Company Quick10K Filing
Investors Bancorp
Price11.52 EPS1
Shares275 P/E18
MCap3,165 P/FCF36
Net Debt-195 EBIT627
TEV2,970 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
8-K 2020-05-19
8-K 2020-04-29
8-K 2020-04-03
8-K 2020-03-10
8-K 2020-01-29
8-K 2019-12-17
8-K 2019-12-16
8-K 2019-12-02
8-K 2019-10-23
8-K 2019-07-24
8-K 2019-07-22
8-K 2019-06-13
8-K 2019-05-21
8-K 2019-05-21
8-K 2019-04-24
8-K 2019-03-06
8-K 2019-01-30
8-K 2018-12-05
8-K 2018-12-04
8-K 2018-12-04
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-05-22
8-K 2018-05-22
8-K 2018-05-22
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-01-25
8-K 2018-01-10

ISBC 10Q Quarterly Report

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 a33120ex311.htm
EX-31.2 a33120ex312.htm
EX-32.1 a33120ex321.htm

Investors Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602014201620182020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
1.00.60.2-0.2-0.6-1.02014201620182020
Ops, Inv, Fin

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xbrli:shares isbc:interest_rate_swap

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: March 31, 2020
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 May 1, 2020, the registrant had 361,869,872 shares of common stock, par value $0.01 per share, issued and 250,166,371 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
March 31, 2020 (Unaudited) and December 31, 2019  
 
March 31,
2020
 
December 31,
2019
 
(In thousands)
ASSETS
 
 
 
Cash and cash equivalents
$
672,020

 
174,915

Equity securities
6,140

 
6,039

Debt securities available-for-sale, at estimated fair value
2,575,446

 
2,695,390

Debt securities held-to-maturity, net (estimated fair value of $1,169,054 and $1,190,104 at March 31, 2020 and December 31, 2019, respectively)
1,111,525

 
1,148,815

Loans receivable, net
21,050,096

 
21,476,056

Loans held-for-sale
36,311

 
29,797

Federal Home Loan Bank stock
269,127

 
267,219

Accrued interest receivable
78,451

 
79,313

Other real estate owned and other repossessed assets
9,551

 
13,538

Office properties and equipment, net
167,200

 
169,614

Operating lease right-of-use assets
170,549

 
175,143

Net deferred tax asset
83,992

 
64,220

Bank owned life insurance
219,913

 
218,517

Goodwill and intangible assets
97,635

 
97,869

Other assets
129,588

 
82,321

Total assets
$
26,677,544

 
26,698,766

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Deposits
$
18,184,626

 
17,860,338

Borrowed funds
5,466,663

 
5,827,111

Advance payments by borrowers for taxes and insurance
149,561

 
121,719

Operating lease liabilities
181,917

 
185,827

Other liabilities
100,019

 
81,821

Total liabilities
24,082,786

 
24,076,816

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 March 31, 2020 and December 31, 2019; 247,404,464 and 247,439,902 outstanding at March 31, 2020 and December 31, 2019, respectively
3,591

 
3,591

Additional paid-in capital
2,826,288

 
2,822,364

Retained earnings
1,247,028

 
1,245,793

Treasury stock, at cost; 111,666,388 and 111,630,950 shares at March 31, 2020 and December 31, 2019, respectively
(1,353,246
)
 
(1,352,910
)
Unallocated common stock held by the employee stock ownership plan
(77,517
)
 
(78,266
)
Accumulated other comprehensive loss
(51,386
)
 
(18,622
)
Total stockholders’ equity
2,594,758

 
2,621,950

Total liabilities and stockholders’ equity
$
26,677,544

 
26,698,766

See accompanying notes to consolidated financial statements.

1


INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands, except per share data)
Interest and dividend income:
 
 
 
Loans receivable and loans held-for-sale
$
224,529

 
224,890

Securities:
 
 
 
Equity
33

 
37

Government-sponsored enterprise obligations
306

 
266

Mortgage-backed securities
22,584

 
23,630

Municipal bonds and other debt
3,375

 
2,522

Interest-bearing deposits
840

 
535

Federal Home Loan Bank stock
4,432

 
4,337

Total interest and dividend income
256,099

 
256,217

Interest expense:
 
 
 
Deposits
53,179

 
65,422

Borrowed funds
29,637

 
28,117

Total interest expense
82,816

 
93,539

Net interest income
173,283

 
162,678

Provision for credit losses
31,226

 
3,000

Net interest income after provision for credit losses
142,057

 
159,678

Non-interest income
 
 
 
Fees and service charges
6,026

 
5,335

Income on bank owned life insurance
1,396

 
1,577

Gain on loans, net
1,846

 
433

Gain on securities, net
202

 
64

Gain on sale of other real estate owned, net
740

 
224

Other income
4,450

 
3,561

Total non-interest income
14,660

 
11,194

Non-interest expense
 
 
 
Compensation and fringe benefits
60,392

 
60,998

Advertising and promotional expense
2,363

 
3,612

Office occupancy and equipment expense
15,951

 
16,171

Federal deposit insurance premiums
4,401

 
3,300

General and administrative
534

 
484

Professional fees
3,983

 
2,940

Data processing and communication
7,792

 
7,999

Other operating expenses
7,142

 
7,905

Total non-interest expenses
102,558

 
103,409

Income before income tax expense
54,159

 
67,463

Income tax expense
14,647

 
19,305

Net income
$
39,512

 
48,158

Basic earnings per share
$
0.17

 
0.18

Diluted earnings per share
$
0.17

 
0.18

Weighted average shares outstanding

 
 
Basic
233,262,860

 
267,664,063

Diluted
233,632,841

 
268,269,730

See accompanying notes to consolidated financial statements.

2


INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Unaudited)
 
For the Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Net income
$
39,512

 
48,158

Other comprehensive (loss) income, net of tax:
 
 
 
Change in funded status of retirement obligations
20

 
13

Unrealized gains on debt securities available-for-sale
37,628

 
16,239

Accretion of loss on debt securities reclassified to held to maturity
56

 
113

Other-than-temporary impairment accretion on debt securities
180

 
180

Net losses on derivatives
(70,648
)
 
(15,651
)
Total other comprehensive (loss) income
(32,764
)
 
894

Total comprehensive income
$
6,748

 
49,052



See accompanying notes to consolidated financial statements.

3


INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders’ Equity
Three Months Ended March 31, 2020 and 2019
(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, 2018
$
3,591

 
2,805,423

 
1,173,897

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

Net income

 

 
48,158

 

 

 

 
48,158

Other comprehensive income, net of tax

 

 

 

 

 
894

 
894

Purchase of treasury stock (6,208,379 shares)

 

 

 
(73,732
)
 

 

 
(73,732
)
Treasury stock allocated to restricted stock plan (119,663 shares)

 
(1,511
)
 
50

 
1,461

 

 

 

Compensation cost for stock options and restricted stock

 
4,573

 

 

 

 

 
4,573

Exercise of stock options

 
(65
)
 

 
233

 

 

 
168

Restricted stock forfeitures (137,066 shares)

 
1,731

 
(94
)
 
(1,637
)
 

 

 

Cash dividend paid ($0.11 per common share)

 

 
(30,991
)
 

 

 

 
(30,991
)
ESOP shares allocated or committed to be released

 
681

 

 

 
749

 

 
1,430

Balance at March 31, 2019
$
3,591

 
2,810,832

 
1,191,020

 
(958,425
)
 
(80,513
)
 
(10,675
)
 
2,955,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
3,591

 
2,822,364

 
1,245,793

 
(1,352,910
)
 
(78,266
)
 
(18,622
)
 
2,621,950

Cumulative effect of adopting ASU No. 2016-13

 

 
(8,491
)
 

 

 

 
(8,491
)
Net income

 

 
39,512

 

 

 

 
39,512

Other comprehensive loss, net of tax

 

 

 

 

 
(32,764
)
 
(32,764
)
Purchase of treasury stock (84,389 shares)

 

 

 
(932
)
 

 

 
(932
)
Treasury stock allocated to restricted stock plan (64,923 shares)

 
(700
)
 
(90
)
 
790

 

 

 

Compensation cost for stock options and restricted stock

 
3,896

 

 

 

 

 
3,896

Exercise of stock options

 

 

 

 

 

 

Restricted stock forfeitures (15,973 shares)

 
197

 
(3
)
 
(194
)
 

 

 

Cash dividend paid ($0.12 per common share)

 

 
(29,693
)
 

 

 

 
(29,693
)
ESOP shares allocated or committed to be released

 
531

 

 

 
749

 

 
1,280

Balance at March 31, 2020
$
3,591

 
2,826,288

 
1,247,028

 
(1,353,246
)
 
(77,517
)
 
(51,386
)
 
2,594,758

See accompanying notes to consolidated financial statements.


4


INVESTORS BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income
$
39,512

 
48,158

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
ESOP and stock-based compensation expense
5,176

 
6,003

Amortization of premiums and accretion of discounts on securities, net
2,204

 
1,822

Amortization of premiums and accretion of fees and costs on loans, net
(316
)
 
(2,063
)
Amortization of other intangible assets
286

 
399

Amortization of debt modification costs
591

 

Provision for credit losses
31,226

 
3,000

Depreciation and amortization of office properties and equipment
5,279

 
4,667

Gain on securities, net
(202
)
 
(64
)
Mortgage loans originated for sale
(90,738
)
 
(27,556
)
Proceeds from mortgage loan sales
85,802

 
25,226

Gain on sales of mortgage loans, net
(1,579
)
 
(423
)
Gain on sale of other real estate owned
(740
)
 
(224
)
Income on bank owned life insurance
(1,396
)
 
(1,577
)
Amortization of lease right-of-use assets
4,830

 
3,180

Decrease (increase) in accrued interest receivable
862

 
(4,916
)
Deferred tax (benefit) expense
(829
)
 
3,637

Increase in other assets
(47,339
)
 
(11,152
)
Decrease in other liabilities
(100,282
)
 
(31,565
)
Net cash (used in) provided by operating activities
(67,653
)
 
16,552

Cash flows from investing activities:
 
 
 
Purchases of loans receivable
(60,000
)
 
(91,265
)
Net payoffs (originations) of loans receivable
450,712

 
(36,517
)
Proceeds from disposition of loans receivable
12,896

 
636

Gain on disposition of loans receivable
(267
)
 
(10
)
Gain on disposition of leased equipment
(266
)
 

Net proceeds from sale of other real estate owned
4,510

 
1,308

Proceeds from principal repayments/calls/maturities of debt securities available for sale
167,284

 
69,023

Proceeds from principal repayments/calls/maturities of debt securities held to maturity
68,414

 
57,219

Purchases of equity securities
(23
)
 
(23
)
Purchases of debt securities available for sale

 
(83,282
)
Purchases of debt securities held to maturity
(33,807
)
 
(18,501
)
Proceeds from redemptions of Federal Home Loan Bank stock
58,134

 
71,276

Purchases of Federal Home Loan Bank stock
(60,042
)
 
(69,991
)
Purchases of office properties and equipment
(2,865
)
 
(4,700
)
Net cash provided by (used in) investing activities
604,680

 
(104,827
)
Cash flows from financing activities:
 
 
 
Net increase in deposits
324,288

 
49,730

Repayments of principal under finance leases
(388
)
 

Net (decrease) increase in borrowed funds
(361,000
)
 
113,906

Principal applied on affordable housing project advance
(39
)
 

Net increase in advance payments by borrowers for taxes and insurance
27,842

 
18,386

Dividends paid
(29,693
)
 
(30,991
)
Exercise of stock options

 
168


5


Purchase of treasury stock
(932
)
 
(73,732
)
Net cash (used in) provided by financing activities
(39,922
)
 
77,467

Net increase (decrease) in cash and cash equivalents
497,105

 
(10,808
)
Cash and cash equivalents at beginning of period
174,915

 
196,891

Cash and cash equivalents at end of period
$
672,020

 
186,083

Supplemental cash flow information:
 
 
 
Non-cash investing activities:
 
 
 
Real estate acquired through foreclosure and other assets repossessed
$

 
1,245

Cash paid during the year for:
 
 
 
Interest
83,725

 
95,114

Income taxes
3,100

 
3,921

Significant non-cash transactions:
 
 
 
Initial recognition of operating lease right-of-use assets

 
193,290

Initial recognition of operating lease liabilities

 
200,694

Right-of-use assets obtained in exchange for new lease liabilities
558

 
18

See accompanying notes to consolidated financial statements.

6


INVESTORS BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
 
1.     Summary of Significant Accounting Principles

Basis of Presentation
The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiary, Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results.
Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2019 Annual Report on Form 10-K. Certain
reclassifications have been made in the consolidated financial statements to conform with current year classifications.

Adoption of New Accounting Standards
On January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. At adoption, the Company increased its allowance for credit losses by $11.7 million, comprised of $12.7 million and $2.6 million, respectively, for unfunded commitments and held-to-maturity debt securities, partially offset by a decrease of $3.6 million for loans. Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $8.5 million, net of tax.
Allowance for Credit Losses    
The allowance for credit losses includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments and represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through the provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for loan and security losses is reported separately as contra-assets to loans and securities on the consolidated balance sheet. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated balance sheet in other liabilities. The provision for credit losses related to loans, unfunded commitments and debt securities is reported on the consolidated statement of income.
Allowance for Credit Losses On Loans Receivable
The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans in the pool. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the allowance on an individual basis. The Company evaluates the segmentation at least annually to determine whether loans continue to share similar risk characteristics. Loans are charged off against the allowance when the Company believes the loan balances become uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

7


The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the type of credit. The Company’s segments for loans include multi-family, commercial real estate, commercial and industrial, construction, residential and consumer. <