Equipment Finance Drives Investors Bancorp Q4/19 Non-Interest Income Increase
JAN 30, 2020 - 6:45 am
Investors Bancorp reported net income of $48.7 million for Q4/19 compared to $52.0 million Q3/19 and $33.3 million for Q4/18.
Full-year 2019 net income totaled $195.5 million compared to $202.6 million in 2018.
Total Q4/19 non-interest income was $20.5 million, an increase of $5.7 million compared to $14.8 million in Q3/19. The increase in non-interest income was primarily due to a $2.6 million increase in net gains its equipment finance portfolio, a $1.5 million increase in customer swap fee income and a $1.0 million increase in fees and service charges.
Kevin Cummings, Chairman and CEO, commented, “Increased net interest income and fee income, in addition to lower expenses, contributed to our strong fourth quarter results. Our net interest margin expanded eight basis points this quarter as our deposit costs declined and we continued our focus on higher yielding commericial and industrial loans.”
Net interest margin increased 8 basis points to 2.61% for the three months ended December 31, 2019 compared to the three months ended September 30, 2019.
Commercial and industrial loans increased $269.7 million, or 10.1%, during the three months ended December 31, 2019.
Total non-interest income was $20.5 million for the three months ended December 31, 2019, an increase of $5.7 million compared to the three months ended September 30, 2019.
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