11-K 1 isbc11k123119.htm 11-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 11-K

FOR ANNUAL REPORT PURSUANT
TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

S ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019    

OR

* TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from______to ____    

Commission file number 001-36441    


A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:

INVESTORS BANK EMPLOYEE 401(K) PLAN

B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
                        
INVESTORS BANCORP, INC.
101 JFK PARKWAY
SHORT HILLS, NJ 07078





INVESTORS BANK
EMPLOYEE 401(k) PLAN
Table of Contents





 
Report of Independent Registered Public Accounting Firm

To the Plan Administrator, Plan Participants of the Investors Bank Employee 401(k) Plan and the Boards of Directors of Investors Bancorp, Inc. and Investors Bank:

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Investors Bank Employee 401(k) Plan (the Plan) as of December 31, 2019 and 2018, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Supplemental Information
The supplemental information contained in the accompanying Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/S/ Sobel & Co., LLC
We have served as the Plan’s auditor since 2019

Livingston, New Jersey
June 30, 2020

1


INVESTORS BANK
EMPLOYEE 401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 2019 and 2018
 
 
 
 
 
 
 
2019
 
2018
Assets:
 
 
 
 
Investments, at fair value:
 
 
 
 
Mutual funds
$
106,153,444

 
79,770,585

Money market funds
 
6,153,453

 
5,187,137

Investors Stock Fund
 
5,156,250

 
5,093,726

Total investments at fair value
 
117,463,147

 
90,051,448

Receivables:
 
 
 
 
Employer contributions
 
134,178

 
1,107,032

Employee contributions
 
347,698

 
—

Notes receivable from participants
 
3,236,539

 
3,057,269

Total receivables
 
3,718,415

 
4,164,301

Total assets
 
121,181,562

 
94,215,749

 
 
 
 
 
 
 
 
 
 
Net assets available for benefits
$
121,181,562

 
94,215,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.
 
 


2


INVESTORS BANK
EMPLOYEE 401(k) PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2019 and 2018
 
 
 
 
 
 
 
2019
 
2018
Additions to net assets attributable to:
 
 
 
 
Contributions:
 
 
 
 
Employee
$
10,953,789

 
9,872,065

Participant rollovers
 
1,565,917

 
2,072,515

Employer
 
4,023,215

 
4,878,313

Total contributions
 
16,542,921

 
16,822,893

Investment income:
 
 
 
 
Interest and dividends
 
4,981,286

 
5,366,348

Net appreciation (depreciation) in fair value of investments
 
16,836,249

 
(12,274,482
)
Net investment income (loss)
 
21,817,535

 
(6,908,134
)
Interest income on notes receivable from participants
 
168,066

 
139,743

Total additions
 
38,528,522

 
10,054,502

Deductions from net assets attributable to:
 
 
 
 
Distributions to participants
 
11,426,300

 
8,396,299

Administrative expenses
 
257,313

 
288,307

Total deductions
 
11,683,613

 
8,684,606

Net increase in net assets available for benefits, before transfers
 
26,844,909

 
1,369,896

Transfers into Plan from Investors Bank Employee Stock Ownership Plan
 
120,904

 
171,036

Net increase in net assets available for benefits
 
26,965,813

 
1,540,932

Net assets available for benefits, at beginning of year
 
94,215,749

 
92,674,817

Net assets available for benefits, at end of year
$
121,181,562

 
94,215,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.
 
 
 
 

3
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

    
(1)
Summary of Significant Accounting Policies
(a)
Basis of Presentation
The accompanying financial statements of the Investors Bank Employee 401(k) Plan (the "Plan") have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and present the net assets available for benefits and changes in those net assets.
(b)
Use of Estimates
The Plan management has made estimates and assumptions relating to the preparation of the financial statements in conformity with U.S. GAAP. The preparation of the financial statements in accordance with U.S. GAAP requires the Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions.
(c)
Risks and Uncertainties
Participants may direct their contributions in any of the investment options offered by the Plan. The Plan may invest in various types of investment securities that are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amount reported in the statement of net assets available for benefits.
The Plan's exposure to a concentration of credit risk is limited by the diversification of investments across all participant fund elections. Additionally, the investments within each participant-directed fund elections are further diversified into various financial instruments, with the exception of the Investors Stock Fund, that is invested in the securities of a single issuer.
During the Plan year 2020, COVID-19 pandemic effects have caused significant volatility in U.S. and international financial markets impacting Plan’s investments. The extent of the impact remains uncertain.
(d)
Valuation of Investments and Income Recognition
Investment funds are stated at fair value as determined by quoted market prices. Purchases and sales of investments are recorded on a trade date basis, and interest income is recorded when earned on the accrual basis. Dividend income is recorded on the ex-dividend date.
(e)
Notes Receivable from Participants
Notes receivable from participants are carried at amortized cost (i.e., unpaid principal balance plus any accrued but unpaid interest). If a loan is not repaid, it will be reclassified as a distribution based upon the terms of the Plan Document. Therefore, no allowance for credit losses has been recorded as of December 31, 2019 and 2018.
(f)
Benefit Payments
Benefits are recorded when paid.

4
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

(g)
Fair Value Measurements

Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurement", establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
•
Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.
•
Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market.
•
Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.
        
The following is a description of the valuation methodologies used for assets measured at fair value at year end. There have been no changes in the methodologies used at December 31, 2019 from December 31, 2018, and there were no transfers between levels for the year ended December 31, 2019. All investments are Level 1.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Money market funds: Valued at the closing price reported in the active market on which the individual securities are traded.
Investors Stock Fund: Shares of Investors Bancorp, Inc. common stock are traded on the NASDAQ securities exchange and are valued at the last reported sales price on the last trading day of the Plan year.
The methods described may produce a fair value calculation that may not be indicative of net    realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
(2)
Plan Description
(a)
General
The Plan is a voluntary, participant-directed defined-contribution 401(k) plan as defined under the Internal Revenue Code (“IRC”) sponsored by Investors Bank (the "Bank"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The following description of the Plan provides only general information. Eligible employees who participate in the Plan should refer to the Plan Document for a more complete description of the Plan’s provisions.

5
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

Fidelity Management Trust Company (the "Trustee" or "Custodian" or "Fidelity") is the Plan's trustee. The Plan offers participants choices between a diverse group of investment funds from Fidelity Investments as well as other investments. Fidelity Workplace Services is the recordkeeper of the Plan.
On May 7, 2014, Investors Bancorp, MHC, the mutual holding company of the Bank, completed its mutual to stock conversion and related stock offering of a newly formed holding company ("Investors Bancorp"). In connection with the stock offering, the Trustee allowed existing participants as of May 7, 2014 a one-time option to invest up to 50% of their existing account balance in Investors Bancorp common stock. As a result, the Trustee of the Plan purchased 686,542 shares of Investors Bancorp common stock based on designated percentages provided by employees. The purchased shares of Investors Bancorp common stock are reflected in the Investors Stock Fund, with each share initially valued at $10.00. At December 31, 2019, the Investors Stock Fund held 432,660 shares of Investors Bancorp common stock valued at a quoted market price of $5,155,143 and a cash equivalent of $1,107. At December 31, 2018, the Investors Stock Fund held 489,681 shares of Investors Bancorp common stock valued at a quoted market price of $5,092,682 and a cash equivalent of $1,044.
(b)
Funds and Accounts Managed by Fidelity Management Trust Company
Under the terms of a trust agreement between the Custodian and the Bank, the Custodian manages funds on behalf of the Plan. The Custodian holds the Plan’s investment assets and executed transactions therein. The investments in the funds are reported by the Plan at fair value.
(c)
Eligibility and Plan Participant Accounts
Generally, an employee of the Bank and any subsidiary of the Bank is eligible to participate on the first of the month following date of hire and has reached the age of 21.  For employees hired on or after January 1, 2018, an automatic enrollment, with a 4% employee tax deferral contribution, will be made within 30 days of eligibility, or as soon as administratively feasible. Employees are notified by Fidelity approximately 30 days prior to when the automatic contribution is to begin and are able to stop or change this automatic contribution by following the instructions provided in the notice. Each participant's share of the Plan assets is recorded in an account established for that participant. Each participant's account is credited with the participant and employer's contributions, adjusted to reflect income, gains and losses realized and net appreciation or depreciation in the value of the Plan's assets. Portfolio fees normally charged by the investment funds are applied against the participant’s account and reported as a deduction to investment returns. Contributions are invested based on participant direction.  If the participant has not provided investment directions, contributions will be invested in a Lifecycle Fund based upon the participant’s age at the time of such investment. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
Participants may elect to divide their contributions or initiate a transfer among the investment fund options, subject to certain restrictions. An eligible participant may elect to suspend or resume his or her contributions, subject to the Plan's notice requirements. Changes requested by participants are implemented as soon as administratively practicable, in accordance with the Plan Document.
(d)
Employee Contributions
Participants may elect to make tax deferred contributions, subject to an annual limit of the lesser of 60% of eligible compensation or the maximum amount allowed by the IRC. The limit on employee elective deferrals was $19,000 in 2019 and $18,500 in 2018.
A participant may make “catch-up” contributions, up to the maximum amount allowed by the IRC, if the maximum annual amount of regular contributions is made and the participant is age 50 or older. The maximum allowable catch-up contribution for the years ended December 31, 2019 and 2018 was $6,000.
Employee contributions are funded through biweekly payroll deductions, and employer matching is determined and funded biweekly.

6
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

(e)
Employer Contributions
The Bank's Board of Directors, at their sole discretion, sets the Bank’s matching contribution rate.  For Plan year 2019 and 2018 the Bank contributed 50% of the first 8% of a participant’s eligible contributions.
The Bank's matching contribution amounted to $4,023,215 and $3,765,602 for the years ended December 31, 2019 and 2018, respectively.

Effective January 1, 2017, the Bank announced a new discretionary profit sharing contribution under the Plan. For the Plan year ended December 31, 2019, there was no profit sharing contribution made to the Plan. For the Plan year ended December 31, 2018, the Bank made a 1% contribution (based on eligible earnings) in the amount of $1,112,711 to the Plan for all employees who met the requirements for the profit sharing contribution.
Employees of the Bank and its participating subsidiaries are generally eligible to receive the profit sharing contribution after one year of service, as defined, providing they worked at least 1,000 hours during such plan year and attained age 21. Participants who do not have at least 1,000 hours of service during such plan year or are not employed on the last working day of a plan year are generally not eligible for a profit sharing contribution for such year.
(f)
Rollovers and Transfers
The Plan permits participants to have their interests in other qualified plans rolled over to the Plan or to make rollover contributions into the Plan from a conduit individual retirement account, which holds amounts attributable solely to a rollover from another qualified plan. In addition, the Plan permits for direct transfer of participant accounts for employees in businesses that were acquired by the Bank. Such transfers or rollovers to the Plan may only be made with the approval of the Plan administrator and do not affect any other contributions made by or on behalf of a participant. Rollovers into the Plan amounted to $1,565,917 and $2,072,515 for the years ended December 31, 2019 and 2018, respectively.
(g)
Transfers into Plan from Investors Bank Employee Stock Ownership Plan
Participants who have reached the age 55 and complete 10 years of participation in Investors Bank Employee Stock Ownership Plan ("ESOP") may diversify up to 25% of their ESOP account balance into the Plan during the first five years that participants qualify for this option. In the sixth year, eligible participants may diversify up to 50% of their ESOP account balance (including the 25% previously noted). Participants transferred $120,904 and $171,036 into the Plan from the ESOP during the plan years ended December 31, 2019 and 2018, respectively.
(h)
Vesting
Participants are fully vested in their contributions and earnings or losses thereon. Employer contributions and earnings or losses thereon are 100% vested at the end of the third year of service. Additionally, a participant shall become 100% vested if he or she terminates employment on or after he or she attains normal retirement age, as defined as age 65, or as a result of his or her death or disability.
(i)
Notes Receivable from Participants
Upon application by a participant, the Plan administrator may direct that a loan be made from the participant’s account. Each loan has a minimum of $1,000 and there is a limit of one outstanding loan at any time, per participant. The maximum permissible loan available is limited to the lesser of (i) $50,000 with certain restrictions or (ii) 50% of his or her vested account. Any loan made must generally be repaid within a period not to exceed the earlier of termination of employment or 10 years. Loans bear a reasonable rate of interest and remain in effect for the duration of the loan. At December 31, 2019 and 2018, the interest rates on outstanding participant loans ranged from 4.25% to 6.50%, with maturities through 2029 and 2028, respectively.
Principal and interest are paid ratably through biweekly payroll deductions.

7
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

(j)
Payment of Benefits
Distributions of vested benefits normally are made upon a participant’s retirement, death, or permanent disability. Upon retirement or termination of employment, participants may receive vested amounts in a cash lump sum. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Any participant may also apply to make in-service withdrawals of all or part of his or her vested account balance subject to specific in-service withdrawal of after-tax contributions, attainment of age 59½ withdrawals and hardship withdrawal criteria in the Plan.
(k)
Excess Contributions
Excess contributions above plan limits are refunded to participants. There were no excess contributions above plan limits for the years ended December 31, 2019 and 2018.
(l)
Forfeitures
Participants who terminate employment prior to becoming 100% vested forfeit any non-vested employer contributions. Forfeitures are retained in the Plan and may first be used to pay administrative expenses. Any remaining amounts may be used to reduce future employer contributions payable under the Plan. Forfeitures for the years ended December 31, 2019 and 2018 were $255,958 and $199,591, respectively. For the Plan years ended December 31, 2019 and 2018, respectively, $311,274 and $218,498 were used towards Plan expenses and employer contributions, and consequently, $140,555 and $189,697, respectively, remain available in the forfeitures account.
(3)
Plan Expenses
The Plan’s expenses are paid either by the Plan or the Bank, as provided by the Plan Document. Expenses that are paid by the Bank are excluded from these Financial Statements. Fidelity Management Trust Company and other investment managers are paid from the mutual funds that the Plan invests in. These fees are reflected in net appreciation/(depreciation) in fair value of investments on the Statements of Changes in Net Assets Available for Benefits.
(4)
Plan Termination
The Plan has no termination date, and it is the Bank’s intention to continue the Plan indefinitely. Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination or a partial termination as defined under ERISA, participants would become 100% vested in their employer contributions.
(5)
Federal Income Taxes
The Plan was designed under the Fidelity Volume Submitter Plan Document No. 17 and this plan received an advisory letter dated March 31, 2014. The Fidelity Volume Submitter Plan Document No. 17 was designed to be a qualified plan as described in Section 401(a) of the IRC and, accordingly, exempt from payment of federal income taxes under provisions of Section 501(a) of the IRC. The Plan is required to operate in conformity with the IRC to maintain its qualification. Although the Plan has been amended since receiving the determination letter, the Bank believes that the Plan currently is designed and is being operated in compliance with the applicable requirements of the IRC.
U.S. GAAP requires the Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan management has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

8
Investors Bank Employee 401(k) Plan
Notes to Financial Statements
December 31, 2019 and 2018

(6)
Parties‑In‑Interest Transactions
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.
Certain administrative functions are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan.
Certain Plan investments are shares of common stock issued by Investors Bancorp, Inc. The Bank is the Plan sponsor, as defined by the Plan, therefore transactions involving purchases and sales of the common stock represent party-in-interest transactions.
Certain Plan investments are shares of mutual funds managed by an affiliate of Fidelity. As Fidelity, or its affiliates, are the trustee and record keeper of the Plan, transactions involving purchases and sales of Fidelity managed mutual funds represent party-in-interest transactions.
Notes receivable from participants held by the Plan also reflect party‑in‑interest transactions.
(7)
Investment Concentration
The plan holds one investment that represents 10% or more of the Plan’s total investments at December 31, 2019 and 2018.
(8)
Recently Issued Accounting Pronouncements
In August 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement. ASU 2018-13 improves the disclosure requirements for fair value measurements. The Company adopted this update on January 1, 2020. The adoption of ASU 2018-13 will not have an impact on the Plan's disclosures.
(9)
Subsequent Events
Subsequent to December 31, 2019 and through June 30, 2020, the date through which the Plan evaluated subsequent events and on which the financial statements were available for issuance, the Plan administrator has concluded that there was the following subsequent event requiring disclosure.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security, or CARES, Act was passed into law. The CARES Act provides immediate and temporary relief for plan participants with respect to their distributions and loans. The provisions of the CARES Act may be effective and operationalized immediately, prior to amending the Plan document.





9

 
Supplemental Schedule
 
Investors Bank
Employee 401(K) Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2019
 
EIN: 22-1368780 - Plan # 003
 
 
 
 
 
(a)
(b)
(c)
 
(e)
 
Identity of issuer
Description of investment
 
Current Value
*
Fidelity Management & Research Company
Fidelity Capital & Income Fund
 
$
3,569,317

*
Fidelity Management & Research Company
Fidelity Money Market Government
 
6,153,453

*
Fidelity Management & Research Company
Fidelity Balanced K Fund
 
3,287,111

*
Fidelity Management & Research Company
Fidelity Contrafund K
 
14,060,888

*
Fidelity Management & Research Company
Fidelity U.S. Bond Index
 
1,756,353

*
Fidelity Management & Research Company
Fidelity 500 Index
 
11,260,146

*
Fidelity Management & Research Company
Fidelity International Index Fund
 
2,450,531

*
Fidelity Management & Research Company
Fidelity Freedom Income K Fund
 
471,362

*
Fidelity Management & Research Company
Fidelity Freedom K 2005
 
42,995

*
Fidelity Management & Research Company
Fidelity Freedom K 2010
 
130,538

*
Fidelity Management & Research Company
Fidelity Freedom K 2015
 
1,240,513

*
Fidelity Management & Research Company
Fidelity Freedom K 2020
 
5,935,097

*
Fidelity Management & Research Company
Fidelity Freedom K 2025
 
5,711,229

*
Fidelity Management & Research Company
Fidelity Freedom K 2030
 
9,279,372

*
Fidelity Management & Research Company
Fidelity Freedom K 2035
 
6,842,544

*
Fidelity Management & Research Company
Fidelity Freedom K 2040
 
4,265,420

*
Fidelity Management & Research Company
Fidelity Freedom K 2045
 
4,035,751

*
Fidelity Management & Research Company
Fidelity Freedom K 2050
 
4,192,266

*
Fidelity Management & Research Company
Fidelity Freedom K 2055
 
2,145,538

*
Fidelity Management & Research Company
Fidelity Freedom K 2060
 
488,410

*
Fidelity Management & Research Company
Fidelity Freedom K 2065
 
2,488

 
The Vanguard Group
Vanguard Equity Income Fund Admiral Shares
 
2,496,849

 
The Vanguard Group
Vanguard Small-Cap Index Fund Admiral Shares
 
3,182,708

 
The Vanguard Group
Vanguard Mid-Cap Index Fund Admiral Shares
 
1,344,612

 
JP Morgan Asset Management
JPMorgan Core Plus Bond Fund- A
 
1,856,770

 
MetLife Investment Management
MFS International Diversification Fund
 
3,408,991

 
American Century Investments
American Century Mid Cap Value Fund
 
4,140,441

 
Janus Capital Group
Janus Enterprise Fund Class N
 
6,379,317

 
Nationwide
Nationwide Geneva Small Cap Growth Fund Class A
 
2,175,887

*
Investors Stock Fund
Investors Bancorp, Inc.
 
5,156,250

Total Investments held
 
 
117,463,147

*
Notes receivable from participants
347 fixed rate loans ranging from 4.25% to 6.5% maturing through 2029
 
3,236,539

 
Total
 
 
$
120,699,686

*
A party in interest as defined by ERISA
 
 
See accompanying report of independent registered public accounting firm.
 
 

10

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
INVESTORS BANK EMPLOYEE 401(K) PLAN
 
 
By:
/s/ Sean Burke
 
Sean Burke
 
EVP, Chief Financial Officer
 
 
 
 
By:
/s/ Elaine Rizzo
 
Elaine Rizzo
 
EVP, Chief Human Resources & Learning Officer
 
 
Date: June 30, 2020




11