Alexander & Baldwin Announces First Quarter 2017 Earnings Release and Webcast

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Alexander & Baldwin Announces First Quarter 2017 Earnings Release and Webcast

PR Newswire

HONOLULU, April 27, 2017 /PRNewswire/ — Alexander & Baldwin, Inc. (NYSE:ALEX) will report results for the first quarter 2017 at 4:00 p.m. ET on Thursday, May 4, 2017. In connection with this announcement, A&B will host a live webcast of its conference call with financial analysts and professional investors on May 4, 2017, at 5 p.m. ET.

The webcast and call will feature a presentation on operating and financial performance, followed by questions from investors invited to participate in the interactive portion of the discussion. Parties listening via the webcast will be in a “listen-only” mode.

Company participants on the call will be Chris Benjamin, president and chief executive officer, and Paul Ito, senior vice president and chief financial officer.

Access to the webcast will be via a link on the investor relations page of A&B’s corporate website at www.alexanderbaldwin.com. Presentation slides will be available for download from A&B’s website at 4:30 p.m. ET on May 4, 2017.

ABOUT ALEXANDER & BALDWIN 
Alexander & Baldwin, Inc. is a Hawaii-based public company, with interests in commercial real estate, real estate development, agriculture, materials and infrastructure construction. With ownership of approximately 87,000 acres in Hawaii, A&B is the state’s fourth largest private landowner, and one of the state’s most active real estate investors. The Company manages a portfolio comprising 4.7 million square feet of leasable space in Hawaii and on the U.S. Mainland and is the largest owner of anchored strip retail centers in the state. A&B is also Hawaii’s largest materials company and paving contractor. Additional information about A&B may be found at www.alexanderbaldwin.com.

FORWARD-LOOKING STATEMENTS 
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are  not guarantees of future performance. This release should be read in conjunction with pages 13-24 of Alexander & Baldwin, Inc.’s 2016 Form 10-K and other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.

Contact:
Suzy Hollinger
808.525.8443
shollinger@abinc.com

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alexander–baldwin-announces-first-quarter-2017-earnings-release-and-webcast-300447796.html

SOURCE Alexander & Baldwin, Inc.

Sunoco LP Maintains Quarterly Distribution

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Sunoco LP Maintains Quarterly Distribution

1Q 2017 Earnings Release and Earnings Call Dates Also Announced

PR Newswire

DALLAS, April 27, 2017 /PRNewswire/ – Sunoco LP (NYSE: SUN) (“SUN”) announced that the Board of Directors of its general partner declared a quarterly distribution for the first quarter of 2017 of $0.8255 per common unit, which corresponds to $3.3020 per common unit on an annualized basis.  The first quarter distribution is unchanged from the fourth quarter 2016 distribution and reflects a 1.0 percent increase compared to the distribution for the first quarter of 2016.  The distribution will be paid on May 16, 2017 to common unitholders of record on May 9, 2017.

SUN will release its first quarter 2017 financial and operating results after the market closes on Wednesday, May 3. In conjunction with the news release, management will hold a conference call on Thursday, May 4, at 9:30 a.m. Central Time (10:30 a.m. Eastern Time) to discuss SUN’s results.

By Phone: 

Dial 201-389-0877 at least 10 minutes before the call. A replay will be available through March 3 by dialing 201-612-7415 and using the conference ID 13661024#.


By Webcast:

Connect to the webcast via the Events and Presentations pages of SUN’s Investor Relations website at www.SunocoLP.com. Please log in at least 10 minutes in advance to register and download any necessary software.  A replay will be available shortly after the call.

About Sunoco LP

Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,345 convenience stores and retail fuel sites and distributes motor fuel to approximately 7,845 convenience stores, independent dealers, commercial customers and distributors located in 30 states. Our parent — Energy Transfer Equity, L.P. (NYSE: ETE) — owns SUN’s general partner and incentive distribution rights.

Qualified Notice

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of SUN’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, SUN’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Contacts

Scott Grischow 
Senior Director – Investor Relations and Treasury 
(214) 840-5660, scott.grischow@sunoco.com

Patrick Graham 
Senior Analyst – Investor Relations and Finance 
(214) 840-5678, patrick.graham@sunoco.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunoco-lp-maintains-quarterly-distribution-300447707.html

SOURCE Sunoco LP

Investors Bancorp, Inc. Announces First Quarter Financial Results and Cash Dividend

Investors Bancorp, Inc. Announces First Quarter Financial Results and Cash Dividend

PR Newswire

SHORT HILLS, N.J., April 27, 2017 /PRNewswire/ – Investors Bancorp, Inc. (NASDAQ: ISBC) (“Company”), the holding company for Investors Bank (“Bank”), reported net income of $46.0 million, or  $0.16 per diluted share, for the three months ended March 31, 2017, compared to $52.5 million, or $0.18  per diluted share, for the three months ended December 31, 2016, and $44.7 million, or $0.14 per diluted share, for the three months ended March 31, 2016.

Kevin Cummings, President and CEO commented, “This was a solid quarter for the Bank as year over year earnings per share grew 14%. We continue to invest in our risk management infrastructure as well as BSA remediation initiatives.”

Mr. Cummings continued, “Our non-accrual loan metrics continued to improve as compared with the prior
quarters.”

The Company also announced today that its Board of Directors declared a cash dividend of $0.08 per share to be paid on May 25, 2017 for stockholders of record as of May 10, 2017.

Performance Highlights

  • Total assets increased $714.0 million, or 3.1%, to $23.89 billion at March 31, 2017 from $23.17 billion at December 31, 2016.
  • Net loans increased $691.4 million, or 3.7%, to $19.26 billion at March 31, 2017 from $18.57 billion at December 31, 2016. During the three months ended March 31, 2017 we originated $1.16 billion in new loans.
  • Core deposits (savings, checking and money market) increased $218.8 million from $12.33 billion at December 31, 2016 to $12.55 billion at March 31, 2017 and represent approximately 82% of total deposits as of March 31, 2017 compared to 76% at March 31, 2016.
  • Net interest income for the three months ended March 31, 2017 was $167.1 million, an 8.1% increase compared to the three months ended March 31, 2016.
  • Non-accrual loans to total loans declined to 0.45% at March 31, 2017 compared to 0.61% at March 31, 2016. Our provision for loan losses was $4.0 million for the three months ended March 31, 2017, compared to net charge-offs of $1.5 million.
  • Earnings per share increased 14% from $0.14 per share for the three months ended March 31, 2016 to $0.16 per share for the three months ended March 31, 2017.

Financial Performance Overview

For the first quarter of 2017, net income totaled $46.0 million, a decrease of $6.4 million as compared to the fourth quarter of 2016 and an increase of $1.4 million as compared to the first quarter of 2016.  The changes in net income on both a sequential and year over year quarter basis are the result of the following:

Net interest income decreased by $1.6 million, or 0.9%, as compared to the fourth quarter of 2016 due to:

  • An increase in total interest expense of $3.6 million primarily attributable to rising deposit and borrowing costs, as well as an increase in the weighted average balance of total interest-bearing liabilities of $678.6 million, or 3.9%, to $17.89 billion. The weighted average cost of interest-bearing liabilities for the three months ended March 31, 2017 increased 5 basis points to 0.96%.
  • An increase in interest and dividend income of $2.0 million, or 1.0%, to $210.1 million as compared to the fourth quarter of 2016.
    • Interest income on loans decreased by $2.0 million, or 1.0%, to $186.0 million which is attributed to a 17 basis point reduction in the weighted average loan yield to 3.95%, primarily driven by lower prepayment penalties and lower average yields on new loan origination volume. The decrease is partially offset by a $567.2 million increase in the average balance of net loans to $18.83 billion primarily attributed to growth in the commercial loan portfolio.
    • Prepayment penalties, which are included in interest income, totaled $3.2 million for the three months ended March 31, 2017, as compared to $7.4 million for the three months ended December 31, 2016.
    • Interest income on interest-earning assets, excluding loans, increased by $4.0 million, or 19.7%, to $24.1 million for the three months ended March 31, 2017. The increase is attributed to the weighted average yield on interest-earning assets, excluding loans, which increased 36 basis points to 2.52% for the three months ended March 31, 2017.

The net interest margin decreased 12 basis points to 2.95% for the three months ended March 31, 2017 from 3.07% for the three months ended December 31, 2016 with approximately 8 basis points of the decrease being driven by lower prepayment penalties.

On a year over year basis, net interest income increased by $12.6 million, or 8.1%, in the first quarter of 2017, as compared to the first quarter of 2016 due to:

  • An increase in interest and dividend income of $18.0 million, or 9.4%, to $210.1 million as a result of a $2.06 billion increase in the average balance of net loans from continued loan origination growth, partially offset by the weighted average loan yield decreasing 17 basis points to 3.95%, with new originations yields and prepayment penalty declines.
  • Prepayment penalties, which are included in interest income, totaled $3.2 million for the three months ended March 31, 2017, as compared to $4.7 million for the three months ended March 31, 2016.
  • An increase in total interest expense of $5.4 million was primarily attributed to an increase in the average balance of total borrowed funds of $1.31 billion, or 39.4%, to $4.62 billion for the three months ended March 31, 2017 and an increase in the average balance of interest-bearing deposits of $935.4 million, or 7.6%, to $13.27 billion. The weighted average cost of interest-bearing liabilities remained flat at 0.96% for the three months ended March 31, 2017.

The net interest margin decreased 10 basis points year over year to 2.95% for the three months ended March 31, 2017 from 3.05% for the three months ended March 31, 2016 with approximately 3 basis points of the decrease being driven by lower prepayment penalties.

Total non-interest income increased by $1.2 million to $9.7 million for the three months ended March 31, 2017 compared to the three months ended December 31, 2016, primarily due to a $1.2 million gain on security transactions as a result of the sale of available for sale securities totaling $46.1 million for the three months ended March 31, 2017.  Compared to the first quarter of 2016, total non-interest income increased $1.0 million.

Total non-interest expenses were $99.6 million for the three months ended March 31, 2017, an increase of $10.5 million, or 11.9%, as compared to the fourth quarter of 2016.  Compensation and fringe benefits increased $9.1 million due to additions to our staff to support continued growth and infrastructure, especially in our risk management area, as well as normal merit increases.  These increases were coupled with the decrease of our incentive compensation and freezing of defined benefit retirement plans during the fourth quarter of 2016 which reduced total non-interest expenses for the three months ended December 31, 2016 by approximately $5.0 million. For the three months ended March 31, 2017 professional fees increased $1.8 million, largely attributable to continuing risk management and compliance efforts, including the enhancement of the Company’s bank secrecy act and anti-money laundering compliance program (“BSA”).  Excluding the impact of BSA related professional fees, total non-interest expenses totaled $95.1 million for the three months ended March 31, 2017.

Compared to the first quarter of 2016, total non-interest expenses increased $12.4 million, or 14.2%, year over year due to the contributing factors:

  • Compensation and fringe benefits increased $5.5 million as a result of additions to our staff to support continued growth and continued build out of our risk management and operating infrastructure, as well as normal merit increases.
  • Professional fees increased $3.4 million as we continue to enhance risk management and operational infrastructure.
  • Federal insurance premiums and office occupancy and equipment expense increased $1.3 million and $1.0 million, respectively, for the three months ended March 31, 2017.

Income tax expense was $27.2 million for the three months ended March 31, 2017, $31.0 million for the three months ended December 31, 2016 and $26.5 million for the three months ended March 31, 2016.


Asset Quality

Our provision for loan losses was $4.0 million for the three months ended March 31, 2017, compared to $4.8 million for the three months ended December 31, 2016 and $5.0 million for the three months ended March 31, 2016.  For the three months ended March 31, 2017, net charge-offs were $1.5 million compared to net recoveries of $73,000 for the three months ended December 31, 2016 and net charge-offs of $6.9 million for the three months ended March 31, 2016.

Our provision for the three months ended March 31, 2017 is primarily a result of continued organic growth in the loan portfolio, specifically the multi-family, commercial real estate and commercial and industrial portfolios; the inherent credit risk in our overall portfolio, particularly the credit risk associated with commercial real estate lending and commercial and industrial lending; offset by the improvement in the level of non-accrual loans and charge-offs.

Our accruing past due loans and non-accrual loans discussed below exclude certain purchased credit impaired (PCI) loans, primarily consisting of loans recorded in the Company’s acquisitions.  Under U.S. GAAP, the PCI loans (acquired at a discount that is due, in part, to credit quality) are not subject to delinquency classification in the same manner as loans originated by the Bank.

Total non-accrual loans decreased to $87.1 million, or 0.45% of total loans, at March 31, 2017 compared to $94.3 million, or 0.50% of total loans, at December 31, 2016.  Classified loans as a percent of total loans increased to 1.58% at March 31, 2017 from 1.00% at December 31, 2016. 

We continue to diligently resolve our troubled loans, however it takes a long period of time to resolve residential credits in our lending area.  At March 31, 2017, there were $33.0 million of loans deemed as troubled debt restructurings, of which $27.4 million were residential and consumer loans, $3.7 million were commercial real estate loans, $1.7 million were commercial and industrial loans and $246,000 were multi-family loans.  Troubled debt restructured loans of $12.2 million were classified as accruing and $20.8 million were classified as non-accrual at March 31, 2017.

The following table sets forth non-accrual loans and accruing past due loans (excluding PCI loans and loans held for sale) on the dates indicated as well as certain asset quality ratios.

March 31, 2017

December 31, 2016

September 30, 2016

June 30, 2016

March 31, 2016

# of loans

amount

# of loans

amount

# of loans

amount

# of loans

amount

# of loans

amount


(Dollars in millions)


Accruing past due loans:

30 to 59 days past due:

Residential and consumer

103

$

29.2

116

$

27.1

110

$

18.9

131

$

24.9

151

$

28.6

Construction

Multi-family

6

14.7

2

5.3

3

4.1

6

18.0

Commercial real estate

13

38.8

3

6.4

11

24.0

5

3.9

12

24.5

Commercial and industrial

6

1.1

4

0.8

6

1.4

1

2.8

3

3.8

Total 30 to 59 days past due

128

83.8

125

39.6

130

48.4

137

31.6

172

74.9

60 to 89 days past due:

Residential and consumer

51

8.3

57

10.8

62

11.1

51

7.8

66

16.3

Construction

Multi-family

1

1.1

1

1.1

Commercial real estate

7

8.4

8

32.0

3

16.4

2

0.7

1

0.3

Commercial and industrial

1

0.6

4

0.9

3

0.4

1

0.8

1

Total 60 to 89 days past due

59

17.3

70

44.8

69

29.0

54

9.3

68

16.6

Total accruing past due loans

187

$

101.1

195

$

84.4

199

$

77.4

191

$

40.9

240

$

91.5


Non-accrual:

Residential and consumer

470

$

76.2

478

$

79.9

481

$

86.1

471

$

86.5

488

$

85.9

Construction

1

0.2

3

0.5

Multi-family

2

0.5

2

0.5

1

0.2

2

1.2

3

2.9

Commercial real estate

24

8.2

24

9.2

29

8.9

33

11.7

35

10.3

Commercial and industrial

4

2.2

8

4.7

6

2.3

6

0.7

10

5.6

Total non-accrual loans

500

$

87.1

512

$

94.3

517

$

97.5

513

$

100.3

539

$

105.2

Accruing troubled debt
restructured loans

47

$

12.2

42

$

9.4

31

$

8.8

29

$

12.1

30

$

10.7

Non-accrual loans to total loans

0.45

%

0.50

%

0.53

%

0.57

%

0.61

%

Allowance for loan loss as a
percent of non-accrual loans

265.16

%

242.24

%

229.31

%

219.60

%

205.83

%

Allowance for loan losses as a
percent of total loans

1.18

%

1.21

%

1.22

%

1.25

%

1.26

%

 

Balance Sheet Summary

Total assets increased by $714.0 million, or 3.1%, to $23.89 billion at March 31, 2017 from December 31, 2016.  Net loans increased $691.4 million, or 3.7%, to $19.26 billion at March 31, 2017, and securities increased by $55.7 million, or 1.6%, to $3.47 billion at March 31, 2017 from December 31, 2016.

The detail of the loan portfolio (including PCI loans) is below:           


March 31, 2017


December 31, 2016


(Dollars in thousands)

Commercial Loans:

Multi-family loans

$

7,795,974

7,459,131

Commercial real estate loans

4,637,427

4,452,300

Commercial and industrial loans

1,374,599

1,275,283

Construction loans

335,341

314,843

Total commercial loans

14,143,341

13,501,557

Residential mortgage loans

4,750,529

4,711,880

Consumer and other

611,558

597,265

Total Loans

19,505,428

18,810,702

Premiums on purchased loans and deferred loan fees, net

(13,245)

(12,474)

Allowance for loan losses

(230,912)

(228,373)

Net loans

$

19,261,271

18,569,855

 

During the three months ended March 31, 2017, we originated $498.4 million in multi-family loans, $234.7 million in commercial real estate loans, $176.0 million in commercial and industrial loans, $121.6 million in residential loans, $95.7 million in construction loans and $32.5 million in consumer and other loans.  This increase in loans reflects our continued focus on generating multi-family loans, commercial real estate loans and commercial and industrial loans, which was partially offset by pay downs and payoffs of loans.  Our loans are primarily on properties and businesses located in New Jersey and New York.

In addition to the loans originated for our portfolio, our mortgage subsidiary, Investors Home Mortgage Co., originated residential mortgage loans for sale to third parties totaling $41.2 million during the three months ended March 31, 2017.

The allowance for loan losses increased by $2.5 million to $230.9 million at March 31, 2017 from $228.4 million at December 31, 2016.  The increase in our allowance for loan losses is due to the growth of the loan portfolio and the credit risk in our overall portfolio, particularly the inherent credit risk associated with commercial real estate lending as well as commercial and industrial loans, offset by the improvement in the level of non-accrual loans and charge-offs.  Future increases in the allowance for loan losses may be necessary based on the growth and composition of the loan portfolio, the level of loan delinquency and the economic conditions in our lending area.  At March 31, 2017, our allowance for loan loss as a percent of total loans was 1.18%.

Securities, in the aggregate, increased by $55.7 million, or 1.6%, to $3.47 billion at March 31, 2017 from $3.42 billion at December 31, 2016.  This increase was a result of purchases partially offset by paydowns and sales.

Deposits increased by $95.2 million, or 0.6%, from $15.28 billion at December 31, 2016 to $15.38 billion at March 31, 2017.  Checking accounts increased $100.0 million to $6.19 billion at March 31, 2017 from $6.09 billion at December 31, 2016.  Core deposits (savings, checking and money market) represented approximately 82% of our total deposit portfolio at March 31, 2017.

Borrowed funds increased by $547.5 million, or 12.0%, to $5.09 billion at March 31, 2017 from $4.55 billion at December 31, 2016 to help fund the continued growth of the loan portfolio.

Stockholders’ equity increased by $35.2 million to $3.16 billion at March 31, 2017 from $3.12 billion at December 31, 2016.  The increase is primarily attributed to net income of $46.0 million and $10.2 million of costs related to share-based plans for the three months ended March 31, 2017.  These increases are partially offset by cash dividends of $0.08 per share totaling $24.8 million during the three months ended March 31, 2017.

About the Company

Investors Bancorp, Inc. is the holding company for Investors Bank, which as of March 31, 2017 operates from its corporate headquarters in Short Hills, New Jersey and 152 branches located throughout New Jersey and New York.

Earnings Conference Call April 28, 2017 at 11:00 a.m. (ET)

The Company, as previously announced, will host an earnings conference call on Friday, April 28, 2017 at 11:00 a.m. (ET).  The toll-free dial-in number is: (866) 218-2404.  Callers who pre-register will bypass the live operator and may avoid any delays in joining the conference call.  Participants will immediately receive an online confirmation, an email and a calendar invitation for the event.

Conference Call Pre-registration link: http://dpregister.com/10104229

A telephone replay will be available beginning on April 28, 2017 from 1:00 p.m. (ET) through 9:00 a.m. (ET) on July 28, 2017.  The replay number is (877) 344-7529 password 10104229.  The conference call will also be simultaneously webcast on the Company’s website www.myinvestorsbank.com and archived for one year.


Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms.  Forward looking statements are subject to numerous risks and uncertainties, as described in the ” Risk Factors” disclosures included in our Annual Report on Form 10-K, as supplemented in quarterly reports on Form 10-Q, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made.  The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.  The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


Non-GAAP Financial Measures

We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position.  We utilize these measures for internal planning and forecasting purposes.  We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management.  These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

 


Contact:

Marianne Wade

(973) 924-5100


investorrelations@myinvestorsbank.com

 


INVESTORS BANCORP, INC. AND SUBSIDIARIES


Consolidated Balance Sheets


March 31, 2017


December 31, 2016

(unaudited)


Assets


(Dollars in thousands)

Cash and cash equivalents

$

165,914

164,178

Securities available-for-sale, at estimated fair value

1,767,260

1,660,433

Securities held-to-maturity, net (estimated fair value of $1,736,210 and
$1,782,801 at March 31 2017 and December 31, 2016, respectively)

1,704,406

1,755,556

Loans receivable, net

19,261,271

18,569,855

Loans held-for-sale

4,908

38,298

Federal Home Loan Bank stock

251,805

237,878

Accrued interest receivable

68,922

65,969

Other real estate owned

4,801

4,492

Office properties and equipment, net

179,196

177,417

Net deferred tax asset

216,183

222,277

Bank owned life insurance

153,063

161,940

Goodwill and intangible assets

101,475

101,839

Other assets

9,469

14,543

Total assets

$

23,888,673

23,174,675


Liabilities and Stockholders’ Equity

Liabilities:

Deposits

$

15,376,023

15,280,833

Borrowed funds

5,093,790

4,546,251

Advance payments by borrowers for taxes and insurance

127,401

105,851

Other liabilities

132,967

118,495

Total liabilities

20,730,181

20,051,430

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, 2017 and December 31, 2016; 310,364,901 and
309,449,388 outstanding at March 31, 2017 and December 31, 2016,
respectively

3,591

3,591

Additional paid-in capital

2,763,217

2,765,732

Retained earnings

1,075,909

1,053,750

Treasury stock, at cost; 48,705,951 and 49,621,464 shares at March 31, 2017
and December 31, 2016, respectively

(576,973)

(587,974)

Unallocated common stock held by the employee stock ownership plan

(86,505)

(87,254)

Accumulated other comprehensive loss

(20,747)

(24,600)

Total stockholders’ equity

3,158,492

3,123,245

Total liabilities and stockholders’ equity

$

23,888,673

23,174,675

 

 


INVESTORS BANCORP, INC. AND SUBSIDIARIES


Consolidated Statements of Income


For the Three Months Ended


March 31, 2017


December 31, 2016


March 31, 2016


(unaudited)


(unaudited)


(unaudited)


(Dollars in thousands, except per share data)

Interest and dividend income:

Loans receivable and loans held-for-sale

$

185,961

187,912

172,832

Securities:

GSE obligations

8

8

11

Mortgage-backed securities

16,709

15,631

15,097

Equity

48

51

51

Municipal bonds and other debt

4,068

1,665

1,952

Interest-bearing deposits

107

88

104

Federal Home Loan Bank stock

3,193

2,724

2,060

Total interest and dividend income

210,094

208,079

192,107

Interest expense:

Deposits

22,184

20,418

20,725

Borrowed funds

20,791

18,951

16,819

Total interest expense

42,975

39,369

37,544

Net interest income

167,119

168,710

154,563

Provision for loan losses

4,000

4,750

5,000

Net interest income after provision for loan losses

163,119

163,960

149,563

Non-interest income:

Fees and service charges

4,928

4,223

4,180

Income on bank owned life insurance

725

1,156

1,260

Gain on loans, net

992

1,271

437

Gain on securities transactions

1,227

1,388

Gain (loss) on sales of other real estate owned, net

174

163

(233)

Other income

1,657

1,691

1,675

Total non-interest income

9,703

8,504

8,707

Non-interest expense:

Compensation and fringe benefits

57,274

48,223

51,817

Advertising and promotional expense

2,085

3,004

1,694

Office occupancy and equipment expense

14,847

14,608

13,810

Federal insurance premiums

3,710

3,383

2,400

General and administrative

734

724

817

Professional fees

7,421

5,611

4,013

Data processing and communication

5,860

5,222

5,561

Other operating expenses

7,627

8,235

7,034

Total non-interest expenses

99,558

89,010

87,146

Income before income tax expense

73,264

83,454

71,124

Income tax expense

27,244

30,989

26,455

Net income

$

46,020

52,465

44,669

Basic earnings per share

$

0.16

$

0.18

$

0.14

Diluted earnings per share

$

0.16

$

0.18

$

0.14

Basic weighted average shares outstanding

291,185,408

290,751,171

309,166,680

Diluted weighted average shares outstanding

293,407,422

292,623,922

312,951,988

 

 


INVESTORS BANCORP, INC. AND SUBSIDIARIES

Average Balance Sheet and Yield/Rate Information


For the Three Months Ended


March 31, 2017


December 31, 2016


March 31, 2016

Average
Outstanding
Balance

Interest
Earned/Paid

Weighted
Average
Yield/Rate

Average
Outstanding
Balance

Interest
Earned/Paid

Weighted
Average
Yield/Rate

Average
Outstanding
Balance

Interest
Earned/Paid

Weighted
Average
Yield/Rate

(Dollars in thousands)

Interest-earning assets:

Interest-earning cash accounts

$

144,142

107

0.30

%

$

154,678

88

0.23

%

$

157,877

104

0.26

%

Securities available-for-sale

1,721,518

8,296

1.93

%

1,574,840

7,165

1.82

%

1,291,137

6,080

1.88

%

Securities held-to-maturity

1,724,751

12,537

2.91

%

1,778,239

10,190

2.29

%

1,877,548

11,031

2.35

%

Net loans

18,825,615

185,961

3.95

%

18,258,406

187,912

4.12

%

16,769,132

172,832

4.12

%

Federal Home Loan Bank stock

241,156

3,193

5.30

%

224,917

2,724

4.84

%

180,725

2,060

4.56

%

Total interest-earning assets

22,657,182

210,094

3.71

%

21,991,080

208,079

3.78

%

20,276,419

192,107

3.79

%

Non-interest earning assets

755,164

794,131

776,029

Total assets

$

23,412,346

$

22,785,211

$

21,052,448

Interest-bearing liabilities:

Savings

$

2,106,087

1,834

0.35

%

$

2,087,267

1,620

0.31

%

$

2,119,189

1,594

0.30

%

Interest-bearing checking

4,104,085

6,483

0.63

%

3,901,601

5,070

0.52

%

3,000,051

3,135

0.42

%

Money market accounts

4,179,321

7,190

0.69

%

4,094,678

6,737

0.66

%

3,826,756

6,234

0.65

%

Certificates of deposit

2,885,079

6,677

0.93

%

2,873,374

6,991

0.97

%

3,393,174

9,762

1.15

%

 Total interest bearing deposits

13,274,572

22,184

0.67

%

12,956,920

20,418

0.63

%

12,339,170

20,725

0.67

%

Borrowed funds

4,619,618

20,791

1.80

%

4,258,697

18,951

1.78

%

3,314,563

16,819

2.03

%

Total interest-bearing liabilities

17,894,190

42,975

0.96

%

17,215,617

39,369

0.91

%

15,653,733

37,544

0.96

%

Non-interest bearing liabilities

2,365,481

2,450,879

2,125,420

Total liabilities

20,259,671

19,666,496

17,779,153

Stockholders’ equity

3,152,675

3,118,715

3,273,295

Total liabilities and stockholders’
equity

$

23,412,346

$

22,785,211

$

21,052,448

Net interest income

$

167,119

$

168,710

$

154,563

Net interest rate spread

2.75

%

2.87

%

2.83

%

Net interest earning assets

$

4,762,992

$

4,775,463

$

4,622,686

Net interest margin

2.95

%

3.07

%

3.05

%

Ratio of interest-earning assets to total
interest-bearing liabilities

1.27

X

1.28

X

1.30

X

 

 


INVESTORS BANCORP, INC. AND SUBSIDIARIES

Selected Performance Ratios


For the Three Months Ended


March 31,
2017


December 31,
2016


March 31,
2016

Return on average assets (1)

0.79

%

0.92

%

0.85

%

Return on average equity (1)

5.84

%

6.73

%

5.46

%

Return on average tangible equity (1)

6.03

%

6.96

%

5.64

%

Interest rate spread

2.75

%

2.87

%

2.83

%

Net interest margin

2.95

%

3.07

%

3.05

%

Efficiency ratio

56.30

%

50.23

%

53.38

%

Non-interest expense to average total assets

1.70

%

1.56

%

1.66

%

Average interest-earning assets to average interest-bearing liabilities

1.27

1.28

1.30

(1)  March 31, 2016 ratios have been revised to reflect the impact of the Company’s adoption of ASU No. 2016-09 in December 2016.

 


INVESTORS BANCORP, INC. AND SUBSIDIARIES

Selected Financial Ratios and Other Data


March 31,
2017


December 31,
2016


Asset Quality Ratios:

Non-performing assets as a percent of total assets

0.44

%

0.47

%

Non-performing loans as a percent of total loans

0.51

%

0.55

%

Allowance for loan losses as a percent of non-accrual loans

265.16

%

242.24

%

Allowance for loan losses as a percent of total loans

1.18

%

1.21

%


Capital Ratios:

Tier 1 Leverage Ratio (1)

11.94

%

12.03

%

Common equity tier 1 risk-based (1)

14.54

%

14.75

%

Tier 1 Risk-Based Capital (1)

14.54

%

14.75

%

Total Risk-Based Capital (1)

15.75

%

15.99

%

Equity to total assets (period end)

13.22

%

13.48

%

Average equity to average assets

13.47

%

13.69

%

Tangible capital (to tangible assets) (2)

12.85

%

13.10

%

Book value per common share (2)

$

10.61

$

10.53

Tangible book value per common share (2)

$

10.27

$

10.18


Other Data:

Number of full service offices

152

151

Full time equivalent employees

1,885

1,829

(1) Ratios are for Investors Bank and do not include capital retained at the holding company level.

(2) See Non GAAP Reconciliation.

 

 


Investors Bancorp, Inc.


Non GAAP Reconciliation

(dollars in thousands, except share data)


Book Value and Tangible Book Value per Share Computation


At the period ended


March 31,
2017


December 31,
2016

Total stockholders’ equity

$

3,158,492

$

3,123,245

Goodwill and intangible assets

101,475

101,839

Tangible stockholders’ equity

$

3,057,017

$

3,021,406


Book Value per Share Computation

Common stock issued

359,070,852

359,070,852

Treasury shares

(48,705,951)

(49,621,464)

Shares outstanding

310,364,901

309,449,388

Unallocated ESOP shares

(12,671,423)

(12,789,847)

Book value shares

297,693,478

296,659,541


Book Value Per Share

$

10.61

$

10.53


Tangible Book Value per Share

$

10.27

$

10.18

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-bancorp-inc-announces-first-quarter-financial-results-and-cash-dividend-300447706.html

SOURCE Investors Bancorp, Inc.