-
The nation's biggest mutual thrift has endured litigation, activists' protests and a check-kiting scandal at Roma, a thrift it is trying to buy.
July 5 -
Nearly a quarter of Investors Bancorp's branches will be near the Philadelphia suburbs once it completes its acquisitions of Gateway Community and Roma Financial.
April 8 -
Deal for Piraeus' Marathon Banking unit in U.S. satisfies Investors' M&A ambitions in New York for now, CEO Kevin Cummings says.
June 15
Quarterly profit of Investors Bancorp (ISBC) in Short Hills, N.J., rose 20%, as acquisitions led to higher lending income.
The $13.1 billion-asset company announced Thursday a second-quarter profit of $28.1, up from $24 million in the second quarter of 2012. Per-share earnings of 26 cents were 4 cents higher than the average estimates of analysts polled by Bloomberg.
Net interest income rose 14%, to $104.7 million, despite a 5-basis-point decrease in net interest margin, to 3.35%. Loan growth fueled the rise, as average interest-earning assets increased 16%, to $12.5 billion.
Investors has announced four deals in the past two years, two of which are pending. President and Chief Executive Kevin Cummings said in the news release he expects to close the deals for
Noninterest income dipped by 10%, to $9.5 million, as gains from sale on loans fell by nearly $1 million.
Provision for loan losses fell to $13.8 million, a 27% decline, and net chargeoffs fell 36%, to $8.9 million.
