Company Quick10K Filing
Quick10K
Investors Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$11.20 280 $3,140
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
8-K 2019-07-24 Enter Agreement, Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-07-22 Regulation FD
8-K 2019-06-13 Other Events, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-21 Regulation FD
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-03-06 Regulation FD
8-K 2019-01-30 Earnings, Regulation FD, Exhibits
8-K 2018-12-05 Officers, Exhibits
8-K 2018-12-04 Other Events, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Regulation FD, Exhibits
8-K 2018-05-22 Officers, Exhibits
8-K 2018-05-08 Other Events
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Regulation FD, Exhibits
8-K 2018-01-10 Other Events
TIF Tiffany & Co. 12,740
FFIV F5 Networks 8,770
PBCT People's United Financial 6,770
MCY Mercury General 3,090
ATRS Antares Pharma 481
EDTXU EdtechX Holdings Acquisition 80
LMB Limbach 67
NM Navios Maritime Holdings 44
C964 Heron Lake Bioenergy 0
SDEV Security Devices International 0
ISBC 2019-06-30
Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a63019ex311.htm
EX-31.2 a63019ex312.htm
EX-32.1 a63019ex321.htm

Investors Bancorp Earnings 2019-06-30

ISBC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: __________ to ___________
Commission file number: 001-36441 
Investors Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
46-4702118
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
 
 
 
101 JFK Parkway
,
Short Hills
,
New Jersey
 
07078
(Address of Principal Executive Offices)
 
Zip Code
(973924-5100
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common
 
ISBC
 
The NASDAQ Stock Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
 
 
  
Accelerated filer
 
Non-accelerated filer
 
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   No  
As of August 2, 2019, the registrant had 359,070,852 shares of common stock, par value $0.01 per share, issued and 276,732,219 outstanding. 


Table of Contents

INVESTORS BANCORP, INC.
FORM 10-Q

Index

Part I. Financial Information
 
 
Page
Item 1.
Financial Statements
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 



Table of Contents


Part I Financial Information
ITEM 1.
FINANCIAL STATEMENTS

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
June 30, 2019 (Unaudited) and December 31, 2018  
 
June 30,
2019
 
December 31,
2018
 
(In thousands)
ASSETS
 
 
 
Cash and cash equivalents
$
254,382

 
196,891

Equity securities
5,975

 
5,793

Debt securities available-for-sale, at estimated fair value
2,679,708

 
2,122,162

Debt securities held-to-maturity, net (estimated fair value of $1,174,483 and $1,558,564 at June 30, 2019 and December 31, 2018, respectively)
1,132,018

 
1,555,137

Loans receivable, net
21,764,880

 
21,378,136

Loans held-for-sale
16,411

 
4,074

Federal Home Loan Bank stock
294,155

 
260,234

Accrued interest receivable
83,015

 
77,501

Other real estate owned
7,097

 
6,911

Office properties and equipment, net
174,663

 
177,432

Operating lease right-of-use assets
184,215

 

Net deferred tax asset
106,208

 
104,411

Bank owned life insurance
215,032

 
211,914

Goodwill and intangible assets
97,997

 
99,063

Other assets
48,360

 
29,349

Total assets
$
27,064,116

 
26,229,008

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Deposits
$
17,644,471

 
17,580,269

Borrowed funds
6,083,737

 
5,435,681

Advance payments by borrowers for taxes and insurance
125,521

 
129,891

Operating lease liabilities
194,233

 

Other liabilities
89,279

 
77,837

Total liabilities
24,137,241

 
23,223,678

Commitments and contingencies

 

Stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value, 100,000,000 authorized shares; none issued

 

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 359,070,852 issued at June 30, 2019 and December 31, 2018; 276,820,541 and 286,273,114 outstanding at June 30, 2019 and December 31, 2018, respectively
3,591

 
3,591

Additional paid-in capital
2,809,851

 
2,805,423

Retained earnings
1,206,873

 
1,173,897

Treasury stock, at cost; 82,250,311 and 72,797,738 shares at June 30, 2019 and December 31, 2018, respectively
(995,265
)
 
(884,750
)
Unallocated common stock held by the employee stock ownership plan
(79,764
)
 
(81,262
)
Accumulated other comprehensive loss
(18,411
)
 
(11,569
)
Total stockholders’ equity
2,926,875

 
3,005,330

Total liabilities and stockholders’ equity
$
27,064,116

 
26,229,008

See accompanying notes to consolidated financial statements.

1

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands, except per share data)
Interest and dividend income:
 
 
 
 
 
 
 
Loans receivable and loans held-for-sale
$
227,462

 
211,791

 
452,352

 
416,513

Securities:
 
 
 
 
 
 
 
Equity
35

 
33

 
72

 
68

Government-sponsored enterprise obligations
267

 
273

 
533

 
547

Mortgage-backed securities
23,883

 
19,633

 
47,513

 
39,655

Municipal bonds and other debt
2,734

 
2,432

 
5,256

 
4,690

Interest-bearing deposits
609

 
409

 
1,144

 
864

Federal Home Loan Bank stock
4,078

 
3,831

 
8,415

 
7,632

Total interest and dividend income
259,068

 
238,402

 
515,285

 
469,969

Interest expense:
 
 
 
 
 
 
 
Deposits
67,828

 
42,067

 
133,250

 
78,443

Borrowed funds
32,072

 
25,034

 
60,189

 
47,741

Total interest expense
99,900

 
67,101

 
193,439

 
126,184

Net interest income
159,168

 
171,301

 
321,846

 
343,785

Provision for loan losses
(3,000
)
 
4,000

 

 
6,500

Net interest income after provision for loan losses
162,168

 
167,301

 
321,846

 
337,285

Non-interest income
 
 
 
 
 
 
 
Fees and service charges
5,654

 
5,230

 
10,989

 
10,688

Income on bank owned life insurance
1,540

 
1,543

 
3,117

 
2,829

Gain on loans, net
1,015

 
663

 
1,448

 
920

(Loss) gain on securities, net
(5,617
)
 
1,147

 
(5,553
)
 
1,101

Gain on sale of other real estate owned, net
281

 
184

 
505

 
337

Other income
4,108

 
2,711

 
7,669

 
4,713

Total non-interest income
6,981

 
11,478

 
18,175

 
20,588

Non-interest expense
 
 
 
 
 
 
 
Compensation and fringe benefits
59,854

 
60,799

 
120,852

 
119,860

Advertising and promotional expense
4,282

 
3,807

 
7,894

 
5,894

Office occupancy and equipment expense
15,423

 
14,717

 
31,594

 
31,295

Federal deposit insurance premiums
3,300

 
4,525

 
6,600

 
9,025

General and administrative
692

 
693

 
1,176

 
1,193

Professional fees
3,461

 
3,801

 
6,401

 
8,203

Data processing and communication
7,642

 
7,106

 
15,641

 
13,229

Other operating expenses
9,150

 
7,136

 
17,055

 
14,970

Total non-interest expenses
103,804

 
102,584

 
207,213

 
203,669

Income before income tax expense
65,345

 
76,195

 
132,808

 
154,204

Income tax expense
18,721

 
19,098

 
38,026

 
39,182

Net income
$
46,624

 
57,097

 
94,782

 
115,022

Basic earnings per share
$
0.18

 
0.20

 
0.36

 
0.40

Diluted earnings per share
$
0.18

 
0.20

 
0.36

 
0.40

Weighted average shares outstanding

 
 
 
 
 
 
Basic
263,035,892

 
284,502,818

 
265,337,191

 
286,085,380

Diluted
263,477,477

 
285,733,542

 
265,831,421

 
287,413,166

See accompanying notes to consolidated financial statements.

2

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net income
$
46,624

 
57,097

 
94,782

 
115,022

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Change in funded status of retirement obligations
14

 
103

 
27

 
206

Unrealized gains (losses) on debt securities available-for-sale
16,568

 
(6,297
)
 
32,807

 
(29,020
)
Accretion of loss on debt securities reclassified to held to maturity
318

 
159

 
431

 
326

Reclassification adjustment for security losses included in net income
4,221

 

 
4,221

 

Other-than-temporary impairment accretion on debt securities
181

 
215

 
361

 
431

Net (losses) gains on derivatives
(29,038
)
 
6,020

 
(44,689
)
 
18,462

Total other comprehensive (loss) income
(7,736
)
 
200

 
(6,842
)
 
(9,595
)
Total comprehensive income
$
38,888

 
57,297

 
87,940

 
105,427



See accompanying notes to consolidated financial statements.

3

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders’ Equity
Six Months Ended June 30, 2019 and 2018
(Unaudited)
 
Common
stock
 
Additional
paid-in
capital
 
Retained
earnings
 
Treasury
stock
 
Unallocated
common stock
held by ESOP
 
Accumulated
other
comprehensive
loss
 
Total
stockholders’
equity
 
(In thousands)
Balance at December 31, 2017
$
3,591

 
2,784,390

 
1,084,177

 
(633,110
)
 
(84,258
)
 
(29,339
)
 
3,125,451

Net income

 

 
115,022

 

 

 

 
115,022

Other comprehensive loss, net of tax

 

 

 

 

 
(9,595
)
 
(9,595
)
Reclassification due to the adoption of ASU No. 2016-01

 

 
606

 

 

 
(606
)
 

Purchase of treasury stock (7,586,236 shares)

 

 

 
(103,020
)
 

 

 
(103,020
)
Treasury stock allocated to restricted stock plan (25,106 shares)

 
(341
)
 
36

 
305

 

 

 

Compensation cost for stock options and restricted stock

 
9,133

 

 

 

 

 
9,133

Exercise of stock options

 
(4,000
)
 

 
9,221

 

 

 
5,221

Restricted stock forfeitures (286,000 shares)

 
3,586

 
(246
)
 
(3,340
)
 

 

 

Cash dividend paid ($0.18 per common share)

 

 
(54,466
)
 

 

 

 
(54,466
)
ESOP shares allocated or committed to be released

 
1,739

 

 

 
1,498

 

 
3,237

Balance at June 30, 2018
$
3,591

 
2,794,507

 
1,145,129

 
(729,944
)
 
(82,760
)
 
(39,540
)
 
3,090,983

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
3,591

 
2,805,423

 
1,173,897

 
(884,750
)
 
(81,262
)
 
(11,569
)
 
3,005,330

Net income

 

 
94,782

 

 

 

 
94,782

Other comprehensive loss, net of tax

 

 

 

 

 
(6,842
)
 
(6,842
)
Purchase of treasury stock (10,038,159 shares)

 

 

 
(117,755
)
 

 

 
(117,755
)
Treasury stock allocated to restricted stock plan (658,419 shares)

 
(8,011
)
 
(68
)
 
8,079

 

 

 

Compensation cost for stock options and restricted stock

 
9,566

 

 

 

 

 
9,566

Exercise of stock options

 
(286
)
 

 
945

 

 

 
659

Restricted stock forfeitures (149,333 shares)

 
1,885

 
(101
)
 
(1,784
)
 

 

 

Cash dividend paid ($0.22 per common share)

 

 
(61,637
)
 

 

 

 
(61,637
)
ESOP shares allocated or committed to be released

 
1,274

 

 

 
1,498

 

 
2,772

Balance at June 30, 2019
$
3,591

 
2,809,851

 
1,206,873

 
(995,265
)
 
(79,764
)
 
(18,411
)
 
2,926,875

See accompanying notes to consolidated financial statements.


4

Table of Contents

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income
$
94,782

 
115,022

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
ESOP and stock-based compensation expense
12,338

 
12,370

Amortization of premiums and accretion of discounts on securities, net
3,953

 
5,832

Amortization of premiums and accretion of fees and costs on loans, net
(2,983
)
 
(4,212
)
Amortization of other intangible assets
792

 
1,020

Provision for loan losses

 
6,500

Depreciation and amortization of office properties and equipment
9,356

 
9,055

Loss (gain) on securities, net
5,553

 
(1,101
)
Mortgage loans originated for sale
(77,732
)
 
(19,308
)
Proceeds from mortgage loan sales
66,624

 
19,085

Gain on sales of mortgage loans, net
(1,229
)
 
(541
)
Gain on sale of other real estate owned
(505
)
 
(337
)
Income on bank owned life insurance
(3,117
)
 
(2,829
)
Amortization of operating lease right-of-use assets
8,001

 

Increase in accrued interest receivable
(5,514
)
 
(1,089
)
Deferred tax expense (benefit)
3,414

 
(3,560
)
(Increase) decrease in other assets
(18,176
)
 
1,756

(Decrease) increase in other liabilities
(48,707
)
 
15,332

Total adjustments
(47,932
)
 
37,973

Net cash provided by operating activities
46,850