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• | Total assets increased $153.6 million, or 0.6%, to $25.52 billion at September 30, 2018 from $25.36 billion at June 30, 2018. |
• | Net loans increased $191.8 million, or 0.9%, to $20.73 billion at September 30, 2018 from $20.54 billion at June 30, 2018. |
• | Total deposits increased $480.4 million, or 2.8%, to $17.40 billion at September 30, 2018 from $16.92 billion at June 30, 2018. |
• | Non-interest income for the three months ended September 30, 2018 was $10.3 million, a 22.5% increase compared to the three months ended September 30, 2017. |
• | Non-interest expense for the three months ended September 30, 2018 was $101.8 million, a 1.4% decrease compared to the three months ended September 30, 2017. |
• | During the three months ended September 30, 2018, the Company repurchased 6.9 million shares of its outstanding common stock for approximately $88.0 million. |
• | In August 2018, the Company entered into a $1.0 billion asset swap transaction where fixed rate loan payments were exchanged for variable rate payments. This transaction was executed in an effort to reduce the Company’s interest rate exposure to rising rates. |
• | Interest expense increased $10.0 million, primarily attributable to the weighted average cost of interest-bearing liabilities which increased 19 basis points to 1.56% for the three months ended September 30, 2018. Also contributing to the increase, the average balance of total interest-bearing liabilities increased $229.6 million, or 1.2%, to $19.80 billion. |
• | An increase in interest and dividend income of $5.6 million, or 2.4%, to $244.0 million as compared to the second quarter of 2018 primarily attributed to a $295.7 million increase in the average balance of net loans primarily from loan originations, offset by paydowns and payoffs. The weighted average yield on net loans increased 4 basis points to 4.20%, predominately driven by higher average yields on new loan originations. |
• | Prepayment penalties, which are included in interest income, totaled $4.6 million for the three months ended September 30, 2018 as compared to $5.6 million for the three months ended June 30, 2018. |
• | Interest expense increased $22.2 million, or 40.6%, primarily attributed to an increase in the weighted average cost of interest-bearing liabilities of 40 basis points to 1.56% for the three months ended September 30, 2018. Additionally, the average balance of interest-bearing deposits increased $601.1 million, or 4.2%, to $14.90 billion for the three months ended September 30, 2018 and the average balance of total borrowed funds increased $263.5 million, or 5.7%, to $4.90 billion. |
• | An increase in interest and dividend income of $18.3 million, or 8.1%, to $244.0 million primarily as a result of a $1.01 billion increase in the average balance of net loans from organic loan growth and the acquired equipment finance portfolio, offset by paydowns and payoffs. The weighted average yield on net loans increased 10 basis points to 4.20% primarily driven by higher average yields on new loan origination volume. |
• | Prepayment penalties, which are included in interest income, totaled $4.6 million for the three months ended September 30, 2018 as compared to $5.4 million for the three months ended September 30, 2017. |
• | Total interest and dividend income increased by $62.6 million, or 9.6%, to $714.0 million for the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, primarily attributed to a $1.05 billion increase in the average balance of net loans from organic loan growth and the acquired equipment finance portfolio, offset by paydowns and payoffs. The weighted average yield on net loans increased 14 basis points to 4.15% primarily driven by higher average yields on new loan origination volume and an increase in prepayment penalties. |
• | Prepayment penalties, which are included in interest income, totaled $15.4 million for the nine months ended September 30, 2018, as compared to $11.6 million for the nine months ended September 30, 2017. |
• | Total interest expense increased by $57.0 million, or 39.0%, to $203.3 million for the nine months ended September 30, 2018, as compared to $146.3 million for the nine months ended September 30, 2017, primarily attributed to an increase in the weighted average cost of interest-bearing liabilities of 33 basis points to 1.39% for the nine months ended September 30, 2018. In addition, the average balance of total interest-bearing liabilities increased $1.14 billion, or 6.2%, to $19.56 billion for the nine months ended September 30, 2018. |
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||||||||||||||||
# 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 | 99 | $ | 21.3 | 101 | $ | 20.6 | 97 | $ | 16.9 | 126 | $ | 20.0 | 108 | $ | 21.5 | |||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | 11 | 12.4 | 6 | 27.4 | 3 | 5.0 | 5 | 6.3 | 10 | 15.8 | ||||||||||||||||||||||||
Commercial real estate | 8 | 15.3 | 9 | 8.7 | 5 | 5.7 | 5 | 4.6 | 6 | 32.3 | ||||||||||||||||||||||||
Commercial and industrial | 14 | 5.0 | 7 | 2.9 | 6 | 3.4 | 11 | 4.3 | 8 | 0.6 | ||||||||||||||||||||||||
Total 30 to 59 days past due | 132 | 54.0 | 123 | 59.6 | 111 | 31.0 | 147 | 35.2 | 132 | 70.2 | ||||||||||||||||||||||||
60 to 89 days past due: | ||||||||||||||||||||||||||||||||||
Residential and consumer | 34 | 5.2 | 37 | 9.5 | 46 | 7.7 | 50 | 8.2 | 47 | 7.7 | ||||||||||||||||||||||||
Construction | 3 | 9.3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | 10 | 36.7 | — | — | — | — | 2 | 7.7 | — | — | ||||||||||||||||||||||||
Commercial real estate | 4 | 4.2 | — | — | 1 | 0.3 | 2 | 0.8 | 2 | 1.0 | ||||||||||||||||||||||||
Commercial and industrial | 4 | 5.4 | 1 | 2.1 | 1 | 0.1 | — | — | 2 | 1.4 | ||||||||||||||||||||||||
Total 60 to 89 days past due | 55 | 60.8 | 38 | 11.6 | 48 | 8.1 | 54 | 16.7 | 51 | 10.1 | ||||||||||||||||||||||||
Total accruing past due loans | 187 | $ | 114.8 | 161 | $ | 71.2 | 159 | $ | 39.1 | 201 | $ | 51.9 | 183 | $ | 80.3 | |||||||||||||||||||
Non-accrual: | ||||||||||||||||||||||||||||||||||
Residential and consumer | 347 | $ | 66.3 | 375 | $ | 69.2 | 390 | $ | 72.5 | 427 | $ | 76.4 | 417 | $ | 74.3 | |||||||||||||||||||
Construction | 1 | 0.2 | 1 | 0.3 | 1 | 0.3 | 1 | 0.3 | — | — | ||||||||||||||||||||||||
Multi-family | 3 | 2.6 | 9 | 19.5 | 8 | 20.2 | 5 | 15.0 | 4 | 14.2 | ||||||||||||||||||||||||
Commercial real estate | 39 | 15.5 | 36 | 16.7 | 38 | 19.7 | 37 | 34.0 | 31 | 35.3 | ||||||||||||||||||||||||
Commercial and industrial | 14 | 19.8 | 13 | 28.9 | 19 | 23.3 | 11 | 10.0 | 6 | 1.9 | ||||||||||||||||||||||||
Total non-accrual loans | 404 | $ | 104.4 | 434 | $ | 134.6 | 456 | $ | 136.0 | 481 | $ | 135.7 | 458 | $ | 125.7 | |||||||||||||||||||
Accruing troubled debt restructured loans | 59 | $ | 13.2 | 56 | $ | 12.8 | 54 | $ | 12.4 | 49 | $ | 11.0 | 58 | $ | 13.4 | |||||||||||||||||||
Non-accrual loans to total loans | 0.50 | % | 0.65 | % | 0.66 | % | 0.68 | % | 0.63 | % | ||||||||||||||||||||||||
Allowance for loan losses as a percent of non-accrual loans | 221.06 | % | 171.46 | % | 169.97 | % | 170.17 | % | 183.09 | % | ||||||||||||||||||||||||
Allowance for loan losses as a percent of total loans | 1.10 | % | 1.11 | % | 1.12 | % | 1.15 | % | 1.15 | % |
September 30, 2018 | June 30, 2018 | December 31, 2017 | |||||||
(In thousands) | |||||||||
Commercial Loans: | |||||||||
Multi-family loans | $ | 7,985,847 | 7,903,469 | 7,802,835 | |||||
Commercial real estate loans | 4,605,352 | 4,654,592 | 4,548,101 | ||||||
Commercial and industrial loans | 2,198,905 | 2,147,430 | 1,625,375 | ||||||
Construction loans | 234,078 | 270,892 | 416,883 | ||||||
Total commercial loans | 15,024,182 | 14,976,383 | 14,393,194 | ||||||
Residential mortgage loans | 5,265,440 | 5,140,556 | 5,026,517 | ||||||
Consumer and other | 686,454 | 668,127 | 671,137 | ||||||
Total Loans | 20,976,076 | 20,785,066 | 20,090,848 | ||||||
Deferred fees and premiums on purchased loans, net | (16,407 | ) | (17,141 | ) | (7,778 | ) | |||
Allowance for loan losses | (230,818 | ) | (230,838 | ) | (230,969 | ) | |||
Net loans | $ | 20,728,851 | 20,537,087 | 19,852,101 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||
Consolidated Balance Sheets | |||||||||
September 30, 2018 | June 30, 2018 | December 31, 2017 | |||||||
(unaudited) | (unaudited) | (audited) | |||||||
Assets | (Dollars in thousands) | ||||||||
Cash and cash equivalents | $ | 210,595 | 195,995 | 618,394 | |||||
Equity securities | 5,872 | 5,753 | 5,701 | ||||||
Debt securities available-for-sale, at estimated fair value | 1,984,537 | 1,915,265 | 1,982,026 | ||||||
Debt securities held-to-maturity, net (estimated fair value of $1,601,807, $1,659,095 and $1,820,125 at September 30, 2018, June 30, 2018 and December 31, 2017, respectively) | 1,611,409 | 1,660,967 | 1,796,621 | ||||||
Loans receivable, net | 20,728,851 | 20,537,087 | 19,852,101 | ||||||
Loans held-for-sale | 4,270 | 5,949 | 5,185 | ||||||
Federal Home Loan Bank stock | 242,403 | 247,410 | 231,544 | ||||||
Accrued interest receivable | 78,283 | 73,944 | 72,855 | ||||||
Other real estate owned | 7,755 | 5,190 | 5,830 | ||||||
Office properties and equipment, net | 175,387 | 176,546 | 180,231 | ||||||
Net deferred tax asset | 135,521 | 131,761 | 121,663 | ||||||
Bank owned life insurance | 210,413 | 208,818 | 155,635 | ||||||
Goodwill and intangible assets | 99,764 | 100,621 | 97,665 | ||||||
Other assets | 23,435 | 99,586 | 3,793 | ||||||
Total assets | $ | 25,518,495 | 25,364,892 | 25,129,244 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Liabilities: | |||||||||
Deposits | $ | 17,397,812 | 16,917,405 | 17,357,697 | |||||
Borrowed funds | 4,853,774 | 5,144,987 | 4,461,533 | ||||||
Advance payments by borrowers for taxes and insurance | 131,038 | 116,482 | 104,308 | ||||||
Other liabilities | 100,650 | 95,035 | 80,255 | ||||||
Total liabilities | 22,483,274 | 22,273,909 | 22,003,793 | ||||||
Stockholders’ equity | 3,035,221 | 3,090,983 | 3,125,451 | ||||||
Total liabilities and stockholders’ equity | $ | 25,518,495 | 25,364,892 | 25,129,244 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans receivable and loans held-for-sale | $ | 216,516 | 211,791 | 201,069 | 633,029 | 579,921 | ||||||||||||||
Securities: | ||||||||||||||||||||
GSE obligations | 266 | 273 | 175 | 813 | 211 | |||||||||||||||
Mortgage-backed securities | 19,624 | 19,633 | 17,829 | 59,279 | 51,812 | |||||||||||||||
Equity | 32 | 33 | 30 | 100 | 108 | |||||||||||||||
Municipal bonds and other debt | 2,615 | 2,432 | 2,229 | 7,305 | 8,433 | |||||||||||||||
Interest-bearing deposits | 677 | 409 | 875 | 1,541 | 1,159 | |||||||||||||||
Federal Home Loan Bank stock | 4,296 | 3,831 | 3,557 | 11,928 | 9,722 | |||||||||||||||
Total interest and dividend income | 244,026 | 238,402 | 225,764 | 713,995 | 651,366 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 51,923 | 42,067 | 32,300 | 130,366 | 79,820 | |||||||||||||||
Borrowed funds | 25,177 | 25,034 | 22,553 | 72,918 | 66,460 | |||||||||||||||
Total interest expense | 77,100 | 67,101 | 54,853 | 203,284 | 146,280 | |||||||||||||||
Net interest income | 166,926 | 171,301 | 170,911 | 510,711 | 505,086 | |||||||||||||||
Provision for loan losses | 2,000 | 4,000 | 1,750 | 8,500 | 11,750 | |||||||||||||||
Net interest income after provision for loan losses | 164,926 | 167,301 | 169,161 | 502,211 | 493,336 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Fees and service charges | 5,506 | 5,230 | 5,076 | 16,194 | 14,966 | |||||||||||||||
Income on bank owned life insurance | 1,596 | 1,543 | 935 | 4,425 | 2,826 | |||||||||||||||
Gain on loans, net | 478 | 663 | 726 | 1,398 | 2,924 | |||||||||||||||
Gain on securities, net | 97 | 1,147 | — | 1,198 | 1,275 | |||||||||||||||
Gain on sales of other real estate owned, net | 13 | 184 | 446 | 350 | 871 | |||||||||||||||
Other income | 2,597 | 2,711 | 1,212 | 7,310 | 4,556 | |||||||||||||||
Total non-interest income | 10,287 | 11,478 | 8,395 | 30,875 | 27,418 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Compensation and fringe benefits | 59,279 | 60,799 | 57,052 | 179,139 | 168,207 | |||||||||||||||
Advertising and promotional expense | 3,229 | 3,807 | 4,355 | 9,123 | 10,956 | |||||||||||||||
Office occupancy and equipment expense | 15,151 | 14,717 | 14,589 | 46,446 | 43,769 | |||||||||||||||
Federal insurance premiums | 4,935 | 4,525 | 4,500 | 13,960 | 12,110 | |||||||||||||||
General and administrative | 509 | 693 | 691 | 1,702 | 2,267 | |||||||||||||||
Professional fees | 3,578 | 3,801 | 8,140 | 11,781 | 30,141 | |||||||||||||||
Data processing and communication | 7,090 | 7,106 | 5,719 | 20,319 | 17,493 | |||||||||||||||
Other operating expenses | 8,017 | 7,136 | 8,228 | 22,987 | 24,157 | |||||||||||||||
Total non-interest expenses | 101,788 | 102,584 | 103,274 | 305,457 | 309,100 | |||||||||||||||
Income before income tax expense | 73,425 | 76,195 | 74,282 | 227,629 | 211,654 | |||||||||||||||
Income tax expense | 19,201 | 19,098 | 28,437 | 58,383 | 80,156 | |||||||||||||||
Net income | $ | 54,224 | 57,097 | 45,845 | 169,246 | 131,498 | ||||||||||||||
Basic earnings per share | $0.19 | 0.20 | 0.16 | 0.60 | 0.45 | |||||||||||||||
Diluted earnings per share | $0.19 | 0.20 | 0.16 | 0.59 | 0.45 | |||||||||||||||
Basic weighted average shares outstanding | 280,755,898 | 284,502,818 | 289,715,414 | 284,289,363 | 290,670,601 | |||||||||||||||
Diluted weighted average shares outstanding | 281,172,921 | 285,733,542 | 290,890,307 | 285,376,003 | 292,489,906 |
INVESTORS BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||||||||||
Average Balance Sheet and Yield/Rate Information | ||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||||||||||||||||||
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 | $ | 227,346 | 677 | 1.19 | % | $ | 178,293 | 409 | 0.92 | % | $ | 379,670 | 875 | 0.92 | % | |||||||||||||
Equity securities | 5,802 | 32 | 2.21 | % | 5,714 | 33 | 2.31 | % | 5,592 | 30 | 2.15 | % | ||||||||||||||||
Debt securities available-for-sale | 2,015,096 | 11,122 | 2.21 | % | 1,990,306 | 10,829 | 2.18 | % | 1,896,034 | 9,644 | 2.03 | % | ||||||||||||||||
Debt securities held-to-maturity | 1,638,722 | 11,383 | 2.78 | % | 1,693,025 | 11,509 | 2.72 | % | 1,672,675 | 10,589 | 2.53 | % | ||||||||||||||||
Net loans | 20,644,566 | 216,516 | 4.20 | % | 20,348,913 | 211,791 | 4.16 | % | 19,633,388 | 201,069 | 4.10 | % | ||||||||||||||||
Federal Home Loan Bank stock | 246,037 | 4,296 | 6.98 | % | 255,362 | 3,831 | 6.00 | % | 241,033 | 3,557 | 5.90 | % | ||||||||||||||||
Total interest-earning assets | 24,777,569 | 244,026 | 3.94 | % | 24,471,613 | 238,402 | 3.90 | % | 23,828,392 | 225,764 | 3.79 | % | ||||||||||||||||
Non-interest earning assets | 708,904 | 741,974 | 759,203 | |||||||||||||||||||||||||
Total assets | $ | 25,486,473 | $ | 25,213,587 | $ | 24,587,595 | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||
Savings | $ | 2,142,642 | 3,462 | 0.65 | % | $ | 2,146,880 | 2,953 | 0.55 | % | $ | 2,076,769 | 2,174 | 0.42 | % | |||||||||||||
Interest-bearing checking | 4,449,767 | 15,736 | 1.41 | % | 4,487,247 | 14,057 | 1.25 | % | 4,422,930 | 10,883 | 0.98 | % | ||||||||||||||||
Money market accounts | 3,747,501 | 13,043 | 1.39 | % | 3,858,022 | 10,497 | 1.09 | % | 4,320,547 | 9,478 | 0.88 | % | ||||||||||||||||
Certificates of deposit | 4,562,549 | 19,682 | 1.73 | % | 4,017,105 | 14,560 | 1.45 | % | 3,481,135 | 9,765 | 1.12 | % | ||||||||||||||||
Total interest-bearing deposits | 14,902,459 | 51,923 | 1.39 | % | 14,509,254 | 42,067 | 1.16 | % | 14,301,381 | 32,300 | 0.90 | % | ||||||||||||||||
Borrowed funds | 4,897,119 | 25,177 | 2.06 | % | 5,060,767 | 25,034 | 1.98 | % | 4,633,628 | 22,553 | 1.95 | % | ||||||||||||||||
Total interest-bearing liabilities | 19,799,578 | 77,100 | 1.56 | % | 19,570,021 | 67,101 | 1.37 | % | 18,935,009 | 54,853 | 1.16 | % | ||||||||||||||||
Non-interest-bearing liabilities | 2,610,074 | 2,535,093 | 2,485,667 | |||||||||||||||||||||||||
Total liabilities | 22,409,652 | 22,105,114 | 21,420,676 | |||||||||||||||||||||||||
Stockholders’ equity | 3,076,821 | 3,108,473 | 3,166,919 | |||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 25,486,473 | $ | 25,213,587 | $ | 24,587,595 | ||||||||||||||||||||||
Net interest income | $ | 166,926 | $ | 171,301 | $ | 170,911 | ||||||||||||||||||||||
Net interest rate spread | 2.38 | % | 2.53 | % | 2.63 | % | ||||||||||||||||||||||
Net interest earning assets | $ | 4,977,991 | $ | 4,901,592 | $ | 4,893,383 | ||||||||||||||||||||||
Net interest margin | 2.69 | % | 2.80 | % | 2.87 | % | ||||||||||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.25 | X | 1.25 | X | 1.26 | X |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||
Average Balance Sheet and Yield/Rate Information | |||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||
September 30, 2018 | September 30, 2017 | ||||||||||||||||||
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 | $ | 201,743 | 1,541 | 1.02 | % | $ | 229,729 | 1,159 | 0.67 | % | |||||||||
Equity securities | 5,740 | 100 | 2.32 | % | 5,709 | 108 | 2.52 | % | |||||||||||
Debt securities available-for-sale | 2,008,724 | 32,803 | 2.18 | % | 1,802,253 | 26,851 | 1.99 | % | |||||||||||
Debt securities held-to-maturity | 1,696,718 | 34,594 | 2.72 | % | 1,689,790 | 33,605 | 2.65 | % | |||||||||||
Net loans | 20,337,264 | 633,029 | 4.15 | % | 19,291,939 | 579,921 | 4.01 | % | |||||||||||
Federal Home Loan Bank stock | 246,858 | 11,928 | 6.44 | % | 247,228 | 9,722 | 5.24 | % | |||||||||||
Total interest-earning assets | 24,497,047 | 713,995 | 3.89 | % | 23,266,648 | 651,366 | 3.73 | % | |||||||||||
Non-interest earning assets | 716,163 | 758,616 | |||||||||||||||||
Total assets | $ | 25,213,210 | $ | 24,025,264 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Savings | $ | 2,206,307 | 9,705 | 0.59 | % | $ | 2,100,918 | 6,053 | 0.38 | % | |||||||||
Interest-bearing checking | 4,581,974 | 43,372 | 1.26 | % | 4,265,758 | 25,712 | 0.80 | % | |||||||||||
Money market accounts | 3,897,632 | 32,832 | 1.12 | % | 4,225,519 | 24,772 | 0.78 | % | |||||||||||
Certificates of deposit | 3,997,059 | 44,457 | 1.48 | % | 3,086,739 | 23,283 | 1.01 | % | |||||||||||
Total interest bearing deposits | 14,682,972 | 130,366 | 1.18 | % | 13,678,934 | 79,820 | 0.78 | % | |||||||||||
Borrowed funds | 4,875,857 | 72,918 | 1.99 | % | 4,744,701 | 66,460 | 1.87 | % | |||||||||||
Total interest-bearing liabilities | 19,558,829 | 203,284 | 1.39 | % | 18,423,635 | 146,280 | 1.06 | % | |||||||||||
Non-interest-bearing liabilities | 2,551,722 | 2,436,893 | |||||||||||||||||
Total liabilities | 22,110,551 | 20,860,528 | |||||||||||||||||
Stockholders’ equity | 3,102,659 | 3,164,736 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 25,213,210 | $ | 24,025,264 | |||||||||||||||
Net interest income | $ | 510,711 | $ | 505,086 | |||||||||||||||
Net interest rate spread | 2.50 | % | 2.67 | % | |||||||||||||||
Net interest earning assets | $ | 4,938,218 | $ | 4,843,013 | |||||||||||||||
Net interest margin | 2.78 | % | 2.89 | % | |||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.25 | X | 1.26 | X |
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||
Selected Performance Ratios | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | |||||||||||||
Return on average assets | 0.85 | % | 0.91 | % | 0.75 | % | 0.90 | % | 0.73 | % | |||||||
Return on average equity | 7.05 | % | 7.35 | % | 5.79 | % | 7.27 | % | 5.54 | % | |||||||
Return on average tangible equity | 7.29 | % | 7.59 | % | 5.98 | % | 7.52 | % | 5.72 | % | |||||||
Interest rate spread | 2.38 | % | 2.53 | % | 2.63 | % | 2.50 | % | 2.67 | % | |||||||
Net interest margin | 2.69 | % | 2.80 | % | 2.87 | % | 2.78 | % | 2.89 | % | |||||||
Efficiency ratio | 57.44 | % | 56.12 | % | 57.60 | % | 56.40 | % | 58.05 | % | |||||||
Non-interest expense to average total assets | 1.60 | % | 1.63 | % | 1.68 | % | 1.62 | % | 1.72 | % | |||||||
Average interest-earning assets to average interest-bearing liabilities | 1.25 | 1.25 | 1.26 | 1.25 | 1.26 | ||||||||||||
INVESTORS BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||
Selected Financial Ratios and Other Data | |||||||||||||||||
September 30, 2018 | June 30, 2018 | December 31, 2017 | |||||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Non-performing assets as a percent of total assets | 0.49 | % | 0.60 | % | 0.61 | % | |||||||||||
Non-performing loans as a percent of total loans | 0.56 | % | 0.71 | % | 0.73 | % | |||||||||||
Allowance for loan losses as a percent of non-accrual loans | 221.06 | % | 171.46 | % | 170.17 | % | |||||||||||
Allowance for loan losses as a percent of total loans | 1.10 | % | 1.11 | % | 1.15 | % | |||||||||||
Capital Ratios: | |||||||||||||||||
Tier 1 Leverage Ratio (1) | 10.51 | % | 10.91 | % | 11.00 | % | |||||||||||
Common equity tier 1 risk-based (1) | 13.60 | % | 13.42 | % | 13.94 | % | |||||||||||
Tier 1 Risk-Based Capital (1) | 13.60 | % | 13.42 | % | 13.94 | % | |||||||||||
Total Risk-Based Capital (1) | 14.77 | % | 14.55 | % | 15.13 | % | |||||||||||
Equity to total assets (period end) | 11.89 | % | 12.19 | % | 12.44 | % | |||||||||||
Average equity to average assets | 12.07 | % | 12.33 | % | 12.74 | % | |||||||||||
Tangible capital to tangible assets (2) | 11.55 | % | 11.84 | % | 12.10 | % | |||||||||||
Book value per common share (2) | $ | 10.83 | $ | 10.77 | $ | 10.64 | |||||||||||
Tangible book value per common share (2) | $ | 10.48 | $ | 10.42 | $ | 10.31 | |||||||||||
Other Data: | |||||||||||||||||
Number of full service offices | 151 | 151 | 156 | ||||||||||||||
Full time equivalent employees | 1,951 | 1,964 | 1,931 | ||||||||||||||
(1) Ratios are for Investors Bank and do not include capital retained at the holding company level. | |||||||||||||||||
(2) 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 | |||||||||||
September 30, 2018 | June 30, 2018 | December 31, 2017 | |||||||||
Total stockholders’ equity | $ | 3,035,221 | 3,090,983 | 3,125,451 | |||||||
Goodwill and intangible assets | 99,764 | 100,621 | 97,665 | ||||||||
Tangible stockholders’ equity | $ | 2,935,457 | 2,990,362 | 3,027,786 | |||||||
Book Value per Share Computation | |||||||||||
Common stock issued | 359,070,852 | 359,070,852 | 359,070,852 | ||||||||
Treasury shares | (66,946,798 | ) | (60,029,302 | ) | (52,944,765 | ) | |||||
Shares outstanding | 292,124,054 | 299,041,550 | 306,126,087 | ||||||||
Unallocated ESOP shares | (11,960,873 | ) | (12,079,298 | ) | (12,316,149 | ) | |||||
Book value shares | 280,163,181 | 286,962,252 | 293,809,938 | ||||||||
Book Value per Share | $ | 10.83 | $ | 10.77 | $ | 10.64 | |||||
Tangible Book Value per Share | $ | 10.48 | $ | 10.42 | $ | 10.31 | |||||
Total assets | $ | 25,518,495 | 25,364,892 | 25,129,244 | |||||||
Goodwill and intangible assets | 99,764 | 100,621 | 97,665 | ||||||||
Tangible assets | $ | 25,418,731 | 25,264,271 | 25,031,579 | |||||||
Tangible capital to tangible assets | 11.55 | % | 11.84 | % | 12.10 | % |
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