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Investors Bancorp, Inc. (ISBC)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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13.31+0.12 (+0.91%)
As of 11:27AM EDT. Market open.
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  • Dry Powder!!!!!!
    This management team wouldn't know a non mortgage loan if it hit them in the head is now claiming they can make C & I loans when ...............................
    They wasted $150 million in "dry powder" buying back stock to get bonuses. Now they claim they can make loans they have no experience in underwriting with a new team they will probably not listen to anyway! How many C & I loans has a FMLB & CPA ever made?
    This is their chance to sell themselves as visionaries which will probably prove to be ill founded,
    Their legacy is they know home mortgages, but know NOTHING about C & I! Too bad analysts & others are unable to do real analysis!
    Analysts will probably be in love with new idea with no idea of what can go wrong!
  • FORGOT !
    Management agreed that they were not properly staffed as result of MOU findings.
    Now they are or need to hire over 65 people to be better "equipped" to monitor their core portfolio.
    After Feds & NJ review their non-core portfolio of loans booked by people with weak backgrounds, they may need more "bodies".
    This suggests that previous earnings were "overstated" as they neglected to ramp up QC of loans they were not familiar with + MOU findings that core businesses were not properly monitored!
    If you add $5 million to overhead in 2016 and 2017--EPS was very weak! They will tell us review costs are onetime charges, but anybody will see they were not! Blaming consultants costs is easy . If you need to increase payroll because of poor controls--??????
  • I guess Robbins is a dreamer? If I believe something it must be true!
    For him to believe this is a strong management team is strange.
    These guys wasted $150 million in capital to improve EPS to improve their bonuses!
    They used $100 million in premiums over issue price of stockholder funds to buyback stock after paying $50 million for the same stock in underwriting fees.
    What company has ever bought back 45% of an issue within 30 months to improve EPS?
    After they realized they could never use the money, they started buyback program to improve EPS & their bonuses!
    As predicted, their merger failed and they had to reduce their ridiculous retail strategy. Next prediction---Feds will find weaknesses in their bid to build commercial business--just like their poor controls in their core business. MOU "jail" will last longer than Robbins will like!
    The management team & Board members sold $30 million + in stock and bought $80,0000 after their ridiculous plan to reward themselves $90 million was denied by stockholders.
    Then top 2 tell us EPS went up 14% which is part of their "unaccountable accounting" strategy
    when in fact real earnings went up less than 3%!
    They never divulge branch profitability except to tell "weak" analyst group "deposits" are up as if that means they are profitable! Have you ever seen one of their prototype branches---no cars in the parking lot except employees!
    When was last time Top 5 bought stock except to convert options?
    As Fed reduces balance sheet, ISBC will struggle to get "cheap" deposits.
    Mr. Robbins is not living in reality!
  • I direct u to cliff Robbins from Blue harbour and his discussion of ib
  • Joseph's comments are the usual dribble from people that believe the story!
    It is now apparent that the management team & Board were told no by stockholders to their $90 million payment for future performance so they decided to cash out $30+ million while ISBC was under an MOU and given the issues lost an acquisition and must be concerned about FDIC review of their non- core business. Now the "team" is $30 million richer and stockholders are $140 million poorer as they used second step proceeds to improve EPS( remember the 14% EPS growth was really 2.9% growth period to period!
    Next MOU could be an issue!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • I predicted Bank of Princeton would walk from merger.
    I believe their reducing overhead while going "outside" their competency will result in extended stay in "MOU jail".
    Their use second stage proceeds to buyback shares & improve EPS to improve rewards is not what IPOs or secondaries are supposed to be used for.
    Then while under MOU, they sell $30 million of stock & but $80,000--what a dedicated management team & Board!!!!!!!!!!
  • see my reply to Joseph below.....another Kool Aid drinker
  • Imagekpopfordays
  • Another quarter, another analysts call with softball questions and usual answers.
    No one cares about the fact that this team has used buybacks to improve EPS!
    No one cares that they raised $800 million more than they could possibly utilize over a 3 year period and wasted over $160 million ($40 million in underwriting fees and $120 million in premium by buying back 63 million shares) of cash so they could get rewarded for EPS growth which after you exclude buybacks was less than stellar or deserving of a $90 million reward package proxy request.
    If you pro forma 2015-16 without buybacks, EPS growth was much lower than reported!
    They claim EPS grew 14%, but more than half of that was from buybacks! Earnings were helped by reducing non-accruals by $7 million!
    The fact that they have or will spend $20 million to improve internal oversight proves they were building volume with no infrastructure improvements. Their mantra appears to have been-- grow and internal controls be damned. As noted, this MOU relates to their core business that they claimed was running smooth. When their "new" businesses get scrutinized will they be in MOU "jail" for another 18 months?
    Now they will be under an MOU for 18-21 months at a cost of $20 million to stockholders yet they cashed out $30 million in the last 12 months and as a team bought $100,000 worth of their own stock.
    The new Board member could be surprised at the management and other Board members. The lack of depth as to running a bank above $2 billion and during a downturn is very evident. While their capital ratio is good because they took more money than they could ever prudently utilize, there is no experience on the downside and combined with the fact that they grew without proper controls is not reassuring.
    The only bright spot is they are throttling back on their 1970's retail branch strategy.
  • Another quarter, another 90 days of management & Board members selling stock!
    In the last 18 months they have sold over $35 million of stock and purchased $100,000.
    They continue to rely on reducing reserves to generate income while expenses go up more than 10% due to branch openings, fees to fix a broken infrastructure and believing adding bodies will fix their poor controls.
    Net interest margin fell 4% to 2.95% as expenses and interest costs are strongly outpacing yields as they compete for mortgages in the most competitive market.
    They have been under an MOU for over 9 months on their core business. What does that portend when their non-core businesses are reviewed? The reserves on these loans are at a much higher rate than their core business because of poor execution.
    Thankfully they have stopped the buybacks which they were using to improve EPS comparisons. Again, they wasted over $140 million of capital buying back over 40% of the secondary. They knew they raised more than they could use so they started buying back $800 million of stock that cost $40 million in underwriting fees and over $100 million in premiums paid to short term investors.
    Senior management continues to give themselves healthy rewards for weak performance.
    Hopefully the new Board member will make changes. These changes will not be cheap as I'm sure the top 5 have great parachutes. The existing Board is weak at best with former community bankers who sold their businesses for a lifetime seat with no value added or are "friends"!
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  • If you're never scared or embarrassed or hurt, it means you never take any chances. http://dataunion.tistory.com/2309

    [2016-MAY] Investors Bancorp NASDAQ : ISBC Correlation Histogram
    X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks May-2016 1,000 Day Parameter 2,830 NASDAQ Stocks Price Analysis This stock mode of correlation coefficient is 0.1 In other words, the correlation coefficient of the other stock
  • The last time ISBC did something like this it blew up. check out awesomestock-s, its a pretty reliable service. of course you have to do your own due diligence, but they generally point you in the right direction.
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  • Another quarter and another bunch of analysts who do no in depth analysis while management tells us EPS grew 17% when without buybacks it grew 5%.

    EPS went up 55 to 58 based on shares outstanding without the benefit of buybacks.

    Again, this team has or will use 40% of its offering proceeds ($800 million) to buyback shares which has now cost stockholders over $150 million ($40 million in underwriting fees and $110+ million in premiums). Does anyone know of a company that uses 40% of proceeds for buybacks with Board approvals within 15 months?

    Margins are overstated by using prepayments as a benefit.

    The team tells us about their great acquisition history and then fails to execute on their latest attempt. As stated before, it is probably a good thing because now there will be one or two less Board members who would have been yes men or women!

    The analysts sound like they are asking questions given to them with no depth into the reasons for the current MOU or could there be more issues once regulators look into their non- real estate portfolio! I previously posted that the acquisition was uncertain!

    There is no data as to full absorption break-even at the branch level and all they do is tell us branch deposits are increasing with no data as to how 1960's type branches can break-even on $30 million in deposits. They claim to be cutting personnel at retail, but these are small compared to the fixed costs given the locations and types of buildings.

    The management and Board sold $30 million worth of stock last year and as a group bought $80,000! They want everyone to buy into their story, but because they were denied their big chance in 2016, they decided to sell in some cases up to 50% of their holdings.

    The stock is benefiting as a result of the Trump rally and the possible relaxation of regulations, but I'm not sure others would be happy with the issues as to management support and the costs associated with the conversion and the ACTUAL results to date!
  • Wow, nice move today! Have been holding for a while. This is one of the banks I use and they seem to have a nice growth pattern. They recently withdrew from a local bank acquisition and I wonder if today's reaction has to do with both events (earnings too). Anyone following?
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  • yes still under MOU

    may hear next conference call when they expect to be "released'
    issue is they were cited for core business(retail banking) & new businesses have probably not been reviewedwhich could be issue.
    MOU holding up acquisition which could be making sellers nervous.Question is : Why does ISBC need more branches when they can't tell analysts break even point at branch level. Telling them deposits grow means nothing.
  • Is this bank still under MOU With FDIC& the State of New Jersey.