Investors Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2017; Provides Tax Rate Guidance Fro the Full Year 2017
For the year to date, the company reported, net interest income of $334,175,000, net interest income after provision for loan losses of $324,175,000, income before income tax expense of $137,372,000, net income of $85,653,000, compared to net interest income of $311,868,000, net interest income after provision for loan losses of $301,868,000, income before income tax expense of $143,890,000, net income of $89,810,000, for the same period a year ago. Diluted earnings per share were $0.29 against $0.29 a year ago. Return on average assets 0.72% against 0.85% a year ago. Return on average equity was 5.41% against 5.57% a year ago. Return on average tangible equity was 5.59% against 5.76% a year ago. Book value per share was $10.66 against $10.53 a year ago. Tangible book value per share was $10.32 against $10.18 a year ago.
For the three months ended June 30, 2017, net charge-offs were $6.9 million compared to $1.5 million for the three months ended March 31, 2017 and $1.3 million for the three months ended June 30, 2016.
For the full year 2017, the company expects tax rate to be around 38%.