Investors Bancorp reported net income of $33.3 million for the three months ended December 31, 2018.
Net income for the three months ended December 31, 2018 includes a $32.8 million loss on the sale of debt securities available-for-sale and $2.8 million of branch closure costs, both announced in December 2018.
Adjusted net income for the three months ended December 31, 2018 totaled $61.1 million compared to net income of $54.2 million for the three months ended September 30, 2018 and adjusted net income of $48.2 million for the three months ended December 31, 2017.
For the 2018 year end, net income totaled $202.6 million. Net income adjusted for the aforementioned items totaled $229.3 million for the year ended December 31, 2018, compared to adjusted net income of $179.6 million for the year ended December 31, 2017.
“Our fourth quarter was highlighted by strong loan growth. In addition, this quarter marked an important milestone for the bank as our informal agreement with the regulators was terminated. We are pleased at the progress we made in strengthening our Bank Secrecy Act compliance programs,” said Kevin Cummings, Investors chairman and CEO. “While we face increasing funding costs, we continue to grow and diversify our loan portfolio and control our expenses. We are proud of our team’s efforts in 2018 and our strong results for the year.”
Other 2018 highlights included:
Investors Bank operates from its corporate headquarters in Short Hills, NJ and 151 branches located throughout New Jersey and New York.
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One Reply to “Investors Bank Sees Strong Loan Growth in Q4/2018”
Investors Bank forecast during its conference call on January 1 the loan pipeline for Q1 2019.
The estimate for C&I and CRE financing transactions was set at about $1.2 billion.