ISBC - Investors Bancorp extinguishes $1B in wholesale funding

Investors Bancorp (ISBC) extinguishes $1B in wholesale funding with an average rate of 2.0%.As previously disclosed, a portion of the wholesale funding was extinguished in October, while the remainder was extinguished on Dec. 22, 2020.ISBC incurred $24M of pretax costs associated with the early extinguishment, which was partly offset with a pretax gain of ~$23M as the company completed two previously disclosed sale leaseback transactions in Q4.The company expects the actions will add to its net interest margin and EPS going forward.ISBC also plans to consolidate 10 branch offices in 2021 and expects to incur ~$11M in non-recurring pretax costs from that action but estimates it will result in annual savings of ~$3M-$4M.The company also sold its portfolio of ~$328M of PPP loans in December in a transaction that's expected to have negligible impact on ISBC's financial statements.Earlier this month, Investors Bancorp acquired from Berkshire Bank eight branches in New Jersey

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Investors Bancorp extinguishes $1B in wholesale funding