Quarterly Cash Dividend of $0.26 Per Common Share Declared LAKE
SUCCESS, N.Y., July 18 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE:AF) ("Astoria," the "Company"), the holding
company for Astoria Federal Savings and Loan Association ("Astoria
Federal"), today reported net income of $34.1 million, or $0.37
diluted earnings per share ("EPS"), for the quarter ended June 30,
2007, compared to $47.8 million, or $0.49 EPS, for the 2006 second
quarter. For the 2007 second quarter, annualized returns on average
equity, average tangible equity and average assets were 11.35%,
13.42% and 0.63%, respectively, compared to 14.94%, 17.48% and
0.87%, respectively, for the comparable 2006 period. For the six
months ended June 30, 2007, net income totaled $69.8 million, or
$0.75 EPS, compared to $96.7 million, or $0.98 EPS, for the
comparable 2006 period. For the six months ended June 30, 2007,
annualized returns on average equity, average tangible equity and
average assets were 11.59%, 13.70% and 0.65%, respectively,
compared to 14.87%, 17.34% and 0.87%, respectively, for the
comparable 2006 period. First Half 2007 Balance Sheet Highlights:
-- Loan portfolio increased $611 million, or 8% annualized --
One-to-four family loan portfolio increased $695 million, or 14%
annualized -- Deposits increased $224 million, or 3% annualized --
Securities portfolio decreased $552 million, or 21% annualized --
Borrowings decreased $138 million, or 4% annualized -- Repurchased
1.8 million shares Commenting on the 2007 second quarter results,
George L. Engelke, Jr., Chairman, President and Chief Executive
Officer of Astoria, noted, "The inverted yield curve, which has
persisted for over a year, has recently become slightly positively
sloped. While the recent increase in long-term interest rates is
positive, there is a lag in the benefit to Astoria, as our
interest- bearing liabilities continue to reprice somewhat faster
than our interest- earning assets. During this challenging
environment, I am pleased to report that we have continued to
increase both loans and deposits during the second quarter, while
controlling operating expenses and maintaining excellent asset
quality." Board Declares Quarterly Cash Dividend of $0.26 Per Share
The Board of Directors of the Company, at their July 18, 2007
meeting, declared a quarterly cash dividend of $0.26 per common
share. The dividend is payable on September 4, 2007 to shareholders
of record as of August 15, 2007. This is the forty-ninth
consecutive quarterly cash dividend declared by the Company.
Eleventh Stock Repurchase Program Continues; Twelfth Stock
Repurchase Program In Place During the 2007 second quarter, Astoria
repurchased 750,000 shares of its common stock at an average cost
of $26.65 per share. Under the eleventh stock repurchase program,
117,300 shares remain available for repurchase as of June 30, 2007.
During the six month period ended June 30, 2007 Astoria repurchased
a total of 1.8 million shares. The Company, as previously
announced, has in place its twelfth stock repurchase program which
authorizes the repurchase of ten million shares of its common
stock. The twelfth stock repurchase program will commence
immediately upon completion of the eleventh stock repurchase
program. Second Quarter and Six Month Earnings Summary Net interest
income for the quarter ended June 30, 2007 totaled $82.9 million
compared to $87.5 million for the 2007 first quarter and $101.3
million for the second quarter a year ago. For the six months ended
June 30, 2007, net interest income totaled $170.4 million compared
to $212.9 million for the comparable 2006 six month period.
Astoria's net interest margin for the quarter ended June 30, 2007
was 1.62% compared to 1.71% for the 2007 first quarter and 1.92%
for the quarter ended June 30, 2006. On a linked quarter basis, in
addition to the impact of the cost of interest-bearing liabilities
rising more rapidly than the yield on interest-earning assets,
approximately four basis points of the nine basis point decline is
due to one extra day of interest expense in the second quarter. The
year over year decrease in the net interest margin is also due to
the cost of interest-bearing liabilities rising more rapidly than
the yield on interest-earning assets. Non-interest income for the
quarter ended June 30, 2007 increased to $26.3 million from $25.7
million for the 2006 second quarter. The increase is primarily due
to a $2.0 million gain related to an insurance payment received in
the 2007 second quarter, partially offset by lower mortgage banking
income, net. For the six months ended June 30, 2007, non-interest
income totaled $48.9 million compared to $44.6 million for the
comparable 2006 period. Non- interest income for the 2007 six month
period reflected a decrease of $1.8 million in mortgage banking
income, net, while the 2006 six month period included a $5.5
million, pre-tax, charge related to the termination of interest
rate swap agreements in the 2006 first quarter. The components of
mortgage banking income, net, which is included in non- interest
income, are detailed below: (Dollars in millions) 2Q07 2Q06 1H07
1H06 Loan servicing fees $ 1.0 $ 1.1 $ 2.0 $ 2.3 Amortization of
MSR* (0.9) (0.9) (1.9) (1.9) MSR* valuation adjustments 0.5 1.3 0.7
2.0 Net gain on sale of loans 0.6 0.6 1.0 1.2 Mortgage banking
income, net $ 1.2 $ 2.1 $ 1.8 $ 3.6 * Mortgage servicing rights
General and administrative expense ("G&A") for the quarter
ended June 30, 2007 increased to $58.7 million from $57.1 million
for the 2007 first quarter and $55.2 million for the comparable
2006 period. The linked quarter increase is primarily due to a $2.3
million increase in goodwill litigation expense, offset primarily
by lower compensation and benefits expense. The year over year
increase is due primarily to increases in goodwill litigation
expense and compensation and benefits expense. For the six months
ended June 30, 2007, G&A increased $4.3 million to $115.8
million from $111.5 million for the comparable 2006 period. The
increase was primarily due to a $2.8 million increase in goodwill
litigation expense and a $2.3 million increase in compensation and
benefits expense. Balance Sheet Summary For the 2007 second
quarter, the total loan portfolio increased $486.6 million to $15.6
billion at June 30, 2007 due to loan originations and purchases
totaling $1.4 billion compared to $744.7 million for the comparable
2006 period. For the six month period ended June 30, 2007, the
total loan portfolio increased $610.6 million, or 8% annualized,
due to loan originations and purchases totaling $2.3 billion
compared to $1.5 billion for the comparable 2006 period. The loan
pipeline at June 30, 2007 totaled $1.0 billion, a decrease of
$344.6 million from March 31, 2007. For the 2007 second quarter,
the 1-4 family mortgage loan portfolio increased $539.2 million and
totaled $10.9 billion at June 30, 2007. 1-4 family loan
originations and purchases totaled $1.3 billion for the 2007 second
quarter compared to $554.3 million in the 2006 second quarter. Of
the 2007 second quarter 1-4 family loan production, 78% consisted
of 3/1 and 5/1 hybrid adjustable rate mortgage loans. For the six
months ended June 30, 2007, the 1-4 family mortgage loan portfolio
increased $695.4 million due to 1-4 family loan originations and
purchases totaling $2.0 billion compared to $1.1 billion in the
2006 six month period. Of the 2007 six month 1-4 family loan
production, 76% consisted of 3/1 and 5/1 hybrid adjustable rate
mortgage loans. For the 2007 second quarter, the multi-family and
commercial real estate ("CRE") loan portfolio decreased $27.3
million primarily due to lower loan originations which totaled
$119.9 million compared to $183.7 million for the comparable 2006
period. At June 30, 2007, the combined multi-family and CRE loan
portfolio totaled $4.1 billion, or 26% of total loans. For the six
months ended June 30, 2007, the multi-family and CRE loan portfolio
decreased $21.9 million primarily due to lower loan originations
which totaled $253.9 million compared to $401.1 million in the 2006
six month period. The average loan-to-value ratio of the combined
multi-family and CRE loan portfolio continues to be less than 65%,
based on current principal balance and original appraised value,
and the average loan balance is less than $1 million. For the
quarter ended June 30, 2007, non-performing loans decreased $3.9
million, or 6%, and totaled $64.0 million, or 0.30% of total
assets, from $67.9 million, or 0.32% of total assets, at March 31,
2007. As of June 30, 2007, 1-4 family non-performing loans totaled
$53.5 million and multi-family and CRE non-performing loans totaled
$8.8 million. The ratio of the allowance for loan losses to
non-performing loans at June 30, 2007 was 124%. Net loan
charge-offs for the quarter ended June 30, 2007 totaled $698,000
compared to net loan recoveries of $155,000 for the 2007 first
quarter. For the six months ended June 30, 2007, net loan
charge-offs totaled $543,000 compared to $96,000 for the 2006 six
month period, or less than one basis point of average loans
outstanding, annualized, for each period. Deposits increased $25.9
million during the 2007 second quarter and totaled $13.4 billion at
June 30, 2007. For the six months ended June 30, 2007, deposits
increased $223.8 million, or 3% annualized. For the quarter ended
June 30, 2007, securities declined $300.1 million to $4.8 billion
at June 30, 2007, representing 22% of total assets. For the six
months ended June 30, 2007, securities declined $552.0 million, or
21% annualized. Borrowings increased $302.2 million in the 2007
second quarter, to $6.7 billion at June 30, 2007, representing 31%
of total assets. For the six months ended June 30, 2007, borrowings
declined $137.7 million, or 4% annualized. Total assets increased
slightly from December 31, 2006 to $21.6 billion at June 30, 2007.
Key balance sheet highlights, reflecting the improvement in the
quality of the Company's balance sheet since December 31, 1999,
follow: ($ in millions) 12/31/99 12/31/01 12/31/03 12/31/05 Assets
$22,700 $22,672 $22,462 $22,380 Loans $10,286 $12,167 $12,687
$14,392 Securities $10,763 $8,013 $8,448 $6,572 Deposits $9,555
$10,904 $11,187 $12,810 Borrowings $11,528 $9,826 $9,632 $7,938 ($
in millions) Cumulative 12/31/06 06/30/07 % Change Assets $21,555
$21,650 ( 5%) Loans $14,972 $15,582 + 51% Securities $5,340 $4,788
(56%) Deposits $13,224 $13,448 + 41% Borrowings $6,836 $6,698 (42%)
The following table illustrates this improvement on an outstanding
per share basis: Amount per share 12/31/99 12/31/01 12/31/03
12/31/05 Loans $ 66.28 $ 89.36 $107.51 $137.11 Deposits $ 61.57 $
80.09 $ 94.80 $122.04 Amount per share 12/31/06 06/30/07 % Change
CAGR Loans $152.44 $160.89 143% 13% Deposits $134.65 $138.85 126%
11% Stockholders' equity was $1.2 billion, or 5.52% of total assets
at June 30, 2007. Astoria Federal continues to maintain capital
ratios in excess of regulatory requirements with core, tangible and
risk-based capital ratios of 6.65%, 6.65% and 12.19%, respectively,
at June 30, 2007. Future Outlook Commenting on the outlook for the
second half of 2007, Mr. Engelke stated, "The operating environment
has improved slightly in the last several months, but remains
challenging. The yield curve, which has recently become positively
sloped, still remains relatively flat, limiting profitable growth
opportunities. We expect the yield curve to remain relatively flat
for the remainder of 2007 and into 2008 which will result in a
relatively stable net interest margin for 2007, similar to the 2007
second quarter margin. We will, therefore, maintain our strategy of
reducing the securities portfolio while we emphasize deposit and
loan growth, all of which will continue to improve the quality of
both the balance sheet and earnings. We will also focus on the
repurchase of our stock as a very desirable use of capital,
maintaining the Company's tangible capital levels between 4.50% and
4.75%." Astoria Financial Corporation, the holding company for
Astoria Federal Savings and Loan Association, with assets of $21.6
billion is the sixth largest thrift institution in the United
States. Established in 1888, Astoria Federal is the largest thrift
depository headquartered in New York with deposits of $13.4 billion
and embraces its philosophy of "Putting people first" by providing
the customers and local communities it serves with quality
financial products and services through 86 convenient banking
office locations and multiple delivery channels, including its
enhanced website, http://www.astoriafederal.com/. Astoria Federal
commands the fourth largest deposit market share in the attractive
Long Island market, which includes Brooklyn, Queens, Nassau, and
Suffolk counties with a population exceeding that of 38 individual
states. Astoria Federal originates mortgage loans through its
banking offices and loan production offices in New York, an
extensive broker network covering twenty-six states, primarily the
East Coast, and the District of Columbia, and through correspondent
relationships covering forty-three states and the District of
Columbia. Earnings Conference Call July 19, 2007 at 9:30 a.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke
will host an earnings conference call Thursday morning, July 19,
2007 at 9:30 a.m. (ET). The toll-free dial-in number is (888)
562-3356, conference ID # 8921889. A telephone replay will be
available on July 19, 2007 from 1:00 p.m. (ET) through Friday, July
27, 2007, 11:59 p.m. (ET). The replay number is (877) 519-4471, ID
# 8921889. The conference call will also be simultaneously webcast
on the Company's website http://www.astoriafederal.com/ and
archived for one year. Forward Looking Statements This document
contains a number of forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These statements may be identified by the use of such words as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"outlook," "plan," "potential," "predict," "project," "should,"
"will," "would," and similar terms and phrases, including
references to assumptions. Forward-looking statements are based on
various assumptions and analyses made by us in light of our
management's experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors we believe are appropriate under the circumstances.
These statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors (many of which
are beyond our control) that could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. These factors include, without
limitation, the following: the timing and occurrence or non-
occurrence of events may be subject to circumstances beyond our
control; there may be increases in competitive pressure among
financial institutions or from non-financial institutions; changes
in the interest rate environment may reduce interest margins or
affect the value of our investments; changes in deposit flows, loan
demand or real estate values may adversely affect our business;
changes in accounting principles, policies or guidelines may cause
our financial condition to be perceived differently; general
economic conditions, either nationally or locally in some or all of
the areas in which we do business, or conditions in the real estate
or securities markets or the banking industry may be less favorable
than we currently anticipate; legislative or regulatory changes may
adversely affect our business; applicable technological changes may
be more difficult or expensive than we anticipate; success or
consummation of new business initiatives may be more difficult or
expensive than we anticipate; or litigation or matters before
regulatory agencies, whether currently existing or commencing in
the future, may be determined adverse to us or may delay the
occurrence or non-occurrence of events longer than we anticipate.
We assume no obligation to update any forward-looking statements to
reflect events or circumstances after the date of this document.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION (In Thousands, Except Share Data)
At At June 30, December 31, 2007 2006 ASSETS Cash and due from
banks $162,409 $134,016 Repurchase agreements 44,482 71,694
Securities available-for-sale 1,396,922 1,560,325 Securities
held-to-maturity (fair value of $3,274,832 and $3,681,514,
respectively) 3,390,713 3,779,356 Federal Home Loan Bank of New
York stock, at cost 155,601 153,640 Loans held-for-sale, net 20,772
16,542 Loans receivable: Mortgage loans, net 15,188,465 14,532,503
Consumer and other loans, net 393,840 439,188 15,582,305 14,971,691
Allowance for loan losses (79,399) (79,942) Total loans receivable,
net 15,502,906 14,891,749 Mortgage servicing rights, net 15,354
15,944 Accrued interest receivable 78,161 78,761 Premises and
equipment, net 142,977 145,231 Goodwill 185,151 185,151 Bank owned
life insurance 393,933 385,952 Other assets 160,490 136,158 TOTAL
ASSETS $21,649,871 $21,554,519 LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities: Deposits $13,447,856 $13,224,024 Reverse repurchase
agreements 4,280,000 4,480,000 Federal Home Loan Bank of New York
advances 2,002,000 1,940,000 Other borrowings, net 416,342 416,002
Mortgage escrow funds 151,733 132,080 Accrued expenses and other
liabilities 156,908 146,659 TOTAL LIABILITIES 20,454,839 20,338,765
Stockholders' equity: Preferred stock, $1.00 par value; (5,000,000
shares authorized; none issued and outstanding) - - Common stock,
$.01 par value; (200,000,000 shares authorized; 166,494,888 shares
issued; and 96,851,570 and 98,211,827 shares outstanding,
respectively) 1,665 1,665 Additional paid-in capital 838,791
828,940 Retained earnings 1,877,237 1,856,528 Treasury stock
(69,643,318 and 68,283,061 shares, at cost, respectively)
(1,430,864) (1,390,495) Accumulated other comprehensive loss
(69,947) (58,330) Unallocated common stock held by ESOP (5,963,755
and 6,155,918 shares, respectively) (21,850) (22,554) TOTAL
STOCKHOLDERS' EQUITY 1,195,032 1,215,754 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $21,649,871 $21,554,519 ASTORIA FINANCIAL
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In
Thousands, Except Share Data) For the Three Months For the Six
Months Ended Ended June 30, June 30, 2007 2006 2007 2006 Interest
income: Mortgage loans: One-to-four family $141,568 $125,606
$278,084 $250,491 Multi-family, commercial real estate and
construction 64,438 63,986 129,108 126,245 Consumer and other loans
7,812 8,972 16,006 17,819 Mortgage-backed and other securities
55,885 68,532 114,900 140,427 Federal funds sold and repurchase
agreements 499 2,296 1,475 3,939 Federal Home Loan Bank of New York
stock 2,749 1,797 5,347 3,486 Total interest income 272,951 271,189
544,920 542,407 Interest expense: Deposits 114,096 90,549 224,454
173,254 Borrowings 75,964 79,324 150,048 156,291 Total interest
expense 190,060 169,873 374,502 329,545 Net interest income 82,891
101,316 170,418 212,862 Provision for loan losses - - - - Net
interest income after provision for loan losses 82,891 101,316
170,418 212,862 Non-interest income: Customer service fees 16,159
16,440 31,328 33,038 Other loan fees 1,110 962 2,328 1,772 Mortgage
banking income, net 1,224 2,147 1,840 3,629 Income from bank owned
life insurance 4,287 4,031 8,490 8,106 Other 3,500 2,147 4,891
(1,921) Total non-interest income 26,280 25,727 48,877 44,624
Non-interest expense: General and administrative: Compensation and
benefits 30,046 28,528 61,170 58,839 Occupancy, equipment and
systems 16,494 16,297 33,015 33,105 Federal deposit insurance
premiums 407 415 814 849 Advertising 1,977 1,902 3,892 3,829 Other
9,783 8,077 16,936 14,906 Total non-interest expense 58,707 55,219
115,827 111,528 Income before income tax expense 50,464 71,824
103,468 145,958 Income tax expense 16,400 24,061 33,627 49,261 Net
income $34,064 $47,763 $69,841 $96,697 Basic earnings per common
share $0.38 $0.50 $0.77 $1.00 Diluted earnings per common share
$0.37 $0.49 $0.75 $0.98 Basic weighted average common shares
90,704,749 95,477,528 91,062,161 96,386,742 Diluted weighted
average common and common equivalent shares 92,166,978 98,059,723
92,864,131 98,974,405 ASTORIA FINANCIAL CORPORATION AND
SUBSIDIARIES SELECTED FINANCIAL RATIOS AND OTHER DATA For the At or
For the Three Months Ended Six Months Ended June 30, June 30, 2007
2006 2007 2006 Selected Returns and Financial Ratios (annualized)
Return on average stockholders' equity 11.35 % 14.94 % 11.59 %
14.87 % Return on average tangible stockholders' equity (1) 13.42
17.48 13.70 17.34 Return on average assets 0.63 0.87 0.65 0.87
General and administrative expense to average assets 1.09 1.00 1.08
1.01 Efficiency ratio (2) 53.78 43.46 52.82 43.31 Net interest rate
spread (3) 1.50 1.82 1.55 1.91 Net interest margin (4) 1.62 1.92
1.66 2.01 Selected Non-GAAP Returns and Financial Ratios
(annualized) (5) Non-GAAP return on average stockholders' equity
11.59 % 15.43 % Non-GAAP return on average tangible stockholders'
equity (1) 13.70 17.99 Non-GAAP return on average assets 0.65 0.91
Non-GAAP efficiency ratio (2) 52.82 42.42 Asset Quality Data
(dollars in thousands) Non-performing loans/total loans 0.41 % 0.37
% Non-performing loans/total assets 0.30 0.25 Non-performing
assets/total assets 0.30 0.25 Allowance for loan losses/non-
performing loans 124.07 149.31 Allowance for loan
losses/non-accrual loans 125.29 150.81 Allowance for loan
losses/total loans 0.51 0.55 Net charge-offs to average loans
outstanding (annualized) 0.02 % 0.00 % 0.01 0.00 Non-performing
assets $65,921 $55,361 Non-performing loans 63,996 54,290 Loans 90
days past maturity but still accruing interest 625 537 Non-accrual
loans 63,371 53,753 Net charge-offs $698 $80 543 96 Capital Ratios
(Astoria Federal) Tangible 6.65 % 6.53 % Core 6.65 6.53 Risk-based
12.19 12.22 Other Data Cash dividends paid per common share $0.26
$0.24 $0.52 $0.48 Dividend payout ratio 70.27 % 48.98 % 69.33 %
48.98 % Book value per share (6) $13.15 $13.38 Tangible book value
per share (7) $11.11 $11.43 Tangible stockholders' equity/tangible
assets (1) (8) 4.70 % 5.00 % Mortgage loans serviced for others (in
thousands) $1,305,916 $1,430,746 Full time equivalent employees
1,628 1,635 (1) Tangible stockholders' equity represents
stockholders' equity less goodwill. (2) The efficiency ratio
represents general and administrative expense divided by the sum of
net interest income plus non-interest income. Net interest rate
spread represents the difference between the average (3) yield on
average interest-earning assets and the average cost of average
interest-bearing liabilities. (4) Net interest margin represents
net interest income divided by average interest-earning assets. (5)
The information presented for the six months ended June 30, 2006
represents pro forma calculations which are not in conformity with
U.S. generally accepted accounting principles, or GAAP. The 2006
information excludes the $3.6 million, after tax, ($5.5 million,
before tax) charge for the termination of our interest rate swap
agreements recorded in the 2006 first quarter. See page 12 for a
reconciliation of GAAP net income to non-GAAP earnings for the six
months ended June 30, 2006. (6) Book value per share represents
stockholders' equity divided by outstanding shares, excluding
unallocated Employee Stock Ownership Plan, or ESOP, shares. (7)
Tangible book value per share represents stockholders' equity less
goodwill divided by outstanding shares, excluding unallocated ESOP
shares. (8) Tangible assets represent assets less goodwill. ASTORIA
FINANCIAL CORPORATION AND SUBSIDIARIES AVERAGE BALANCE SHEETS
(Dollars in Thousands) For the Three Months Ended June 30, 2007
Average Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$10,749,335 $141,568 5.27 % Multi-family, commercial real estate
and construction 4,200,044 64,438 6.14 Consumer and other loans (1)
406,437 7,812 7.69 Total loans 15,355,816 213,818 5.57
Mortgage-backed and other securities (2) 4,964,564 55,885 4.50
Federal funds sold and repurchase agreements 37,742 499 5.29
Federal Home Loan Bank stock 155,056 2,749 7.09 Total
interest-earning assets 20,513,178 272,951 5.32 Goodwill 185,151
Other non-interest-earning assets 763,554 Total assets $21,461,883
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,061,648 2,074 0.40 Money market 391,139 970 0.99 NOW and
demand deposit 1,495,582 214 0.06 Liquid certificates of deposit
1,659,796 20,241 4.88 Total core deposits 5,608,165 23,499 1.68
Certificates of deposit 7,724,775 90,597 4.69 Total deposits
13,332,940 114,096 3.42 Borrowings 6,562,399 75,964 4.63 Total
interest-bearing liabilities 19,895,339 190,060 3.82
Non-interest-bearing liabilities 365,877 Total liabilities
20,261,216 Stockholders' equity 1,200,667 Total liabilities and
stockholders' equity $21,461,883 Net interest income/net interest
rate spread $82,891 1.50 % Net interest-earning assets/net interest
margin $617,839 1.62 % Ratio of interest-earning assets to
interest-bearing liabilities 1.03x For the Three Months Ended June
30, 2006 Average Average Yield/ Balance Interest Cost (Annualized)
Assets: Interest-earning assets: Mortgage loans (1): One-to-four
family $9,920,003 $125,606 5.06 % Multi-family, commercial real
estate and construction 4,214,459 63,986 6.07 Consumer and other
loans (1) 490,463 8,972 7.32 Total loans 14,624,925 198,564 5.43
Mortgage-backed and other securities (2) 6,099,829 68,532 4.49
Federal funds sold and repurchase agreements 189,049 2,296 4.86
Federal Home Loan Bank stock 142,884 1,797 5.03 Total
interest-earning assets 21,056,687 271,189 5.15 Goodwill 185,151
Other non-interest-earning assets 778,676 Total assets $22,020,514
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,396,537 2,405 0.40 Money market 563,782 1,381 0.98 NOW
and demand deposit 1,540,556 224 0.06 Liquid certificates of
deposit 966,457 10,397 4.30 Total core deposits 5,467,332 14,407
1.05 Certificates of deposit 7,485,159 76,142 4.07 Total deposits
12,952,491 90,549 2.80 Borrowings 7,433,642 79,324 4.27 Total
interest-bearing liabilities 20,386,133 169,873 3.33
Non-interest-bearing liabilities 355,948 Total liabilities
20,742,081 Stockholders' equity 1,278,433 Total liabilities and
stockholders' equity $22,020,514 Net interest income/net interest
rate spread $101,316 1.82 % Net interest-earning assets/net
interest margin $670,554 1.92 % Ratio of interest-earning assets to
interest-bearing liabilities 1.03x (1) Mortgage loans and consumer
and other loans include loans held-for- sale and non-performing
loans and exclude the allowance for loan losses. (2) Securities
available-for-sale are included at average amortized cost. ASTORIA
FINANCIAL CORPORATION AND SUBSIDIARIES AVERAGE BALANCE SHEETS
(Dollars in Thousands) For the Six Months Ended June 30, 2007
Average Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$10,568,690 $278,084 5.26 % Multi-family, commercial real estate
and construction 4,214,404 129,108 6.13 Consumer and other loans
(1) 418,631 16,006 7.65 Total loans 15,201,725 423,198 5.57
Mortgage-backed and other securities (2) 5,096,922 114,900 4.51
Federal funds sold and repurchase agreements 56,009 1,475 5.27
Federal Home Loan Bank stock 151,880 5,347 7.04 Total
interest-earning assets 20,506,536 544,920 5.31 Goodwill 185,151
Other non-interest-earning assets 760,102 Total assets $21,451,789
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,080,553 4,161 0.40 Money market 406,441 2,007 0.99 NOW
and demand deposit 1,480,253 425 0.06 Liquid certificates of
deposit 1,592,477 38,777 4.87 Total core deposits 5,559,724 45,370
1.63 Certificates of deposit 7,712,371 179,084 4.64 Total deposits
13,272,095 224,454 3.38 Borrowings 6,623,738 150,048 4.53 Total
interest-bearing liabilities 19,895,833 374,502 3.76
Non-interest-bearing liabilities 351,122 Total liabilities
20,246,955 Stockholders' equity 1,204,834 Total liabilities and
stockholders' equity $21,451,789 Net interest income/net interest
rate spread $170,418 1.55 % Net interest-earning assets/net
interest margin $610,703 1.66 % Ratio of interest-earning assets to
interest-bearing liabilities 1.03x For the Six Months Ended June
30, 2006 Average Average Yield/ Balance Interest Cost (Annualized)
Assets: Interest-earning assets: Mortgage loans (1): One-to-four
family $9,905,279 $250,491 5.06 % Multi-family, commercial real
estate and construction 4,153,353 126,245 6.08 Consumer and other
loans (1) 498,280 17,819 7.15 Total loans 14,556,912 394,555 5.42
Mortgage-backed and other securities (2) 6,263,198 140,427 4.48
Federal funds sold and repurchase agreements 170,104 3,939 4.63
Federal Home Loan Bank stock 140,855 3,486 4.95 Total
interest-earning assets 21,131,069 542,407 5.13 Goodwill 185,151
Other non-interest-earning assets 792,174 Total assets $22,108,394
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,432,131 4,855 0.40 Money market 592,217 2,854 0.96 NOW
and demand deposit 1,528,357 444 0.06 Liquid certificates of
deposit 848,717 17,452 4.11 Total core deposits 5,401,422 25,605
0.95 Certificates of deposit 7,517,750 147,649 3.93 Total deposits
12,919,172 173,254 2.68 Borrowings 7,542,721 156,291 4.14 Total
interest-bearing liabilities 20,461,893 329,545 3.22
Non-interest-bearing liabilities 345,909 Total liabilities
20,807,802 Stockholders' equity 1,300,592 Total liabilities and
stockholders' equity $22,108,394 Net interest income/net interest
rate spread $212,862 1.91 % Net interest-earning assets/net
interest margin $669,176 2.01 % Ratio of interest-earning assets to
interest-bearing liabilities 1.03x (1) Mortgage loans and consumer
and other loans include loans held-for- sale and non-performing
loans and exclude the allowance for loan losses. (2) Securities
available-for-sale are included at average amortized cost. ASTORIA
FINANCIAL CORPORATION AND SUBSIDIARIES END OF PERIOD BALANCES AND
RATES (Dollars in Thousands) At June 30, 2007 At March 31, 2007
Weighted Weighted Average Average Balance Rate (1) Balance Rate (1)
Selected interest-earning assets: Mortgage loans, gross (2):
One-to-four family $10,909,568 5.58% $10,370,347 5.51%
Multi-family, commercial real estate and construction 4,179,772
5.94 4,216,228 5.94 Mortgage-backed and other securities (3)
4,787,635 4.34 5,087,727 4.34 Interest-bearing liabilities: Savings
2,025,132 0.40 2,084,922 0.40 Money market 377,455 1.00 411,337
1.00 NOW and demand deposit 1,489,624 0.06 1,527,864 0.06 Liquid
certificates of deposit 1,664,176 4.83 1,624,660 4.93 Total core
deposits 5,556,387 1.68 5,648,783 1.65 Certificates of deposit
7,891,469 4.76 7,773,223 4.71 Total deposits 13,447,856 3.49
13,422,006 3.42 Borrowings, net 6,698,342 4.62 6,396,172 4.47 At
June 30, 2006 Weighted Average Balance Rate (1) Selected
interest-earning assets: Mortgage loans, gross (2): One-to-four
family $ 9,824,066 5.32% Multi-family, commercial real estate and
construction 4,245,697 5.95 Mortgage-backed and other securities
(3) 5,870,733 4.34 Interest-bearing liabilities: Savings 2,352,923
0.40 Money market 537,602 1.01 NOW and demand deposit 1,535,833
0.06 Liquid certificates of deposit 1,117,478 4.54 Total core
deposits 5,543,836 1.20 Certificates of deposit 7,548,396 4.26
Total deposits 13,092,232 2.96 Borrowings, net 7,202,662 4.29 (1)
Weighted average rates represent stated or coupon interest rates
excluding the effect of yield adjustments for premiums, discounts
and deferred loan origination fees and costs and the impact of
prepayment penalties. (2) Mortgage loans exclude loans
held-for-sale and include non-performing loans. (3) Securities
available-for-sale are reported at fair value and securities
held-to-maturity are reported at amortized cost. RECONCILIATION OF
2006 GAAP NET INCOME TO NON-GAAP EARNINGS (In Thousands, Except Per
Share Data) For the Six Months Ended June 30, 2006 GAAP Adjustments
(4) Non-GAAP Net interest income after provision for loan losses $
212,862 $ - $ 212,862 Non-interest income 44,624 5,456 50,080
Non-interest expense 111,528 - 111,528 Income before income tax
expense 145,958 5,456 151,414 Income tax expense 49,261 1,841
51,102 Net income $96,697 $ 3,615 $ 100,312 Basic earnings per
common share $1.00 $0.04 $1.04 Diluted earnings per common share
$0.98 $0.04 $1.01 (5) (4) Adjustments relate to the $5.5 million
charge for the termination of our interest rate swap agreements and
the related tax effects. (5) Figures do not cross foot due to
rounding. DATASOURCE: Astoria Financial Corporation CONTACT: Peter
J. Cunningham, First Vice President, Investor Relations of Astoria
Financial Corporation, +1-516-327-7877, Web site:
http://www.astoriafederal.com/ Company News On-Call:
http://www.prnewswire.com/comp/104529.html
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