Investors Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $43,076,000 or $0.12 per diluted share on total interest and dividend income of $171,090,000 against net income of $27,509,000 or $0.09 per basic and diluted share on total interest and dividend income of $146,044,000 a year ago. Net interest income was $140,171,000 compared to $118,254,000 a year ago. Income before income tax expense was $64,623,000 compared to $44,598,000 a year ago. Net interest income after provision for loan losses was $128,671,000 compared to $109,004,000 a year ago. Return on average assets was 0.94% compared to 0.76% a year ago. Return on average equity was 4.83% compared to 9.21% a year ago. Return on average tangible equity was 4.98% compared to 10.07% a year ago. Adjusted net income was $40,125,000 or $0.12 per basic and diluted share compared to $31,586,000 or $0.11 per basic and diluted share a year ago.

For the full year, the company reported net income of $131,721,000 or $0.38 per basic share and diluted share on total interest and dividend income of $660,862,000 against net income of $112,031,000 or $0.40 per basic share and diluted share on total interest and dividend income of $545,068,000 a year ago. Net interest income was $541,971,000 compared to $435,426,000 a year ago. Income before income tax expense was $206,472,000 compared to $175,786,000 a year ago. Net interest income after provision for loan losses was $504,471,000 compared to $384,926,000 a year ago. Return on average assets was 0.76% compared to 0.83% a year ago. Return on average equity was 4.71% compared to 10% a year ago. Return on average tangible equity was 4.90% compared to 10.98% a year ago. Book value as at December 31, 2014 was $10.39 per common share and tangible book value as at December 31, 2014 was $10.08 per common share. Adjusted net income was $148,599,000 or $0.43 per basic and diluted share compared to $116,243,000 or $0.41 per diluted share a year ago.

The company reported net charge-offs for the fourth quarter ended December 31, 2014. For the quarter, net charge-offs were $2.3 million compared to $2.1 million for the three months ended December 31, 2013.

The company announced that the Board of Directors increased its quarterly cash dividend to $0.05 per share. In addition, in an effort to return excess capital to shareholders, a special cash dividend of $0.05 per share was announced. The cumulative $0.10 dividend will be paid to shareholders on February 24, 2015 with a record date of February 9, 2015.