Investors Bancorp in Short Hills, N.J., reported a steep drop in second-quarter profits from last year, as operating expenses far outpaced returns from loans and other business lines.

The $17.5 billion-asset bank's net income was $15.2 million, down 46% from the same period last year. Diluted earnings were four cents per share, missing an estimate of analysts polled by Bloomberg by six cents.

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