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

Apr 29, 2013, 19:25 ET from Investors Bancorp, Inc.

SHORT HILLS, N.J., April 29, 2013 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) ("Company"), the holding company for Investors Bank ("Bank"), reported net income of $27.2 million for the three months ended March 31, 2013 compared to net income of $18.9 million for the three months ended March 31, 2012.  Basic and diluted earnings per share were $0.25 for the three months ended March 31, 2013 compared to $0.18 for the three months ended March 31, 2012.  The three month period ended March 31, 2012 included expenses related to the Brooklyn Federal acquisition.   

The Company announced today that the Board of Directors has declared a cash dividend of $0.05 per share to stockholders of record as of May 10, 2013, payable on May 24, 2013. The majority of the outstanding stock of the Company is owned by Investors Bancorp MHC, a mutual holding company, which will receive the dividend payment along with the public shareholders.

Commenting on the results from the quarter, Kevin Cummings, President and CEO stated, "I am pleased to announce that Investors posted record earnings this quarter.  This marks our 15th consecutive quarter where earnings per share, excluding merger related charges, increased 15% or better over prior year quarter.  We continue to build a strong balance sheet with manageable non performing assets and believe this positions us well for a potential second step capital raise."

Regarding the Company's recently announced acquisitions, Mr. Cummings stated, "We are looking forward to the pending acquisitions of Roma Financial Inc. and Gateway Community Financial Inc. These franchises will greatly enhance our presence in the southern New Jersey market and is an effective use of our mutual holding company structure."   

The following represents performance highlights and significant events that occurred during the period:

  • Net loans increased $157.1 million, or 1.5%, to $10.46 billion at March 31, 2013 from $10.31 billion at December 31, 2012. During the three months ended March 31, 2013, we originated $227.3 million in multi-family loans and $129.6 million in commercial real estate loans.   
  • Deposits increased by $5.5 million from December 31, 2012, or 0.1% to $8.77 billion at March 31, 2013. Core deposits increased $86.6 million or 1.5% from December 31, 2012. As of March 31, 2013, core deposits exceeds 67.1% of total deposits. 
  • Efficiency ratio was 50.1% for the three months ended March 31, 2013 and 55.5% for the three months ended March 31, 2012. 
  • Net interest margin for the three months ended March 31, 2013 was 3.36%. This represents an increase of 3 basis points compared to March 31, 2012 and a decrease of 15 basis points compared to the fourth quarter of 2012. 
  • On April 5, the Company announced the signing of a definitive merger agreement with Gateway Community Financial Corporation ("Gateway") which operates 4 branches in Gloucester County, New Jersey. As of December 31, 2012 Gateway had assets of $309.8 million, deposits of $278.6 million and net worth of $24.6 million.
  • On February 25, 2013 the Company paid its second cash dividend to stockholders of $0.05 per share. 

Comparison of Operating Results

Interest and Dividend Income

Total interest and dividend income increased by $8.2 million, or 6.8%, to $129.4 million for the three months ended March 31, 2013 from $121.2 million for the three months ended March 31, 2012.  This increase is attributed to the average balance of interest-earning assets increasing $1.61 billion or 15.3%, to $12.16 billion for the three months ended March 31, 2013 from $10.55 billion for the three months ended March 31, 2012 due to organic growth and acquisitions. This was partially offset by the weighted average yield on interest-earning assets decreasing 34 basis points to 4.26% for the three months ended March 31, 2013 compared to 4.60% for the three months ended March 31, 2012. 

Interest income on loans increased by $9.6 million, or 8.7%, to $119.9 million for the three months ended March 31, 2013 from $110.3 million for the three months ended March 31, 2012, reflecting a $1.45 billion or 16.2%, increase in the average balance of net loans to $10.36 billion for the three months ended March 31, 2013 from $8.92 billion for the three months ended March 31, 2012. The increase is primarily attributed to the average balance of multi-family loans and commercial real estate loans increasing $1.18 billion and $552.8 million, respectively  as we continue to focus on diversifying our loan portfolio by adding more multi-family loans and commercial real estate loans. This was partially offset by the decrease in the average balance of residential loans and construction loans of $250.1 million and $41.8 million, respectively for the three months ended March 31, 2013. The increase also reflects $3.1 million in loan prepayment fees recorded in interest income for the three months ended March 31, 2013 compared to $1.1 million for the three months ended March 31, 2012. The increase was partially offset by a 32 basis point decrease in the average yield on net loans to 4.63% for the three months ended March 31, 2013 from 4.95% for the three months ended March 31, 2012, as lower rates on new and refinanced loans reflect the current interest rate environment.

Interest income on all other interest-earning assets, excluding loans, decreased by $1.4 million or 12.7%, to $9.6 million for the three months ended March 31, 2013 from $11.0 million for the three months ended March 31, 2012. The decrease is attributed to the weighted average yield on interest-earning assets, excluding loans, decreasing by 55 basis points to 2.13% for the three months ended March 31, 2013 compared to 2.68% for the three months ended March 31, 2012 reflecting the lower interest rate environment.  This was partially offset by a $164.4 million increase in the average balance of all other interest-earning assets, excluding loans, to $1.80 billion for the three months ended March 31, 2013 from $1.63 billion for the three months ended March 31, 2012.

Interest Expense

Total interest expense decreased by $6.1 million, or 18.2%, to $27.4 million for the three months ended March 31, 2013 from $33.5 million for the three months ended March 31, 2012. This decrease is attributed to the weighted average cost of total interest-bearing liabilities decreasing 39 basis points to 1.03% for the three months ended March 31, 2013 compared to 1.42% for the three months ended March 31, 2012. This was partially offset by the average balance of total interest-bearing liabilities increasing by $1.19 billion, or 12.6%, to $10.62 billion for the three months ended March 31, 2013 from $9.43 billion for the three months ended March 31, 2012. 

Interest expense on interest-bearing deposits decreased $5.6 million, or 30.8% to $12.7 million for the three months ended March 31, 2013 from $18.3 million for the three months ended March 31, 2012.  This decrease is attributed to a 36 basis point decrease in the average cost of interest-bearing deposits to 0.63% for the three months ended March 31, 2013 from 0.99% for the three months ended March 31, 2012 as deposit rates reflect the lower interest rate environment.  This was partially offset by the average balance of total interest-bearing deposits increasing $622.6 million, or 8.5% to $7.99 billion for the three months ended March 31, 2013  from $7.37 billion for the three months ended March 31, 2012. Core deposit accounts- savings, checking and money market outpaced average total interest-bearing deposit growth as average core deposits increased $1.10 billion over the past year.

Interest expense on borrowed funds decreased by $447,000 or 3.0%, to $14.7 million for the three months ended March 31, 2013  from $15.2 million for the three months ended March 31, 2012.  This decrease is attributed to the average cost of borrowed funds decreasing 70 basis points to 2.24% for the three months ended March 31, 2013  from 2.94% for the three months ended March 31, 2012 as recent borrowings were priced at current interest rates.  This was partially offset by the average balance of borrowed funds increasing by $568.0 million or 27.5%, to $2.63 billion for the three months ended March 31, 2013  from $2.06 billion for the three months ended March 31, 2012.

Net Interest Income

Net interest income increased by $14.3 million, or 16.3%, to $102.0 million for the three months ended March 31, 2013 from $87.7 million for the three months ended March 31, 2012.  The increase was primarily due to the average balance of interest earning assets increasing $1.61 billion to $12.16 billion at March 31, 2013 compared to $10.55 billion at March 31, 2012, as well as a 39 basis point decrease in our cost of interest-bearing liabilities to 1.03% for the three months ended March 31, 2013 from 1.42% for the three months ended March 31, 2012. These were partially offset by the average balance of our interest bearing liabilities increasing $1.19 billion to $10.62 billion at March 31, 2013 compared to $9.43 billion at March 31, 2012, as well as the yield on our interest-earning assets decreasing 34 basis points to 4.26% for the three months ended March 31, 2013 from 4.60% for the three months ended March 31, 2012. While the yield on our interest earning assets declined due to the lower interest rate environment, our cost of funds also continued to fall resulting in our net interest spread increasing by 5 basis points to 3.23% for the three months ended  March 31, 2013 from 3.18% for the three months ended March 31, 2012.

Non-Interest Income

Total non-interest income decreased by $265,000, or 2.6% to $10.1 million for the three months ended March 31, 2013 from $10.4 million for the three months ended March 31, 2012.  The decrease is primarily attributed to the gain on the sale of loans decreasing $815,000 to $3.1 million for the three months ended March 31, 2013 as more of the originations from our Mortgage Company were maintained in portfolio versus sold to third parties, as well as a decrease of $565,000 in fees and service charges.  These decreases were offset by an increase of $726,000 on gains from securities sold  during the quarter and $456,000 in additional income from non-deposit investment products. 

Non-Interest Expenses

Total non-interest expenses increased by $1.7 million, or 3.1%, to $56.1 million for the three months ended March 31, 2013 from $54.5 million for the three months ended March 31, 2012.   Compensation and fringe benefits increased $3.4 million primarily as a result of the staff additions to support our continued growth including employees from the acquisition of Marathon Bank, a federally chartered bank with 13 full-service branches in the New York metropolitan area which was completed in the fourth quarter of 2012, as well as normal merit increases.  Occupancy expenses, professional fees and data processing expenses decreased $904,000, $1.7 million and $1.2 million, respectively, for the three months ended March 31, 2013.  The three months ended March 31, 2012 reflects costs of $6.0 million associated with the Brooklyn Federal acquisition.  In addition, our FDIC insurance premium increased $1.7 million as the FDIC reclassified Investors Bank as a large institution which increased our assessment rate.

Income Taxes

Income tax expense was $15.1 million for the three months ended March 31, 2013, representing a 35.90% effective tax rate compared to income tax expense of $11.7 million for the three months ended March 31, 2012 representing a 38.19% effective tax rate.   

Provision for Loan Losses

Our provision for loan losses was $13.8 million for the three months ended March 31, 2013 compared to $13.0 million for the three months ended March 31, 2012. For the three months ended March 31, 2013, net charge-offs were $6.3 million compared to $6.7 million for the three months ended March 31, 2012.  Our provision for the three months ended March 31, 2013 is a result of continued growth in the loan portfolio, specifically the multi-family and commercial real estate portfolios; the inherent credit risk in our overall portfolio, particularly the credit risk associated with commercial real estate lending; the level of non-performing loans and delinquent loans caused by the adverse economic and real estate conditions in our lending area. 

Our past due loans and non-accrual loans discussed below exclude certain purchased credit impaired (PCI) loans, primarily consisting of loans recorded in the acquisition of Marathon. Under U.S. GAAP, the PCI loans (acquired at a discount that is due, in part, to credit quality) are not subject to delinquency classification in the same manner as loans originated by Investors.  The following table sets forth non-accrual loans and accruing past due loans (excluding PCI loans of $2.6 million) on the dates indicated as well as certain asset quality ratios. 

March 31,

2013

December 31,

2012

September 30,

2012

June 30,

2012

March 31,

2012

# 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

76

$

20.0

114

$

34.3

71

$

23.6

65

$

16.3

65

$

14.9

Construction

1

0.4

Multi-family

2

4.5

1

0.2

2

3.1

4

4.6

2

16.0

Commercial real estate

1

0.5

6

16.5

1

0.3

1

0.2

2

1.8

Commercial and industrial

2

1.1

3

0.6

Total 30 to 59 days past due

81

$

26.1

124

$

51.6

75

$

27.4

70

$

21.1

69

$

32.7

60 to 89 days past due:

Residential and consumer

36

9.7

45

11.9

43

11.9

40

8.4

25

4.4

Construction

1

0.2

Multi-family

2

0.6

3

4.0

1

1.2

Commercial real estate

1

0.3

4

3.0

Commercial and industrial

4

0.8

2

2.6

1

0.1

3

3.3

1

0.7

Total 60 to 89 days past due

43

11.4

54

21.5

45

13.2

44

11.9

26

5.1

Total accruing past due loans

124

$

37.5

178

$

73.1

120

$

40.6

114

$

33

95

$

37.8

Non-accrual:

Residential and consumer

328

84.1

354

82.5

335

81.2

328

81.7

328

86.1

Construction

9

24.1

9

25.8

9

26.6

15

51.4

16

57.2

Multi-family

7

14.5

5

11.1

6

12.0

6

13.3

4

6.2

Commercial real estate

6

10.2

4

0.8

1

0.8

1

1.2

2

0.4

Commercial and industrial

6

2.8

2

0.4

1

0.1

2

0.8

Total Non-accrual Loans

356

$

135.7

374

$

120.6

352

$

120.7

352

$

148.4

350

$

149.9

Accruing troubled debt        restructured loans

18

$

9.0

22

$

15.8

18

$

14.8

17

$

8.9

15

$

8.4

Non-accrual loans to total loans

1.28

%

1.16

%

1.28

%

1.60

%

1.64

%

Allowance for loan loss as a        percent of non-accrual loans

110.21

%

117.92

%

108.79

%

86.58

%

82.53

%

Allowance for loan losses as a        percent of total loans

1.41

%

1.36

%

1.39

%

1.38

%

1.35

%

Total non-accrual loans decreased $14.2 million to $135.7 million at March 31, 2013 compared to $149.9 million at March 31, 2012 as we continue to diligently resolve our troubled loans. Our allowance for loan loss as a percent of total loans is 1.41%.  At March 31, 2013, there were $33.8 million of loans deemed trouble debt restructuring, of which $9.0 million were accruing and $24.8 million were on non-accrual.

The allowance for loan losses increased by $26.1 million to $149.6 million at March 31, 2013 from $123.5 million at March 31, 2012.  The increase in our allowance for loan losses is due to the growth of the loan portfolio and the increased credit risk in our overall portfolio, particularly the inherent credit risk associated with commercial real estate lending.  Future increases in the allowance for loan losses may be necessary based on the growth and composition of the loan portfolio, the level of loan delinquency and the impact of the deterioration of the real estate and economic environments in our lending area. 

Balance Sheet Summary

Total assets increased by $118.2 million, or 0.9%, to $12.84 billion at March 31, 2013 from $12.72 billion at December 31, 2012. This increase was largely the result of net loans, including loans held for sale, increasing $145.0 million to $10.48 billion at March 31, 2013 from $10.34 billion at December 31, 2012 offset by a decrease in cash of $35.4 million to $119.7 million at March 31, 2013 from $155.2 million at December 31, 2012.

Net loans, including loans held for sale, increased by $145.0 million, or 1.4%, to $10.48 billion at March 31, 2013 from $10.34 billion at December 31, 2012.   At March 31, 2013, total loans were $10.60 billion and included $4.86 billion in residential loans, $3.10 billion in multi-family loans, $2.01 billion in commercial real estate loans, $230.7 million in construction loans, $228.2 million in consumer and other loans and $174.6 million in commercial and industrial loans.  For the three months March 31, 2013, we originated $227.3 million in multi-family loans, $129.6 million in commercial real estate loans, $9.0 million in commercial and industrial loans, $17.7 million in consumer and other loans and $16.0 million in construction loans.  This increase in loans reflects our continued focus on generating multi-family and commercial real estate loans, which was partially offset by pay downs and payoffs of loans. The loans we originate and purchase are on properties located primarily in New Jersey and New York.

We originate residential mortgage loans through our mortgage subsidiary, Investors Home Mortgage Co. For the three months ended March 31, 2013, Investors Home Mortgage Co. originated $419.2 million in residential mortgage loans of which $141.6 million were for sale to third party investors and $277.6 million were added to our portfolio. We also purchased mortgage loans from correspondent entities including other banks and mortgage bankers. Our agreements with these correspondent entities require them to originate loans that adhere to our underwriting standards. During the three months March 31, 2013, we purchased loans totaling $202.9 million from these entities.

Securities, in the aggregate, increased by $5.6 million, or 0.4%, to $1.57 billion at March 31, 2013.  The increase in the portfolio was primarily due to the purchase of agency issued mortgage backed securities partially offset by sales, normal pay downs or maturities during the three months March 31, 2013. 

Deposits increased by $5.5 million from December 31, 2012 or 0.1% to $8.77 billion at March 31, 2013. This was attributed to an increase in core deposits of $86.6 million or 1.5%, partially offset by a $81.1 million decrease in certificates of deposit.  Core deposits now represent 67.1% of our total deposit portfolio. 

Borrowed funds increased $86.5 million, or 3.2%, to $2.79 billion at March 31, 2013 from $2.71 billion at  December 31, 2012 due to the funding of our asset growth.

Stockholders' equity increased $19.9 million to $1.09 billion at March 31, 2013 from $1.07 billion at December 31, 2012. The increase is primarily attributed to the $27.2 million of net income for the three months ended March 31, 2013 offset by a $2.1 million increase to other comprehensive income.  Stockholders' equity was  also impacted by the declaration of a cash dividend of $0.05 per common share that resulted in a decrease of $5.6 million

About the Company

Investors Bancorp, Inc. is the holding company for Investors Bank, which as of March 31, 2013 operates from its corporate headquarters in Short Hills, New Jersey and 100 offices located throughout northern and central New Jersey and New York.

Earnings Conference Call April 30, 2013 at 11:00 a.m. (ET)

The Company, as previously announced, will host an earnings conference call Tuesday, April 30, 2013 at 11:00 a.m. (ET). The toll-free dial-in number is: (888) 317-6016.  Callers who pre-register will bypass the live operator and may avoid any delays in joining the conference call.  Participants will immediately receive an online confirmation, an email, and a calendar initiation for the event.

Conference Call Pre-registration link: http://services.choruscall.com/DiamondPassRegistration/register?confirmationNumber=10027052&linkSecurityString=21470791e8

A telephone replay will be available beginning on April 30, 2013 from 1:00 p.m. (ET) through July 31, 2013, 9:00 a.m. (ET).  The replay number is (877) 344-7529 password 10027052.  The conference call will also be simultaneously webcast on the Company's website www.myinvestorsbank.com and archived for one year.

Forward Looking Statements

Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms.  Forward looking statements are subject to numerous risks and uncertainties, as described in our SEC filings, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made.  The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.  The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

 

INVESTORS BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

March 31, 2013 and December 31, 2012

March 31, 2013

December 31, 2012

Assets

(In thousands)

Cash and cash equivalents

$

119,729

155,153

Securities available-for-sale, at estimated fair value

1,412,810

1,385,328

Securities held-to-maturity, net (estimated fair value of $180,564 and $198,893  at March 31, 2013 and December 31, 2012 respectively)

158,027

179,922

Loans receivable, net

10,463,895

10,306,786

Loans held-for-sale

16,076

28,233

Federal Home Loan Bank stock

149,912

150,501

Accrued interest receivable

44,103

45,144

Other real estate owned

7,625

8,093

Office properties and equipment, net

95,659

91,408

Net deferred tax asset

152,018

150,006

Bank owned life insurance

114,698

113,941

Intangible assets

99,448

99,222

Other assets

6,724

8,837

Total Assets

$

12,840,724

12,722,574

Liabilities and Stockholders' Equity

Liabilities:

Deposits

$

8,774,316

8,768,857

Borrowed funds

2,792,139

2,705,652

Advance payments by borrowers for taxes and insurance

67,906

52,707

Other liabilities

119,655

128,541

Total liabilities

11,754,016

11,655,757

Stockholders' equity:

Preferred stock, $0.01 par value, 50,000,000 authorized        shares; none issued

Common stock, $0.01 par value, 200,000,000 shares         authorized; 118,020,280 issued; 111,839,219 and        111,915,882 outstanding at March 31, 2013 and December        31, 2012, respectively

532

532

Additional paid-in capital

535,311

533,858

Retained earnings

666,494

644,923

Treasury stock, at cost; 6,181,061 and 6,104,398 shares at March 31, 2013 and December 31, 2012, respectively

(75,068)

(73,692)

Unallocated common stock held by the employee stock ownership plan

(30,842)

(31,197)

Accumulated other comprehensive loss

(9,719)

(7,607)

Total stockholders' equity

1,086,708

1,066,817

Total liabilities and stockholders' equity

$

12,840,724

12,722,574

 

 

 

INVESTORS BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

For the Three Months

Ended March 31,

2013

2012

(Dollars in thousands, except per share data)

Interest and dividend income:

Loans receivable and loans held-for-sale

$

119,860

110,252

Securities:

Government-sponsored enterprise obligations

1

7

Mortgage-backed securities

6,577

8,294

Equity securities available-for-sale

4

Municipal bonds and other debt

1,532

1,258

Interest-bearing deposits

10

14

Federal Home Loan Bank stock

1,450

1,391

Total interest and dividend income

129,434

121,216

Interest expense:

Deposits

12,688

18,333

Secured borrowings

14,705

15,152

Total interest expense

27,393

33,485

Net interest income

102,041

87,731

Provision for loan losses

13,750

13,000

Net interest income after provision for loan losses

88,291

74,731

Non-interest income

Fees and service charges

4,401

4,966

Income on bank owned life insurance

757

664

Gain on loan transactions, net

3,074

3,889

Gain (loss) on securities transactions

684

(42)

Loss on sale of other real estate owned, net

(70)

Other income

1,243

877

Total non-interest income

10,089

10,354

Non-interest expense

Compensation and fringe benefits

29,824

26,411

Advertising and promotional expense

1,814

1,513

Office occupancy and equipment expense

9,229

10,133

Federal insurance premiums

3,650

1,950

Stationery, printing, supplies and telephone

587

878

Professional fees

2,732

4,442

Data processing service fees

3,656

4,823

Other operating expenses

4,632

4,304

Total non-interest expenses

56,124

54,454

Income before income tax expense

42,256

30,632

Income tax expense

15,089

11,696

Net income

$

27,167

18,936

Basic and diluted earnings per share

$

0.25

0.18

Weighted average shares outstanding:

Basic

107,499,975

107,257,811

Diluted

108,670,384

107,436,211

 

 

 

INVESTORS BANCORP, INC. AND SUBSIDIARIES

Average Balance Sheet and Yield/Rate Information

For Three Months Ended

March 31, 2013

March 31, 2012

Average Outstanding Balance

Interest Earned/Paid

Average Yield/Rate

Average Outstanding Balance

Interest Earned/Paid

Average Yield/Rate

(Dollars in thousands)

Interest-earning assets:

Interest-earning cash accounts

$

112,869

10

0.04

%

95,604

14

0.06

%

Securities available-for-sale

1,371,679

5,363

1.56

%

1,157,510

5,891

2.04

%

Securities held-to-maturity

169,374

2,751

6.50

%

268,416

3,668

5.47

%

Net loans

10,364,257

119,860

4.63

%

8,915,992

110,252

4.95

%

Federal Home Loan Bank stock

144,749

1,450

4.01

%

112,759

1,391

4.93

%

Total interest-earning assets

12,162,928

129,434

4.26

%

10,550,281

121,216

4.60

%

Non-interest earning assets

549,764

470,532

Total assets

$

12,712,692

$

11,020,813

Interest-bearing liabilities:

Savings

1,739,465

1,677

0.39

%

1,407,586

1,973

0.56

%

Interest-bearing checking

1,740,042

1,458

0.34

%

1,335,836

1,700

0.51

%

Money market accounts

1,585,992

1,687

0.43

%

1,221,482

2,087

0.68

%

Certificates of deposit

2,927,195

7,866

1.07

%

3,405,240

12,573

1.48

%

 Interest bearing deposits

7,992,694

12,688

0.63

%

7,370,144

18,333

0.99

%

Borrowed funds

2,631,414

14,705

2.24

%

2,063,436

15,152

2.94

%

Total interest-bearing liabilities

10,624,108

27,393

1.03

%

9,433,580

33,485

1.42

%

Non-interest bearing liabilities

1,012,314

602,578

Total liabilities

11,636,422

10,036,158

Stockholders' equity

1,076,270

984,655

Total liabilities and stockholders' equity

$

12,712,692

$

11,020,813

Net interest income

$

102,041

$

87,731

Net interest rate spread

3.23

%

3.18

%

Net interest earning assets

$

1,538,820

$

1,116,701

Net interest margin

3.36

%

3.33

%

Ratio of interest-earning assets to total interest- bearing liabilities

1.14

X

1.12

X

 

 

 

INVESTORS BANCORP, INC. AND SUBSIDIARIES

Selected Performance Ratios

For the Three Months Ended

March 31,

2013

2012

Return on average assets

0.85

%

0.69

%

Return on average equity

10.10

%

7.69

%

Return on average tangible equity

11.12

%

8.15

%

Interest rate spread

3.23

%

3.18

%

Net interest margin

3.36

%

3.33

%

Efficiency ratio

50.05

%

55.52

%

Non-interest expense to average total assets

1.77

%

1.98

%

Average interest-earning assets to average interest-bearing liabilities

1.14

1.12

INVESTORS BANCORP, INC. AND SUBSIDIARIES

Selected Financial Ratios and Other Data

March 31, 2013

December 31, 2012

Asset Quality Ratios:

Non-performing assets as a percent of total assets

1.19

%

1.14

%

Non-performing loans as a percent of total loans

1.37

%

1.31

%

Allowance for loan losses as a percent of non-accrual loans

110.21

%

117.92

%

Allowance for loan losses as a percent of total loans

1.41

%

1.36

%

Capital Ratios:

Total risk-based capital (to risk weighted assets)   (1)

11.36

%

11.24

%

Tier 1 risk-based capital (to risk weighted assets)   (1)

10.11

%

9.98

%

Tier 1 leverage (core) capital (to adjusted tangible assets)   (1)

7.41

%

7.59

%

Equity to total assets (period end)

8.46

%

8.39

%

Average equity to average assets

8.47

%

8.92

%

Tangible capital (to tangible assets)

7.75

%

7.67

%

Book value per common share

$

9.99

$

9.81

Other Data:

Number of full service offices

100

101

Full time equivalent employees

1,196

1,193

(1) Ratios are for Investors Bank and do not include capital retained at the holding company level.

 

 

SOURCE Investors Bancorp, Inc.



RELATED LINKS

http://www.myinvestorsbank.com