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Investors Bancorp posts Q2 net income of $57.1M

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Investors Bancorp posts Q2 net income of $57.1M

Short Hills, N.J.-based Investors Bancorp Inc. on July 26 reported second-quarter net income of $57.1 million, or 20 cents per share, up from the year-ago quarter's $39.6 million, or 14 cents per share.

The S&P Capital IQ consensus normalized EPS estimate for the recent quarter was 19 cents.

The company's second-quarter provision for loan losses was $4.0 million, compared to $6.0 million in the year-ago quarter. The company reported net charge-offs of $4.3 million, compared to $6.9 million in the year-ago quarter.

Net interest margin was at 2.80% in the second quarter, compared to 2.87% in the year-ago quarter.