ISBC 2017 Form 10-K & 2018 Proxy Statement

FORM 10-K INVESTORS BANCORP, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements 18. Comprehensive Income The components of comprehensive income, both gross and net of tax, are as follows: Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Gross Tax Net Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $280,589 (153,845)126,744 299,072 (106,947)192,125 280,877 (99,372)181,505 Other comprehensive income (loss): Change in funded status of retirement obligations 313 (1,058) (745) 12,452 (4,981) 7,471 (2,425) 970 (1,455) Unrealized loss on securities available- for-sale (7,714) (434) (8,148) (19,399) 7,115 (12,284) (7,982) 3,049 (4,933) Accretion of loss on securities reclassified to held- to-maturity from available-for-sale 1,243 (775) 468 1,846 (754) 1,092 2,448 (1,000) 1,448 Reclassification adjustment for security gains included in net income (1,275) 510 (765) (2,264) 906 (1,358) (1,553) 6 (1,547) Other-than-temporary impairment accretion on debt securities 1,614 (3,226) (1,612) 1,488 (608) 880 1,802 (736) 1,066 Net gains on derivatives arising during the period 6,209 (146) 6,063 12,550 (5,126) 7,424 — — — Total other comprehensive (loss) income 390 (5,129) (4,739) 6,673 (3,448) 3,225 (7,710) 2,289 (5,421) Total comprehensive income $280,979 (158,974)122,005 305,745 (110,395)195,350 273,167 (97,083)176,084 136