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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: __________ to ___________
Commission file number: 001-36441 
Investors Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
46-4702118
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
 
101 JFK Parkway,
Short Hills,
New Jersey
 
07078
(Address of Principal Executive Offices)
 
Zip Code
(973924-5100
(Registrant’s telephone number)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
 
 
  
Accelerated filer
 
Non-accelerated filer
 
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
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. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   No  
As of July 31, 2020, the registrant had 361,869,872 shares of common stock, par value $0.01 per share, issued and 249,907,901 outstanding. 


Table of Contents

INVESTORS BANCORP, INC.
FORM 10-Q

Index

Part I. Financial Information
 
 
Page
Item 1.
Financial Statements
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 



Table of Contents


Part I Financial Information
ITEM 1.
FINANCIAL STATEMENTS
INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
June 30, 2020 (Unaudited) and December 31, 2019  
 
June 30,
2020
 
December 31,
2019
 
(In thousands)
ASSETS
 
 
 
Cash and cash equivalents
$
735,234

 
174,915

Equity securities
6,190

 
6,039

Debt securities available-for-sale, at estimated fair value
2,886,567

 
2,695,390

Debt securities held-to-maturity, net (estimated fair value of $1,262,808 and $1,190,104 at June 30, 2020 and December 31, 2019, respectively)
1,198,401

 
1,148,815

Loans receivable, net
21,078,644

 
21,476,056

Loans held-for-sale
39,767

 
29,797

Federal Home Loan Bank stock
229,829

 
267,219

Accrued interest receivable
81,609

 
79,313

Other real estate owned and other repossessed assets
9,094

 
13,538

Office properties and equipment, net
165,609

 
169,614

Operating lease right-of-use assets
172,432

 
175,143

Net deferred tax asset
106,885

 
64,220

Bank owned life insurance
221,509

 
218,517

Goodwill and intangible assets
109,178

 
97,869

Other assets
153,200

 
82,321

Total assets
$
27,194,148

 
26,698,766

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Deposits
$
19,487,302

 
17,860,338

Borrowed funds
4,632,016

 
5,827,111

Advance payments by borrowers for taxes and insurance
125,472

 
121,719

Operating lease liabilities
184,572

 
185,827

Other liabilities
141,886

 
81,821

Total liabilities
24,571,248

 
24,076,816

Commitments and contingencies

 

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; 361,869,872 and 359,070,852 issued at June 30, 2020 and December 31, 2019, respectively; 249,908,507 and 247,439,902 outstanding at June 30, 2020 and December 31, 2019, respectively
3,619

 
3,591

Additional paid-in capital
2,851,306

 
2,822,364

Retained earnings
1,259,605

 
1,245,793

Treasury stock, at cost; 111,961,365 and 111,630,950 shares at June 30, 2020 and December 31, 2019, respectively
(1,355,626
)
 
(1,352,910
)
Unallocated common stock held by the employee stock ownership plan
(76,768
)
 
(78,266
)
Accumulated other comprehensive loss
(59,236
)
 
(18,622
)
Total stockholders’ equity
2,622,900

 
2,621,950

Total liabilities and stockholders’ equity
$
27,194,148

 
26,698,766

See accompanying notes to consolidated financial statements.

1

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(Dollars in thousands, except per share data)
Interest and dividend income:
 
 
 
 
 
 
 
Loans receivable and loans held-for-sale
$
217,733

 
227,462

 
442,262

 
452,352

Securities:
 
 
 
 
 
 
 
Equity
32

 
35

 
65

 
72

Government-sponsored enterprise obligations
310

 
267

 
616

 
533

Mortgage-backed securities
20,572

 
23,883

 
43,156

 
47,513

Municipal bonds and other debt
3,276

 
2,734

 
6,651

 
5,256

Interest-bearing deposits
294

 
609

 
1,134

 
1,144

Federal Home Loan Bank stock
3,997

 
4,078

 
8,429

 
8,415

Total interest and dividend income
246,214

 
259,068

 
502,313

 
515,285

Interest expense:
 
 
 
 
 
 
 
Deposits
38,991

 
67,828

 
92,170

 
133,250

Borrowed funds
25,236

 
32,072

 
54,873

 
60,189

Total interest expense
64,227

 
99,900

 
147,043

 
193,439

Net interest income
181,987

 
159,168

 
355,270

 
321,846

Provision for credit losses
33,278

 
(3,000
)
 
64,504

 

Net interest income after provision for credit losses
148,709

 
162,168

 
290,766

 
321,846

Non-interest income
 
 
 
 
 
 
 
Fees and service charges
1,376

 
5,654

 
7,402

 
10,989

Income on bank owned life insurance
1,596

 
1,540

 
2,992

 
3,117

Gain on loans, net
3,557

 
1,015

 
5,403

 
1,448

Gain (loss) on securities, net
55

 
(5,617
)
 
257

 
(5,553
)
(Loss) gain on sale of other real estate owned, net
(89
)
 
281

 
651

 
505

Other income
3,645

 
4,108

 
8,095

 
7,669

Total non-interest income
10,140

 
6,981

 
24,800

 
18,175

Non-interest expense
 
 
 
 
 
 
 
Compensation and fringe benefits
55,791

 
59,854

 
116,183

 
120,852

Advertising and promotional expense
2,199

 
4,282

 
4,562

 
7,894

Office occupancy and equipment expense
16,470

 
15,423

 
32,421

 
31,594

Federal deposit insurance premiums
3,400

 
3,300

 
7,801

 
6,600

General and administrative
593

 
692

 
1,127

 
1,176

Professional fees
4,306

 
3,461

 
8,289

 
6,401

Data processing and communication
9,908

 
7,642

 
17,700

 
15,641

Other operating expenses
7,353

 
9,150

 
14,495

 
17,055

Total non-interest expenses
100,020

 
103,804

 
202,578

 
207,213

Income before income tax expense
58,829

 
65,345

 
112,988

 
132,808

Income tax expense
16,218

 
18,721

 
30,865

 
38,026

Net income
$
42,611

 
46,624

 
82,123

 
94,782

Basic earnings per share
$
0.18

 
0.18

 
0.35

 
0.36

Diluted earnings per share
$
0.18

 
0.18

 
0.35

 
0.36

Weighted average shares outstanding

 
 
 
 
 
 
Basic
236,248,296

 
263,035,892

 
234,755,591

 
265,337,191

Diluted
236,382,103

 
263,477,477

 
234,927,420

 
265,831,421

See accompanying notes to consolidated financial statements.

2

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(In thousands)
Net income
$
42,611

 
46,624

 
82,123

 
94,782

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Change in funded status of retirement obligations
299

 
14

 
319

 
27

Unrealized (losses) gains on debt securities available-for-sale
(997
)
 
16,568

 
36,631

 
32,807

Accretion of loss on debt securities reclassified to held to maturity
56

 
318

 
112

 
431

Reclassification adjustment for security losses included in net income

 
4,221

 

 
4,221

Other-than-temporary impairment accretion on debt securities
277

 
181

 
457

 
361

Net losses on derivatives
(7,485
)
 
(29,038
)
 
(78,133
)
 
(44,689
)
Total other comprehensive loss
(7,850
)
 
(7,736
)
 
(40,614
)
 
(6,842
)
Total comprehensive income
$
34,761

 
38,888

 
41,509

 
87,940



See accompanying notes to consolidated financial statements.

3

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders’ Equity
Six Months Ended June 30, 2020 and 2019
(Unaudited)
 
Common
stock
 
Additional
paid-in
capital
 
Retained
earnings
 
Treasury
stock
 
Unallocated
common stock
held by ESOP
 
Accumulated
other
comprehensive
loss
 
Total
stockholders’
equity
 
(In thousands)
Balance at December 31, 2018
$
3,591

 
2,805,423

 
1,173,897

 
(884,750
)
 
(81,262
)
 
(11,569
)
 
3,005,330

Net income

 

 
94,782

 

 

 

 
94,782

Other comprehensive loss, net of tax

 

 

 

 

 
(6,842
)
 
(6,842
)
Purchase of treasury stock (10,038,159 shares)

 

 

 
(117,755
)
 

 

 
(117,755
)
Treasury stock allocated to restricted stock plan (658,419 shares)

 
(8,011
)
 
(68
)
 
8,079

 

 

 

Compensation cost for stock options and restricted stock

 
9,566

 

 

 

 

 
9,566

Exercise of stock options

 
(286
)
 

 
945

 

 

 
659

Restricted stock forfeitures (149,333 shares)

 
1,885

 
(101
)
 
(1,784
)
 

 

 

Cash dividend paid ($0.22 per common share)

 

 
(61,637
)
 

 

 

 
(61,637
)
ESOP shares allocated or committed to be released

 
1,274

 

 

 
1,498

 

 
2,772

Balance at June 30, 2019
$
3,591

 
2,809,851

 
1,206,873

 
(995,265
)
 
(79,764
)
 
(18,411
)
 
2,926,875

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
3,591

 
2,822,364

 
1,245,793

 
(1,352,910
)
 
(78,266
)
 
(18,622
)
 
2,621,950

Cumulative effect of adopting ASU No. 2016-13

 

 
(8,491
)
 

 

 

 
(8,491
)
Net income

 

 
82,123

 

 

 

 
82,123

Other comprehensive loss, net of tax

 

 

 

 

 
(40,614
)
 
(40,614
)
Common stock issued to finance acquisition
28

 
20,853

 

 

 

 

 
20,881

Purchase of treasury stock (383,366 shares)

 

 

 
(3,361
)
 

 

 
(3,361
)
Treasury stock allocated to restricted stock plan (68,923 shares)

 
(736
)
 
(103
)
 
839

 

 

 

Compensation cost for stock options and restricted stock

 
7,850

 

 

 

 

 
7,850

Restricted stock forfeitures (15,973 shares)

 
197

 
(3
)
 
(194
)
 

 

 

Cash dividend paid ($0.24 per common share)

 

 
(59,714
)
 

 

 

 
(59,714
)
ESOP shares allocated or committed to be released

 
778

 

 

 
1,498

 

 
2,276

Balance at June 30, 2020
$
3,619

 
2,851,306

 
1,259,605

 
(1,355,626
)
 
(76,768
)
 
(59,236
)
 
2,622,900

See accompanying notes to consolidated financial statements.


4

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income
$
82,123

 
94,782

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
ESOP and stock-based compensation expense
10,126

 
12,338

Amortization of premiums and accretion of discounts on securities, net
5,060

 
3,953

Amortization of premiums and accretion of fees and costs on loans, net
2,885

 
(2,983
)
Amortization of other intangible assets
680

 
792

Amortization of debt modification costs and premium on borrowings
1,132

 

Provision for credit losses
64,504

 

Loss from extinguishment of debt
326

 

Depreciation and amortization of office properties and equipment
10,671

 
9,356

(Gain) loss on securities, net
(257
)
 
5,553

Mortgage loans originated for sale
(280,236
)
 
(77,732
)
Proceeds from mortgage loan sales
275,328

 
66,624

Gain on sales of mortgage loans, net
(5,062
)
 
(1,229
)
Gain on sale of other real estate owned
(651
)
 
(505
)
Income on bank owned life insurance
(2,992
)
 
(3,117
)
Amortization of lease right-of-use assets
9,841

 
8,001

Increase in accrued interest receivable
(1,013
)
 
(5,514
)
Deferred tax (benefit) expense
(16,903
)
 
3,414

Increase in other assets
(71,498
)
 
(18,176
)
Decrease in other liabilities
(74,517
)
 
(48,707
)
Net cash provided by operating activities
9,547

 
46,850

Cash flows from investing activities:
 
 
 
Purchases of loans receivable
(60,000
)
 
(216,419
)
Net payoffs (originations) of loans receivable
819,559

 
(195,937
)
Proceeds from disposition of loans receivable
26,755

 
25,857

Gain on disposition of loans receivable
(341
)
 
(219
)
Gain on disposition of leased equipment
(1,824
)
 

Net proceeds from sale of other real estate owned
5,617

 
2,754

Proceeds from principal repayments/calls/maturities of debt securities available for sale
411,671

 
162,787

Proceeds from sales of debt securities available for sale

 
399,435

Proceeds from principal repayments/calls/maturities of debt securities held to maturity
126,260

 
137,035

Purchases of equity securities
(45
)
 
(47
)
Purchases of debt securities available for sale
(507,598
)
 
(686,504
)
Purchases of debt securities held to maturity
(170,348
)
 
(106,748
)
Proceeds from redemptions of Federal Home Loan Bank stock
98,053

 
157,325

Purchases of Federal Home Loan Bank stock
(60,042
)
 
(191,246
)
Purchases of office properties and equipment
(6,181
)
 
(6,587
)
Cash received, net of cash consideration paid for acquisitions
7,274

 

Net cash provided by (used in) investing activities
688,810

 
(518,514
)
Cash flows from financing activities:
 
 
 
Net increase in deposits
1,137,083

 
64,202

Repayments of principal under finance leases
(784
)
 

Funds borrowed under other repurchase agreements

 
197,606

Net (repayments) proceeds of borrowed funds
(1,211,326
)
 
450,450


5

Table of Contents

Principal applied on affordable housing project advance
(78
)
 

Net increase (decrease) in advance payments by borrowers for taxes and insurance
142

 
(4,370
)
Dividends paid
(59,714
)
 
(61,637
)
Exercise of stock options

 
659

Purchase of treasury stock
(3,361
)
 
(117,755
)
Net cash (used in) provided by financing activities
(138,038
)
 
529,155

Net increase in cash and cash equivalents
560,319

 
57,491

Cash and cash equivalents at beginning of period
174,915

 
196,891

Cash and cash equivalents at end of period
$
735,234

 
254,382

Supplemental cash flow information:
 
 
 
Non-cash investing activities:
 
 
 
Real estate acquired through foreclosure and other assets repossessed
$
750

 
2,957

Cash paid during the year for:
 
 
 
Interest
154,370

 
193,071

Income taxes
6,218

 
13,824

Significant non-cash transactions: