Fourth-quarter profit improved at Investors Bancorp, as the Short Hills, N.J., company originated more multifamily, business and commercial real estate loans
The $21 billion-asset company's net income rose 3% to $44.4 million from a year earlier. Earnings per share rose 17% to 14 cents.
The quarter's results included a $4.5 million chargeoff to cover for the sale of $20.9 million in nonperforming residential loans.
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Earnings at Valley National Bancorp in Wayne, N.J., fell significantly in the fourth quarter, largely because of costs to pay off debt.
January 27 -
Thomas O'Brien made good on a 2015 promise to turn a profit in every quarter. This year, his goal is to stay profitable to earn back a deferred-tax asset that should meaningfully increase the New Jersey company's valuation.
January 4 - New Jersey
Investors Bancorp in Short Hills, N.J., has hired a former Capital One Financial executive to head its enterprise risk management team.
December 16
Net interest income after the loan-loss provision rose 13% to $145.8 million. Net loans rose 12% to $16.7 billion. The net interest margin fell 12 basis points to 3.05%.
Fee income fell 12% to $8.7 million as Investors had a lower gain on securities transactions and collected less income on bank-owned life insurance.
Noninterest expense rose 16% to $85.7 million as Investors spent more on salaries, occupancy and equipment expense and professional fees. The efficiency ratio worsened to 53.7%.
