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Investors Bancorp reports lower Q3 NIM, net interest income YOY

Short Hills, N.J.-based Investors Bancorp Inc. reported third-quarter net income of $52.0 million, or 20 cents per share, up from $54.2 million, or 19 cents per share, in the same quarter of 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 18 cents.

The bank's net interest margin fell to 2.53% for the quarter from 2.69% in the year-ago period. Net interest income was $164.5 million, down from $166.9 million in the same quarter of 2018.

Investors Bancorp recorded net charge-offs of $1.5 million for the quarter, compared with net charge-offs of $2.0 million for the third quarter of 2018. Its provision for loan losses for the quarter was a reduction to the allowance for loan losses of $2.5 million, compared to a reduction to the allowance of loan losses of $3.0 million in the linked quarter and an addition to the allowance for loan losses of $2.0 million for the year-ago quarter.

Loans totaled $21.75 billion at Sept. 30, compared with $22.00 billion in the linked quarter. Deposits were $17.67 billion, up from $17.64 billion in the second quarter.