Investors Bancorp, Inc. Announces First Quarter Financial Results MarketWatch (press release)
("Company"), the holding company for Investors Savings Bank ("Bank"), reported net income of $13.3 million for the three months ended March 31, 2010 compared to a net income of $7.1 million for the three months ended March 31, 2009. Basic and diluted earnings per share were $0.12 for the three months ended March 31, 2010 compared to basic earnings per share of $0.07 for the three months ended March 31, 2009.Commenting on the Company's first quarter performance, Kevin Cummings, President and Chief Executive Officer, said, "Investors' net income of $13.3 million reflected a strong quarter marked by continued growth in earning assets and an increase in net interest margin to 3.06%. Investors continues to build its loan portfolio with high quality commercial real estate and residential mortgage loans. This growth was primarily funded by lower cost core deposits."
Regarding credit quality Mr. Cummings commented, "While the economy shows signs of stabilization we remain cautious due to the high level of unemployment and its potential impact on our loan portfolio. We are encouraged as non-performing loans have remained flat with last quarter at 1.82% of total loans which compares favorably to our peers. Combined with our healthy tangible capital ratio of 9.6%, we believe we are uniquely positioned to take advantage of opportunities in this economic environment."
![How to get the cheapest life insurance This is Money]("http://nt1.ggpht.com/news/tbn/jTow9Bzs4sZDZM/6.jpg")
This is MoneyHow to get the cheapest life insuranceThis is MoneyFor decreasing term assurance the sum the insurance pays will fall over time. This is so that it can be bought in connection with a repayment mortgage where Get the right life insurance for youall 10 news articles »
