only holdings left are af/ampb/coop/ecbe/frbk/hwfg/svbi/utbi/ibca

    • Pursuant to my earlier post in which I did engage in some "tips", I humbly mention my sheer luck with JXVL, which just gave me a 25% return in about the month's time I had it before a lucky buyout by Franklin Bancorp. At the admitted risk you mention regarding the racetrack, I have recently gone in to AKPB, PPBI, PLE, CSNT, FDT, FFDD. I still remain in WSB, PBCI, FFHH and WEFC. Good luck!

    • The earnings ARE great, though one must remember thatthe incredible interest rate environment spurring much loan origination and prepayment options may be vulnerable if Greenspan cannot prevent the economy from slipping into deflation.

      • 1 Reply to yeltsinfan
      • I love the skepticism of the previous post because it allows long term investors to buy and put away these small cap stocks at very reasonable valuations. This is simply a beautiful case of compounding book value at rates that were in the low teens a year and half ago and are now in the high teens. Even if that compounding rate falls back to the high single digits, the investment will work out well because you aren't overpaying on Day One. My cost basis from early 2002 is $9.20 per share and is $10.00 after recent purchases. It doesn't have lot of sex appeal but it makes money.

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