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Investors Bancorp, Inc. (NASDAQ:ISBC) has signed a definitive purchase agreement to acquire eight branches of Berkshire Bank in New Jersey and eastern Pennsylvania, adding approximately $639 million in deposits and $308 million in loans. This acquisition is set to nearly double Investors' market share in the Trenton, NJ area and will add about 8,000 retail and commercial customers. The transaction is expected to be 5% accretive to earnings per share, with minimal capital impact. The deal is subject to regulatory approval and aims to enhance the company's funding structure.
Investors Bancorp, Inc. (NASDAQ:ISBC) reported a net income of $64.3 million or $0.27 per diluted share for Q3 2020, marking a 51% increase from Q2. Year-to-date net income reached $146.4 million, down slightly from $146.8 million in 2019. The company declared a cash dividend of $0.12 per share due on November 25, 2020. Notably, the provision for credit losses increased due to COVID-19 impacts, totaling $8.3 million for Q3. Total loans decreased to $21 billion, while non-interest income surged to $19.9 million.
Investors Bancorp, Inc. (Nasdaq: ISBC) will report third-quarter earnings on October 28, 2020, at 5:00 p.m. ET. The subsequent earnings conference call is scheduled for October 29, 2020, at 11:00 a.m. ET, with pre-registration recommended to streamline participation. As of June 30, 2020, the company holds assets totaling $27.19 billion and operates 154 branches across New Jersey and New York. Investors are encouraged to access the call via the company's website where the recording will also be archived for a year.
Investors Bancorp, Inc. (ISBC) reported a net income of $42.6 million ($0.18 per diluted share) for Q2 2020, a slight increase from $39.5 million in Q1 2020 but a decrease from $46.6 million in Q2 2019. Total net income for the first half of 2020 was $82.1 million, down from $94.8 million YoY. The bank's provision for credit losses rose to $33.3 million for the quarter, attributed to COVID-19's impact. Total deposits increased by $1.3 billion to $19.49 billion. A cash dividend of $0.12 per share was declared, payable August 25, 2020.
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