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Investors Bancorp (ISBC) in Short Hills, N.J., is set to complete its purchase of Gateway Community Financial in Sewell, N.J., next week.
January 3 -
Investors Bancorp (ISBC) in Short Hills, N.J., plans to issue up to $2.5 billion of stock as part of its conversion from a mutual to a stock holding company.
December 20 -
Investors Bancorp (ISBC), in Short Hills, N.J., filed registration papers to dissolve its mutual holding company and convert to a fully stock-owned company.
December 18 -
Investors Bancorp (ISBC) in Short Hills, N.J., has received approval from the Federal Reserve Board to buy Roma Financial (ROMA) in Robbinsville, N.J.
December 3
Investors Bancorp (ISBC) in Short Hills, N.J., which is poised for a second-step conversion, saw quarterly profits soar on big loan growth.
Investors
A 25% jump in net loans, to $2.58 billion, was a major reason.
Earnings per share at the $15.6 billion-asset company were 24 cents, missing estimates of analysts polled by Bloomberg by less than a cent.
Net interest income rose 16.5%, to $118.3 million, primarily because of an increase of 19.9% in the average balance of interest earnings assets, to $13.88 billion.
However, net interest margin was 3.41%, a decrease of 10 basis points.
Total noninterest income fell 28.8%, to $7.5 million, because of a 71.4% decrease in gains on the sale of loans.
Total noninterest expenses increased by 20.9%, to $71.9 million, because of acquisition-related expenses.
Provision for loan losses was $9.3 million, a 45.3% decrease. Net chargeoffs fell 65.6%, to $2.1 million.
Investors acquired Roma Financial
Investors has been prepping for a second-step conversion, recently