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

SHORT HILLS, N.J., Oct. 29, 2015 /PRNewswire/ -- Investors Bancorp, Inc. ISBC ("Company"), the holding company for Investors Bank ("Bank"), reported net income of $48.8 million and $137.1 million for the three and nine months ended September 30, 2015, respectively, compared to net income of $39.0 million and $88.6 million for the three and nine months ended September 30, 2014.  Basic and diluted earnings per share were $0.15 for the three months ended September 30, 2015 compared to basic and diluted earnings per share of $0.11 for the three months ended September 30, 2014.  Basic and diluted earnings per share were $0.41 for the nine months ended September 30, 2015 compared to $0.26 and $0.25, respectively, for the nine months ended September 30, 2014.

Net income for the 2015 periods include a $4.1 million tax benefit for a one-time discrete item related to a net operating loss carryforward from a previous acquisition.  Excluding this item, net income for the three and nine months ended would have been $44.7 million and $133.0 million, respectively.  Basic and diluted earnings per share for the three months ended September 30, 2015 would have been $0.14.  Basic and diluted earnings per share for the nine months ended September 30, 2015 would have been $0.40 and $0.39, respectively.

Net income for the 2014 periods include one-time expense items totaling $20.5 million, net of tax related to the Company's second step capital offering.  Excluding these one-time items, net income for the nine months ended September 30, 2014 would have been $109.1 million.  Basic and diluted earnings per share for the nine months end September 30, 2014 would have been $0.32 and $0.31, respectively. ⁽¹⁾

Kevin Cummings, President and CEO commented, "This was another strong quarter as earnings and loans grew impressively.  The combination of organic growth and share repurchases help to achieve our plans to grow and efficiently manage our capital levels.  In August 2015, we completed the much anticipated conversion of the Bank's core operating system.  This conversion will allow us to provide an additional level of service to our customers and bring efficiencies to current processes."

The Company announced today that the Board of Directors declared a cash dividend of $0.05 per share to stockholders of record as of November 10, 2015 payable on November 25, 2015.

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

• Total assets increased $1.56 billion, or 8.3% to $20.33 billion at September 30, 2015, from $18.77 billion at December 31, 2014.
• Net loans increased $1.27 billion, or 8.5%, to $16.15 billion at September 30, 2015 from $14.89 billion at December 31, 2014. During the nine months ended September 30, 2015, we originated $1.50 billion in multi-family loans, $795.3 million in commercial real estate loans, $574.6 million in commercial and industrial loans, $517.6 in residential loans, $172.1 million in consumer and other loans and $45.1 million in construction loans.  In addition, for the three months ended September 30, 2015 the Company sold $347.3 million of residential loans resulting in a gain of $611,000.
• Deposits increased by $1.17 billion, or 9.60% from $12.17 billion at December 31, 2014 to $13.34 billion at September 30, 2015.  Core deposit accounts (savings, checking and money market) represent approximately 75% of total deposits as of September 30, 2015.
• Net interest margin for the three months ended September 30, 2015 was 3.14% which was consistent with the quarter ended June 30, 2015.  Net interest margin decreased 13 basis points compared to the quarter ended September 30, 2014.
• The Company recorded a one time tax benefit of $4.1 million related to a net operating loss carryforward from a previous acquisition.
• For the nine months ended September 30, 2015, the Company repurchased 25.3 million shares of its outstanding common stock for approximately $304.2 million.  

Comparison of Operating Results

Interest and Dividend Income

Total interest and dividend income increased by $19.8 million, or 11.9%, to $186.9 million for the three months ended September 30, 2015 from $167.1 million for the three months ended September 30, 2014.  This increase is attributed to the average balance of interest-earning assets increasing $2.45 billion, or 14.5%, to $19.29 billion for the three months ended September 30, 2015 from $16.84 billion for the three months ended September 30, 2014 as a result of organic growth. This was partially offset by the weighted average yield on interest-earning assets decreasing 9 basis points to 3.88% for the three months ended September 30, 2015 compared to 3.97% for the three months ended September 30, 2014. 

Interest income on loans increased by $16.8 million, or 11.0%, to $169.2 million for the three months ended September 30, 2015 from $152.4 million for the three months ended September 30, 2014 as a result of a $1.91 billion, or 13.7%, increase in the average balance of net loans to $15.84 billion for the three months ended September 30, 2015 from $13.93 billion for the three months ended September 30, 2014. The increase is primarily attributed to the average balance of multi-family loans, commercial real estate loans and commercial and industrial loans increasing $1.25 billion, $728.3 million and $503.2 million, respectively, partially offset by the average balance of residential loans decreasing $591.5 million for the three months ended September 30, 2015.  The weighted average yield on net loans decreased 11 basis points to 4.27% for the three months ended September 30, 2015 from 4.38% for the three months ended September 30, 2014.  The decrease in the weighted average yield on net loans reflects lower rates on new and refinanced loans due to the current interest rate environment and the sale of $347.3 million of residential loans for the three months ended September 30, 2015.  Prepayment penalties, which are included in interest income, increased to $6.4 million for the three months ended September 30, 2015 from $4.3 million for the three months ended September 30, 2014.

Interest income on all other interest-earning assets, excluding loans, increased by $3.0 million, or 20.6%, to $17.7 million for the three months ended September 30, 2015 from $14.7 million for the three months ended September 30, 2014. The increase is attributed to a $534.6 million increase in the average balance of all other interest-earning assets, excluding loans, to $3.45 billion for the three months ended September 30, 2015 from $2.91 billion for the three months ended September 30, 2014.  In addition, the weighted average yield on interest-earning assets, excluding loans increased 4 basis points to 2.05% for the three months ended September 30, 2015 compared to 2.01% for the three months ended September 30, 2014.

Total interest and dividend income increased by $53.8 million, or 11.0%, to $543.6 million for the nine months ended September 30, 2015 from $489.8 million for the nine months ended September 30, 2014.  This increase is attributed to the average balance of interest-earning assets increasing $2.58 billion, or 15.9%, to $18.79 billion for the nine months ended September 30, 2015 from $16.21 billion for the nine months ended September 30, 2014. This was partially offset by the weighted average yield on interest-earning assets decreasing 17 basis points to 3.86% for the nine months ended September 30, 2015 compared to 4.03% for the nine months ended September 30, 2014. 

Interest income on loans increased by $45.9 million, or 10.2%, to $493.8 million for the nine months ended September 30, 2015 from $447.9 million for the nine months ended September 30, 2014, reflecting a $1.97 billion, or 14.5%, increase in the average balance of net loans to $15.52 billion for the nine months ended September 30, 2015 from $13.55 billion for the nine months ended September 30, 2014.  The increase is primarily attributed to the average balance of multi-family loans, commercial real estate loans and commercial and industrial loans increasing $1.20 billion, $696.2 million and $407.9 million, respectively, partially offset by the average balance of residential loans decreasing $324.4 million for the nine months ended September 30, 2015.  The weighted average yield on net loans decreased 17 basis points to 4.24% for the nine months ended September 30, 2015 from 4.41% for the nine months ended September 30, 2014.  The decrease in the weighted average yield on net loans reflects lower rates on new and refinanced loans due to the current interest rate environment.  Prepayment penalties, which are included in interest income, increased to $16.6 million for the nine months ended September 30, 2015 from $13.2 million for the nine months ended September 30, 2014.  

Interest income on all other interest-earning assets, excluding loans, increased by $7.9 million, or 18.9%, to $49.8 million for the nine months ended September 30, 2015 from $41.9 million for the nine months ended September 30, 2014.  The average balance of all other interest-earning assets, excluding loans, increased by $614.8 million to $3.28 billion for the nine months ended September 30, 2015 from $2.66 billion for the nine months ended September 30, 2014.  This was partially offset by the weighted average yield on interest-earning assets, excluding loans, decreasing by 8 basis points to 2.02% for the nine months ended September 30, 2015 compared to 2.10% for the nine months ended September 30, 2014.

Interest Expense

Total interest expense increased by $6.4 million, or 21.9%, to $35.6 million for the three months ended September 30, 2015 from $29.2 million for the three months ended September 30, 2014. This increase is due to the average balance of total interest-bearing liabilities increasing by $2.27 billion, or 17.9%, to $14.91 billion for the three months ended September 30, 2015 from $12.64 billion for the three months ended September 30, 2014.  In addition, the weighted average cost of total interest-bearing liabilities increased 4 basis points to 0.96% for the three months ended September 30, 2015 compared to 0.92% for the three months ended September 30, 2014.

Interest expense on interest-bearing deposits increased $4.2 million, or 28.8% to $18.7 million for the three months ended September 30, 2015 from $14.5 million for the three months ended September 30, 2014.  This increase is attributed to the average balance of total interest-bearing deposits increasing $1.51 billion, or 14.9% to $11.67 billion for the three months ended September 30, 2015 from $10.16 billion for the three months ended September 30, 2014.  In addition, the weighted average cost of interest-bearing deposits increased by 7 basis point to 0.64% for the three months ended September 30, 2015 from 0.57% for the three months ended September 30, 2014.

Interest expense on borrowed funds increased by $2.2 million, or 15.2%, to $17.0 million for the three months ended September 30, 2015  from $14.7 million for the three months ended September 30, 2014.   The average balance of borrowed funds increased $756.6 million or 30.4%, to $3.25 billion for the three months ended September 30, 2015 from $2.49 billion for the three months ended September 30, 2014.  This increase was offset by a decrease to the weighted average cost of borrowings to 2.09% for the three months ended September 30, 2015 from 2.37% for the three months ended September 30, 2014.

Total interest expense increased by $11.3 million, or 12.9%, to $99.3 million for the nine months ended September 30, 2015 from $88.0 million for the nine months ended September 30, 2014.  This increase is attributed to the average balance of total interest-bearing liabilities increasing by $1.57 billion, or 12.2%, to $14.44 billion for the nine months ended September 30, 2015 from $12.87 billion for the nine months ended September 30, 2014.  In addition, the weighted average cost of total interest-bearing liabilities increased 1 basis point to 0.92% for the nine months ended September 30, 2015 from 0.91% at September 30, 2014.

Interest expense on interest-bearing deposits increased $7.9 million, or 18.2%, to $51.1 million for the nine months ended September 30, 2015 from $43.2 million for the nine months ended September 30, 2014.  This increase is attributed to the average balance of total interest-bearing deposits increasing $1.24 billion, or 12.3% to $11.30 billion for the nine months ended September 30, 2015 from $10.06 billion for the nine months ended September 30, 2014.   In addition, the average cost of interest-bearing deposits increased 3 basis point to 0.60% for the nine months ended September 30, 2015 from 0.57% for the nine months ended September 30, 2014.

Interest expense on borrowed funds increased by $3.5 million, or 7.8%, to $48.2 million for the the nine months ended September 30, 2015 from $44.7 million for the nine months ended September 30, 2014.   The average balance of borrowed funds increased $329.8 million or 11.7%, to $3.14 billion for the nine months ended September 30, 2015 from $2.81 billion for the nine months ended September 30, 2014.  This was partially offset by the weighted average cost of borrowings decreasing 7 basis points to 2.05% for the nine months ended September 30, 2015 from 2.12% for the nine months ended September 30, 2014.

Net Interest Income

Net interest income increased by $13.4 million, or 9.7%, to $151.3 million for the three months ended September 30, 2015 from $137.8 million for the three months ended September 30, 2014.  The increase was primarily due to the average balance of interest earning assets increasing $2.45 billion to $19.29 billion at September 30, 2015 compared to $16.84 billion at September 30, 2014. This was partially offset by the average balance of our interest bearing liabilities increasing $2.27 billion to $14.91 billion at September 30, 2015 compared to $12.64 billion at September 30, 2014.  In addition, the weighted average yield on our interest-earning assets decreased 9 basis points to 3.88% for the three months ended September 30, 2015 from 3.97% for the three months ended September 30, 2014 and the weighted average cost of our interest bearing liabilities increased 4 basis points to 0.96% for the three months ended September 30, 2015 from 0.92% at September 30, 2014.  The net interest spread decreased by 13 basis points to 2.92% for the three months ended September 30, 2015 from 3.05% for the three months ended September 30, 2014 as the weighted average yield on interest earning assets declined 9 basis points and the weighted average cost of interest bearing liabilities increased 4 basis points.  

Net interest income increased by $42.5 million, or 10.6%, to $444.3 million for the nine months ended September 30, 2015 from $401.8 million for the nine months ended September 30, 2014.  The increase was primarily due to the average balance of interest earning assets increasing $2.58 billion to $18.79 billion at September 30, 2015 compared to $16.21 billion at September 30, 2014.  This was partially offset by the average balance of our interest bearing liabilities increasing $1.57 billion to $14.44 billion at September 30, 2015 compared to $12.87 billion at September 30, 2014, as well as the weighted average yield on our interest-earning assets decreasing 17 basis points to 3.86% for the nine months ended September 30, 2015 from 4.03% for the nine months ended September 30, 2014. The net interest spread decreased by 18 basis points to 2.94% for the nine months ended September 30, 2015 from 3.12% for the nine months ended September 30, 2014 as the weighted average yield on interest earning assets declined 17 basis points and cost of interest bearing liabilities increased 1 basis point.  

Non-Interest Income

Total non-interest income increased by $1.4 million, or 14.5% to $11.3 million for the three months ended September 30, 2015 from $9.9 million for the three months ended September 30, 2014.  For the three months ended September 30, 2015 the Company recognized gain on security transactions of $933,000, resulting in an increase of $904,000 compared to the three months ended September 30, 2014.  In addition, gain on loans increased $1.3 million which includes $611,000 attributable to the sale of $347.3 million of residential loans. Gains on other real estate owned increased $560,000 for the three months ended September 30, 2015.  These increases were partially offset by decreases to fees and service charges and income on bank owned life insurance of $826,000 and $683,000, respectively, for the three months ended September 30, 2015. 

Total non-interest income decreased by $562,000, or 1.8% to $31.4 million for the nine months ended September 30, 2015 from $32.0 million for the nine months ended September 30, 2014.  The reduction is mainly attributed to decreases in fees and service charges and other income of $2.4 million and $1.0 million, respectively, for the nine months ended September 30, 2015.  Included in other income for the nine months ended September 30, 2014 was a bargain purchase gain of $1.5 million, net of tax, relating to the acquisition of Gateway Community Financial Corp, the federally-chartered holding company for GCF Bank ("Gateway"), which was completed in January 2014.  These decreases were partially offset by an increase in the gain on loans to $6.5 million for the nine months ended September 30, 2015 compared to $3.8 million for the nine months ended September 30, 2014.

Non-Interest Expenses

Total non-interest expenses increased by $9.3 million, or 12.2%, to $85.9 million for the three months ended September 30, 2015 from $76.6 million for the three months ended September 30, 2014.  Compensation and fringe benefits increased $8.9 million for the three months ended September 30, 2015.  This increase is primarily related to equity incentive expense of $4.5 million for the three months ended September 30, 2015.   On June 23, 2015, the compensation committee approved restricted stock and stock option grants to employees, officers and directors of the Company, pursuant to the Investors Bancorp, Inc. 2015 Equity Incentive Plan. The remaining increase to compensation and fringe benefits relate to staff additions to support our continued growth as well as normal merit increases.  Office occupancy and stationary, printing, supplies and telephone expense increased $816,000 and $803,000, respectively, for the three months ended September 30, 2015.  For the three months ended September 30, 2015, stationary, printing, supplies and telephone expense included expenses for supplies to support our core conversion as well as mailings to customers in preparation of the conversion.  These increases were offset by a decrease in FDIC insurance premium of $550,000 for the three months ended September 30, 2015 due to the continued improvement in asset quality and additional capital raised in the second step offering in May 2014. 

Total non-interest expenses decreased by $23.3 million, or 8.8%, to $242.7 million for the nine months ended September 30, 2015 from $265.9 million for the nine months ended September 30, 2014.   Compensation and fringe benefits increased $4.5 million for the nine months ended September 30, 2015, which included $4.8 million related to the 2015 Equity Incentive Plan.  For the 2014 period, compensation expense includes a charge of $13.0 million related to the accelerated vesting of all stock option and restricted stock awards upon the completion of the second step capital offering in May 2014.  Absent the acceleration in 2014 and the $4.8 in equity incentive expense for 2015, compensation and fringe benefits increased $12.7 million for the nine months ended September 30, 2015 related to staff additions to support our continued growth as well as normal merit increases.  Contribution to charitable foundation represents the Company's contribution of $20.0 million to the Investors Charitable Foundation in conjunction with the second step capital offering in 2014.  FDIC insurance premium decreased $4.8 million for the nine months ended September 30, 2015 due to the continued improvement in asset quality and additional capital raised in the second step offering.  Data processing service fees decreased $2.9 million for the nine months ended September 30, 2015 to $16.8 million.  Included in the nine months ended September 30, 2014 was $1.7 million of one time expense items related to acquisitions.

Income Taxes

Income tax expense was $22.9 million for the three months ended September 30, 2015, representing a 31.91% effective tax rate compared to income tax expense of $23.1 million for the three months ended September 30, 2014 representing a 37.17% effective tax rate.  For the three months ended September 30, 2015, income tax expense includes a one time discrete item related to a NOL carryforward of $4.1 million.  Excluding this discrete item, the effective tax rate for the three months ended September 30, 2015 would be 37.60%.

Income tax expense was $74.9 million for the nine months ended September 30, 2015, representing a 35.34% effective tax rate compared to income tax expense of $53.2 million for the nine months ended September 30, 2014 representing a 37.99% effective tax rate.  Excluding this discrete item referenced above, the effective tax rate for the nine months ended September 30, 2015 would be 37.26%.

In April 2015, New York City changed their tax law to conform with that of New York State.  As a result, the Company analyzed the impact of this change relative to its deferred tax positions.  Based on that analysis, the Company revalued the deferred tax asset as of December 31, 2014 and applied the new adjusted tax rate for 2015. This analysis resulted in increasing our deferred tax asset by $5.6 million which is being recognized in the effective tax rate for 2015.  While this analysis resulted in lowering the effective tax rate for 2015, this change will result in the Company's effective tax rate increasing in future periods.

Provision for Loan Losses

Our provision for loan losses was $5.0 million for the three months ended September 30, 2015 compared to $9.0 million for the three months ended September 30, 2014. For the three months ended September 30, 2015, net charge-offs were $505,000 compared to $4.0 million for the three months ended September 30, 2014.  For the nine months ended September 30, 2015, our provision for loan losses was $21.0 million compared to $26.0 million for the nine months ended September 30, 2014. For the nine months ended September 30, 2015, net charge-offs were $2.8 million compared to $8.8 million for the nine months ended September 30, 2014. Our provision for the three and nine months ended September 30, 2015 is primarily a result of continued organic growth in the loan portfolio, specifically the multi-family, commercial real estate and commercial and industrial portfolios; the inherent credit risk in our overall portfolio, particularly the credit risk associated with commercial real estate lending and commercial and industrial lending; and the level of non-performing loans.

Our accruing past due loans and non-accrual loans discussed below exclude certain purchased credit impaired (PCI) loans, primarily consisting of loans recorded in the Company's acquisitions. 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 the Bank.  The following table sets forth non-accrual loans and accruing past due loans (excluding PCI loans and loans held for sale) on the dates indicated as well as certain asset quality ratios.

 

Total non-accrual loans increased to $124.1 million at September 30, 2015 compared to $108.4 million at December 31, 2014.  We continue to diligently resolve our troubled loans, however it takes a long period of time to resolve residential credits in our lending area.  At September 30, 2015, our allowance for loan loss as a percent of total loans is 1.33%.  At September 30, 2015, there were $47.7 million of loans deemed as troubled debt restructurings, of which $24.2 million were residential and consumer loans, $19.4 million were commercial real estate loans, $1.4 million were construction loans, $1.6 million were multi-family loans and $1.1 million were commercial and industrial loans.  Troubled debt restructured loans in the amount of $25.2 million were classified as accruing and $22.5 million were classified as non-accrual at September 30, 2015.

The allowance for loan losses increased by $18.2 million to $218.5 million at September 30, 2015 from $200.3 million at December 31, 2014.  The increase in our allowance for loan losses is due to the growth of the loan portfolio and the credit risk in our overall portfolio, particularly the inherent credit risk associated with commercial real estate lending and commercial and industrial loans. 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 economic conditions in our lending area.

Balance Sheet Summary

Total assets increased by $1.56 billion, or 8.3%, to $20.33 billion at September 30, 2015 from $18.77 billion at December 31, 2014.  Net loans increased $1.27 billion to $16.15 billion at September 30, 2015, while securities increased by $332.8 million, or 12.0%, to $3.10 billion at September 30, 2015 from $2.76 billion at December 31, 2014. 

Net loans increased by $1.27 billion, or 8.5%, to $16.15 billion at September 30, 2015 from $14.89 billion at December 31, 2014.  At September 30, 2015, total loans were $16.38 billion which included $5.88 billion in multi-family loans, $5.12 billion in residential loans, $3.78 billion in commercial real estate loans, $922.4 million in commercial and industrial loans, $479.0 million in consumer and other loans and $207.4 million in construction loans.  During the nine months ended  September 30, 2015, we originated $1.50 billion in multi-family loans, $795.3 million in commercial real estate loans, $574.6 million in commercial and industrial loans, $517.6 million in residential loans, $172.1 million in consumer and other loans and $45.1 million in construction loans. This increase in loans reflects our continued focus on generating multi-family loans, commercial real estate loans and commercial and industrial loans, which was partially offset by pay downs and payoffs of loans.  Our loans are primarily on properties and businesses located in New Jersey and New York.

In addition to the loans originated for our portfolio, our mortgage subsidiary, Investors Home Mortgage Co., originated $187.0 million for the nine months ended September 30, 2015 in residential mortgage loans that were sold to third party investors.

Securities, in the aggregate, increased by $332.8 million, or 12.0%, to $3.10 billion at September 30, 2015 from $2.76 billion at December 31, 2014.  This increase was a result of purchases partially offset by paydowns. 

Deposits increased by $1.17 billion, or 9.6%, from $12.17 billion at December 31, 2014 to $13.34 billion at September 30, 2015.  Certificates of deposit increased  $791.5 million to $3.36 billion at September 30, 2015 from $2.57 billion at December 31, 2014.  Core deposits represent approximately 75% of our total deposit portfolio.

Borrowed funds increased by $592.4 million, or 21.4%, to $3.36 billion at September 30, 2015 from $2.77 billion at December 31, 2014 to help fund the continued growth of the loan portfolio. 

Stockholders' equity decreased by $215.7 million to $3.36 billion at September 30, 2015 from $3.58 billion at December 31, 2014.  The decrease is primarily attributed to the repurchase of 25.3 million shares of common stock for $304.2 million as well as cash dividends of $0.20 per share totaling $70.5 million for the nine months ended September 30, 2015.  These decreases are offset by an increase related to net income of $137.1 million for the nine months ended September 30, 2015.

About the Company

Investors Bancorp, Inc. is the holding company for Investors Bank, which as of September 30, 2015 operates from its corporate headquarters in Short Hills, New Jersey and 137 offices located throughout New Jersey and New York.

Earnings Conference Call October 30, 2015 at 11:00 a.m. (ET)

The Company, as previously announced, will host an earnings conference call on Friday, October 30, 2015 at 11:00 a.m. (ET). The toll-free dial-in number is: (866) 218-2404.  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 invitation for the event.

Conference Call Pre-registration link: http://dpregister.com/10074360

A telephone replay will be available beginning on October 30, 2015 from 1:00 p.m. (ET) through 9:00 a.m. (ET) on January 28, 2016.  The replay number is (877) 344-7529 password 10074360.  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 the " Risk Factors" disclosures included in our Annual Report on Form 10-K, as supplemented in quarterly reports on Form 10-Q, 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.

(1) Please refer to the Non GAAP Reconciliation for details pertaining to adjustments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Investors Bancorp, Inc.