(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer | ||||||||||||
Identification No.) |
(Address of principal executive offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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. ☐ |
Item 2.02 | Results of Operation and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits | ||||
(a) | Not Applicable. | ||||
(b) | Not Applicable. | ||||
(c) | Not Applicable | ||||
(d) | Exhibits. |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |||||||
INVESTORS BANCORP, INC. | ||||||||
DATE: July 28, 2021 | By: | /s/ Sean Burke | ||||||
Sean Burke | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# 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 | 62 | $ | 12.8 | 62 | $ | 13.2 | 84 | $ | 18.5 | 78 | $ | 17.2 | 79 | $ | 19.9 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 8 | 16.2 | 10 | 19.2 | 5 | 7.3 | 5 | 5.3 | 9 | 24.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2 | 0.5 | 8 | 11.1 | 8 | 9.5 | 7 | 4.6 | 9 | 10.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3 | 14.5 | 9 | 7.3 | 6 | 0.9 | 6 | 3.7 | 13 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total 30 to 59 days past due | 75 | 44.0 | 89 | 50.8 | 103 | 36.2 | 96 | 30.8 | 110 | 62.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
60 to 89 days past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and consumer | 22 | 5.0 | 26 | 3.1 | 28 | 5.2 | 20 | 4.8 | 30 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 4 | 10.2 | 1 | 3.4 | — | — | 2 | 2.1 | 5 | 19.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | 2 | 2.6 | 5 | 2.3 | 5 | 26.3 | 8 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | — | 1 | 0.2 | 8 | 3.1 | 6 | 2.2 | 5 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total 60 to 89 days past due | 27 | 15.2 | 30 | 9.3 | 41 | 10.6 | 33 | 35.4 | 48 | 31.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total accruing past due loans | 102 | $ | 59.2 | 119 | $ | 60.1 | 144 | $ | 46.8 | 129 | $ | 66.2 | 158 | $ | 93.7 | ||||||||||||||||||||||||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and consumer | 232 | $ | 42.8 | 239 | $ | 45.7 | 246 | $ | 46.4 | 250 | $ | 52.2 | 255 | $ | 50.6 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 11 | 16.6 | 13 | 19.2 | 15 | 35.6 | 13 | 51.1 | 14 | 48.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 24 | 13.0 | 25 | 14.0 | 29 | 15.9 | 28 | 17.8 | 22 | 12.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 13 | 5.2 | 15 | 4.4 | 21 | 9.2 | 19 | 10.9 | 29 | 15.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | 280 | $ | 77.6 | 292 | $ | 83.3 | 311 | $ | 107.1 | 310 | $ | 132.0 | 320 | $ | 126.8 | ||||||||||||||||||||||||||||||||||||||||||||
Accruing troubled debt restructured loans | 49 | $ | 9.3 | 45 | $ | 9.1 | 47 | $ | 9.2 | 51 | $ | 9.8 | 52 | $ | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 0.36 | % | 0.40 | % | 0.51 | % | 0.63 | % | 0.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of non-accrual loans | 348.05 | % | 340.60 | % | 264.17 | % | 217.75 | % | 215.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of total loans | 1.26 | % | 1.36 | % | 1.36 | % | 1.37 | % | 1.28 | % |
June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Commercial Loans: | |||||||||||||||||
Multi-family loans | $ | 7,566,131 | 7,230,501 | 7,122,840 | |||||||||||||
Commercial real estate loans | 4,968,393 | 4,997,364 | 4,947,212 | ||||||||||||||
Commercial and industrial loans | 3,766,551 | 3,642,178 | 3,575,641 | ||||||||||||||
Construction loans | 464,887 | 393,516 | 404,367 | ||||||||||||||
Total commercial loans | 16,765,962 | 16,263,559 | 16,050,060 | ||||||||||||||
Residential mortgage loans | 3,887,917 | 3,911,884 | 4,119,894 | ||||||||||||||
Consumer and other | 712,147 | 695,793 | 702,801 | ||||||||||||||
Total loans | 21,366,026 | 20,871,236 | 20,872,755 | ||||||||||||||
Deferred fees, premiums and other, net | (13,391) | (14,815) | (9,318) | ||||||||||||||
Allowance for loan losses | (270,114) | (283,760) | (282,986) | ||||||||||||||
Net loans | $ | 21,082,521 | 20,572,661 | 20,580,451 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(unaudited) | (unaudited) | (audited) | |||||||||||||||
Assets | (Dollars in thousands) | ||||||||||||||||
Cash and cash equivalents | $ | 770,396 | 173,273 | 170,432 | |||||||||||||
Equity securities | 9,698 | 25,727 | 36,000 | ||||||||||||||
Debt securities available-for-sale, at estimated fair value | 2,544,415 | 2,682,938 | 2,758,437 | ||||||||||||||
Debt securities held-to-maturity, net (estimated fair value of $1,253,521, $1,243,268 and $1,320,872 at June 30, 2021, March 31, 2021 and December 31, 2020, respectively) | 1,178,812 | 1,191,771 | 1,247,853 | ||||||||||||||
Loans receivable, net | 21,082,521 | 20,572,661 | 20,580,451 | ||||||||||||||
Loans held-for-sale | — | 1,378 | 30,357 | ||||||||||||||
Federal Home Loan Bank stock | 199,826 | 177,351 | 159,829 | ||||||||||||||
Accrued interest receivable | 78,858 | 81,567 | 79,705 | ||||||||||||||
Other real estate owned and other repossessed assets | 5,914 | 6,311 | 7,115 | ||||||||||||||
Office properties and equipment, net | 134,579 | 136,893 | 139,663 | ||||||||||||||
Operating lease right-of-use assets | 200,425 | 195,130 | 199,981 | ||||||||||||||
Net deferred tax asset | 115,946 | 101,993 | 116,805 | ||||||||||||||
Bank owned life insurance | 226,314 | 225,199 | 223,714 | ||||||||||||||
Goodwill and intangible assets | 109,222 | 110,180 | 109,633 | ||||||||||||||
Other assets | 145,185 | 140,517 | 163,184 | ||||||||||||||
Total assets | $ | 26,802,111 | 25,822,889 | 26,023,159 | |||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 19,438,966 | 18,991,028 | 19,525,419 | |||||||||||||
Borrowed funds | 4,033,864 | 3,558,324 | 3,295,790 | ||||||||||||||
Advance payments by borrowers for taxes and insurance | 130,225 | 140,949 | 115,729 | ||||||||||||||
Operating lease liabilities | 213,050 | 207,653 | 212,559 | ||||||||||||||
Other liabilities | 171,979 | 154,383 | 163,659 | ||||||||||||||
Total liabilities | 23,988,084 | 23,052,337 | 23,313,156 | ||||||||||||||
Stockholders’ equity | 2,814,027 | 2,770,552 | 2,710,003 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,802,111 | 25,822,889 | 26,023,159 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable and loans held-for-sale | $ | 211,523 | 198,750 | 217,733 | 410,273 | 442,262 | ||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||||||||
GSE obligations | 573 | 526 | 310 | 1,099 | 616 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 14,215 | 15,202 | 20,572 | 29,417 | 43,156 | |||||||||||||||||||||||||||||||||||||||
Equity | 63 | 266 | 32 | 329 | 65 | |||||||||||||||||||||||||||||||||||||||
Municipal bonds and other debt | 3,456 | 3,539 | 3,276 | 6,995 | 6,651 | |||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 38 | 61 | 294 | 99 | 1,134 | |||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 1,983 | 2,200 | 3,997 | 4,183 | 8,429 | |||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | 231,851 | 220,544 | 246,214 | 452,395 | 502,313 | |||||||||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | 15,993 | 21,192 | 38,991 | 37,185 | 92,170 | |||||||||||||||||||||||||||||||||||||||
Borrowed funds | 21,148 | 18,617 | 25,236 | 39,765 | 54,873 | |||||||||||||||||||||||||||||||||||||||
Total interest expense | 37,141 | 39,809 | 64,227 | 76,950 | 147,043 | |||||||||||||||||||||||||||||||||||||||
Net interest income | 194,710 | 180,735 | 181,987 | 375,445 | 355,270 | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (9,690) | (2,972) | 33,278 | (12,662) | 64,504 | |||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 204,400 | 183,707 | 148,709 | 388,107 | 290,766 | |||||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Fees and service charges | 4,893 | 5,848 | 1,376 | 10,741 | 7,402 | |||||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | 1,552 | 1,952 | 1,596 | 3,504 | 2,992 | |||||||||||||||||||||||||||||||||||||||
Gain on loans, net | 1,288 | 3,833 | 3,557 | 5,121 | 5,403 | |||||||||||||||||||||||||||||||||||||||
Gain on securities, net | 283 | 651 | 55 | 934 | 257 | |||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of other real estate owned, net | (25) | 77 | (89) | 52 | 651 | |||||||||||||||||||||||||||||||||||||||
Other income | 5,083 | 7,642 | 3,645 | 12,725 | 8,095 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 13,074 | 20,003 | 10,140 | 33,077 | 24,800 | |||||||||||||||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and fringe benefits | 61,385 | 62,427 | 55,791 | 123,812 | 116,183 | |||||||||||||||||||||||||||||||||||||||
Advertising and promotional expense | 2,397 | 2,229 | 2,199 | 4,626 | 4,562 | |||||||||||||||||||||||||||||||||||||||
Office occupancy and equipment expense | 17,075 | 18,073 | 16,470 | 35,148 | 32,421 | |||||||||||||||||||||||||||||||||||||||
Federal insurance premiums | 3,200 | 3,400 | 3,400 | 6,600 | 7,801 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 545 | 379 | 593 | 924 | 1,127 | |||||||||||||||||||||||||||||||||||||||
Professional fees | 5,042 | 2,929 | 4,306 | 7,971 | 8,289 | |||||||||||||||||||||||||||||||||||||||
Data processing and communication | 10,192 | 9,136 | 9,908 | 19,328 | 17,700 | |||||||||||||||||||||||||||||||||||||||
Debt extinguishment | — | — | 326 | — | 326 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 8,602 | 5,788 | 7,027 | 14,390 | 14,169 | |||||||||||||||||||||||||||||||||||||||
Total non-interest expenses | 108,438 | 104,361 | 100,020 | 212,799 | 202,578 | |||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 109,036 | 99,349 | 58,829 | 208,385 | 112,988 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 29,229 | 27,074 | 16,218 | 56,303 | 30,865 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 79,807 | 72,275 | 42,611 | 152,082 | 82,123 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per share | $0.34 | 0.31 | 0.18 | 0.65 | 0.35 | |||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $0.34 | 0.31 | 0.18 | 0.64 | 0.35 | |||||||||||||||||||||||||||||||||||||||
Basic weighted average shares outstanding | 235,045,023 | 234,661,847 | 236,248,296 | 234,854,494 | 234,755,591 | |||||||||||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 236,497,536 | 235,379,381 | 236,382,103 | 235,936,179 | 234,927,420 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||||||||||||||||||||||
Average Balance Sheet and Yield/Rate Information | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
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 | $ | 264,693 | 38 | 0.06 | % | $ | 374,599 | 61 | 0.07 | % | $ | 1,292,904 | 294 | 0.09 | % | ||||||||||||||||||||||||||
Equity securities | 13,225 | 63 | 1.91 | % | 35,545 | 266 | 2.99 | % | 6,166 | 32 | 2.08 | % | |||||||||||||||||||||||||||||
Debt securities available-for-sale | 2,585,131 | 10,587 | 1.64 | % | 2,649,806 | 11,268 | 1.70 | % | 2,631,028 | 15,627 | 2.38 | % | |||||||||||||||||||||||||||||
Debt securities held-to-maturity | 1,171,317 | 7,657 | 2.61 | % | 1,222,551 | 7,999 | 2.62 | % | 1,145,553 | 8,531 | 2.98 | % | |||||||||||||||||||||||||||||
Net loans | 20,777,927 | 211,523 | 4.07 | % | 20,491,619 | 198,750 | 3.88 | % | 21,367,323 | 217,733 | 4.08 | % | |||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 194,845 | 1,983 | 4.07 | % | 169,354 | 2,200 | 5.20 | % | 247,971 | 3,997 | 6.45 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | 25,007,138 | 231,851 | 3.71 | % | 24,943,474 | 220,544 | 3.54 | % | 26,690,945 | 246,214 | 3.69 | % | |||||||||||||||||||||||||||||
Non-interest earning assets | 1,121,153 | 1,139,817 | 1,125,776 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 26,128,291 | $ | 26,083,291 | $ | 27,816,721 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
Savings | $ | 2,008,855 | 1,404 | 0.28 | % | $ | 2,013,906 | 1,480 | 0.29 | % | $ | 2,051,599 | 2,907 | 0.57 | % | ||||||||||||||||||||||||||
Interest-bearing checking | 6,044,766 | 6,536 | 0.43 | % | 6,277,393 | 7,028 | 0.45 | % | 5,891,587 | 8,873 | 0.60 | % | |||||||||||||||||||||||||||||
Money market accounts | 4,365,351 | 4,501 | 0.41 | % | 4,695,507 | 7,160 | 0.61 | % | 4,345,850 | 9,880 | 0.91 | % | |||||||||||||||||||||||||||||
Certificates of deposit | 2,291,616 | 3,552 | 0.62 | % | 2,637,830 | 5,524 | 0.84 | % | 4,406,310 | 17,331 | 1.57 | % | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,710,588 | 15,993 | 0.43 | % | 15,624,636 | 21,192 | 0.54 | % | 16,695,346 | 38,991 | 0.93 | % | |||||||||||||||||||||||||||||
Borrowed funds | 4,019,587 | 21,148 | 2.10 | % | 3,435,285 | 18,617 | 2.17 | % | 5,030,118 | 25,236 | 2.01 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 18,730,175 | 37,141 | 0.79 | % | 19,059,921 | 39,809 | 0.84 | % | 21,725,464 | 64,227 | 1.18 | % | |||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 4,603,486 | 4,285,410 | 3,458,409 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 23,333,661 | 23,345,331 | 25,183,873 | ||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,794,630 | 2,737,960 | 2,632,848 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,128,291 | $ | 26,083,291 | $ | 27,816,721 | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 194,710 | $ | 180,735 | $ | 181,987 | |||||||||||||||||||||||||||||||||||
Net interest rate spread | 2.92 | % | 2.70 | % | 2.51 | % | |||||||||||||||||||||||||||||||||||
Net interest earning assets | $ | 6,276,963 | $ | 5,883,553 | $ | 4,965,481 | |||||||||||||||||||||||||||||||||||
Net interest margin | 3.11 | % | 2.90 | % | 2.73 | % | |||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.34 | X | 1.31 | X | 1.23 | X |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||||||||||
Average Balance Sheet and Yield/Rate Information | |||||||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||
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 | $ | 319,342 | 99 | 0.06 | % | $ | 830,466 | 1,134 | 0.27 | % | |||||||||||||||||||
Equity securities | 24,324 | 329 | 2.71 | % | 6,128 | 65 | 2.12 | % | |||||||||||||||||||||
Debt securities available-for-sale | 2,617,290 | 21,855 | 1.67 | % | 2,606,451 | 32,898 | 2.52 | % | |||||||||||||||||||||
Debt securities held-to-maturity | 1,196,793 | 15,656 | 2.62 | % | 1,136,836 | 17,525 | 3.08 | % | |||||||||||||||||||||
Net loans | 20,635,564 | 410,273 | 3.98 | % | 21,297,309 | 442,262 | 4.15 | % | |||||||||||||||||||||
Federal Home Loan Bank stock | 182,170 | 4,183 | 4.59 | % | 259,507 | 8,429 | 6.50 | % | |||||||||||||||||||||
Total interest-earning assets | 24,975,483 | 452,395 | 3.62 | % | 26,136,697 | 502,313 | 3.84 | % | |||||||||||||||||||||
Non-interest earning assets | 1,130,432 | 1,041,099 | |||||||||||||||||||||||||||
Total assets | $ | 26,105,915 | $ | 27,177,796 | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Savings | $ | 2,011,367 | 2,884 | 0.29 | % | $ | 2,042,680 | 6,815 | 0.67 | % | |||||||||||||||||||
Interest-bearing checking | 6,160,437 | 13,564 | 0.44 | % | 5,728,476 | 25,533 | 0.89 | % | |||||||||||||||||||||
Money market accounts | 4,529,517 | 11,661 | 0.51 | % | 4,082,474 | 24,104 | 1.18 | % | |||||||||||||||||||||
Certificates of deposit | 2,463,766 | 9,076 | 0.74 | % | 4,162,221 | 35,718 | 1.72 | % | |||||||||||||||||||||
Total interest bearing deposits | 15,165,087 | 37,185 | 0.49 | % | 16,015,851 | 92,170 | 1.15 | % | |||||||||||||||||||||
Borrowed funds | 3,729,050 | 39,765 | 2.13 | % | 5,355,731 | 54,873 | 2.05 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 18,894,137 | 76,950 | 0.81 | % | 21,371,582 | 147,043 | 1.38 | % | |||||||||||||||||||||
Non-interest-bearing liabilities | 4,445,327 | 3,173,754 | |||||||||||||||||||||||||||
Total liabilities | 23,339,464 | 24,545,336 | |||||||||||||||||||||||||||
Stockholders’ equity | 2,766,451 | 2,632,460 | |||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,105,915 | $ | 27,177,796 | |||||||||||||||||||||||||
Net interest income | $ | 375,445 | $ | 355,270 | |||||||||||||||||||||||||
Net interest rate spread | 2.81 | % | 2.46 | % | |||||||||||||||||||||||||
Net interest earning assets | $ | 6,081,346 | $ | 4,765,115 | |||||||||||||||||||||||||
Net interest margin | 3.01 | % | 2.72 | % | |||||||||||||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.32 | X | 1.22 | X |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||||||||||
Selected Performance Ratios | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||
Return on average assets | 1.22 | % | 1.11 | % | 0.61 | % | 1.17 | % | 0.60 | % | |||||||||||||||||||
Return on average equity | 11.42 | % | 10.56 | % | 6.47 | % | 10.99 | % | 6.24 | % | |||||||||||||||||||
Return on average tangible equity | 11.89 | % | 11.00 | % | 6.76 | % | 11.45 | % | 6.50 | % | |||||||||||||||||||
Interest rate spread | 2.92 | % | 2.70 | % | 2.51 | % | 2.81 | % | 2.46 | % | |||||||||||||||||||
Net interest margin | 3.11 | % | 2.90 | % | 2.73 | % | 3.01 | % | 2.72 | % | |||||||||||||||||||
Efficiency ratio | 52.19 | % | 51.99 | % | 52.06 | % | 52.09 | % | 53.30 | % | |||||||||||||||||||
Non-interest expense to average total assets | 1.66 | % | 1.60 | % | 1.44 | % | 1.63 | % | 1.49 | % | |||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 1.34 | 1.31 | 1.23 | 1.32 | 1.22 | ||||||||||||||||||||||||
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||||||||||
Selected Financial Ratios and Other Data | |||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||||||||
Non-performing assets as a percent of total assets | 0.35 | % | 0.38 | % | 0.47 | % | |||||||||||||||||||||||
Non-performing loans as a percent of total loans | 0.41 | % | 0.44 | % | 0.56 | % | |||||||||||||||||||||||
Allowance for loan losses as a percent of non-accrual loans | 348.05 | % | 340.60 | % | 264.17 | % | |||||||||||||||||||||||
Allowance for loan losses as a percent of total loans | 1.26 | % | 1.36 | % | 1.36 | % | |||||||||||||||||||||||
Allowance for credit losses as a percent of total loans (1) | 1.37 | % | 1.44 | % | 1.44 | % | |||||||||||||||||||||||
Capital Ratios: | |||||||||||||||||||||||||||||
Tier 1 Leverage Ratio (2) | 10.61 | % | 10.43 | % | 10.14 | % | |||||||||||||||||||||||
Common equity tier 1 risk-based (2) | 13.17 | % | 13.32 | % | 13.07 | % | |||||||||||||||||||||||
Tier 1 Risk-Based Capital (2) | 13.17 | % | 13.32 | % | 13.07 | % | |||||||||||||||||||||||
Total Risk-Based Capital (2) | 14.48 | % | 14.64 | % | 14.39 | % | |||||||||||||||||||||||
Equity to total assets (period end) | 10.50 | % | 10.73 | % | 10.41 | % | |||||||||||||||||||||||
Average equity to average assets | 10.70 | % | 10.50 | % | 10.20 | % | |||||||||||||||||||||||
Tangible capital to tangible assets (3) | 10.13 | % | 10.35 | % | 10.03 | % | |||||||||||||||||||||||
Book value per common share (3) | $ | 11.88 | $ | 11.70 | $ | 11.43 | |||||||||||||||||||||||
Tangible book value per common share (3) | $ | 11.42 | $ | 11.23 | $ | 10.97 | |||||||||||||||||||||||
Other Data: | |||||||||||||||||||||||||||||
Number of full service offices | 146 | 156 | 156 | ||||||||||||||||||||||||||
Full time equivalent employees | 1,688 | 1,769 | 1,806 | ||||||||||||||||||||||||||
(1) Allowance for credit losses includes allowance for loan losses and allowance for losses on unfunded commitments. | |||||||||||||||||||||||||||||
(2) Capital ratios as of June 30, 2021 are estimated. In accordance with regulatory capital rules, the Company elected an option to delay the estimated impact of CECL on its regulatory capital over a five-year transition period ending December 31, 2024. As a result, capital ratios as of June 30, 2021, March 31, 2021 and December 31, 2020 exclude the impact of the increased allowance for credit losses on loans, unfunded commitments and held-to-maturity debt securities attributed to the adoption of CECL. | |||||||||||||||||||||||||||||
(3) See Non-GAAP Reconciliation. |
Investors Bancorp, Inc. | |||||||||||||||||
Non-GAAP Reconciliation | |||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||
Book Value and Tangible Book Value per Share Computation | |||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||
Total stockholders’ equity | $ | 2,814,027 | 2,770,552 | 2,710,003 | |||||||||||||
Goodwill and intangible assets | 109,222 | 110,180 | 109,633 | ||||||||||||||
Tangible stockholders’ equity | $ | 2,704,805 | 2,660,372 | 2,600,370 | |||||||||||||
Book Value per Share Computation | |||||||||||||||||
Common stock issued | 361,869,872 | 361,869,872 | 361,869,872 | ||||||||||||||
Treasury shares | (114,268,569) | (114,221,329) | (113,940,656) | ||||||||||||||
Shares outstanding | 247,601,303 | 247,648,543 | 247,929,216 | ||||||||||||||
Unallocated ESOP shares | (10,658,204) | (10,776,629) | (10,895,052) | ||||||||||||||
Book value shares | 236,943,099 | 236,871,914 | 237,034,164 | ||||||||||||||
Book Value per Share | $ | 11.88 | $ | 11.70 | $ | 11.43 | |||||||||||
Tangible Book Value per Share | $ | 11.42 | $ | 11.23 | $ | 10.97 | |||||||||||
Total assets | $ | 26,802,111 | 25,822,889 | 26,023,159 | |||||||||||||
Goodwill and intangible assets | 109,222 | 110,180 | 109,633 | ||||||||||||||
Tangible assets | $ | 26,692,889 | 25,712,709 | 25,913,526 | |||||||||||||
Tangible capital to tangible assets | 10.13 | % | 10.35 | % | 10.03 | % |
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