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Investors Bancorp, Inc. 2016 Annual Report

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Investors Bancorp, Inc. 2016 Annual Report 2016 ANNUAL REPORT • FORM 10-K & PROXY STATEMENT REPORT • FORM 10-K & PROXY 2016 ANNUAL ANNUAL REPORT • FORM 10-K & PROXY STATEMENT 2016 “ Maintaining our commitment to continuously improve is essential to our ongoing growth and success.” Dear Fellow Shareholder, We have so much to be proud of and grateful for at Investors Bancorp as 2016 was another financially strong year. There is no question we continue to make progress as we grow and move forward. We take great pride in being recognized by Forbes Magazine for the 6th consecutive year as one of the “Best Banks Folio Holder in America,”1 and we were the highest rated bank in our geographic market. For 2016, we posted net income of $192.1 million, compared to $181.5 million in 2015 and have delivered an impressive five-year total shareholder return of 182%. Assets grew as well in 2016, to $23.17 billion, an increase of $2.29 billion from December 31, 2015. In total, assets have increased by $12.47 billion over the last five years. We also opened thirteen new branches in our New Jersey and New York footprint during 2016. Our impressive growth was a result of our team’s hard work and commitment. We also recognize that our do not delete or growth is dependent on continuing the build-out of our operational and risk management infrastructure, in particular, our compliance, BSA, AML, information and data security, and credit risk. As risk management continues to be a focus in our industry, we must keep current with the emerging technologies, which include increased information security and protection against cyber risk. Keeping pace with technology requires us to adapt and evolve quickly. Our investment in technology will help facilitate our continued growth by creating more efficient processes that will enable us to meet and exceed customer expectations. We have to meet customers not only where they are today – but also where they used this Page will be in the future. Last year, we unveiled our new website which provides faster, easier navigation and an enhanced online experience with better access to important information. In 2017, we intend to continue our investment in technology to enhance our product offerings, including our mobile banking platforms, business online banking capabilities and digital services. Further developing digital solutions will allow us to improve the customer experience and provide the services the market has come to expect. Maintaining our commitment to continuously improve is essential to our ongoing growth and success. I have said this in the past, and I believe it even more today, we need to grow and change in order to succeed. Every day, in every way, we must strive to be better at what we do. We have changed as an organization. Since our initial public offering in 2005, we have transformed from a wholesale thrift to a retail commercial bank. We have accomplished this by increasing our core deposits 1 Forbes Magazine, January 10, 2017, “America’s Best Banks 2017” investorsbank.com • 3 and loans to meet the needs of our growing consumer and commercial customer base. Net loans increased $1.91 billion to $18.57 billion in 2016 and we originated approximately $5.08 billion in new loans. Additionally, the strength of our cash management and professional banking services has helped us grow our loans to business owners to $2.05 billion over the past five years. Overall deposit growth for 2016 was 8.7% and 10.7% of that growth is attributed to our thirteen new branch “ I remain excited for locations. Investors continues to effectively manage its strong the future of Investors. capital position of 13% to enhance shareholder value. Through December 31, 2016 the Company More than ever, I believe has repurchased a total of 62.9 million shares of stock, at an average cost of $11.86 per share, Investors can provide a totaling $746.3 million since our stock repurchase plan was implemented in March 2015. Dividends legacy of significance.” paid to shareholders in 2016 were $0.26 per share. Our strategic plan is to continue to grow as a commercial bank and maintain a diversified loan portfolio. While our loan growth remains impressive, we remain diligent in our underwriting and monitoring of credit risk in both our commercial and residential portfolios. Our overall level of non- performing loans remains low, as compared to national and regional peers. Throughout Investors’ history, mergers and acquisitions have been an integral part of our growth and success. In May 2016 Investors signed a definitive merger agreement with The Bank of Princeton, however, we mutually agreed to terminate that transaction in January 2017. We believe this decision was appropriate given the uncertainty of the timing of regulatory approval. Going forward we will continue to take advantage of prudent opportunities for growth that produce financial results and create value for our shareholders. The execution of our strategic plan and the commitment of our leadership team and employees provide Investors with a strong competitive advantage. As we strive to fulfill our mission of providing high-quality products and services, our employees help us operate responsibly and ethically. Their dedication and hard work enable all of us – clients, stockholders, and our communities – to prosper. We recognize our employees are the Bank’s most important asset. In 2016 we invested in programs and provided resources to help employees develop both professionally and personally. We are committed to the ongoing improvement in everything we do at Investors and will continue to make investing in our employees a high priority. Our employees bring our culture and core values to life in every interaction with customers, colleagues and the communities we serve. Our core values of cooperation, character, community and commitment drive us to make a difference. During 2016 our foundations awarded over $8 million to non-profit organizations. Our philanthropic contributions are just a part of our commitment. Our employees’ support of these organizations is what truly makes the difference. They donate their time, talent and energy to their local communities. They are a reflection and personification of our culture, and they are helping to make Investors Bank significant. 4 • investorsbank.com Investing and enhancing our brand awareness in the markets in which we operate is important to our continued growth. In 2016, Investors was proud to enter into an exciting new partnership with the New Jersey Devils and The Prudential Center. This relationship is much more than a marketing sponsorship. It truly is a partnership between like-minded companies who are committed to giving back to the communities they serve. This relationship raises Investors’ profile in our market. We will continue to leverage opportunities and activities which can open the door for more business relationships in the future. Yes, 2016 was another financially strong year for Investors. However, we are not content to sit back and say we are “successful”. That is not the Investors way. We will continue to execute on our strategic plan and do so by means that encourage, enable and ensure our improvement. We will remain true to our vision, our mission and values, because that is the foundation on which we have built the Company. Although we start 2017 with a challenging economic environment and an unchartered political landscape, I have faith in our strategic plan, our ability to continue its execution, and to do it well. I also have confidence in our employees and their dedication. We will keep moving forward and will do so while remaining true to our roots as a community bank – providing a high level of service with quality financial solutions. We believe that we have an obligation to contribute to the ongoing vitality and prosperity of our customers and the communities we serve. I remain excited for the future of Investors. More than ever, I believe Investors can provide a legacy of significance. On behalf of the Board of Directors, management and staff, thank you for being a shareholder of Investors Bancorp. Your investment is so important. We appreciate your trust, confidence, and the continuing opportunity to serve you. Sincerely, Kevin Cummings President and Chief Executive Officer investorsbank.com • 5 SELECTED FINANCIAL DATA (In thousands, except branch data and percent data) * 2016 2015 2014 Total assets $23,174,675 $20,888,684 $18,773,639 Net loans outstanding 18,608,153 16,668,564 14,894,438 Securities 3,415,989 3,148,920 2,762,403 Deposits 15,280,833 14,063,656 12,172,326 Borrowed funds 4,546,251 3,263,090 2,766,104 Stockholders' equity 3,123,245 3,311,647 3,577,855 Number of full service offices 151 140 132 2016 2015 2014 Net interest income $640,185 $595,084 $541,971 Net income 192,125 181,505 131,721 Return on average assets 0.88% 0.92% 0.76% Return on average equity 6.06% 5.26% 4.71% Interest rate spread 2.83% 2.91% 3.08% Net interest margin 3.04% 3.12% 3.27% Non-performing assets to total assets 0.47% 0.69% 0.81% Average equity to average assets 14.52% 17.41% 16.16% Total Assets at December 31 (dollars in billions) 2014 18.8 2015 20.9 2016 23.2 Net Loans Outstanding at December 31 (dollars in billions) 2014 14.9 2015 16.7 2016 18.6 Deposits at December 31 (dollars in billions) 2014 12.2 2015 14.1 2016 15.3 6 • investorsbank.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2016 or ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.
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