Investors Bancorp in Short Hills, N.J., reported higher second-quarter profit on expanded multifamily, commercial real estate and business lending, as well as lower expenses.
Net income for the $20 billion-asset company rose 205% from last year's second quarter to $46.4 million, or 14 cents per share. That was 2 cents better than the average estimate of analysts polled by Bloomberg.
The year-over-year result received a benefit from a favorable comparison. Noninterest expense in the second quarter of 2014 included a $20 million charitable contribution to the company's foundation.
Net interest income rose 10.2% to $148.6 million. The net interest margin tightened 14 basis points to 3.14%.
During the six-month period ending June 30, Investors generated $1.1 billion of multifamily loans, $429 million of commercial real estate loans and $310 million of business loans. Investors did not provide a breakout of those figures for the second quarter.
Noninterest income rose 13.9% to $11.6 million. A higher gain on loan transactions offset lower deposit service charges and income from bank-owned life insurance.
Noninterest expense decreased 28.8% $79.8 million. Investors reported lower costs from salaries and employee benefits, advertising, insurance premiums and other categories.