false0001594012 0001594012 2019-10-23 2019-10-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2019

INVESTORS BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-36441		46-4702118
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer
				Identification No.)

101 JFK Parkway,	Short Hills,	New Jersey		07078
(Address of principal executive offices)				(Zip Code)

Registrant's telephone number, including area code:  (973) 924-5100

Not Applicable

_________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common		ISBC		The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02	Results of Operation and Financial Condition.

On October 23, 2019, the Company issued a press release reporting its financial results for the third quarter ended September 30, 2019. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 7.01	Regulation FD Disclosure.

On October 23, 2019, the Company announced its Board of Directors declared its quarterly cash dividend of $0.11 per share. This announcement was included as part of the press release announcing financial results for the quarter ended September 30, 2019 issued by the Company on October 23, 2019. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 9.01	Financial Statements and Exhibits
(a)	Not Applicable.
(b)	Not Applicable.
(c)	Not Applicable
(d)	Exhibits.

	Exhibit No.	Description
	99.1	Press release dated October 23, 2019, by Investors Bancorp, Inc., announcing third quarter financial results and cash dividend.

  

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	INVESTORS BANCORP, INC.
DATE: October 24, 2019	By:	/s/ Sean Burke
		Sean Burke
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

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101 JFK Parkway, Short Hills, NJ 07078

news release

         Contact: Marianne Wade

(973) 924-5100

investorrelations@investorsbank.com

Investors Bancorp, Inc. Announces Third Quarter Financial Results and Cash Dividend

Short Hills, N.J. - (PR NEWSWIRE) - October 23, 2019 - Investors Bancorp, Inc. (NASDAQ:ISBC) (“Company”), the holding company for Investors Bank (“Bank”), reported net income of $52.0 million, or $0.20 per diluted share, for the three months ended September 30, 2019 as compared to $46.6 million, or $0.18 per diluted share, for the three months ended June 30, 2019 and $54.2 million, or $0.19 per diluted share, for the three months ended September 30, 2018.

For the nine months ended September 30, 2019, net income totaled $146.8 million, or $0.55 per diluted share, compared to $169.2 million, or $0.59 per diluted share, for the nine months ended September 30, 2018.

The Company also announced today that its Board of Directors declared a cash dividend of $0.11 per share to be paid on November 25, 2019 for stockholders of record as of November 11, 2019.

Kevin Cummings, Chairman and CEO, commented, “Several positive trends contributed to our earnings results this quarter including increased net interest income, strong fee income, and improving asset quality metrics.  Net interest margin expanded 6 basis points this quarter as we benefited from stable deposit costs, our continued focus on higher yielding commercial and industrial loans, and deemphasis on lower yielding real estate loans.”

Mr. Cummings also commented, “Importantly, our deposit costs appear to have reached an inflection point and stand to benefit from past and potential future rate cuts by the Federal Reserve.”

Performance Highlights

•	Net interest margin increased 6 basis points to 2.53% for the three months ended September 30, 2019 compared to the three months ended June 30, 2019.

•	Total assets decreased $339.0 million, or 1.3%, to $26.73 billion at September 30, 2019 from $27.06 billion at June 30, 2019.

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•	Net loans decreased $248.6 million, or 1.1%, to $21.52 billion at September 30, 2019 from $21.76 billion at June 30, 2019. Commercial and industrial loans increased $96.5 million, or 3.7%, during the three months ended September 30, 2019.

•	Total deposits increased $28.3 million, or 0.2%, to $17.67 billion at September 30, 2019 from $17.64 billion at June 30, 2019.

•	Total non-interest income was $14.8 million for the three months ended September 30, 2019, an increase of $7.8 million compared to the three months ended June 30, 2019. Excluding a $5.7 million loss on the sale of securities during the three months ended June 30, 2019, non-interest income increased $2.1 million for the three months ended September 30, 2019.

•

Total non-interest expenses were $108.7 million for the three months ended September 30, 2019, an increase of $4.9 million, or 4.7%, compared to the three months ended June 30, 2019. Included in non-interest expenses for the three months ended September 30, 2019 were $3.3 million of compensation expenses related to employee severance expense and the settlement of our shareholder litigation. In addition, professional fees increased $2.5 million due primarily to costs associated with implementing enhanced commercial treasury management and online banking products, as well as costs to improve risk management process efficiency.

•	During the three months ended September 30, 2019, the Company repurchased 2.0 million shares of its outstanding common stock for approximately $22.5 million.

Financial Performance Overview

Third Quarter 2019 compared to Second Quarter 2019

For the third quarter of 2019, net income totaled $52.0 million, an increase of $5.3 million as compared to $46.6 million for the second quarter of 2019. The changes in net income on a sequential quarter basis are highlighted below.

Net interest income increased by $5.3 million, or 3.3%, as compared to the second quarter of 2019. Changes within interest income and expense categories are as follows:

•	An increase in interest and dividend income of $5.5 million, or 2.1%, to $264.6 million as compared to the second quarter of 2019 primarily attributable to the weighted average yield on net loans, which increased 6 basis points to 4.27%. The average balance of net loans increased $113.4 million primarily from loan originations, offset by paydowns and payoffs.

•

Interest expense increased $202,000, primarily attributable to the average balance of interest-bearing deposits, which increased $136.8 million, or 0.9%, to $15.36 billion and the average balance of total borrowed funds, which increased $49.0 million, or 0.9%, to $5.76 billion for the three months ended September 30, 2019. The weighted average cost of interest-bearing liabilities decreased 1 basis point to 1.90% for the three months ended September 30, 2019.

•	Prepayment penalties, which are included in interest income, totaled $5.2 million for the three months ended September 30, 2019 as compared to $2.6 million for the three months ended June 30, 2019.

Net interest margin increased 6 basis points to 2.53% for the three months ended September 30, 2019 compared to the three months ended June 30, 2019, driven primarily by higher prepayment penalty fees, higher yields on interest-earning assets and lower cost of interest-bearing liabilities.

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Total non-interest income was $14.8 million for the three months ended September 30, 2019, an increase of $7.8 million, as compared to $7.0 million for the second quarter of 2019. Excluding a $5.7 million loss on the sale of securities in the second quarter, the increase in non-interest income was primarily due to a $2.0 million increase in customer swap fee income.

Total non-interest expenses were $108.7 million for the three months ended September 30, 2019, an increase of $4.9 million, or 4.7%, as compared to the second quarter of 2019. The change was due to an increase in compensation and benefit expense of $3.7 million, of which $2.0 million was accelerated stock compensation expense related to the settlement of our shareholder litigation and $1.3 million was employee severance expense related to a workforce reduction. In addition, professional fees increased $2.5 million due primarily to costs associated with implementing enhanced commercial treasury management and online banking products, as well as costs to improve risk management process efficiency. Partially offsetting these increases, advertising and promotional expense decreased $1.3 million.

Income tax expense was $21.0 million for the three months ended September 30, 2019 and $18.7 million for the three months ended June 30, 2019. The effective tax rate was 28.8% for the three months ended September 30, 2019 and 28.6% for the three months ended June 30, 2019.

Third Quarter 2019 compared to Third Quarter 2018

For the third quarter of 2019, net income totaled $52.0 million, a decrease of $2.3 million as compared to $54.2 million in the third quarter of 2018. The changes in net income on a year over year quarter basis are highlighted below.

On a year over year basis, third quarter of 2019 net interest income decreased by $2.5 million, or 1.5%, as compared to the third quarter of 2018 due to:

•

Interest expense increased $23.0 million, or 29.8%, primarily attributable to an increase in the weighted average cost of interest-bearing liabilities of 34 basis points to 1.90% for the three months ended September 30, 2019. The average balance of interest-bearing deposits increased $457.9 million, or 3.1%, to $15.36 billion for the three months ended September 30, 2019 and the average balance of total borrowed funds increased $859.1 million, or 17.5%, to $5.76 billion.

•

An increase in interest and dividend income of $20.5 million, or 8.4%, to $264.6 million primarily as a result of a $1.08 billion increase in the average balance of net loans mainly from loan originations, offset by paydowns and payoffs. The weighted average yield on net loans increased 7 basis points to 4.27% primarily driven by higher average yields on loan originations and an increase in prepayment penalties. In addition, the weighted average yield on securities increased 50 basis points to 2.96%.

•	Prepayment penalties, which are included in interest income, totaled $5.2 million for the three months ended September 30, 2019 as compared to $4.6 million for the three months ended September 30, 2018.

Net interest margin decreased 16 basis points year over year to 2.53% for the three months ended September 30, 2019 from 2.69% for the three months ended September 30, 2018, primarily driven by the higher cost of interest-bearing liabilities, partially offset by higher yields on interest-earning assets.

Total non-interest income was $14.8 million for the three months ended September 30, 2019, an increase of $4.5 million, or 43.7%, year over year. This increase was primarily due to an increase of $2.5 million in other income attributed to customer swap fee income and an increase of $1.2 million in gain on loans.

Total non-interest expenses were $108.7 million for the three months ended September 30, 2019, an increase of $6.9 million, or 6.8%, year over year. The increase was due to an increase of $4.3 million in compensation and benefit expense, of which $2.0 million was accelerated stock compensation expense related to the

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settlement of our shareholder litigation and $1.3 million was employee severance expense related to a workforce reduction. In addition, professional fees increased $2.4 million due primarily to costs associated with implementing enhanced commercial treasury management and online banking products, as well as costs to improve risk management process efficiency.

Income tax expense was $21.0 million for the three months ended September 30, 2019 and $19.2 million for the three months ended September 30, 2018. The effective tax rate was 28.8% for the three months ended September 30, 2019 and 26.2% for the three months ended September 30, 2018. The increase in the tax rate is primarily related to the change in New Jersey state tax law.

Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018

Net income decreased by $22.5 million year over year to $146.8 million for the nine months ended September 30, 2019. The change in net income year over year is the result of the following:

Net interest income decreased by $24.4 million as compared to the nine months ended September 30, 2018 due to:

•

Interest expense increased by $90.3 million, or 44.4%, to $293.5 million for the nine months ended September 30, 2019, as compared to $203.3 million for the nine months ended September 30, 2018, primarily attributable to an increase in the weighted average cost of interest-bearing liabilities of 48 basis points to 1.87% for the nine months ended September 30, 2019. The average balance of total borrowed funds increased $690.4 million, or 14.2%, to $5.57 billion for the nine months ended September 30, 2019 and the average balance of interest-bearing deposits increased $644.4 million, or 4.4%, to $15.33 billion.

•

Total interest and dividend income increased by $65.8 million, or 9.2%, to $779.8 million for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018, primarily attributed to a $1.26 billion increase in the average balance of net loans primarily from loan originations, offset by paydowns and payoffs. The weighted average yield on net loans increased 7 basis points to 4.22% primarily driven by higher average yields on new loan origination volume, partially offset by a decrease in prepayment penalties. In addition, the weighted average yield on securities increased 49 basis points to 2.91%.

•	Prepayment penalties, which are included in interest income, totaled $11.4 million for the nine months ended September 30, 2019, as compared to $15.4 million for the nine months ended September 30, 2018.

Net interest margin decreased 26 basis points to 2.52% for the nine months ended September 30, 2019 from 2.78% for the nine months ended September 30, 2018, primarily driven by the higher cost of interest-bearing liabilities, partially offset by higher yields on interest-earning assets.

Total non-interest income was $33.0 million for the nine months ended September 30, 2019, an increase of $2.1 million, or 6.7%, as compared to the nine months ended September 30, 2018. The increase is primarily due to an increase of $5.4 million in other income primarily attributed to customer swaps, a sale-leaseback transaction and non-depository investment products. In addition, gain on loans, fees and service charges, income on bank owned life insurance and gain on the sale of other real estate owned increased $1.7 million, $591,000, $524,000 and $513,000, respectively. These increases were partially offset by a decrease of $6.7 million in non-interest income on securities primarily resulting from a $5.7 million loss on the sale of securities during the second quarter of 2019.

Total non-interest expenses were $315.9 million for the nine months ended September 30, 2019, an increase of $10.5 million, or 3.4%, as compared to the nine months ended September 30, 2018. This increase is due to an increase of $5.3 million in compensation and fringe benefit expense, an increase of $3.7 million in data

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processing and communication expense, an increase of $2.6 million in other non-interest expense and an increase of $1.8 million in advertising and promotional expense. These increases were partially offset by a decrease of $4.1 million in federal insurance premiums.

Income tax expense was $59.1 million for the nine months ended September 30, 2019 compared to $58.4 million for the nine months ended September 30, 2018. The effective tax rate was 28.7% for the nine months ended September 30, 2019 and 25.6% for the nine months ended September 30, 2018. The increase in the tax rate is primarily related to the change in New Jersey state tax law.

Asset Quality

Our provision for loan losses is primarily a result of the inherent credit risk in our overall portfolio, the growth and composition of the loan portfolio, and the level of non-accrual loans and charge-offs. At September 30, 2019, our allowance for loan losses and related year-to-date provision were impacted by improved credit quality, including the level of non-accrual loans and charge-offs/recoveries, and modest loan growth. For the three months ended September 30, 2019, our provision for loan losses was a $2.5 million reduction to the allowance for loan losses, compared to a reduction to the allowance for loan losses of $3.0 million for the three months ended June 30, 2019 and an addition to the allowance for loan losses of $2.0 million for the three months ended September 30, 2018. For the three months ended September 30, 2019, net charge-offs were $1.5 million compared to net recoveries of $221,000 for the three months ended June 30, 2019 and net charge-offs of $2.0 million for the three months ended September 30, 2018. Our provision was a $2.5 million reduction to the allowance for loan losses for the nine months ended September 30, 2019 and an $8.5 million addition to the allowance for the nine months ended September 30, 2018. For the nine months ended September 30, 2019, net charge-offs were $5.3 million compared to $8.7 million for the nine months ended September 30, 2018.

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 were $92.1 million, or 0.42% of total loans, at September 30, 2019 compared to $111.6 million, or 0.51% of total loans, at June 30, 2019 and $124.9 million, or 0.58% of total loans, at December 31, 2018. We continue to proactively and diligently work to resolve our troubled loans.

At September 30, 2019, there were $37.3 million of loans deemed as troubled debt restructured loans (“TDRs”), of which $27.8 million were residential and consumer loans, $6.9 million were commercial and industrial loans and $2.6 million were commercial real estate loans. TDRs of $12.5 million were classified as accruing and $24.8 million were classified as non-accrual at September 30, 2019.

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.

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	September 30, 2019							June 30, 2019							March 31, 2019							December 31, 2018							September 30, 2018
	# 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	89			$	17.6			104			$	20.9			113			$	24.8			97			$	20.2			99			$	21.3
Construction	—			—				—			—				—			—				3			9.2				—			—
Multi-family	9			16.0				7			12.0				11			29.6				6			23.1				11			12.4
Commercial real estate	7			17.8				5			26.6				4			4.5				7			5.5				8			15.3
Commercial and industrial	9			5.9				5			1.1				15			11.3				9			2.1				14			5.0
Total 30 to 59 days past due	114			57.3				121			60.6				143			70.2				122			60.1				132			54.0
60 to 89 days past due:
Residential and consumer	46			11.6				30			5.5				37			7.1				37			9.2				34			5.2
Construction	—			—				—			—				—			—				—			—				3			9.3
Multi-family	2			3.5				2			17.2				1			1.1				1			2.6				10			36.7
Commercial real estate	3			3.2				4			6.9				—			—				1			3.4				4			4.2
Commercial and industrial	5			4.7				4			4.1				7			3.8				5			0.9				4			5.4
Total 60 to 89 days past due	56			23.0				40			33.7				45			12.0				44			16.1				55			60.8
Total accruing past due loans	170			$	80.3			161			$	94.3			188			$	82.2			166			$	76.2			187			$	114.8
Non-accrual:
Residential and consumer	261			$	48.2			275			$	51.2			296			$	56.4			320			$	59.0			347			$	66.3
Construction	—			—				1			0.2				1			0.2				1			0.2				1			0.2
Multi-family	6			19.6				14			34.1				14			34.1				15			33.9				3			2.6
Commercial real estate	30			12.3				27			8.1				32			9.8				35			12.4				39			15.5
Commercial and industrial	16			12.0				13			18.0				14			17.2				14			19.4				14			19.8
Total non-accrual loans	313			$	92.1			330			$	111.6			357			$	117.7			385			$	124.9			404			$	104.4
Accruing troubled debt restructured loans	58			$	12.5			56			$	12.2			54			$	13.6			54			$	13.6			59			$	13.2
Non-accrual loans to total loans				0.42		%					0.51		%					0.54		%					0.58		%					0.50		%
Allowance for loan losses as a percent of non-accrual loans				247.62		%					207.83		%					199.44		%					188.78		%					221.06		%
Allowance for loan losses as a percent of total loans				1.05		%					1.05		%					1.08		%					1.09		%					1.10		%

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Balance Sheet Summary

Total assets increased $496.2 million, or 1.9%, to $26.73 billion at September 30, 2019 from December 31, 2018. Net loans increased $138.1 million, or 0.6%, to $21.52 billion at September 30, 2019. Securities increased $84.7 million, or 2.3%, to $3.77 billion at September 30, 2019.

Effective January 1, 2019, the Company adopted new accounting guidance that requires leases to be recognized on our Consolidated Balance Sheet as a right-of-use asset and a lease liability. Our operating lease right-of-use assets and operating lease liabilities were $179.6 million and $189.9 million, respectively, at September 30, 2019.

The detail of the loan portfolio (including PCI loans) is below:

	September 30, 2019				June 30, 2019			December 31, 2018
	(In thousands)
Commercial Loans:
Multi-family loans	$	7,995,095			8,156,766			8,165,187
Commercial real estate loans	4,771,928				4,897,466			4,786,825
Commercial and industrial loans	2,681,577				2,585,069			2,389,756
Construction loans	289,857				252,628			227,015
Total commercial loans	15,738,457				15,891,929			15,568,783
Residential mortgage loans	5,307,412				5,408,686			5,351,115
Consumer and other	700,341				699,972			707,866
Total Loans	21,746,210				22,000,587			21,627,764
Deferred fees, premiums and other, net	(1,991		)		(3,770	)		(13,811	)
Allowance for loan losses	(227,985		)		(231,937	)		(235,817	)
Net loans	$	21,516,234			21,764,880			21,378,136

During the nine months ended September 30, 2019, we originated $794.3 million in commercial and industrial loans, $634.1 million in multi-family loans, $461.3 million in commercial real estate loans, $355.2 million in residential loans, $61.0 million in consumer and other loans and $27.6 million in construction loans. The growth in the loan portfolio reflects our continued focus on growing and diversifying our loan portfolio. Our loans are primarily on properties and businesses located in New Jersey and New York.

We also purchase mortgage loans from correspondent entities including other banks and mortgage bankers. Our agreements with these correspondent entities require them to originate loans that adhere to our underwriting standards. During the nine months ended September 30, 2019, we purchased loans totaling $258.0 million from these entities. In addition to the loans originated for our portfolio, we originated residential mortgage loans for sale to third parties totaling $160.3 million during the nine months ended September 30, 2019.

The allowance for loan losses decreased by $7.8 million to $228.0 million at September 30, 2019 from $235.8 million at December 31, 2018. Our allowance for loan losses was positively impacted by improved credit quality, including the level of non-accrual loans and charge-offs/recoveries, and modest loan growth. 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 September 30, 2019 and June 30, 2019, our allowance for loan losses as a percent of total loans was 1.05%, a decrease from 1.09% at December 31, 2018 which was driven by the factors noted above.

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Securities increased by $84.7 million, or 2.3%, to $3.77 billion at September 30, 2019 from $3.68 billion at December 31, 2018. This increase was primarily a result of purchases, partially offset by sales and paydowns.

Deposits increased by $92.5 million, or 0.5%, from $17.58 billion at December 31, 2018 to $17.67 billion at September 30, 2019 primarily driven by increases in interest-bearing checking and money market accounts, partially offset by decreases in non-interest checking, savings and time deposit accounts. Checking accounts increased $216.7 million to $7.54 billion at September 30, 2019 from $7.32 billion at December 31, 2018. Core deposits (savings, checking and money market) represented approximately 75% of our total deposit portfolio at September 30, 2019 compared to 74% at December 31, 2018.

Borrowed funds increased by $258.9 million, or 4.8%, to $5.69 billion at September 30, 2019 from $5.44 billion at December 31, 2018 to help fund the growth of the loan portfolio.

Stockholders’ equity decreased by $74.0 million to $2.93 billion at September 30, 2019 from $3.01 billion at December 31, 2018, primarily attributed to the repurchase of 12.0 million shares of common stock for $140.2 million and cash dividends of $0.33 per share totaling $91.9 million during the nine months ended September 30, 2019. These decreases were partially offset by net income of $146.8 million and share-based plan activity of $20.8 million for the nine months ended September 30, 2019. The Bank remains above FDIC “well capitalized” standards, with a Tier 1 Leverage Ratio of 9.68% at September 30, 2019.

About the Company

Investors Bancorp, Inc. is the holding company for Investors Bank, which as of September 30, 2019 operated from its corporate headquarters in Short Hills, New Jersey and 147 branches located throughout New Jersey and New York.

Earnings Conference Call October 24, 2019 at 11:00 a.m. (ET)

The Company, as previously announced, will host an earnings conference call on Thursday, October 24, 2019 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/10135533

A telephone replay will be available beginning on October 24, 2019 from 1:00 p.m. (ET) through 9:00 a.m. (ET) on January 24, 2020. The replay number is (877) 344-7529, password 10135533. The conference call will also be simultaneously webcast on the Company’s website www.investorsbank.com and archived for one year.

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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.

9

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
	September 30, 2019				June 30, 2019			December 31, 2018
	(unaudited)				(unaudited)			(audited)
Assets	(Dollars in thousands)
Cash and cash equivalents	$	195,400			254,382			196,891
Equity securities	6,030				5,975			5,793
Debt securities available-for-sale, at estimated fair value	2,644,024				2,679,708			2,122,162
Debt securities held-to-maturity, net (estimated fair value of $1,158,769, $1,174,483 and $1,558,564 at September 30, 2019, June 30, 2019 and December 31, 2018, respectively)	1,117,699				1,132,018			1,555,137
Loans receivable, net	21,516,234				21,764,880			21,378,136
Loans held-for-sale	31,373				16,411			4,074
Federal Home Loan Bank stock	273,996				294,155			260,234
Accrued interest receivable	83,951				83,015			77,501
Other real estate owned and other repossessed assets	12,675				7,097			6,911
Office properties and equipment, net	171,266				174,663			177,432
Operating lease right-of-use assets	179,632				184,215			—
Net deferred tax asset	108,634				106,208			104,411
Bank owned life insurance	216,925				215,032			211,914
Goodwill and intangible assets	97,566				97,997			99,063
Other assets	69,758				48,360			29,349
Total assets	$	26,725,163			27,064,116			26,229,008
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	17,672,756			17,644,471			17,580,269
Borrowed funds	5,694,553				6,083,737			5,435,681
Advance payments by borrowers for taxes and insurance	147,359				125,521			129,891
Operating lease liabilities	189,927				194,233			—
Other liabilities	89,201				89,279			77,837
Total liabilities	23,793,796				24,137,241			23,223,678
Stockholders’ equity	2,931,367				2,926,875			3,005,330
Total liabilities and stockholders’ equity	$	26,725,163			27,064,116			26,229,008

10

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
						For the Three Months Ended										For the Nine Months Ended
						September 30, 2019				June 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
						(unaudited)				(unaudited)			(unaudited)			(unaudited)			(unaudited)
						(Dollars in thousands, except per share data)
Interest and dividend income:
	Loans receivable and loans held-for-sale					$	231,734			227,462			216,516			684,086			633,029
	Securities:
		GSE obligations				343				267			266			876			813
		Mortgage-backed securities				23,978				23,883			19,624			71,491			59,279
		Equity				36				35			32			108			100
		Municipal bonds and other debt				3,186				2,734			2,615			8,442			7,305
	Interest-bearing deposits					821				609			677			1,965			1,541
	Federal Home Loan Bank stock					4,456				4,078			4,296			12,871			11,928
		Total interest and dividend income				264,554				259,068			244,026			779,839			713,995
Interest expense:
	Deposits					67,972				67,828			51,923			201,222			130,366
	Borrowed funds					32,130				32,072			25,177			92,319			72,918
		Total interest expense				100,102				99,900			77,100			293,541			203,284
		Net interest income				164,452				159,168			166,926			486,298			510,711
Provision for loan losses						(2,500		)		(3,000	)		2,000			(2,500	)		8,500
		Net interest income after provision for loan losses				166,952				162,168			164,926			488,798			502,211
Non-interest income:
	Fees and service charges					5,796				5,654			5,506			16,785			16,194
	Income on bank owned life insurance					1,832				1,540			1,596			4,949			4,425
	Gain on loans, net					1,679				1,015			478			3,127			1,398
	Gain (loss) on securities, net					30				(5,617	)		97			(5,523	)		1,198
	Gain on sales of other real estate owned, net					358				281			13			863			350
	Other income					5,085				4,108			2,597			12,754			7,310
		Total non-interest income				14,780				6,981			10,287			32,955			30,875
Non-interest expense:
	Compensation and fringe benefits					63,603				59,854			59,279			184,455			179,139
	Advertising and promotional expense					2,994				4,282			3,229			10,888			9,123
	Office occupancy and equipment expense					15,702				15,423			15,151			47,296			46,446
	Federal insurance premiums					3,300				3,300			4,935			9,900			13,960
	General and administrative					487				692			509			1,663			1,702
	Professional fees					6,010				3,461			3,578			12,411			11,781
	Data processing and communication					8,348				7,642			7,090			23,989			20,319
	Other operating expenses					8,274				9,150			8,017			25,329			22,987
		Total non-interest expenses				108,718				103,804			101,788			315,931			305,457
		Income before income tax expense				73,014				65,345			73,425			205,822			227,629
Income tax expense						21,042				18,721			19,201			59,068			58,383
		Net income				$	51,972			46,624			54,224			146,754			169,246
Basic earnings per share						$0.20				0.18			0.19			0.56			0.60
Diluted earnings per share						$0.20				0.18			0.19			0.55			0.59
	Basic weighted average shares outstanding					261,678,994				263,035,892			280,755,898			264,104,402			284,289,363
	Diluted weighted average shares outstanding					261,812,970				263,477,477			281,172,921			264,422,265			285,376,003

11

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Average Balance Sheet and Yield/Rate Information
			For the Three Months Ended
			September 30, 2019									June 30, 2019									September 30, 2018
			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		$	224,882		821			1.46	%		$	179,572		609			1.36	%		$	227,346		677			1.19	%
	Equity securities		6,001			36			2.40	%		5,902			35			2.37	%		5,802			32			2.21	%
	Debt securities available-for-sale		2,591,055			18,167			2.80	%		2,244,900			16,218			2.89	%		2,015,096			11,122			2.21	%
	Debt securities held-to-maturity		1,131,194			9,340			3.30	%		1,480,400			10,666			2.88	%		1,638,722			11,383			2.78	%
	Net loans		21,722,751			231,734			4.27	%		21,609,361			227,462			4.21	%		20,644,566			216,516			4.20	%
	Federal Home Loan Bank stock		279,356			4,456			6.38	%		281,548			4,078			5.79	%		246,037			4,296			6.98	%
	Total interest-earning assets		25,955,239			264,554			4.08	%		25,801,683			259,068			4.02	%		24,777,569			244,026			3.94	%
Non-interest earning assets			992,118									956,909									708,904
	Total assets		$	26,947,357								$	26,758,592								$	25,486,473
Interest-bearing liabilities:
	Savings		$	1,958,748		4,377			0.89	%		$	1,901,506		3,809			0.80	%		$	2,142,642		3,462			0.65	%
	Interest-bearing checking		4,894,643			21,094			1.72	%		4,867,288			22,119			1.82	%		4,449,767			15,736			1.41	%
	Money market accounts		3,750,846			16,065			1.71	%		3,691,258			15,815			1.71	%		3,747,501			13,043			1.39	%
	Certificates of deposit		4,756,086			26,436			2.22	%		4,763,516			26,085			2.19	%		4,562,549			19,682			1.73	%
	Total interest-bearing deposits		15,360,323			67,972			1.77	%		15,223,568			67,828			1.78	%		14,902,459			51,923			1.39	%
	Borrowed funds		5,756,197			32,130			2.23	%		5,707,174			32,072			2.25	%		4,897,119			25,177			2.06	%
	Total interest-bearing liabilities		21,116,520			100,102			1.90	%		20,930,742			99,900			1.91	%		19,799,578			77,100			1.56	%
Non-interest-bearing liabilities			2,892,067									2,883,230									2,610,074
	Total liabilities		24,008,587									23,813,972									22,409,652
Stockholders’ equity			2,938,770									2,944,620									3,076,821
	Total liabilities and stockholders’ equity		$	26,947,357								$	26,758,592								$	25,486,473
Net interest income						$	164,452								$	159,168								$	166,926
Net interest rate spread									2.18	%								2.11	%								2.38	%
Net interest earning assets			$	4,838,719								$	4,870,941								$	4,977,991
Net interest margin									2.53	%								2.47	%								2.69	%
Ratio of interest-earning assets to total interest-bearing liabilities			1.23			X						1.23			X						1.25			X

12

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Average Balance Sheet and Yield/Rate Information
			For the Nine Months Ended
			September 30, 2019									September 30, 2018
			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		$	193,427		1,965			1.35	%		$	201,743		1,541			1.02	%
	Equity securities		5,905			108			2.44	%		5,740			100			2.32	%
	Debt securities available-for-sale		2,317,685			49,801			2.86	%		2,008,724			32,803			2.18	%
	Debt securities held-to-maturity		1,379,982			31,008			3.00	%		1,696,718			34,594			2.72	%
	Net loans		21,596,000			684,086			4.22	%		20,337,264			633,029			4.15	%
	Federal Home Loan Bank stock		273,885			12,871			6.27	%		246,858			11,928			6.44	%
		Total interest-earning assets	25,766,884			779,839			4.04	%		24,497,047			713,995			3.89	%
Non-interest earning assets			964,031									716,163
		Total assets	$	26,730,915								$	25,213,210
Interest-bearing liabilities:
	Savings		$	1,966,427		12,556			0.85	%		$	2,206,307		9,705			0.59	%
	Interest-bearing checking		4,912,085			65,295			1.77	%		4,581,974			43,372			1.26	%
	Money market accounts		3,691,378			46,126			1.67	%		3,897,632			32,832			1.12	%
	Certificates of deposit		4,757,446			77,245			2.16	%		3,997,059			44,457			1.48	%
	Total interest bearing deposits		15,327,336			201,222			1.75	%		14,682,972			130,366			1.18	%
	Borrowed funds		5,566,273			92,319			2.21	%		4,875,857			72,918			1.99	%
		Total interest-bearing liabilities	20,893,609			293,541			1.87	%		19,558,829			203,284			1.39	%
Non-interest-bearing liabilities			2,881,242									2,551,722
		Total liabilities	23,774,851									22,110,551
Stockholders’ equity			2,956,064									3,102,659
		Total liabilities and stockholders’ equity	$	26,730,915								$	25,213,210
Net interest income						$	486,298								$	510,711
Net interest rate spread									2.17	%								2.50	%
Net interest earning assets			$	4,873,275								$	4,938,218
Net interest margin									2.52	%								2.78	%
Ratio of interest-earning assets to total interest-bearing liabilities			1.23			X						1.25			X

13

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Selected Performance Ratios
	For the Three Months Ended											For the Nine Months Ended
	September 30, 2019			June 30, 2019				September 30, 2018				September 30, 2019				September 30, 2018
Return on average assets	0.77	%		0.70		%		0.85		%		0.73		%		0.90	%
Return on average equity	7.07	%		6.33		%		7.05		%		6.62		%		7.27	%
Return on average tangible equity	7.32	%		6.55		%		7.29		%		6.85		%		7.52	%
Interest rate spread	2.18	%		2.11		%		2.38		%		2.17		%		2.50	%
Net interest margin	2.53	%		2.47		%		2.69		%		2.52		%		2.78	%
Efficiency ratio	60.66	%		62.48		%		57.44		%		60.84		%		56.40	%
Non-interest expense to average total assets	1.61	%		1.55		%		1.60		%		1.58		%		1.62	%
Average interest-earning assets to average interest-bearing liabilities	1.23			1.23				1.25				1.23				1.25
INVESTORS BANCORP, INC. AND SUBSIDIARY
Selected Financial Ratios and Other Data
				September 30, 2019				June 30, 2019				December 31, 2018
Asset Quality Ratios:
Non-performing assets as a percent of total assets				0.44		%		0.48		%		0.55		%
Non-performing loans as a percent of total loans				0.48		%		0.56		%		0.64		%
Allowance for loan losses as a percent of non-accrual loans				247.62		%		207.83		%		188.78		%
Allowance for loan losses as a percent of total loans				1.05		%		1.05		%		1.09		%
Capital Ratios:
Tier 1 Leverage Ratio (2)				9.68		%		9.70		%		10.28		%
Common equity tier 1 risk-based (2)				12.95		%		12.69		%		13.41		%
Tier 1 Risk-Based Capital (2)				12.95		%		12.69		%		13.41		%
Total Risk-Based Capital (2)				14.10		%		13.84		%		14.60		%
Equity to total assets (period end)				10.97		%		10.81		%		11.46		%
Average equity to average assets				10.91		%		11.00		%		11.71		%
Tangible capital to tangible assets (1)				10.64		%		10.49		%		11.12		%
Book value per common share (1)				$	11.13			$	11.04			$	10.95
Tangible book value per common share (1)				$	10.76			$	10.67			$	10.59
Other Data:
Number of full service offices				147				147				151
Full time equivalent employees				1,887				1,962				1,928
(1) See Non-GAAP Reconciliation.
(2) Ratios are for Investors Bank and do not include capital retained at the holding company level.

14

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Investors Bancorp, Inc.
Non-GAAP Reconciliation
(Dollars in thousands, except share data)
Book Value and Tangible Book Value per Share Computation
	September 30, 2019				June 30, 2019				December 31, 2018
Total stockholders’ equity	$	2,931,367			2,926,875				3,005,330
Goodwill and intangible assets	97,566				97,997				99,063
Tangible stockholders’ equity	$	2,833,801			2,828,878				2,906,267
Book Value per Share Computation
Common stock issued	359,070,852				359,070,852				359,070,852
Treasury shares	(84,314,431		)		(82,250,311		)		(72,797,738		)
Shares outstanding	274,756,421				276,820,541				286,273,114
Unallocated ESOP shares	(11,487,175		)		(11,605,600		)		(11,842,448		)
Book value shares	263,269,246				265,214,941				274,430,666
Book Value per Share	$	11.13			$	11.04			$	10.95
Tangible Book Value per Share	$	10.76			$	10.67			$	10.59
Total assets	$	26,725,163			27,064,116				26,229,008
Goodwill and intangible assets	97,566				97,997				99,063
Tangible assets	$	26,627,597			26,966,119				26,129,945
Tangible capital to tangible assets	10.64		%		10.49		%		11.12		%

15

v3.19.3

Cover	Oct. 23, 2019
Cover page.
Document Type	8-K
Document Period End Date	Oct. 23, 2019
Entity Registrant Name	INVESTORS BANCORP, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36441
Entity Tax Identification Number	46-4702118
Entity Address, Address Line One	101 JFK Parkway,
Entity Address, City or Town	Short Hills,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07078
City Area Code	973
Local Phone Number	924-5100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common
Trading Symbol	ISBC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001594012
Amendment Flag	false

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- Definition Local phone number for entity. + References No definition available. + Details Name: dei_LocalPhoneNumber Namespace Prefix: dei_ Data Type: xbrli:normalizedStringItemType Balance Type: na Period Type: duration

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- Definition Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c + Details Name: dei_PreCommencementIssuerTenderOffer Namespace Prefix: dei_ Data Type: xbrli:booleanItemType Balance Type: na Period Type: duration

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- Definition Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b + Details Name: dei_PreCommencementTenderOffer Namespace Prefix: dei_ Data Type: xbrli:booleanItemType Balance Type: na Period Type: duration

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- Definition Title of a 12(b) registered security. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b + Details Name: dei_Security12bTitle Namespace Prefix: dei_ Data Type: dei:securityTitleItemType Balance Type: na Period Type: duration

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- Definition Name of the Exchange on which a security is registered. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1 + Details Name: dei_SecurityExchangeName Namespace Prefix: dei_ Data Type: dei:edgarExchangeCodeItemType Balance Type: na Period Type: duration

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- Definition Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12 + Details Name: dei_SolicitingMaterial Namespace Prefix: dei_ Data Type: xbrli:booleanItemType Balance Type: na Period Type: duration

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- Definition Trading symbol of an instrument as listed on an exchange. + References No definition available. + Details Name: dei_TradingSymbol Namespace Prefix: dei_ Data Type: dei:tradingSymbolItemType Balance Type: na Period Type: duration

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- Definition Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425 + Details Name: dei_WrittenCommunications Namespace Prefix: dei_ Data Type: xbrli:booleanItemType Balance Type: na Period Type: duration