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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: September 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 classTrading Symbol(s)Name of each exchange on which registered
CommonISBCThe 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 October 30, 2020, the registrant had 361,869,872 shares of common stock, par value $0.01 per share, issued and 249,918,163 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
(Unaudited)  
September 30,
2020
December 31,
2019
 (In thousands)
ASSETS
Cash and cash equivalents$557,749 174,915 
Equity securities8,703 6,039 
Debt securities available-for-sale, at estimated fair value2,828,959 2,695,390 
Debt securities held-to-maturity, net (estimated fair value of $1,304,693 and $1,190,104 at September 30, 2020 and December 31, 2019, respectively)
1,236,610 1,148,815 
Loans receivable, net20,698,057 21,476,056 
Loans held-for-sale19,984 29,797 
Federal Home Loan Bank stock214,255 267,219 
Accrued interest receivable84,317 79,313 
Other real estate owned and other repossessed assets8,884 13,538 
Office properties and equipment, net164,220 169,614 
Operating lease right-of-use assets171,781 175,143 
Net deferred tax asset116,347 64,220 
Bank owned life insurance223,576 218,517 
Goodwill and intangible assets110,068 97,869 
Other assets163,467 82,321 
Total assets$26,606,977 26,698,766 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits$19,103,535 17,860,338 
Borrowed funds4,307,523 5,827,111 
Advance payments by borrowers for taxes and insurance144,212 121,719 
Operating lease liabilities184,281 185,827 
Other liabilities197,669 81,821 
Total liabilities23,937,220 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 September 30, 2020 and December 31, 2019, respectively; 249,919,417 and 247,439,902 outstanding at September 30, 2020 and December 31, 2019, respectively
3,619 3,591 
Additional paid-in capital2,854,844 2,822,364 
Retained earnings1,293,840 1,245,793 
Treasury stock, at cost; 111,950,455 and 111,630,950 shares at September 30, 2020 and December 31, 2019, respectively
(1,355,459)(1,352,910)
Unallocated common stock held by the employee stock ownership plan(76,019)(78,266)
Accumulated other comprehensive loss(51,068)(18,622)
Total stockholders’ equity2,669,757 2,621,950 
Total liabilities and stockholders’ equity$26,606,977 26,698,766 
See accompanying notes to consolidated financial statements.
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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in thousands, except per share data)
Interest and dividend income:
Loans receivable and loans held-for-sale$215,221 231,734 657,483 684,086 
Securities:
Equity45 36 110 108 
Government-sponsored enterprise obligations378 343 994 876 
Mortgage-backed securities18,095 23,978 61,251 71,491 
Municipal bonds and other debt3,277 3,186 9,928 8,442 
Interest-bearing deposits233 821 1,367 1,965 
Federal Home Loan Bank stock3,452 4,456 11,881 12,871 
Total interest and dividend income240,701 264,554 743,014 779,839 
Interest expense:
Deposits34,109 67,972 126,279 201,222 
Borrowed funds24,970 32,130 79,843 92,319 
Total interest expense59,079 100,102 206,122 293,541 
Net interest income181,622 164,452 536,892 486,298 
Provision for credit losses8,336 (2,500)72,840 (2,500)
Net interest income after provision for credit losses173,286 166,952 464,052 488,798 
Non-interest income
Fees and service charges5,579 5,796 12,981 16,785 
Income on bank owned life insurance2,067 1,832 5,059 4,949 
Gain on loans, net5,285 1,679 10,688 3,127 
(Loss) gain on securities, net(8)30 249 (5,523)
Gain on sale of other real estate owned, net133 358 784 863 
Other income6,870 5,085 14,965 12,754 
Total non-interest income19,926 14,780 44,726 32,955 
Non-interest expense
Compensation and fringe benefits59,896 63,603 176,079 184,455 
Advertising and promotional expense2,344 2,994 6,906 10,888 
Office occupancy and equipment expense16,882 15,702 49,303 47,296 
Federal deposit insurance premiums2,925 3,300 10,726 9,900 
General and administrative551 487 1,678 1,663 
Professional fees4,097 6,010 12,386 12,411 
Data processing and communication8,998 8,348 26,698 23,989 
Other operating expenses8,367 8,274 22,862 25,329 
Total non-interest expenses104,060 108,718 306,638 315,931 
Income before income tax expense89,152 73,014 202,140 205,822 
Income tax expense24,840 21,042 55,705 59,068 
Net income$64,312 51,972 146,435 146,754 
Basic earnings per share$0.27 0.20 0.62 0.56 
Diluted earnings per share$0.27 0.20 0.62 0.55 
Weighted average shares outstanding
Basic236,833,099 261,678,994 235,453,133 264,104,402 
Diluted236,872,505 261,812,970 235,550,801 264,422,265 
See accompanying notes to consolidated financial statements.
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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Unaudited)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
 (In thousands)
Net income$64,312 51,972 146,435 146,754 
Other comprehensive income (loss), net of tax:
Change in funded status of retirement obligations300 13 619 40 
Unrealized (losses) gains on debt securities available-for-sale(1,606)6,798 35,025 39,605 
Accretion of loss on debt securities reclassified to held to maturity48 41 160 472 
Reclassification adjustment for security losses included in net income   4,221 
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020184 228 641 589 
Net gains (losses) on derivatives9,242 (9,564)(68,891)(54,253)
Total other comprehensive income (loss)8,168 (2,484)(32,446)(9,326)
Total comprehensive income$72,480 49,488 113,989 137,428 


See accompanying notes to consolidated financial statements.
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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders’ Equity
Nine Months Ended September 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— — 146,754 — — — 146,754 
Other comprehensive loss, net of tax— — — — — (9,326)(9,326)
Purchase of treasury stock (12,042,876 shares)
— — — (140,241)— — (140,241)
Treasury stock allocated to restricted stock plan (2,345,919 shares)
— (29,140)33 29,107 — — — 
Compensation cost for stock options and restricted stock— 15,875 — — — — 15,875 
Exercise of stock options— (573)— 1,386 — — 813 
Restricted stock forfeitures (1,931,538 shares)
— 24,233 (1,455)(22,778)— — — 
Cash dividend paid ($0.33 per common share)
— — (91,935)— — — (91,935)
ESOP shares allocated or committed to be released— 1,850 — — 2,247 — 4,097 
Balance at September 30, 2019$3,591 2,817,668 1,227,294 (1,017,276)(79,015)(20,895)2,931,367 
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— — 146,435 — — — 146,435 
Other comprehensive loss, net of tax— — — — — (32,446)(32,446)
Common stock issued to finance acquisition28 20,853 — — — — 20,881 
Purchase of treasury stock (390,712 shares)
— — — (3,418)— — (3,418)
Treasury stock allocated to restricted stock plan (90,067 shares)
— (903)(195)1,098 — — — 
Compensation cost for stock options and restricted stock— 11,329 — — — — 11,329 
Restricted stock forfeitures (18,860 shares)
— 230 (1)(229)— — — 
Cash dividend paid ($0.36 per common share)
— — (89,701)— — — (89,701)
ESOP shares allocated or committed to be released— 971 — — 2,247 — 3,218 
Balance at September 30, 2020$3,619 2,854,844 1,293,840 (1,355,459)(76,019)(51,068)2,669,757 
See accompanying notes to consolidated financial statements.

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INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
 20202019
 (In thousands)
Cash flows from operating activities:
Net income$146,435 146,754 
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense14,547 19,972 
Amortization of premiums and accretion of discounts on securities, net8,449 7,262 
Amortization of premiums and accretion of fees and costs on loans, net1,933 (3,479)
Amortization of other intangible assets1,077 1,220 
Amortization of debt modification costs and premium on borrowings1,679  
Provision for credit losses72,840 (2,500)
Loss from extinguishment of debt1,291  
Depreciation and amortization of office properties and equipment16,130 14,175 
(Gain) loss on securities, net(249)5,523 
Mortgage loans originated for sale(410,486)(160,297)
Proceeds from mortgage loan sales430,618 164,249 
Gain on sales of mortgage loans, net(10,320)(2,879)
Gain on sale of other real estate owned(784)(863)
Income on bank owned life insurance(5,059)(4,949)
Amortization of lease right-of-use assets15,430 12,869 
Increase in accrued interest receivable(3,721)(6,450)
Deferred tax (benefit) expense(29,675)2,521 
Increase in other assets(87,985)(38,879)
Increase (decrease) in other liabilities1,021 (67,364)
Net cash provided by operating activities163,171 86,885 
Cash flows from investing activities:
Purchases of loans receivable(90,000)(349,766)
Net payoffs of loans receivable1,191,116 29,729 
Proceeds from disposition of loans receivable51,623 148,505 
Gain on disposition of loans receivable(368)(248)
Gain on disposition of leased equipment(1,842) 
Net proceeds from sale of other real estate owned6,255 5,817 
Proceeds from principal repayments/calls/maturities of debt securities available for sale709,764 304,765 
Proceeds from sales of debt securities available for sale 399,435 
Proceeds from principal repayments/calls/maturities of debt securities held to maturity191,011 210,115 
Purchases of equity securities(2,565)(72)
Purchases of debt securities available for sale(753,011)(786,011)
Purchases of debt securities held to maturity(273,416)(166,338)
Proceeds from redemptions of Federal Home Loan Bank stock113,627 244,632 
Purchases of Federal Home Loan Bank stock(60,042)(258,394)
Purchases of office properties and equipment(10,251)(8,009)
Cash received, net of cash consideration paid for acquisitions7,274  
Net cash provided by (used in) investing activities1,079,175 (225,840)
Cash flows from financing activities:
Net increase in deposits753,316 92,486 
Repayments of principal under finance leases(1,182) 
Funds borrowed under other repurchase agreements 197,758 
Net (repayments) proceeds of borrowed funds(1,537,291)61,115 
Principal applied on affordable housing project advance(118) 
Net increase (decrease) in advance payments by borrowers for taxes and insurance18,882 17,468 
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Dividends paid(89,701)(91,935)
Exercise of stock options 813 
Purchase of treasury stock(3,418)(140,241)
Net cash (used in) provided by financing activities(859,512)137,464 
Net increase (decrease) in cash and cash equivalents382,834 (1,491)
Cash and cash equivalents at beginning of period174,915 196,891 
Cash and cash equivalents at end of period$557,749 195,400 
Supplemental cash flow information:
Non-cash investing activities:
Real estate acquired through foreclosure and other assets repossessed$1,050 11,289 
Cash paid during the year for:
Interest212,889 294,669 
Income taxes12,518 36,220 
Significant non-cash transactions:
Debt securities transferred from held-to-maturity to available-for-sale 393,067 
Loans transferred to held-for-sale portfolio 28,373 
Right-of-use assets obtained in exchange for new lease liabilities9,050 2,358 
Acquisition:
Non-cash assets acquired:
Debt securities available-for-sale51,524  
Debt securities held to maturity8,402  
Loans receivable, net443,499  
Office properties and equipment, net485  
Accrued interest receivable1,283  
Right of use assets - leases3,697  
Deferred tax asset3,915  
Intangible assets, net14,491  
Other assets705  
Total non-cash assets acquired 528,001  
Liabilities assumed:
Deposits489,881  
Borrowed funds14,851  
Advance payment by borrowers3,611  
Other liabilities6,051  
Total liabilities assumed514,394  
Common stock issued for acquisitions20,881  
See accompanying notes to consolidated financial statements.
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INVESTORS BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 
1.     Summary of Significant Accounting Principles

Basis of Presentation
    The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiary, Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results.
    Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2019 Annual Report on Form 10-K. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.

Adoption of New Accounting Standards
    On January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. At adoption, the Company increased its allowance for credit losses by $11.7 million, comprised of $12.7 million and $2.6 million, respectively, for unfunded commitments and held-to-maturity debt securities, partially offset by a decrease of $3.6 million for loans. Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $8.5 million, net of tax.
Allowance for Credit Losses    
    The allowance for credit losses includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments and represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through the provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for loan and security losses is reported separately as contra-assets to loans and securities on the consolidated balance sheet. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated balance sheet in other liabilities. The provision for credit losses related to loans, unfunded commitments and debt securities is reported on the consolidated statement of income.
Allowance for Credit Losses on Loans Receivable
    The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans in the pool. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the allowance on an individual basis. The Company evaluates the segmentation at least annually to determine whether loans continue to share similar risk characteristics. Loans are charged off against the allowance when the Company believes the loan balances become uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.
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    The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the ty