-
Green Dot announced Thursday that its revenue and net income rose in the third quarter as the firm found ways to earn more money from its base of 4.6 million active prepaid cards.
October 30 -
Citigroup on Thursday revised its third-quarter earnings downward by $600 million, citing an unexpected spike in legal costs.
October 30
Investors Bancorp in Short Hills, N.J., reported
The $17.8 billion-asset bank's profits increased 33% from the same period last year, to $39 million. Earnings were 11 cents per share, beating a Bloomberg analyst poll by a penny.
Year-over-year comparisons are skewed, in part, by gains from the bank's recent acquisitions. Investors closed on its purchase of the $133 million-asset RomAsia Bank and the $1.5 billion-asset Roma Bank in December. It also bought the $289 million-asset GCF Bank in January.
Total lending increased 25% from last year, to $14.2 billion. Net interest income rose 25%, to $137.8 million.
The net interest margin compressed 11 basis points, to 3.27%.
Fee-based income climbed 4%, to $9.9 million, mainly from increases in bank-owned life insurance.
Earnings were weighed down by a jump in operating expenses, which increased 26%, to $76.6 million, on higher compensation costs.
