Investors Bancorp, Inc. Announces First Quarter Financial Results and Cash Dividend; Launched COVID-19 Support Programs for Employees, Customers and Communities
Investors Bancorp, Inc. (ISBC)
Last investors bancorp, inc. earnings: 4/29 05:40 pm
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US:NASDAQ Investor Relations:
myinvestorsbank.com/investor-relations
Company Research
Source: PR Newswire
SHORT HILLS, N.J., April 29, 2020 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) ("Company"), the holding company for Investors Bank ("Bank"), reported net income of $39.5 million, or $0.17 per diluted share, for the three months ended March 31, 2020 as compared to $48.7 million, or $0.19 per diluted share, for the three months ended December 31, 2019 and $48.2 million, or $0.18 per diluted share, for the three months ended March 31, 2019.Net income for the three months ended March 31, 2020 was impacted by a provision for credit losses of $31.2 million under the Current Expected Credit Losses ("CECL") accounting standard effective January 1, 2020, as compared to a provision for credit losses of $1.5 million for the three months ended December 31, 2019 and $3.0 million for the three months ended March 31, 2019. The primary drivers of the increase in our provision for credit losses were the adoption of CECL and the economic forecasts that include the estimated impact of the CO
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