Investors Bancorp extinguished $1 billion in wholesale funding with an average rate of 2.01%. A portion of the wholesale funding was extinguished in October, while the remainder was extinguished on December 22, 2020.

The Company incurred $24 million of pre-tax costs associated with the early extinguishment which were partially offset with a pre-tax gain of approximately $23 million as the Company completed two previously disclosed sale leaseback transactions in the fourth quarter. The Company expects these actions will have a positive impact on its net interest margin and EPS going forward.

The Company also intends to consolidate ten branch offices in 2021 and expects annual savings of approximately $3 million to $4 million in connection therewith. The Company expects to incur approximately $11 million in non-recurring pre-tax costs relating to the branch consolidations in the fourth quarter of 2020.

Additionally, during December 2020, the Company sold its portfolio of approximately $328 million of PPP loans. This transaction had a negligible impact on the Company's financial statements.