Welcome to our dedicated page for ISBC news (Ticker: ISBC), a resource for investors and traders seeking the latest updates and insights on ISBC stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect ISBC's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of ISBC's position in the market.
Investors Bancorp announced that the FDIC has approved its acquisition of eight branches from Berkshire Bank, a subsidiary of Berkshire Hills Bancorp. The transaction includes the acquisition of approximately $633 million in deposits and $253 million in loans. This acquisition is expected to finalize on August 27, 2021, pending customary closing conditions. With this acquisition, Investors Bank aims to strengthen its market presence in New Jersey and eastern Pennsylvania.
Investors Bancorp reported net income of $79.8 million for Q2 2021, up from $72.3 million in Q1 2021 and $42.6 million in Q2 2020. Diluted earnings per share rose to $0.34. For the first half of 2021, net income reached $152.1 million, compared to $82.1 million in 2020. A cash dividend of $0.14 per share was declared. Key metrics included a return on average assets of 1.22% and an increase in net interest margin to 3.11%. Total loans grew by 2.4% while non-accrual loans declined to 0.36% of total loans.
Citizens Financial Group has announced a definitive agreement to acquire Investors Bancorp for approximately $3.5 billion, combining stock and cash. This acquisition adds 154 branches in key northeastern markets and consolidates Citizens' customer base by approximately one million. The merger is anticipated to be accretive to earnings per share (EPS) and deliver significant cost savings, projected at $130 million annually. The transaction is set to close by Q1 or Q2 of 2022, pending regulatory approvals and shareholder consent.
Investors Bancorp, Inc. (ISBC) is set to report second-quarter earnings on July 28, 2021, at 5:00 p.m. ET. A conference call for investors will follow on July 29, 2021, at 11:00 a.m. ET, with a pre-registration option available to expedite entry. The company's assets totaled $25.82 billion as of March 31, 2021, with operations centered in Short Hills, NJ, and 156 branches across NJ and NY. Call-in options for the conference include toll-free and international numbers, and the event will be available via webcast on the company’s website.
Investors Bancorp, Inc. (ISBC) reported a net income of $72.3 million ($0.31 per diluted share) for Q1 2021, slightly down from $75.1 million in Q4 2020 but a significant increase from $39.5 million in Q1 2020. The Board declared a cash dividend of $0.14 per share, payable on May 25, 2021. Notable improvements include a return on assets of 1.11% and a decrease in non-accrual loans to 0.40% of total loans. Total non-interest income dropped to $20 million, impacted by prior sale-leaseback gains. Overall, the Company remains cautiously optimistic regarding credit quality amidst ongoing economic challenges.
Investors Bancorp, Inc. (Nasdaq: ISBC) will report its first-quarter earnings on April 28, 2021, at 5:00 p.m. ET. Following this, an earnings conference call is scheduled for April 29, 2021, at 11:00 a.m. ET. Investors can pre-register to facilitate a smoother participation experience. As of December 31, 2020, the company had assets totaling $26.02 billion and operates 156 branches in New Jersey and New York. For further details, visit investorsbank.com.
Investors Bancorp, Inc. (NASDAQ: ISBC) has elected John E. Harmon, Sr. and Kim Wales to its Board of Directors, effective January 26, 2021. Harmon, known for his expertise in supporting minority-owned businesses, will enhance the bank's strategic growth. Wales, a pioneer in digital banking and crowdfunding, brings valuable insights into financial regulations and risk management. These appointments are expected to strengthen Investors Bancorp's governance and strategic direction as it operates 156 branches across New Jersey and New York.
Investors Bancorp reported a net income of $75.1 million for Q4 2020, up from $64.3 million in Q3 2020 and $48.7 million in Q4 2019, translating to $0.32 per diluted share. For the full year 2020, net income rose to $221.6 million compared to $195.5 million in 2019. The Board declared a cash dividend of $0.14 per share, a 17% increase from the prior quarter. Key metrics included a net interest margin of 2.98% and a return on assets of 1.14%. The company experienced a $9 million cost related to branch consolidation.
Investors Bancorp, Inc. (Nasdaq: ISBC) will report its fourth-quarter earnings on January 27, 2021, at 5:00 p.m. ET. The earnings conference call is scheduled for January 28, 2021, at 11:00 a.m. ET, with pre-registration encouraged for participants. As of September 30, 2020, the company reported assets of $26.61 billion and operates 155 branches in New Jersey and New York. The call will be accessible via the company's website and will be archived for one year.
Investors Bancorp, Inc. (NASDAQ: ISBC) has successfully extinguished $1 billion in wholesale funding at an average rate of 2.01%. This operation incurred $24 million in pre-tax costs, partially offset by a $23 million pre-tax gain from sale leaseback transactions. The Company anticipates these moves will enhance its net interest margin and earnings per share (EPS). Additionally, ten branch offices will be consolidated in 2021, projected to save $3 million to $4 million annually, despite incurring $11 million in non-recurring costs. A portfolio of $328 million in PPP loans was sold, having negligible impact.