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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: September 30, 2021
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 classTrading Symbol(s)Name of each exchange on which registered
CommonISBCThe 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 October 29, 2021, the registrant had 361,869,872 shares of common stock, par value $0.01 per share, issued and 247,746,235 outstanding. 


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.




Part I Financial Information
ITEM 1.FINANCIAL STATEMENTS
INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)  
September 30,
2021
December 31,
2020
 (In thousands)
ASSETS
Cash and cash equivalents$670,295 170,432 
Equity securities7,673 36,000 
Debt securities available-for-sale, at estimated fair value2,531,573 2,758,437 
Debt securities held-to-maturity, net (estimated fair value of $1,336,957 and $1,320,872 at September 30, 2021 and December 31, 2020, respectively)
1,272,683 1,247,853 
Loans receivable, net21,624,728 20,580,451 
Loans held-for-sale397 30,357 
Federal Home Loan Bank stock177,058 159,829 
Accrued interest receivable81,549 79,705 
Other real estate owned and other repossessed assets5,849 7,115 
Office properties and equipment, net132,259 139,663 
Operating lease right-of-use assets203,522 199,981 
Net deferred tax asset109,588 116,805 
Bank owned life insurance227,822 223,714 
Goodwill and intangible assets133,237 109,633 
Other assets139,561 163,184 
Total assets$27,317,794 26,023,159 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits$20,400,424 19,525,419 
Borrowed funds3,534,536 3,295,790 
Advance payments by borrowers for taxes and insurance152,407 115,729 
Operating lease liabilities216,374 212,559 
Other liabilities161,494 163,659 
Total liabilities24,465,235 23,313,156 
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; 361,869,872 issued at September 30, 2021 and December 31, 2020; 247,684,887 and 247,929,216 outstanding at September 30, 2021 and December 31, 2020, respectively
3,619 3,619 
Additional paid-in capital2,867,057 2,856,935 
Retained earnings1,454,309 1,339,003 
Treasury stock, at cost; 114,184,985 and 113,940,656 shares at September 30, 2021 and December 31, 2020, respectively
(1,379,014)(1,375,996)
Unallocated common stock held by the employee stock ownership plan(71,144)(73,542)
Accumulated other comprehensive loss(22,268)(40,016)
Total stockholders’ equity2,852,559 2,710,003 
Total liabilities and stockholders’ equity$27,317,794 26,023,159 
See accompanying notes to consolidated financial statements.
1

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (Dollars in thousands, except per share data)
Interest and dividend income:
Loans receivable and loans held-for-sale$211,189 215,221 621,462 657,483 
Securities:
Equity65 45 394 110 
Government-sponsored enterprise obligations567 378 1,666 994 
Mortgage-backed securities13,321 18,095 42,738 61,251 
Municipal bonds and other debt3,601 3,277 10,596 9,928 
Interest-bearing deposits268 233 367 1,367 
Federal Home Loan Bank stock2,234 3,452 6,417 11,881 
Total interest and dividend income231,245 240,701 683,640 743,014 
Interest expense:
Deposits15,683 34,109 52,868 126,279 
Borrowed funds20,960 24,970 60,725 79,843 
Total interest expense36,643 59,079 113,593 206,122 
Net interest income194,602 181,622 570,047 536,892 
Provision for credit losses(13,015)8,336 (25,677)72,840 
Net interest income after provision for credit losses207,617 173,286 595,724 464,052 
Non-interest income
Fees and service charges5,196 5,579 15,937 12,981 
Income on bank owned life insurance1,508 2,067 5,012 5,059 
Gain on loans, net1,698 5,285 6,819 10,688 
(Loss) gain on securities, net(931)(8)3 249 
Gain on sale of other real estate owned, net34 133 86 784 
Other income8,447 6,870 21,172 14,965 
Total non-interest income15,952 19,926 49,029 44,726 
Non-interest expense
Compensation and fringe benefits60,231 59,896 184,043 176,079 
Advertising and promotional expense3,111 2,344 7,737 6,906 
Office occupancy and equipment expense23,535 16,882 58,683 49,303 
Federal deposit insurance premiums2,950 2,925 9,550 10,726 
General and administrative706 551 1,630 1,678 
Professional fees12,925 4,097 20,896 12,386 
Data processing and communication9,985 8,998 29,313 26,698 
Debt extinguishment10,159 965 10,159 1,291 
Other operating expenses8,424 7,402 22,814 21,571 
Total non-interest expenses132,026 104,060 344,825 306,638 
Income before income tax expense91,543 89,152 299,928 202,140 
Income tax expense24,609 24,840 80,912 55,705 
Net income$66,934 64,312 219,016 146,435 
Basic earnings per share$0.28 0.27 0.93 0.62 
Diluted earnings per share$0.28 0.27 0.93 0.62 
Weighted average shares outstanding
Basic235,602,277 236,833,099 235,106,490 235,453,133 
Diluted236,413,268 236,872,505 236,088,254 235,550,801 
See accompanying notes to consolidated financial statements.
2

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (In thousands)
Net income$66,934 64,312 219,016 146,435 
Other comprehensive income (loss), net of tax:
Change in funded status of retirement obligations120 300 363 619 
Unrealized (losses) gains on debt securities available-for-sale(8,423)(1,606)(30,451)35,025 
Accretion of loss on debt securities reclassified to held-to-maturity26 48 87 160 
Reclassification adjustment for security gains included in net income  (299) 
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020178 184 550 641 
Net gains (losses) on derivatives8,197 9,242 47,498 (68,891)
Total other comprehensive income (loss)98 8,168 17,748 (32,446)
Total comprehensive income$67,032 72,480 236,764 113,989 


See accompanying notes to consolidated financial statements.
3

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders’ Equity
Nine Months Ended September 30, 2021 and 2020
(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, 2019$3,591 2,820,837 1,245,793 (1,352,910)(76,739)(18,622)2,621,950 
Cumulative effect of adopting ASU No. 2016-13
— — (8,491)— — — (8,491)
Balance at January 1, 20203,591 2,820,837 1,237,302 (1,352,910)(76,739)(18,622)2,613,459 
Net income— — 146,435 — — — 146,435 
Other comprehensive loss, net of tax— — — — — (32,446)(32,446)
Common stock issued to finance acquisitions28 20,853 — — — — 20,881 
Purchase of treasury stock (390,712 shares)
— — — (3,418)— — (3,418)
Treasury stock allocated to restricted stock plan (90,067 shares)
— (903)(195)1,098 — —  
Compensation cost for stock options and restricted stock— 11,329 — — — — 11,329 
Restricted stock forfeitures (18,860 shares)
— 230 (1)(229)— —  
Cash dividend paid ($0.36 per common share)
— — (89,701)— — — (89,701)
ESOP shares allocated or committed to be released— 820 — — 2,398 — 3,218 
Balance at September 30, 2020$3,619 2,853,166 1,293,840 (1,355,459)(74,341)(51,068)2,669,757 
Balance at December 31, 2020$3,619 2,856,935 1,339,003 (1,375,996)(73,542)(40,016)2,710,003 
Net income— — 219,016 — — — 219,016 
Other comprehensive income, net of tax— — — — — 17,748 17,748 
Purchase of treasury stock (970,866 shares)
— — — (12,054)— — (12,054)
Treasury stock allocated to restricted stock plan (251,634 shares)
— (3,323)204 3,119 — —  
Compensation cost for stock options and restricted stock— 10,739 — — — — 10,739 
Exercise of stock options— (125)— 6,235 — — 6,110 
Restricted stock forfeitures (26,267 shares)
— 310 8 (318)— —  
Cash dividend paid ($0.42 per common share)
— — (103,922)— — — (103,922)
ESOP shares allocated or committed to be released— 2,521 — — 2,398 — 4,919 
Balance at September 30, 2021$3,619 2,867,057 1,454,309 (1,379,014)(71,144)(22,268)2,852,559 

See accompanying notes to consolidated financial statements.

4

INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
 20212020
 (In thousands)
Cash flows from operating activities:
Net income$219,016 146,435 
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP and stock-based compensation expense15,658 14,547 
Amortization of premiums and accretion of discounts on securities, net7,088 8,449 
Amortization of premiums and accretion of fees and costs on loans, net707 1,933 
Amortization of other intangible assets825 1,077 
Amortization of debt modification costs and premium on borrowings1,746 1,679 
Provision for credit losses(25,677)72,840 
Loss from extinguishment of debt10,159 1,291 
Depreciation and amortization of office properties and equipment16,066 16,130 
Gain on securities, net(3)(249)
Mortgage loans originated for sale(144,180)(410,486)
Proceeds from mortgage loan sales178,996 430,618 
Gain on sales of mortgage loans, net(4,856)(10,320)
Gain on sale of other real estate owned(86)(784)
Income on bank owned life insurance(5,012)(5,059)
Amortization of lease right-of-use assets19,139 15,430 
Increase in accrued interest receivable(836)(3,721)
Deferred tax benefit(900)(29,675)
Decrease (increase) in other assets21,624 (87,985)
Increase in other liabilities51,690 1,021 
Net cash provided by operating activities361,164 163,171 
Cash flows from investing activities:
Purchases of loans receivable(79,697)(90,000)
Net (originations) payoffs of loans receivable(803,725)1,191,116 
Proceeds from disposition of loans receivable78,703 51,623 
Gain on disposition of loans receivable(1,963)(368)
Gain on disposition of leased equipment(3,075)(1,842)
Net proceeds from sale of other real estate owned1,421 6,255 
Proceeds from sales of equity securities33,983  
Proceeds from principal repayments/calls/maturities of debt securities available for sale748,586 709,764 
Proceeds from sales of debt securities available for sale8,171  
Proceeds from principal repayments/calls/maturities of debt securities held to maturity246,305 191,011 
Purchases of equity securities(6,051)(2,565)
Purchases of debt securities available for sale(575,860)(753,011)
Purchases of debt securities held to maturity(270,091)(273,416)
Proceeds from redemptions of Federal Home Loan Bank stock83,621 113,627 
Purchases of Federal Home Loan Bank stock(100,850)(60,042)
Purchases of office properties and equipment(8,298)(10,251)
Death benefit proceeds from bank owned life insurance, net904  
Cash received, net of cash consideration paid for acquisitions391,640 7,274 
Net cash (used in) provided by investing activities(256,276)1,079,175 
5

Cash flows from financing activities:
Net increase in deposits242,616 753,316 
Repayments of principal under finance leases(1,191)(1,182)
Net proceeds (repayments) of borrowed funds837,000 (1,136,118)
Payments related to extinguishment of debt(610,159)(401,291)
Net increase in advance payments by borrowers for taxes and insurance36,575 18,882 
Dividends paid(103,922)(89,701)
Exercise of stock options6,110  
Purchase of treasury stock(12,054)