-
Hancock Holding in Gulfport, Miss., reported lower quarterly earnings, primarily because of lower returns from its loan portfolio.
July 24 -
Kevin Cummings, CEO of Investors Bancorp, wants to reach $30 billion in assets in the next six years, but he admits that Investors must sharpen its focus on commercial clients to achieve that objective.
May 8
Investors Bancorp in Short Hills, N.J., reported a
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.
A sharp rise in expenses drove the double-digit drop. Noninterest expenses increased 97%, to $112.2 million. The bank attributed the change to accelerated vesting of all stock options and restricted stock plans, following its
Gains from multi-family and commercial real estate lending helped offset expenses. Net income from interest-bearing assets was $135 million, up 29%. The net interest margin dipped six basis points, to 3.28%.
Asset quality improved, as the bank slashed its provision for bad loans by 42%, to $8 million. Net charge-offs were down 71%, to $2.6 million.
Income from fees and service charges climbed 7%, to $10.1 million.