Quarterly Cash Dividend of $0.26 Per Common Share Declared LAKE
SUCCESS, N.Y., Oct. 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 $35.3 million, or $0.39
diluted earnings per share ("EPS"), for the quarter ended September
30, 2007, compared to $41.1 million, or $0.43 EPS, for the 2006
third quarter. For the 2007 third quarter, annualized returns on
average equity, average tangible equity and average assets were
11.82%, 13.99% and 0.66%, respectively, compared to 13.06%, 15.31%
and 0.76%, respectively, for the comparable 2006 period. For the
nine months ended September 30, 2007, net income totaled $105.1
million, or $1.14 EPS, compared to $137.8 million, or $1.40 EPS,
for the comparable 2006 period. For the nine months ended September
30, 2007, annualized returns on average equity, average tangible
equity and average assets were 11.67%, 13.79% and 0.65%,
respectively, compared to 14.27%, 16.67% and 0.84%, respectively,
for the comparable 2006 period. Commenting on the quarterly
results, George L. Engelke, Jr., Chairman and Chief Executive
Officer of Astoria, noted, "The 2007 third quarter operating
results were in line with our expectations and continued to reflect
the impact of a prolonged flat-to-inverted yield curve. The recent
decrease in interest rates by the Federal Reserve has produced a
positively sloped yield curve and a more favorable operating
environment for us going forward." Board Declares Quarterly Cash
Dividend of $0.26 Per Share The Board of Directors of the Company,
at their October 17, 2007 meeting, declared a quarterly cash
dividend of $0.26 per common share. The dividend is payable on
December 3, 2007 to shareholders of record as of November 15, 2007.
This is the fiftieth consecutive quarterly cash dividend declared
by the Company. Eleventh Stock Repurchase Program Completed;
Twelfth Stock Repurchase Program Commenced During the 2007 third
quarter, Astoria completed its eleventh stock repurchase program
and commenced its twelfth stock repurchase program, repurchasing
750,000 shares of its common stock at an average cost of $25.38 per
share. During the nine month period ended September 30, 2007
Astoria repurchased a total of 2.5 million shares. Under the
twelfth program, 9.4 million shares remain available for
repurchase. Third Quarter and Nine Month Earnings Summary Net
interest income for the quarter ended September 30, 2007 totaled
$81.2 million compared to $82.9 million for the 2007 second quarter
and $90.7 million for the third quarter a year ago. For the nine
months ended September 30, 2007, net interest income totaled $251.6
million compared to $303.5 million for the comparable 2006 nine
month period. Astoria's net interest margin for the quarter ended
September 30, 2007 was 1.58% compared to 1.62% for the 2007 second
quarter and 1.75% for the quarter ended September 30, 2006. For the
nine months ended September 30, 2007, the net interest margin was
1.63% compared to 1.93% for the 2006 nine month period. The four
basis point decrease, on a linked quarter basis, is due to one
extra day of interest expense in the 2007 third quarter. The year
over year quarter and nine month decreases are 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
September 30, 2007 increased $1.9 million to $24.8 million from
$22.9 million for the 2007 third quarter, due entirely to a gain on
the sale of an equity security position. For the nine months ended
September 30, 2007, non-interest income totaled $73.7 million
compared to $67.5 million for the comparable 2006 period.
Non-interest income for the 2006 nine 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) 3Q07 3Q06 9 Mos.
07 9 Mos. 06 Loan servicing fees $ 1.0 $ 1.1 $ 3.0 $ 3.4
Amortization of MSR* (0.7) (0.9) (2.6) (2.8) MSR* valuation
adjustments (0.4) (0.5) 0.3 1.5 Net gain on sale of loans 0.3 0.5
1.3 1.7 Mortgage banking income, net $ 0.2 $ 0.2 $ 2.0 $ 3.8 *
Mortgage servicing rights General and administrative expense
("G&A") for the quarter ended September 30, 2007 declined $2.2
million to $56.5 million from $58.7 million for the 2007 second
quarter and increased $3.2 million from the 2006 third quarter. The
linked quarter decrease is primarily due to lower goodwill
litigation and advertising expense. The third quarter year over
year increase is due primarily to an increase in compensation and
benefits expense. For the nine months ended September 30, 2007,
G&A increased $7.6 million to $172.4 million from $164.8
million for the comparable 2006 period. The increase was primarily
due to increases in compensation and benefits and goodwill
litigation expense. Income tax expense for the quarter ended
September 30, 2007 decreased $2.8 million from the prior quarter to
$13.6 million, for an effective tax rate of 27.9%, due to the
release of accruals for previous tax positions that have
statutorily expired. It is expected that the fourth quarter
effective tax rate should return to a more normal level of
approximately 30%. Balance Sheet Summary For the 2007 third
quarter, the loan portfolio increased $371.0 million from the prior
quarter, or 9.5% on an annualized basis, to $16.0 billion at
September 30, 2007. Loan originations and purchases totaled $1.1
billion for the quarter ended September 30, 2007 compared to $868.6
million for the 2006 third quarter. For the nine months ended
September 30, 2007, the loan portfolio increased $981.6 million.
Loan originations and purchases totaled $3.3 billion for the nine
months ended September 30, 2007 compared to $2.4 billion for the
comparable 2006 period. The loan pipeline at September 30, 2007
totaled $1.4 billion, an increase of $330.1 million over the
pipeline at June 30, 2007. For the 2007 third quarter, the
one-to-four family mortgage loan portfolio increased $440.1 million
from the prior quarter, or 16.1% annualized, to $11.3 billion at
September 30, 2007. One-to-four family loan originations and
purchases totaled $982.0 million for the 2007 third quarter
compared to $706.6 million for the 2006 third quarter. Of the 2007
third quarter one-to-four family loan production, 74% consisted of
3/1 and 5/1 hybrid adjustable rate mortgage loans. For the nine
months ended September 30, 2007, the one-to-four family mortgage
loan portfolio increased $1.1 billion. Loan originations and
purchases totaled $3.0 billion for the 2007 nine month period
compared to $1.8 billion for the 2006 nine month period. Of the
2007 nine month one-to-four family loan production, 75% consisted
of 3/1 and 5/1 hybrid adjustable rate mortgage loans. For the 2007
third quarter, the multi-family and commercial real estate ("CRE")
loan portfolio decreased $32.6 million from the prior quarter,
primarily due to lower loan originations which totaled $90.5
million compared to loan originations of $158.2 million for the
comparable 2006 period. At September 30, 2007, the combined
multi-family and CRE loan portfolio totaled $4.0 billion, or 25% of
total loans. For the nine months ended September 30, 2007, the
multi-family and CRE loan portfolio decreased $54.4 million
primarily due to lower loan originations which totaled $344.4
million compared to $559.4 million for the 2006 nine 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
September 30, 2007, non-performing loans increased $18.3 million
from the previous quarter to $82.3 million, or 0.38% of total
assets, primarily due to an increase in one-to-four family
non-performing loans. As of September 30, 2007, one-to-four family
non-performing loans totaled $68.2 million and multi-family and CRE
non-performing loans totaled $9.4 million. The ratio of the
allowance for loan losses to non-performing loans at September 30,
2007 was 95%. Net loan charge-offs for the quarter ended September
30, 2007 totaled $1.6 million compared to net loan charge-offs of
$1.1 million for the 2006 third quarter. The 2007 third quarter
charge-offs include a $1.5 million charge-off on a non-performing
construction loan which was sold. For the nine months ended
September 30, 2007, net loan charge-offs totaled $2.2 million, or
just two basis points, annualized, of average loans, compared to
$1.2 million, or one basis point, annualized, of average loans, for
the 2006 nine month period. For the quarter ended September 30,
2007, Astoria recorded a $500,000 provision for loan losses, the
first provision in a number of years. Mr. Engelke noted, "Our asset
quality remains strong and net charge-offs remain very low.
However, in recognition of, among other things, the recent increase
in non-performing loans, an addition to our loan loss reserve was
appropriate." For the quarter and nine months ended September 30,
2007, deposits decreased $181.9 million and increased $42.0
million, respectively, to $13.3 billion. "During the third quarter,
retail deposit pricing remained very competitive even as short-term
market interest rates declined. As a result of our efforts to
maintain deposit pricing discipline, we have taken advantage of
lower cost borrowings for funding some of our loan growth this
quarter," Mr. Engelke noted. For the quarter and nine months ended
September 30, 2007, securities decreased $219.1 million and $771.1
million, respectively, to $4.6 billion, or 21% of total assets at
September 30, 2007. For the quarter and nine months ended September
30, 2007, borrowings increased $231.2 million and $93.5 million,
respectively, to $6.9 billion, or 32% of total assets at September
30, 2007. Total assets increased $96.2 million from the previous
quarter and $191.6 million from December 31, 2006 and totaled $21.7
billion at September 30, 2007. Key balance sheet highlights,
reflecting the improvement in the quality of the Company's balance
sheet since December 31, 1999, follow: ($ in Cumulative millions)
12/31/99 12/31/01 12/31/03 12/31/05 12/31/06 09/30/07 % Change
Assets $22,700 $22,672 $22,462 $22,380 $21,555 $21,746 (4%) Loans
$10,286 $12,167 $12,687 $14,392 $14,972 $15,953 + 55 % Securities
$10,763 $8,013 $8,448 $6,572 $5,340 $4,569 (58%) Deposits $9,555
$10,904 $11,187 $12,810 $13,224 $13,266 + 39 % Borrowings $11,528
$9,826 $9,632 $7,938 $6,836 $6,930 (40%) 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 12/31/06
09/30/07 Change CAGR Loans $ 66.28 $ 89.36 $107.51 $137.11 $152.44
$165.83 150% 13% Deposits $ 61.57 $ 80.09 $ 94.80 $122.04 $134.65
$137.90 124% 11% Stockholders' equity was $1.2 billion, or 5.54% of
total assets at September 30, 2007. Astoria Federal continues to
maintain capital ratios in excess of regulatory requirements with
core, tangible and risk-based capital ratios of 6.60%, 6.60% and
12.08%, respectively, at September 30, 2007. Future Outlook
Commenting on the outlook for the remainder of 2007 and 2008, Mr.
Engelke stated, "The recent decrease in short-term interest rates
by the Federal Reserve has produced a more positively sloped yield
curve and a more favorable operating environment for us going
forward. In addition, the recent dislocation in the secondary
residential mortgage market has resulted in improved loan volumes
and mortgage spreads for portfolio lenders such as Astoria. We
anticipate the yield curve will remain positively sloped for the
remainder of 2007 and 2008 which should result in earning asset
growth and an expansion of our net interest margin in 2008. Our
focus going forward will be to continue to capitalize on
residential mortgage market dislocations, which we believe will
produce robust quality loan growth. Deposit growth will remain a
focus; however, in the near term, if competitive pricing continues,
we may fund some of our loan growth with lower cost borrowings and
normal cash flow from the securities portfolio. We expect to
continue to maintain 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 $21.7 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 $13.3 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 October 18, 2007 at
3:30 p.m. (ET) The Company, as previously announced, indicated that
Mr. Engelke will host an earnings conference call Thursday
afternoon, October 18, 2007 at 3:30 p.m. (ET). The toll-free
dial-in number is (888) 562-3356, conference ID #9240715. A
telephone replay will be available on October 18, 2007 from 7:00
p.m. (ET) through Friday, October 26, 2007, 11:59 p.m. (ET). The
replay number is (877) 519-4471, ID # 9240715. 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 September 30, At December 31, 2007 2006 ASSETS Cash and due from
banks $123,314 $134,016 Repurchase agreements 34,143 71,694
Securities available-for-sale 1,358,362 1,560,325 Securities
held-to-maturity (fair value of $3,140,725 and $3,681,514,
respectively) 3,210,217 3,779,356 Federal Home Loan Bank of New
York stock, at cost 180,631 153,640 Loans held-for-sale, net 8,796
16,542 Loans receivable: Mortgage loans, net 15,576,834 14,532,503
Consumer and other loans, net 376,445 439,188 15,953,279 14,971,691
Allowance for loan losses (78,254) (79,942) Total loans receivable,
net 15,875,025 14,891,749 Mortgage servicing rights, net 14,589
15,944 Accrued interest receivable 82,193 78,761 Premises and
equipment, net 141,131 145,231 Goodwill 185,151 185,151 Bank owned
life insurance 393,899 385,952 Other assets 138,651 136,158 TOTAL
ASSETS $21,746,102 $21,554,519 LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities: Deposits $13,265,995 $13,224,024 Reverse repurchase
agreements 3,980,000 4,480,000 Federal Home Loan Bank of New York
advances 2,553,000 1,940,000 Other borrowings, net 396,500 416,002
Mortgage escrow funds 167,431 132,080 Accrued expenses and other
liabilities 177,501 146,659 TOTAL LIABILITIES 20,540,427 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 96,203,234 and 98,211,827 shares outstanding,
respectively) 1,665 1,665 Additional paid-in capital 842,339
828,940 Retained earnings 1,888,432 1,856,528 Treasury stock
(70,291,654 and 68,283,061 shares, at cost, respectively)
(1,447,809) (1,390,495) Accumulated other comprehensive loss
(57,407) (58,330) Unallocated common stock held by ESOP (5,880,457
and 6,155,918 shares, respectively) (21,545) (22,554) TOTAL
STOCKHOLDERS' EQUITY 1,205,675 1,215,754 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $21,746,102 $21,554,519 ASTORIA FINANCIAL
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In
Thousands, Except Share Data) For the Three For the Nine Months
Ended Months Ended September 30, September 30, 2007 2006 2007 2006
Interest income: Mortgage loans: One-to-four family $150,645
$127,735 $428,729 $378,226 Multi-family, commercial real estate and
construction 63,052 65,933 192,160 192,178 Consumer and other loans
7,472 9,099 23,478 26,918 Mortgage-backed and other securities
53,227 64,946 168,127 205,373 Federal funds sold and repurchase
agreements 337 1,266 1,812 5,205 Federal Home Loan Bank of New York
stock 2,899 2,049 8,246 5,535 Total interest income 277,632 271,028
822,552 813,435 Interest expense: Deposits 116,950 102,103 341,404
275,357 Borrowings 79,505 78,258 229,553 234,549 Total interest
expense 196,455 180,361 570,957 509,906 Net interest income 81,177
90,667 251,595 303,529 Provision for loan losses 500 - 500 - Net
interest income after provision for loan losses 80,677 90,667
251,095 303,529 Non-interest income: Customer service fees 15,920
16,170 47,248 49,208 Other loan fees 1,153 983 3,481 2,755 Net gain
on sales of securities 1,992 - 1,992 - Mortgage banking income, net
155 181 1,995 3,810 Income from bank owned life insurance 4,238
3,957 12,728 12,063 Other 1,347 1,573 6,238 (348) Total
non-interest income 24,805 22,864 73,682 67,488 Non-interest
expense: General and administrative: Compensation and benefits
30,587 27,584 91,757 86,423 Occupancy, equipment and systems 16,159
16,104 49,174 49,209 Federal deposit insurance premiums 388 414
1,202 1,263 Advertising 1,390 1,839 5,282 5,668 Other 8,020 7,374
24,956 22,280 Total non-interest expense 56,544 53,315 172,371
164,843 Income before income tax expense 48,938 60,216 152,406
206,174 Income tax expense 13,630 19,122 47,257 68,383 Net income
$35,308 $41,094 $105,149 $137,791 Basic earnings per common share
$0.39 $0.44 $1.16 $1.44 Diluted earnings per common share $0.39
$0.43 $1.14 $1.40 Basic weighted average common shares 90,174,456
93,944,367 90,763,008 95,563,670 Diluted weighted average common
and common equivalent shares 91,543,600 96,489,271 92,420,702
98,137,080 ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES SELECTED
FINANCIAL RATIOS AND OTHER DATA For the At or For the Three Months
Ended Nine Months Ended September 30, September 30, 2007 2006 2007
2006 Selected Returns and Financial Ratios (annualized) Return on
average stockholders' equity 11.82 % 13.06 % 11.67 % 14.27 % Return
on average tangible stockholders' equity (1) 13.99 15.31 13.79
16.67 Return on average assets 0.66 0.76 0.65 0.84 General and
administrative expense to average assets 1.05 0.98 1.07 1.00
Efficiency ratio (2) 53.35 46.96 52.99 44.43 Net interest rate
spread(3) 1.46 1.64 1.52 1.83 Net interest margin (4) 1.58 1.75
1.63 1.93 Selected Non-GAAP Returns and Financial Ratios
(annualized) (5) Non-GAAP return on average stockholders' equity
11.67 % 14.65 % Non-GAAP return on average tangible stockholders'
equity (1) 13.79 17.11 Non-GAAP return on average assets 0.65 0.86
Non-GAAP efficiency ratio (2) 52.99 43.79 Asset Quality Data
(dollars in thousands) Non-performing loans/total loans 0.52 % 0.37
% Non-performing loans/total assets 0.38 0.25 Non-performing
assets/total assets 0.40 0.26 Allowance for loan
losses/non-performing 95.06 145.16 Allowance for loan
losses/non-accrual loans 98.79 146.50 Allowance for loan
losses/total loans 0.49 0.54 Net charge-offs to average loans
outstanding annualized) 0.04 % 0.03 % 0.02 0.01 Non-performing
assets $86,653 $55,488 Non-performing loans 82,317 55,063 Loans 90
days past maturity but still accruing interest 3,103 502
Non-accrual loans (6) 79,214 54,561 Net charge-offs $1,645 $1,133
2,188 1,229 Capital Ratios (Astoria Federal) Tangible 6.60 % 6.84 %
Core 6.60 6.84 Risk-based 12.08 12.66 Other Data Cash dividends
paid per common share $0.26 $0.24 $0.78 $0.72 Dividend payout ratio
66.67 % 55.81 % 68.42 % 51.43 % Book value per share (7) $13.35
$13.55 Tangible book value per share (8) $11.30 $11.56 Tangible
stockholders' equity/tangible assets (1) (9) 4.73 % 5.02 % Mortgage
loans serviced for others (in thousands) $1,286,661 $1,394,240 Full
time equivalent employees 1,629 1,597 (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.
(3) Net interest rate spread represents the difference between the
average 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 nine
months ended September 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 nine months ended September 30,
2006. (6) Non-accrual loans include $24.1 million at September 30,
2007 and $19.8 million at September 30, 2006 of loans which have
only missed two payments. (7) Book value per share represents
stockholders' equity divided by outstanding shares, excluding
unallocated Employee Stock Ownership Plan, or ESOP, shares. (8)
Tangible book value per share represents stockholders' equity less
goodwill divided by outstanding shares, excluding unallocated ESOP
shares. (9) Tangible assets represent assets less goodwill. ASTORIA
FINANCIAL CORPORATION AND SUBSIDIARIES AVERAGE BALANCE SHEETS
(Dollars in Thousands) For the Three Months Ended September 30,
2007 Average Average Yield/ Balance Interest Cost (Annualized)
Assets: Interest-earning assets: Mortgage loans (1): One-to-four
family $11,171,094 $150,645 5.39 % Multi-family, commercial real
estate and construction 4,154,097 63,052 6.07 Consumer and other
loans (1) 384,019 7,472 7.78 Total loans 15,709,210 221,169 5.63
Mortgage-backed and other securities (2) 4,711,162 53,227 4.52
Repurchase agreements 25,631 337 5.26 Federal Home Loan Bank stock
166,938 2,899 6.95 Total interest-earning assets 20,612,941 277,632
5.39 Goodwill 185,151 Other non-interest-earning assets 749,522
Total assets $21,547,614 Liabilities and stockholders' equity:
Interest-bearing liabilities: Savings $1,983,161 2,016 0.41 Money
market 365,919 926 1.01 NOW and demand deposit 1,453,669 214 0.06
Liquid certificates of deposit 1,570,599 18,501 4.71 Total core
deposits 5,373,348 21,657 1.61 Certificates of deposit 7,946,982
95,293 4.80 Total deposits 13,320,330 116,950 3.51 Borrowings
6,687,400 79,505 4.76 Total interest-bearing liabilities 20,007,730
196,455 3.93 Non-interest-bearing liabilities 345,377 Total
liabilities 20,353,107 Stockholders' equity 1,194,507 Total
liabilities and stockholders' equity $21,547,614 Net interest
income/net interest rate spread $81,177 1.46 % Net interest-earning
assets/net interest margin $605,211 1.58 % Ratio of
interest-earning assets to interest-bearing liabilities 1.03x For
the Three Months Ended September 30, 2006 Average Average Yield/
Balance Interest Cost (Annualized) Assets: Interest-earning assets:
Mortgage loans (1): One-to-four family $9,952,037 $127,735 5.13 %
Multi-family, commercial real estate and construction 4,268,318
65,933 6.18 Consumer and other loans (1) 468,436 9,099 7.77 Total
loans 14,688,791 202,767 5.52 Mortgage-backed and other securities
(2) 5,774,554 64,946 4.50 Repurchase agreements 95,969 1,266 5.28
Federal Home Loan Bank stock 142,998 2,049 5.73 Total
interest-earning assets 20,702,312 271,028 5.24 Goodwill 185,151
Other non-interest-earning assets 778,978 Total assets $21,666,441
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,277,608 2,309 0.41 Money market 506,959 1,281 1.01 NOW
and demand deposit 1,482,642 218 0.06 Liquid certificates of
deposit 1,243,914 15,184 4.88 Total core deposits 5,511,123 18,992
1.38 Certificates of deposit 7,505,903 83,111 4.43 Total deposits
13,017,026 102,103 3.14 Borrowings 7,045,962 78,258 4.44 Total
interest-bearing liabilities 20,062,988 180,361 3.60
Non-interest-bearing liabilities 344,467 Total liabilities
20,407,455 Stockholders' equity 1,258,986 Total liabilities and
stockholders' equity $21,666,441 Net interest income/net interest
rate spread $90,667 1.64 % Net interest-earning assets/net interest
margin $639,324 1.75 % 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 Nine Months Ended September 30, 2007
Average Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$10,771,698 $428,729 5.31 % Multi-family, commercial real estate
and construction 4,194,081 192,160 6.11 Consumer and other loans
(1) 406,967 23,478 7.69 Total loans 15,372,746 644,367 5.59
Mortgage-backed and other securities (2) 4,966,923 168,127 4.51
Federal funds sold and repurchase agreements 45,772 1,812 5.28
Federal Home Loan Bank stock 156,955 8,246 7.00 Total
interest-earning assets 20,542,396 822,552 5.34 Goodwill 185,151
Other non-interest-earning assets 756,862 Total assets $21,484,409
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,047,732 6,177 0.40 Money market 392,785 2,933 1.00 NOW
and demand deposit 1,471,293 639 0.06 Liquid certificates of
deposit 1,585,104 57,278 4.82 Total core deposits 5,496,914 67,027
1.63 Certificates of deposit 7,791,434 274,377 4.70 Total deposits
13,288,348 341,404 3.43 Borrowings 6,645,192 229,553 4.61 Total
interest-bearing liabilities 19,933,540 570,957 3.82
Non-interest-bearing liabilities 349,186 Total liabilities
20,282,726 Stockholders' equity 1,201,683 Total liabilities and
stockholders' equity $21,484,409 Net interest income/net interest
rate spread $251,595 1.52 % Net interest-earning assets/net
interest margin $608,856 1.63 % Ratio of interest-earning assets to
interest-bearing liabilities 1.03x For the Nine Months Ended
September 30, 2006 Average Average Yield/ Balance Interest Cost
(Annualized) Assets: Interest-earning assets: Mortgage loans (1):
One-to-four family $9,921,036 $378,226 5.08 % Multi-family,
commercial real estate and construction 4,192,095 192,178 6.11
Consumer and other loans (1) 488,223 26,918 7.35 Total loans
14,601,354 597,322 5.45 Mortgage-backed and other securities (2)
6,098,527 205,373 4.49 Federal funds sold and repurchase agreements
145,121 5,205 4.78 Federal Home Loan Bank stock 141,577 5,535 5.21
Total interest-earning assets 20,986,579 813,435 5.17 Goodwill
185,151 Other non-interest-earning assets 788,337 Total assets
$21,960,067 Liabilities and stockholders' equity: Interest-bearing
liabilities: Savings $2,380,057 7,164 0.40 Money market 563,485
4,135 0.98 NOW and demand deposit 1,512,951 662 0.06 Liquid
certificates of deposit 981,897 32,636 4.43 Total core deposits
5,438,390 44,597 1.09 Certificates of deposit 7,513,758 230,760
4.09 Total deposits 12,952,148 275,357 2.83 Borrowings 7,375,315
234,549 4.24 Total interest-bearing liabilities 20,327,463 509,906
3.34 Non-interest-bearing liabilities 345,408 Total liabilities
20,672,871 Stockholders' equity 1,287,196 Total liabilities and
stockholders' equity $21,960,067 Net interest income/net interest
rate spread $303,529 1.83 % Net interest-earning assets/net
interest margin $659,116 1.93 % 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 September 30, 2007 At June 30, 2007
At September 30, 2006 Weighted Weighted Weighted Average Average
Average Balance Rate(1) Balance Rate(1) Balance Rate(1) Selected
interest-earning assets: Mortgage loans, gross (2): One-to-four
family $11,349,658 5.65% $10,909,568 5.58% $ 9,931,184 5.40%
Multi-family, commercial real estate and construction 4,122,709
5.93 4,179,772 5.94 4,268,679 5.96 Mortgage-backed and other
securities (3) 4,568,579 4.33 4,787,635 4.34 5,598,523 4.34
Interest-bearing liabilities: Savings 1,940,322 0.40 2,025,132 0.40
2,209,535 0.40 Money market 352,858 1.01 377,455 1.00 478,932 1.00
NOW and demand deposit 1,442,840 0.06 1,489,624 0.06 1,466,725 0.06
Liquid certificates of deposit 1,463,845 4.46 1,664,176 4.83
1,402,562 5.05 Total core deposits 5,199,865 1.49 5,556,387 1.68
5,557,754 1.54 Certificates of deposit 8,066,130 4.80 7,891,469
4.76 7,619,252 4.54 Total deposits 13,265,995 3.50 13,447,856 3.49
13,177,006 3.27 Borrowings, net 6,929,500 4.68 6,698,342 4.62
6,824,359 4.38 (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 Nine Months Ended
September 30, 2006 GAAP Adjustments(4) Non-GAAP Net interest income
after provision for loan losses $ 303,529 $ - $ 303,529
Non-interest income 67,488 5,456 72,944 Non-interest expense
164,843 - 164,843 Income before income tax 206,174 5,456 211,630
Income tax expense 68,383 1,810 70,193 Net income $ 137,791 $ 3,646
$ 141,437 Basic earnings per common share $1.44 $0.04 $1.48 Diluted
earnings per common share $1.40 $0.04 $1.44 (4) Adjustments relate
to the $5.5 million charge for the termination of our interest rate
swap agreements and the related tax effects. 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/
http://ir.astoriafederal.com/ Company News On-Call:
http://www.prnewswire.com/comp/104529.html
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