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Investors Bancorp board approves 3rd share repurchase program

's boardapproved the company's third share repurchase program.

Pursuant tothe new plan, the Short Hills, N.J.-based company may buy back an additional10% of its outstanding common shares, or about 31 million shares. The programwill start immediately upon completion of the , which wasannounced in June 2015.

The companyreported first-quarter net income of $43.6 million, or 14 cents per share,compared to the year-ago quarter's $41.9 million, or 12 cents per share.