SHORT HILLS, N.J.,
July 27, 2017 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ:
ISBC) ("Company"), the holding company for Investors Bank ("Bank"),
reported net income of $39.6 million,
or $0.14 per diluted share, for
the three months ended June 30, 2017, compared to $46.0 million, or $0.16 per diluted share, for the three months
ended March 31, 2017, and $45.1
million, or $0.15 per diluted
share, for the three months ended June 30, 2016.
For the six months ended June 30, 2017, net income totaled
$85.7 million, or $0.29 per diluted share, compared to $89.8 million, or $0.29 per diluted share, for the six months ended
June 30, 2016.
Kevin Cummings, President and CEO
commented, "Our core business remains strong, however, this
quarter's results were impacted by a $7.2
million increase in professional fees primarily related to
BSA/AML remediation efforts. Resolving these matters
continues to be a top priority."
Mr. Cummings continued, "We continue to grow and diversify our
loan portfolio and were pleased with deposit growth, which helped
to improve our loan to deposit ratio." Mr Cummings also commented
on the quarter's increase in non-accrual loans, "Over 50% of the
increase in non-accrual loans is attributed to a previously
disclosed $48 million single
relationship that is well-secured."
The Company also announced today that its Board of Directors
declared a cash dividend of $0.08 per
share to be paid on August 25, 2017
for stockholders of record as of August 10,
2017.
Performance Highlights
- Total assets increased $427.4
million, or 1.8%, to $24.32
billion at June 30, 2017, from
$23.89 billion at March 31, 2017.
- Net loans increased $359.9
million, or 1.9%, to $19.62
billion at June 30, 2017 from
$19.26 billion at March 31, 2017. During the three months ended
June 30, 2017, we originated
$962.4 million in loans.
- Total deposits increased $666.0
million, or 4.3%, from $15.38
billion at March 31, 2017 to
$16.04 billion at June 30, 2017. Core deposits (savings, checking
and money market) represented approximately 80% of total deposits
as of June 30, 2017 compared to 78%
at June 30, 2016.
- Net interest income for the three months ended June 30, 2017 was $167.1
million, a 6.2% increase compared to the three months ended
June 30, 2016.
- During the three months ended June 30,
2017, the Company repurchased 1.8 million shares of its
outstanding common stock for approximately $24.6 million. As of June
30, 2017, the Company had approximately 20 million shares
remaining under its current repurchase plan.
Financial Performance Overview - Second Quarter 2017
For the second quarter of 2017, net income totaled $39.6 million, a decrease of $6.4 million as compared to the first quarter of
2017 and a decrease of $5.5 million
as compared to the second quarter of 2016. The changes in net
income on both a sequential and year over year quarter basis are
highlighted below.
The net interest margin decreased 8 basis points to 2.87% for
the three months ended June 30, 2017 from 2.95% for the three
months ended March 31, 2017, primarily driven by increased
deposit and borrowing costs. Net interest margin in the first
quarter of 2017 included a TruPS security liquidation which
positively impacted the first quarter margin by approximately 3
basis points.
Net interest income was consistent with the first quarter of
2017. Changes within interest income and expense categories
are as follows:
- An increase in total interest expense of $5.5 million primarily attributable to rising
deposit and borrowing costs, as well as an increase in the average
balance of total interest-bearing liabilities of $536.1 million, or 3.0% to $18.43 billion. The weighted average cost of
interest-bearing liabilities for the three months ended
June 30, 2017 increased 9 basis
points to 1.05%.
- An increase in interest and dividend income of $5.4 million, or 2.6%, to $215.5 million as compared to the first quarter
of 2017 primarily attributed to commercial loan growth, as well as
a 3 basis point increase of the weighted average loan yield to
3.98%, primarily driven by higher average yields on new loan
origination volume, partially offset by the increase in non-accrual
loans.
- Prepayment penalties, which are included in interest income,
totaled $3.1 million for the three
months ended June 30, 2017 as
compared to $3.2 million for the
three months ended March 31,
2017.
On a year over year basis, net interest income increased by
$9.8 million, or 6.2%, in the second
quarter of 2017, as compared to the second quarter of 2016 due
to:
- An increase in interest and dividend income of $20.5 million, or 10.5%, to $215.5 million as a result of a $2.23 billion increase in the average balance of
net loans from continued loan origination growth, partially offset
by the weighted average yield on net loans decreasing 12 basis
points to 3.98% with prepayment penalty declines and the impact of
the increase in non-accrual loans.
- Prepayment penalties, which are included in interest income,
totaled $3.1 million for the three
months ended June 30, 2017, as
compared to $5.9 million for the
three months ended June 30,
2016.
- An increase in total interest expense of $10.8 million was primarily attributed to an
increase in the average balance of total borrowed funds of
$1.37 billion, or 38.0%, to
$4.98 billion for the three months
ended June 30, 2017 and an increase
in the average balance of interest-bearing deposits of $1.05 billion, or 8.4%, to $13.45 billion. The weighted average cost of
interest-bearing liabilities increased 11 basis points to 1.05% for
the three months ended June 30,
2017.
The net interest margin decreased 17 basis points year over year
to 2.87% for the three months ended June 30, 2017 from 3.04%
for the three months ended June 30, 2016 with approximately 5
basis points of the decrease being driven by lower prepayment
penalties.
Total non-interest income decreased by $383,000 to $9.3
million for the three months ended June 30, 2017
compared to the three months ended March 31, 2017 primarily
driven by a decrease in gain on securities transactions of
$1.2 million, partially offset by an
increase in income on bank owned life insurance of $441,000.
Compared to the second quarter of 2016, total non-interest
income decreased $2.1 million
primarily driven by a decrease in gain on securities transactions
of $1.6 million.
Total non-interest expenses were $106.3
million for the three months ended June 30, 2017, an
increase of $6.7 million, or 6.7%, as
compared to the first quarter of 2017. For the three months
ended June 30, 2017, professional fees increased $7.2 million, largely attributable to our bank
secrecy act and anti-money laundering ("BSA") remediation
efforts. Excluding the impact of BSA-related professional
fees, non-interest expenses totaled $96.7
million for the three months ended June 30, 2017
compared to $96.4 million for the
three months ended March 31, 2017. Advertising and
promotional expenses increased $2.4
million due to our current advertising campaigns.
These increases were partially offset by compensation and fringe
benefits which decreased $3.4 million
due to lower incentive and pension accruals in the second quarter
of 2017 as compared to the first quarter of 2017 as well as lower
medical costs.
Compared to the second quarter of 2016, total non-interest
expenses increased $15.3 million, or
16.8%, year over year. For the three months ended June 30, 2017, professional fees increased
$9.8 million largely attributable to
our BSA remediation efforts. Excluding the impact of BSA-related
professional fees, non-interest expenses increased 6.3% for the
three months ended June 30, 2017
compared to the three months ended June 30,
2016. Additionally, advertising and promotional expenses
increased $2.1 million due to our
current advertising campaigns.
Income tax expense was $24.5
million for the three months ended June 30, 2017,
$27.2 million for the three months
ended March 31, 2017 and $27.6
million for the three months ended June 30, 2016.
Financial Performance Overview - Six Months of 2017
Net income decreased by $4.2
million year over year to $85.7
million for the six months ended June 30, 2017.
The change in net income year over year is the result of the
following:
Net interest income increased by $22.3
million, or 7.2%, as compared to the six months ended
June 30, 2016 due to:
- Total interest and dividend income increased by $38.5 million, or 10.0%, to $425.6 million for the six months ended
June 30, 2017 as compared to the six
months of 2016, primarily attributed to growth in the commercial
loan portfolio. This increase was partially offset by a 15 basis
point decrease of the weighted average loan yield to 3.96% impacted
partially by the decrease in prepayment penalties.
- Prepayment penalties, which are included in interest income,
totaled $6.2 million for the six
months ended June 30, 2017, as
compared to $10.6 million for the six
months ended June 30, 2016.
- Total interest expense increased by $16.2 million, or 21.6%, to $91.4 million for the six months ended
June 30, 2017, as compared to the six
months of 2016. The increase was primarily attributed to an
increase in the average balance of total interest-bearing
liabilities of $2.33 billion, or
14.7%, to $18.16 billion for the six
months ended June 30, 2017. In
addition, the weighted average cost of interest-bearing liabilities
increased 6 basis points to 1.01% for the six months ended
June 30, 2017.
The net interest margin decreased 14 basis points to 2.91% for
the six months ended June 30, 2017 from 3.05% for the six
months ended June 30, 2016, with approximately 4 basis points
of the decrease being driven by lower prepayment penalties.
Total non-interest income was $19.0
million for the six months ended June 30, 2017, a
decrease of $1.2 million, or 5.7%, as
compared to the six months of 2016 primarily driven by a decrease
of $1.8 million in gain on securities
transactions for the six months ended June 30, 2017.
Total non-interest expenses were $205.8
million for the six months ended June 30, 2017, an
increase of $27.7 million, or 15.5%,
as compared to the six months of 2016. Professional fees
increased $13.2 million for the six
months ended June 30, 2017 as compared to the six months of
2016, largely attributable to BSA remediation efforts and the
continued risk management infrastructure enhancements.
Excluding the impact of BSA-related professional fees, total
non-interest expenses totaled $193.1
million for the six months ended June 30, 2017.
Compensation and fringe benefits increased $5.7 million for the six months ended
June 30, 2017 as a result of additions to our staff to support
continued growth and infrastructure, especially in our risk
management area, as well as normal merit increases, partially
offset by lower incentive and pension accruals in the second
quarter of 2017 as well as lower medical costs. Advertising
and promotional expenses increased $2.5
million due to our current advertising campaigns.
Federal insurance premiums increased $2.4
million for the six months ended June 30,
2017.
Income tax expense was $51.7
million for the six months ended June 30, 2017 compared
to $54.1 million for the six months
ended June 30, 2016.
Asset Quality
Our provision for loan losses was $6.0
million for the three months ended June 30, 2017,
compared to $4.0 million for the
three months ended March 31, 2017 and $5.0 million for the three months ended
June 30, 2016. For the three months ended June 30,
2017, net charge-offs were $6.9
million compared to $1.5
million for the three months ended March 31, 2017 and
$1.3 million for the three months
ended June 30, 2016. Our provision for loan losses was
$10.0 million for both the six months
ended June 30, 2017 and the six months ended June 30,
2016. For the six months ended June 30, 2017, net
charge-offs were $8.3 million
compared to $8.2 million for the six
months ended June 30, 2016.
Our provision for the three months and six months ended
June 30, 2017 is primarily a result of continued organic
growth in the loan portfolio, specifically the multi-family,
commercial real estate and commercial and industrial portfolios;
the inherent credit risk in our overall portfolio, particularly the
credit risk associated with commercial real estate lending and
commercial and industrial lending; and the level of non-accrual
loans and charge-offs.
Our accruing past due loans and non-accrual loans discussed
below exclude certain purchased credit impaired ("PCI") loans,
primarily consisting of loans recorded in the Company's
acquisitions. Under U.S. GAAP, the PCI loans (acquired at a
discount that is due, in part, to credit quality) are not subject
to delinquency classification in the same manner as loans
originated by the Bank.
Total non-accrual loans increased to $177.4 million, or 0.89% of total loans, at
June 30, 2017 compared to $87.1
million, or 0.45% of total loans, at March 31, 2017 and
$94.3 million, or 0.50% of total
loans, at December 31, 2016. Of the $90.3 million increase, 85% of this increase was
driven by three commercial relationships. Approximately
$48.1 million of the increase was
attributed to a single relationship that is well-secured,
which was previously disclosed as a potential problem loan.
We continue to proactively and diligently resolve our troubled
loans.
At June 30, 2017, there were $47.9
million of loans deemed as troubled debt restructured loans
("TDRs"), of which $27.2 million were
residential and consumer loans, $18.9
million were commercial real estate loans, $1.6 million were commercial and industrial loans
and $243,000 were multi-family
loans. TDRs of $11.7 million
were classified as accruing and $36.2
million were classified as non-accrual at June 30,
2017.
The following table sets forth non-accrual loans and accruing
past due loans (excluding PCI loans and loans held for sale) on the
dates indicated as well as certain asset quality ratios.
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
# of loans
|
|
amount
|
|
# of loans
|
|
amount
|
|
# of loans
|
|
amount
|
|
# of loans
|
|
amount
|
|
# of loans
|
|
amount
|
|
(Dollars in
millions)
|
Accruing past due
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 to 59 days past
due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential and
consumer
|
86
|
|
|
$
|
14.2
|
|
|
103
|
|
|
$
|
29.2
|
|
|
116
|
|
|
$
|
27.1
|
|
|
110
|
|
|
$
|
18.9
|
|
|
131
|
|
|
$
|
24.9
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Multi-family
|
4
|
|
|
10.4
|
|
|
6
|
|
|
14.7
|
|
|
2
|
|
|
5.3
|
|
|
3
|
|
|
4.1
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
2
|
|
|
1.9
|
|
|
13
|
|
|
38.8
|
|
|
3
|
|
|
6.4
|
|
|
11
|
|
|
24.0
|
|
|
5
|
|
|
3.9
|
|
Commercial and
industrial
|
6
|
|
|
0.6
|
|
|
6
|
|
|
1.1
|
|
|
4
|
|
|
0.8
|
|
|
6
|
|
|
1.4
|
|
|
1
|
|
|
2.8
|
|
Total 30 to 59 days
past due
|
98
|
|
|
27.1
|
|
|
128
|
|
|
83.8
|
|
|
125
|
|
|
39.6
|
|
|
130
|
|
|
48.4
|
|
|
137
|
|
|
31.6
|
|
60 to 89 days past
due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential and
consumer
|
35
|
|
|
5.8
|
|
|
51
|
|
|
8.3
|
|
|
57
|
|
|
10.8
|
|
|
62
|
|
|
11.1
|
|
|
51
|
|
|
7.8
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1.1
|
|
|
1
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
—
|
|
|
—
|
|
|
7
|
|
|
8.4
|
|
|
8
|
|
|
32.0
|
|
|
3
|
|
|
16.4
|
|
|
2
|
|
|
0.7
|
|
Commercial and
industrial
|
1
|
|
|
0.3
|
|
|
1
|
|
|
0.6
|
|
|
4
|
|
|
0.9
|
|
|
3
|
|
|
0.4
|
|
|
1
|
|
|
0.8
|
|
Total 60 to 89 days
past due
|
36
|
|
|
6.1
|
|
|
59
|
|
|
17.3
|
|
|
70
|
|
|
44.8
|
|
|
69
|
|
|
29.0
|
|
|
54
|
|
|
9.3
|
|
Total accruing past
due loans
|
134
|
|
|
$
|
33.2
|
|
|
187
|
|
|
$
|
101.1
|
|
|
195
|
|
|
$
|
84.4
|
|
|
199
|
|
|
$
|
77.4
|
|
|
191
|
|
|
$
|
40.9
|
|
Non-accrual:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential and
consumer
|
447
|
|
|
$
|
81.0
|
|
|
470
|
|
|
$
|
76.2
|
|
|
478
|
|
|
$
|
79.9
|
|
|
481
|
|
|
$
|
86.1
|
|
|
471
|
|
|
$
|
86.5
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
0.2
|
|
Multi-family
|
6
|
|
|
19.0
|
|
|
2
|
|
|
0.5
|
|
|
2
|
|
|
0.5
|
|
|
1
|
|
|
0.2
|
|
|
2
|
|
|
1.2
|
|
Commercial real
estate
|
36
|
|
|
75.6
|
|
|
24
|
|
|
8.2
|
|
|
24
|
|
|
9.2
|
|
|
29
|
|
|
8.9
|
|
|
33
|
|
|
11.7
|
|
Commercial and
industrial
|
5
|
|
|
1.8
|
|
|
4
|
|
|
2.2
|
|
|
8
|
|
|
4.7
|
|
|
6
|
|
|
2.3
|
|
|
6
|
|
|
0.7
|
|
Total non-accrual
loans
|
494
|
|
|
$
|
177.4
|
|
|
500
|
|
|
$
|
87.1
|
|
|
512
|
|
|
$
|
94.3
|
|
|
517
|
|
|
$
|
97.5
|
|
|
513
|
|
|
$
|
100.3
|
|
Accruing troubled
debt
restructured loans
|
45
|
|
|
$
|
11.7
|
|
|
47
|
|
|
$
|
12.2
|
|
|
42
|
|
|
$
|
9.4
|
|
|
31
|
|
|
$
|
8.8
|
|
|
29
|
|
|
$
|
12.1
|
|
Non-accrual loans to
total loans
|
|
|
0.89
|
%
|
|
|
|
0.45
|
%
|
|
|
|
0.50
|
%
|
|
|
|
0.53
|
%
|
|
|
|
0.57
|
%
|
Allowance for loan
losses as a
percent of non-accrual loans
|
|
|
129.68
|
%
|
|
|
|
265.16
|
%
|
|
|
|
242.24
|
%
|
|
|
|
229.31
|
%
|
|
|
|
219.60
|
%
|
Allowance for loan
losses as a
percent of total loans
|
|
|
1.16
|
%
|
|
|
|
1.18
|
%
|
|
|
|
1.21
|
%
|
|
|
|
1.22
|
%
|
|
|
|
1.25
|
%
|
Balance Sheet Summary
Total assets increased by $1.14
billion, or 4.9%, to $24.32
billion at June 30, 2017 from December 31,
2016. Net loans increased $1.05
billion, or 5.7%, to $19.62
billion at June 30, 2017, and securities increased by
$83.6 million, or 2.4%, to
$3.50 billion at June 30, 2017
from December 31, 2016.
The detail of the loan portfolio (including PCI loans) is
below:
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(In
thousands)
|
Commercial
Loans:
|
|
|
|
|
|
Multi-family
loans
|
$
|
7,926,924
|
|
|
7,795,974
|
|
|
7,459,131
|
|
Commercial real
estate loans
|
4,721,285
|
|
|
4,637,427
|
|
|
4,452,300
|
|
Commercial and
industrial loans
|
1,467,561
|
|
|
1,374,599
|
|
|
1,275,283
|
|
Construction
loans
|
360,377
|
|
|
335,341
|
|
|
314,843
|
|
Total commercial
loans
|
14,476,147
|
|
|
14,143,341
|
|
|
13,501,557
|
|
Residential mortgage
loans
|
4,757,605
|
|
|
4,750,529
|
|
|
4,711,880
|
|
Consumer and
other
|
629,404
|
|
|
611,558
|
|
|
597,265
|
|
Total
Loans
|
19,863,156
|
|
|
19,505,428
|
|
|
18,810,702
|
|
Premiums on purchased
loans and deferred loan fees, net
|
(11,922)
|
|
|
(13,245)
|
|
|
(12,474)
|
|
Allowance for loan
losses
|
(230,028)
|
|
|
(230,912)
|
|
|
(228,373)
|
|
Net loans
|
$
|
19,621,206
|
|
|
19,261,271
|
|
|
18,569,855
|
|
During the six months ended June 30, 2017, we originated
$814.1 million in multi-family loans,
$471.9 million in commercial real
estate loans, $328.2 million in
commercial and industrial loans, $231.8
million in residential loans, $210.4
million in construction loans and $64.8 million in consumer and other loans.
This increase in loans reflects our continued focus on generating
multi-family loans, commercial real estate loans and commercial and
industrial loans, which was partially offset by pay downs and
payoffs of loans. Our loans are primarily on properties and
businesses located in New Jersey
and New York.
In addition to the loans originated for our portfolio, our
mortgage subsidiary, Investors Home Mortgage Co., originated
residential mortgage loans for sale to third parties totaling
$83.4 million during the six months
ended June 30, 2017.
The allowance for loan losses increased by $1.7 million to $230.0
million at June 30, 2017 from $228.4 million at December 31, 2016.
The increase in our allowance for loan losses is due to the growth
of the loan portfolio and the credit risk in our overall portfolio,
particularly the inherent credit risk associated with commercial
real estate lending as well as commercial and industrial loans, and
the level of non-accrual loans and charge-offs. Future
increases in the allowance for loan losses may be necessary based
on the growth and composition of the loan portfolio, the level of
loan delinquency and the economic conditions in our lending
area. At June 30, 2017, our allowance for loan losses as
a percent of total loans was 1.16%.
Securities increased by $83.6
million, or 2.4%, to $3.50
billion at June 30, 2017 from $3.42 billion at December 31, 2016.
This increase was a result of purchases partially offset by
paydowns and sales.
Deposits increased by $761.2
million, or 5.0%, from $15.28
billion at December 31, 2016 to $16.04 billion at June 30, 2017.
Checking accounts increased $406.0
million to $6.50 billion at
June 30, 2017 from $6.09 billion
at December 31, 2016. Core deposits (savings, checking
and money market) represented approximately 80% of our total
deposit portfolio at June 30, 2017.
Borrowed funds increased by $336.1
million, or 7.4%, to $4.88
billion at June 30, 2017 from $4.55 billion at December 31, 2016 to help
fund the continued growth of the loan portfolio.
Stockholders' equity increased by $31.7
million to $3.15 billion at
June 30, 2017 from $3.12 billion
at December 31, 2016. The increase is primarily
attributed to net income of $85.7
million and share-based plan costs of $17.1 million for the six months ended
June 30, 2017. These increases were partially offset by
cash dividends of $0.16 per share
totaling $49.6 million and the
repurchase of 1.9 million shares of common stock for $24.6 million during the six months ended
June 30, 2017. The Company remains significantly above
FDIC "well capitalized" standards, with Tier 1 Leverage Ratio of
11.57% at June 30, 2017.
About the Company
Investors Bancorp, Inc. is the holding company for Investors
Bank, which as of June 30, 2017 operates from its corporate
headquarters in Short Hills, New
Jersey and 154 branches located throughout New Jersey and New
York.
Earnings Conference Call July 28,
2017 at 11:00 a.m.
(ET)
The Company, as previously announced, will host an earnings
conference call on Friday, July 28,
2017 at 11:00 a.m. (ET).
The toll-free dial-in number is: (866) 218-2404. Callers who
pre-register will bypass the live operator and may avoid any delays
in joining the conference call. Participants will immediately
receive an online confirmation, an email and a calendar invitation
for the event.
Conference Call Pre-registration link:
http://dpregister.com/10110420
A telephone replay will be available beginning on July 28, 2017 from 1:00
p.m. (ET) through 9:00 a.m.
(ET) on October 28,
2017. The replay number is (877) 344-7529 password
10110420. The conference call will also be simultaneously
webcast on the Company's website
www.myinvestorsbank.com and archived for one year.
Forward Looking Statements
Certain statements contained herein are "forward looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms.
Forward looking statements are subject to numerous risks and
uncertainties, as described in the "Risk Factors" disclosures
included in our Annual Report on Form 10-K, as supplemented in
quarterly reports on Form 10-Q, including, but not limited to,
those related to the real estate and economic environment,
particularly in the market areas in which the Company operates,
competitive products and pricing, fiscal and monetary policies of
the U.S. Government, changes in government regulations affecting
financial institutions, including regulatory fees and capital
requirements, changes in prevailing interest rates, acquisitions
and the integration of acquired businesses, credit risk management,
asset-liability management, the financial and securities markets
and the availability of and costs associated with sources of
liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers
that the factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the results of any
revisions that may be made to any forward looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
Non-GAAP Financial Measures
We believe that providing certain non-GAAP financial measures
provides investors with information useful in understanding our
financial performance, our performance trends and financial
position. We utilize these measures for internal planning and
forecasting purposes. We believe that our presentation and
discussion, together with the accompanying reconciliations,
provides a complete understanding of factors and trends affecting
our business and allows investors to view performance in a manner
similar to management. These non-GAAP measures should not be
considered a substitute for GAAP basis measures and results, and we
strongly encourage investors to review our consolidated financial
statements in their entirety and not to rely on any single
financial measure. Because non-GAAP financial measures are
not standardized, it may not be possible to compare these financial
measures with other companies' non-GAAP financial measures having
the same or similar names.
Contact:
|
Marianne
Wade
|
|
(973)
924-5100
|
|
investorrelations@myinvestorsbank.com
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Assets
|
(Dollars in
thousands)
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
213,907
|
|
|
165,914
|
|
|
164,178
|
|
Securities
available-for-sale, at estimated fair value
|
1,852,394
|
|
|
1,767,260
|
|
|
1,660,433
|
|
Securities
held-to-maturity, net (estimated fair value of
$1,680,533, $1,736,210 and $1,782,801 at June 30, 2017,
March 31, 2017 and December 31, 2016, respectively)
|
1,647,196
|
|
|
1,704,406
|
|
|
1,755,556
|
|
Loans receivable,
net
|
19,621,206
|
|
|
19,261,271
|
|
|
18,569,855
|
|
Loans
held-for-sale
|
7,034
|
|
|
4,908
|
|
|
38,298
|
|
Federal Home Loan
Bank stock
|
245,394
|
|
|
251,805
|
|
|
237,878
|
|
Accrued interest
receivable
|
69,577
|
|
|
68,922
|
|
|
65,969
|
|
Other real estate
owned
|
4,957
|
|
|
4,801
|
|
|
4,492
|
|
Office properties and
equipment, net
|
178,071
|
|
|
179,196
|
|
|
177,417
|
|
Net deferred tax
asset
|
217,398
|
|
|
216,183
|
|
|
222,277
|
|
Bank owned life
insurance
|
153,784
|
|
|
153,063
|
|
|
161,940
|
|
Goodwill and
intangible assets
|
100,648
|
|
|
101,475
|
|
|
101,839
|
|
Other
assets
|
4,530
|
|
|
9,469
|
|
|
14,543
|
|
Total
assets
|
$
|
24,316,096
|
|
|
23,888,673
|
|
|
23,174,675
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Deposits
|
$
|
16,042,045
|
|
|
15,376,023
|
|
|
15,280,833
|
|
Borrowed
funds
|
4,882,330
|
|
|
5,093,790
|
|
|
4,546,251
|
|
Advance payments by
borrowers for taxes and insurance
|
113,993
|
|
|
127,401
|
|
|
105,851
|
|
Other
liabilities
|
122,809
|
|
|
132,967
|
|
|
118,495
|
|
Total
liabilities
|
21,161,177
|
|
|
20,730,181
|
|
|
20,051,430
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock,
$0.01 par value, 100,000,000 authorized
shares; none issued
|
—
|
|
—
|
|
—
|
Common stock, $0.01
par value, 1,000,000,000 shares
authorized; 359,070,852 issued at June 30, 2017, March 31,
2017 and December 31, 2016; 308,391,300, 310,364,901
and 309,449,388 outstanding at June 30, 2017, March 31,
2017 and December 31, 2016, respectively
|
3,591
|
|
|
3,591
|
|
|
3,591
|
|
Additional paid-in
capital
|
2,770,881
|
|
|
2,763,217
|
|
|
2,765,732
|
|
Retained
earnings
|
1,090,467
|
|
|
1,075,909
|
|
|
1,053,750
|
|
Treasury stock, at
cost; 50,679,552, 48,705,951 and
49,621,464 shares at June 30, 2017, March 31, 2017 and
December 31, 2016, respectively
|
(602,846)
|
|
|
(576,973)
|
|
|
(587,974)
|
|
Unallocated common
stock held by the employee stock
ownership plan
|
(85,756)
|
|
|
(86,505)
|
|
|
(87,254)
|
|
Accumulated other
comprehensive loss
|
(21,418)
|
|
|
(20,747)
|
|
|
(24,600)
|
|
Total stockholders'
equity
|
3,154,919
|
|
|
3,158,492
|
|
|
3,123,245
|
|
Total liabilities and
stockholders' equity
|
$
|
24,316,096
|
|
|
23,888,673
|
|
|
23,174,675
|
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Consolidated
Statements of Income
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
|
June 30,
2017
|
|
June 30,
2016
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
Loans receivable and
loans held-for-sale
|
$
|
192,891
|
|
|
185,961
|
|
|
175,922
|
|
|
378,852
|
|
|
348,755
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
GSE
obligations
|
28
|
|
|
8
|
|
|
9
|
|
|
36
|
|
|
19
|
|
|
|
Mortgage-backed
securities
|
17,274
|
|
|
16,709
|
|
|
14,830
|
|
|
33,983
|
|
|
29,928
|
|
|
|
Equity
|
30
|
|
|
48
|
|
|
47
|
|
|
78
|
|
|
98
|
|
|
|
Municipal bonds and
other debt
|
2,136
|
|
|
4,068
|
|
|
2,057
|
|
|
6,204
|
|
|
4,009
|
|
|
Interest-bearing
deposits
|
177
|
|
|
107
|
|
|
74
|
|
|
284
|
|
|
177
|
|
|
Federal Home Loan
Bank stock
|
2,972
|
|
|
3,193
|
|
|
2,021
|
|
|
6,165
|
|
|
4,081
|
|
|
|
Total interest and
dividend income
|
215,508
|
|
|
210,094
|
|
|
194,960
|
|
|
425,602
|
|
|
387,067
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
25,336
|
|
|
22,184
|
|
|
20,588
|
|
|
47,520
|
|
|
41,313
|
|
|
Borrowed
funds
|
23,116
|
|
|
20,791
|
|
|
17,067
|
|
|
43,907
|
|
|
33,886
|
|
|
|
Total interest
expense
|
48,452
|
|
|
42,975
|
|
|
37,655
|
|
|
91,427
|
|
|
75,199
|
|
|
|
Net interest
income
|
167,056
|
|
|
167,119
|
|
|
157,305
|
|
|
334,175
|
|
|
311,868
|
|
Provision for loan
losses
|
6,000
|
|
|
4,000
|
|
|
5,000
|
|
|
10,000
|
|
|
10,000
|
|
|
|
Net interest income
after provision for loan
losses
|
161,056
|
|
|
163,119
|
|
|
152,305
|
|
|
324,175
|
|
|
301,868
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
Fees and service
charges
|
4,962
|
|
|
4,928
|
|
|
4,637
|
|
|
9,890
|
|
|
8,817
|
|
|
Income on bank owned
life insurance
|
1,166
|
|
|
725
|
|
|
1,001
|
|
|
1,891
|
|
|
2,261
|
|
|
Gain on loans,
net
|
1,206
|
|
|
992
|
|
|
1,677
|
|
|
2,198
|
|
|
2,115
|
|
|
Gain on securities
transactions
|
48
|
|
|
1,227
|
|
|
1,640
|
|
|
1,275
|
|
|
3,028
|
|
|
Gain (loss) on sales
of other real estate
owned, net
|
251
|
|
|
174
|
|
|
131
|
|
|
425
|
|
|
(102)
|
|
|
Other
income
|
1,687
|
|
|
1,657
|
|
|
2,383
|
|
|
3,344
|
|
|
4,058
|
|
|
|
Total non-interest
income
|
9,320
|
|
|
9,703
|
|
|
11,469
|
|
|
19,023
|
|
|
20,177
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
fringe benefits
|
53,881
|
|
|
57,274
|
|
|
53,607
|
|
|
111,155
|
|
|
105,424
|
|
|
Advertising and
promotional expense
|
4,516
|
|
|
2,085
|
|
|
2,451
|
|
|
6,601
|
|
|
4,145
|
|
|
Office occupancy and
equipment expense
|
14,333
|
|
|
14,847
|
|
|
13,703
|
|
|
29,180
|
|
|
27,513
|
|
|
Federal insurance
premiums
|
3,900
|
|
|
3,710
|
|
|
2,800
|
|
|
7,610
|
|
|
5,200
|
|
|
General and
administrative
|
842
|
|
|
734
|
|
|
949
|
|
|
1,576
|
|
|
1,766
|
|
|
Professional
fees
|
14,580
|
|
|
7,421
|
|
|
4,807
|
|
|
22,001
|
|
|
8,820
|
|
|
Data processing and
communication
|
5,914
|
|
|
5,860
|
|
|
4,962
|
|
|
11,774
|
|
|
10,523
|
|
|
Other operating
expenses
|
8,302
|
|
|
7,627
|
|
|
7,730
|
|
|
15,929
|
|
|
14,764
|
|
|
|
Total non-interest
expenses
|
106,268
|
|
|
99,558
|
|
|
91,009
|
|
|
205,826
|
|
|
178,155
|
|
|
|
Income before income
tax expense
|
64,108
|
|
|
73,264
|
|
|
72,765
|
|
|
137,372
|
|
|
143,890
|
|
Income tax
expense
|
24,475
|
|
|
27,244
|
|
|
27,625
|
|
|
51,719
|
|
|
54,080
|
|
|
|
Net income
|
$
|
39,633
|
|
|
46,020
|
|
|
45,140
|
|
|
85,653
|
|
|
89,810
|
|
Basic earnings per
share
|
$0.14
|
|
0.16
|
|
|
0.15
|
|
|
0.29
|
|
|
0.30
|
|
Diluted earnings per
share
|
$0.14
|
|
0.16
|
|
|
0.15
|
|
|
0.29
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
291,127,119
|
|
|
291,185,408
|
|
|
298,417,609
|
|
|
291,156,097
|
|
|
303,816,849
|
|
|
Diluted weighted
average shares outstanding
|
293,130,285
|
|
|
293,407,422
|
|
|
301,952,396
|
|
|
293,264,007
|
|
|
307,512,521
|
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Average Balance Sheet
and Yield/Rate Information
|
|
|
|
For the Three
Months Ended
|
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
|
|
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Weighted Average
Yield/Rate
|
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Weighted Average
Yield/Rate
|
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Weighted Average
Yield/Rate
|
|
|
|
(Dollars in
thousands)
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning cash
accounts
|
$
|
162,787
|
|
177
|
|
0.43
|
%
|
|
$
|
144,142
|
|
107
|
|
0.30
|
%
|
|
$
|
136,718
|
|
74
|
|
0.22
|
%
|
|
Securities
available-for-sale
|
1,798,763
|
|
8,989
|
|
2.00
|
%
|
|
1,721,518
|
|
8,296
|
|
1.93
|
%
|
|
1,300,953
|
|
5,955
|
|
1.83
|
%
|
|
Securities
held-to-maturity
|
1,672,517
|
|
10,479
|
|
2.51
|
%
|
|
1,724,751
|
|
12,537
|
|
2.91
|
%
|
|
1,876,567
|
|
10,988
|
|
2.34
|
%
|
|
Net loans
|
19,407,939
|
|
192,891
|
|
3.98
|
%
|
|
18,825,615
|
|
185,961
|
|
3.95
|
%
|
|
17,173,249
|
|
175,922
|
|
4.10
|
%
|
|
Federal Home Loan
Bank stock
|
259,497
|
|
2,972
|
|
4.58
|
%
|
|
241,156
|
|
3,193
|
|
5.30
|
%
|
|
196,130
|
|
2,021
|
|
4.12
|
%
|
|
Total
interest-earning assets
|
23,301,503
|
|
215,508
|
|
3.70
|
%
|
|
22,657,182
|
|
210,094
|
|
3.71
|
%
|
|
20,683,617
|
|
194,960
|
|
3.77
|
%
|
Non-interest earning
assets
|
761,432
|
|
|
|
|
755,164
|
|
|
|
|
767,991
|
|
|
|
|
Total
assets
|
|
$
|
24,062,935
|
|
|
|
|
$
|
23,412,346
|
|
|
|
|
$
|
21,451,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,120,219
|
|
2,045
|
|
0.39
|
%
|
|
$
|
2,106,087
|
|
1,834
|
|
0.35
|
%
|
|
$
|
2,076,058
|
|
1,513
|
|
0.29
|
%
|
|
Interest-bearing
checking
|
4,266,755
|
|
8,346
|
|
0.78
|
%
|
|
4,104,085
|
|
6,483
|
|
0.63
|
%
|
|
3,146,805
|
|
3,612
|
|
0.46
|
%
|
|
Money market
accounts
|
4,175,137
|
|
8,104
|
|
0.78
|
%
|
|
4,179,321
|
|
7,190
|
|
0.69
|
%
|
|
3,805,237
|
|
6,045
|
|
0.64
|
%
|
|
Certificates of
deposit
|
2,887,454
|
|
6,841
|
|
0.95
|
%
|
|
2,885,079
|
|
6,677
|
|
0.93
|
%
|
|
3,376,342
|
|
9,418
|
|
1.12
|
%
|
|
Total
interest-bearing deposits
|
13,449,565
|
|
25,336
|
|
0.75
|
%
|
|
13,274,572
|
|
22,184
|
|
0.67
|
%
|
|
12,404,442
|
|
20,588
|
|
0.66
|
%
|
|
Borrowed
funds
|
4,980,705
|
|
23,116
|
|
1.86
|
%
|
|
4,619,618
|
|
20,791
|
|
1.80
|
%
|
|
3,608,637
|
|
17,067
|
|
1.89
|
%
|
|
Total
interest-bearing liabilities
|
18,430,270
|
|
48,452
|
|
1.05
|
%
|
|
17,894,190
|
|
42,975
|
|
0.96
|
%
|
|
16,013,079
|
|
37,655
|
|
0.94
|
%
|
Non-interest-bearing
liabilities
|
2,458,208
|
|
|
|
|
2,365,481
|
|
|
|
|
2,260,876
|
|
|
|
|
Total
liabilities
|
20,888,478
|
|
|
|
|
20,259,671
|
|
|
|
|
18,273,955
|
|
|
|
Stockholders'
equity
|
3,174,457
|
|
|
|
|
3,152,675
|
|
|
|
|
3,177,653
|
|
|
|
|
Total liabilities
and
stockholders' equity
|
$
|
24,062,935
|
|
|
|
|
$
|
23,412,346
|
|
|
|
|
$
|
21,451,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
167,056
|
|
|
|
|
$
|
167,119
|
|
|
|
|
$
|
157,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread
|
|
|
2.65
|
%
|
|
|
|
2.75
|
%
|
|
|
|
2.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest earning
assets
|
$
|
4,871,233
|
|
|
|
|
$
|
4,762,992
|
|
|
|
|
$
|
4,670,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.87
|
%
|
|
|
|
2.95
|
%
|
|
|
|
3.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to total
interest-bearing liabilities
|
1.26
|
|
X
|
|
|
1.27
|
|
X
|
|
|
1.29
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Average Balance Sheet
and Yield/Rate Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
June 30,
2017
|
|
June 30,
2016
|
|
|
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Weighted Average
Yield/Rate
|
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Weighted Average
Yield/Rate
|
|
|
|
(Dollars in
thousands)
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
Interest-earning cash
accounts
|
$
|
153,516
|
|
284
|
|
0.37
|
%
|
|
$
|
147,297
|
|
177
|
|
0.24
|
%
|
|
Securities
available-for-sale
|
1,760,354
|
|
17,285
|
|
1.96
|
%
|
|
1,296,045
|
|
12,035
|
|
1.86
|
%
|
|
Securities
held-to-maturity
|
1,698,489
|
|
23,016
|
|
2.71
|
%
|
|
1,877,058
|
|
22,019
|
|
2.35
|
%
|
|
Net loans
|
19,118,385
|
|
378,852
|
|
3.96
|
%
|
|
16,971,190
|
|
348,755
|
|
4.11
|
%
|
|
Federal Home Loan
Bank stock
|
250,377
|
|
6,165
|
|
4.92
|
%
|
|
188,427
|
|
4,081
|
|
4.33
|
%
|
|
|
Total
interest-earning assets
|
22,981,121
|
|
425,602
|
|
3.70
|
%
|
|
20,480,017
|
|
387,067
|
|
3.78
|
%
|
Non-interest earning
assets
|
758,317
|
|
|
|
|
772,010
|
|
|
|
|
|
Total
assets
|
$
|
23,739,438
|
|
|
|
|
$
|
21,252,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,113,192
|
|
3,879
|
|
0.37
|
%
|
|
$
|
2,097,623
|
|
3,107
|
|
0.30
|
%
|
|
Interest-bearing
checking
|
4,185,870
|
|
14,829
|
|
0.71
|
%
|
|
3,073,428
|
|
6,747
|
|
0.44
|
%
|
|
Money market
accounts
|
4,177,217
|
|
15,294
|
|
0.73
|
%
|
|
3,815,996
|
|
12,279
|
|
0.64
|
%
|
|
Certificates of
deposit
|
2,886,273
|
|
13,518
|
|
0.94
|
%
|
|
3,384,758
|
|
19,180
|
|
1.13
|
%
|
|
Total interest
bearing deposits
|
13,362,552
|
|
47,520
|
|
0.71
|
%
|
|
12,371,805
|
|
41,313
|
|
0.67
|
%
|
|
Borrowed
funds
|
4,801,159
|
|
43,907
|
|
1.83
|
%
|
|
3,461,600
|
|
33,886
|
|
1.96
|
%
|
|
|
Total
interest-bearing liabilities
|
18,163,711
|
|
91,427
|
|
1.01
|
%
|
|
15,833,405
|
|
75,199
|
|
0.95
|
%
|
Non-interest bearing
liabilities
|
2,412,101
|
|
|
|
|
2,193,148
|
|
|
|
|
|
Total
liabilities
|
20,575,812
|
|
|
|
|
18,026,553
|
|
|
|
Stockholders'
equity
|
3,163,626
|
|
|
|
|
3,225,474
|
|
|
|
|
|
Total liabilities and
stockholders'
equity
|
$
|
23,739,438
|
|
|
|
|
$
|
21,252,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
334,175
|
|
|
|
|
$
|
311,868
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread
|
|
|
2.70
|
%
|
|
|
|
2.83
|
%
|
|
|
|
|
|
|
|
|
|
|
Net interest earning
assets
|
$
|
4,817,410
|
|
|
|
|
$
|
4,646,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.91
|
%
|
|
|
|
3.05
|
%
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to total
interest-bearing liabilities
|
1.27
|
|
X
|
|
|
1.29
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Selected Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
June 30,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
|
June 30,
2017
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
0.66
|
%
|
|
0.79
|
%
|
|
0.84
|
%
|
|
0.72
|
%
|
|
0.85
|
%
|
Return on average
equity (1)
|
4.99
|
%
|
|
5.84
|
%
|
|
5.68
|
%
|
|
5.41
|
%
|
|
5.57
|
%
|
Return on average
tangible equity (1)
|
5.16
|
%
|
|
6.03
|
%
|
|
5.88
|
%
|
|
5.59
|
%
|
|
5.76
|
%
|
Interest rate
spread
|
2.65
|
%
|
|
2.75
|
%
|
|
2.83
|
%
|
|
2.70
|
%
|
|
2.83
|
%
|
Net interest
margin
|
2.87
|
%
|
|
2.95
|
%
|
|
3.04
|
%
|
|
2.91
|
%
|
|
3.05
|
%
|
Efficiency
ratio
|
60.25
|
%
|
|
56.30
|
%
|
|
53.92
|
%
|
|
58.27
|
%
|
|
53.65
|
%
|
Non-interest expense
to average total assets
|
1.77
|
%
|
|
1.70
|
%
|
|
1.70
|
%
|
|
1.73
|
%
|
|
1.68
|
%
|
Average
interest-earning assets to average
interest-bearing liabilities
|
1.26
|
|
|
1.27
|
|
|
1.29
|
|
|
1.27
|
|
|
1.29
|
|
|
|
|
|
|
|
|
|
|
|
(1) June 30, 2016
ratios have been revised to reflect the impact of the Company's
adoption of ASU No. 2016-09 in December 2016.
|
|
INVESTORS BANCORP,
INC. AND SUBSIDIARIES
|
Selected Financial
Ratios and Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
|
0.80
|
%
|
|
0.44
|
%
|
|
0.47
|
%
|
|
|
Non-performing loans
as a percent of total loans
|
|
0.95
|
%
|
|
0.51
|
%
|
|
0.55
|
%
|
|
|
Allowance for loan
losses as a percent of non-accrual loans
|
|
129.68
|
%
|
|
265.16
|
%
|
|
242.24
|
%
|
|
|
Allowance for loan
losses as a percent of total loans
|
|
1.16
|
%
|
|
1.18
|
%
|
|
1.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio
(1)
|
|
|
11.57
|
%
|
|
11.94
|
%
|
|
12.03
|
%
|
|
|
Common equity tier 1
risk-based (1)
|
|
|
14.16
|
%
|
|
14.54
|
%
|
|
14.75
|
%
|
|
|
Tier 1 Risk-Based
Capital (1)
|
|
|
14.16
|
%
|
|
14.54
|
%
|
|
14.75
|
%
|
|
|
Total Risk-Based
Capital (1)
|
|
|
15.33
|
%
|
|
15.75
|
%
|
|
15.99
|
%
|
|
|
Equity to total
assets (period end)
|
|
|
12.97
|
%
|
|
13.22
|
%
|
|
13.48
|
%
|
|
|
Average equity to
average assets
|
|
|
13.19
|
%
|
|
13.47
|
%
|
|
13.69
|
%
|
|
|
Tangible capital (to
tangible assets) (2)
|
|
|
12.61
|
%
|
|
12.85
|
%
|
|
13.10
|
%
|
|
|
Book value per common
share (2)
|
|
|
$
|
10.66
|
|
|
$
|
10.61
|
|
|
$
|
10.53
|
|
|
|
Tangible book value
per common share (2)
|
|
|
$
|
10.32
|
|
|
$
|
10.27
|
|
|
$
|
10.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
Number of full
service offices
|
|
|
154
|
|
|
152
|
|
|
151
|
|
|
|
Full time equivalent
employees
|
|
|
1,943
|
|
|
1,885
|
|
|
1,829
|
|
|
|
|
|
|
|
|
(1) Ratios are for
Investors Bank and do not include capital retained at the holding
company level.
|
|
|
(2) See Non GAAP
Reconciliation.
|
|
|
|
|
Investors Bancorp,
Inc.
|
Non GAAP
Reconciliation
|
(dollars in
thousands, except share data)
|
|
|
|
|
|
|
Book Value and
Tangible Book Value per Share Computation
|
|
|
|
|
|
At the period
ended
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
3,154,919
|
|
|
3,158,492
|
|
|
3,123,245
|
|
Goodwill and
intangible assets
|
100,648
|
|
|
101,475
|
|
|
101,839
|
|
Tangible
stockholders' equity
|
$
|
3,054,271
|
|
|
3,057,017
|
|
|
3,021,406
|
|
|
|
|
|
|
|
Book Value per
Share Computation
|
|
|
|
|
|
Common stock
issued
|
359,070,852
|
|
|
359,070,852
|
|
|
359,070,852
|
|
Treasury
shares
|
(50,679,552)
|
|
|
(48,705,951)
|
|
|
(49,621,464)
|
|
Shares
outstanding
|
308,391,300
|
|
|
310,364,901
|
|
|
309,449,388
|
|
Unallocated ESOP
shares
|
(12,552,998)
|
|
|
(12,671,423)
|
|
|
(12,789,847)
|
|
Book value
shares
|
295,838,302
|
|
|
297,693,478
|
|
|
296,659,541
|
|
|
|
|
|
|
|
Book Value Per
Share
|
$
|
10.66
|
|
|
$
|
10.61
|
|
|
$
|
10.53
|
|
|
|
|
|
|
|
Tangible Book
Value per Share
|
$
|
10.32
|
|
|
$
|
10.27
|
|
|
$
|
10.18
|
|
View original
content:http://www.prnewswire.com/news-releases/investors-bancorp-inc-announces-second-quarter-financial-results-and-cash-dividend-300495791.html
SOURCE Investors Bancorp, Inc.