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Kind words by Stewart McClure, the head of Somerset Hills Bancorp, for Kevin Cummings, the CEO of rival Investors Bancorp, are part of a mutual admiration society budding in New Jersey banking.
February 4
Investors Bancorp (ISBC) in Short Hills, N.J., reported as rise in quarterly profit as its loan portfolio grew.
The $12.8 billion-asset company said Monday that it made a first-quarter profit of $27.2 million, 43% higher than in the same period in 2012. Per-share earnings of 25 cents beat Bloomberg analysts' expectations by 1 cent.
Net interest income rose 16%, to $102 million, as average interest-earning assets increased 15%, to $12.2 billion. The rise reflects increased lending as well as Investors'
Noninterest income dipped 3%, to $10.1 million, as Investors sold fewer of the mortgages it originated. Noninterest expense rose 3%, to $56.1 million, driven by a $3.4 million rise in compensation costs that was due primarily to taking on staff in the Marathon Bank acquisition, Investors said.
Investors' provision for loan losses rose 6%, to $13.8 million, while net chargeoffs fell to $6.3 million, a $400,000 decline.
