ISBC 2017 Form 10-K & 2018 Proxy Statement

FORM 10-K INVESTORS BANCORP, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements purchased 31,336,369 shares at a cost of $363.4 million, or approximately $11.60 per share. During the year ended December 31, 2015, the Company purchased 31,576,421 shares at a cost of $382.9 million, or approximately $12.13 per share. For the years ended December 31, 2017 and 2016, shares repurchased include 313,269 shares and 256,405 shares, respectively, withheld to cover income taxes related to restricted stock vesting under our 2015 Equity Incentive Plan. Shares withheld to pay income taxes are repurchased pursuant to the terms of the 2015 Equity Incentive Plan. Cash Dividends Since September 2012, we have paid a quarterly cash dividend. Our dividend payout ratio for the year ended December 31, 2017 was 75%. 3. Securities The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: At December 31, 2017 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 4,911 903 113 5,701 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 649,060 382 9,200 640,242 Federal National Mortgage Association 1,322,255 700 19,379 1,303,576 Government National Mortgage Association 39,577 — 1,369 38,208 Total mortgage-backed securities available-for-sale 2,010,892 1,082 29,948 1,982,026 Total available-for-sale securities $2,015,803 1,985 30,061 1,987,727 90