CEO Kevin Cummings said that "excluding the one-time charge for the integration of Brooklyn Federal, net income was $22.7 million or $0.21 per share which reflects a return on tangible equity of 9.80%."
Cummings added that the company was continuing its plan "to become a full service commercial bank as commercial loans now account for 42% of our loan portfolio."
Investors Bancorp's total loans grew 3% during the first quarter, to $9.0 billion as of March 31, reflecting a "continued focus on generating multi-family and commercial real estate loans, which was partially offset by pay downs and payoffs of loans." Total assets were $11.3 billion as of March 31.
Investors Bancorp's chief operating officer Domenick Cama says that the company has been "steadfast in our approach -- when we need the capital we will take the second step," and that "taking the capital in the first step
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