Margin Increases 24 Basis Points from First Quarter LAKE SUCCESS,
N.Y., July 16 /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 $33.5 million, or $0.37
diluted earnings per share ("EPS"), for the quarter ended June 30,
2008, compared to $34.1 million, or $0.37 EPS, for the 2007 second
quarter. For the six months ended June 30, 2008, net income totaled
$62.4 million, or $0.69 EPS, compared to $69.8 million, or $0.75
EPS, for the comparable 2007 period. Second Quarter 2008 Financial
Highlights: -- Diluted earnings per share of $0.37, up 16% from the
2008 first quarter -- Margin increased 24 basis points from the
linked quarter to 1.81% -- Deposits increased $86 million, or 3%
annualized -- Loan portfolio increased $479 million, or 12%
annualized - One-to-four family loan portfolio increased $550
million, or 20% annualized -- Mortgage loan production increased
$892 million from the 2008 first quarter and totaled $1.6 billion -
One-to-four family loan production increased $833 million from the
2008 first quarter and totaled $1.5 billion Commenting on the 2008
second quarter results, George L. Engelke, Jr., Chairman and Chief
Executive Officer of Astoria, noted, "We are pleased to report
solid second quarter results which reflect double-digit increases
in both earnings and earnings per share over the 2008 first
quarter. As anticipated, these very positive results were achieved
due to a significant improvement in the net interest margin,
resulting primarily from lower liability costs, solid loan and
deposit growth and lower premium amortization expense. We expect
continued expansion in the net interest margin, as well as loan and
deposit growth." Board Declares Quarterly Cash Dividend of $0.26
Per Share The Board of Directors of the Company, at their July 16,
2008 meeting, declared a quarterly cash dividend of $0.26 per
common share. The dividend is payable on September 2, 2008 to
shareholders of record as of August 15, 2008. This is the
fifty-third consecutive quarterly cash dividend declared by the
Company. Second Quarter and Six Month Earnings Summary Net interest
income for the quarter ended June 30, 2008 increased $11.8 million,
or 15%, from the 2008 first quarter and $9.7 million, or 12%, from
the 2007 second quarter to $92.6 million. For the six months ended
June 30, 2008, net interest income increased $2.9 million, compared
to the six months ended June 30, 2007, to $173.4 million. Astoria's
net interest margin for the quarter ended June 30, 2008 increased
24 basis points from the 2008 first quarter and 19 basis points
from the 2007 second quarter to 1.81%. The increases were primarily
due to a decrease in the cost of interest bearing-liabilities. "We
expect that the net interest margin will continue to expand this
year, as we realize the repricing benefit of deposit and borrowing
liabilities which have rates that are considerably above current
market rates. Over the next six months, CDs (excluding Liquid CDs)
totaling $3.7 billion, with a weighted average rate of 4.29%, and
medium and long-term borrowings totaling $1.3 billion, with a
weighted average rate of 4.95%, are scheduled to mature," Mr.
Engelke noted. For the quarter ended June 30, 2008, a $7.0 million
provision for loan losses was recorded compared to $4.0 million for
the previous quarter. For the six months ended June 30, 2008,
provision for loan losses totaled $11.0 million. No provision for
loan losses was recorded in the comparable 2007 periods. Quarterly
provisions for the remainder of 2008 are expected to remain at or
increase somewhat from the second quarter level. General and
administrative expense ("G&A") for the quarter ended June 30,
2008 increased $1.8 million, to $60.0 million, from the 2008 first
quarter and $1.3 million from the 2007 second quarter. The linked
quarter increase is primarily due to increases in advertising and
goodwill litigation expense. The year over year increase is due
primarily to increases in compensation and benefits and real estate
owned (REO) expense, partially offset by lower goodwill litigation
expense. For the six months ended June 30, 2008, G&A expense
increased $2.4 million, compared to the six months ended June 30,
2007, to $118.2 million. The increase was primarily due to an
increase in compensation and benefits expense, partially offset by
a decrease in advertising expense. Balance Sheet Summary For the
quarter and six months ended June 30, 2008, the total loan
portfolio increased $478.8 million and $25.4 million, respectively,
to $16.2 billion. The loan growth was funded primarily with excess
liquidity and, to a lesser extent, retail deposits and wholesale
borrowings. Total loan production for the quarter and six months
ended June 30, 2008 increased to $1.6 billion and $2.4 billion,
respectively, from $1.4 billion and $2.3 billion, respectively, for
the comparable 2007 periods. For the quarter and six months ended
June 30, 2008, the one-to-four family mortgage loan portfolio
increased $550.4 million and $197.7 million, respectively, to $11.8
billion. One-to-four family loan originations and purchases for the
quarter and six months ended June 30, 2008 increased to $1.5
billion and $2.2 billion, respectively, from $1.3 billion and $2.0
billion, respectively, for the comparable 2007 periods. One-to-four
family loan prepayments for the quarter and six months ended June
30, 2008 totaled $821.3 million and $1.7 billion, respectively,
compared to $583.1 million and $1.1 billion, respectively, for the
comparable 2007 periods. Indicative of Astoria's conservative
underwriting standards, the loan-to-value ("LTV") ratio of the 2008
second quarter and six month one-to- four family loan production
for portfolio averaged approximately 57% for each period and the
loan amounts averaged approximately $690,000 and $675,000,
respectively. "It is important to note that the double-digit linked
quarter loan growth attained in the second quarter has been
achieved without sacrificing asset quality, as reflected in the
very low average LTV ratio on second quarter loan production," Mr.
Engelke noted. For the quarter and six months ended June 30, 2008,
the multi-family and commercial real estate ("CRE") loan portfolio
decreased $60.1 million and $132.0 million, respectively.
Multi-family/CRE loan originations totaled $126.6 million and
$193.8 million, for the respective three and six month periods
ended June 30, 2008. At June 30, 2008, the combined multi-family
and CRE loan portfolio totaled $3.8 billion, or 24% of total loans.
The loan-to- value ratio of the 2008 second quarter and six-month
multi-family/CRE loan production averaged approximately 62% for
each period and the loan amounts averaged approximately $2.0
million and $1.8 million, respectively. Asset Quality Asset quality
continued to remain strong during the 2008 second quarter.
Non-performing loans ("NPL") totaled $128.6 million at June 30,
2008, an increase of $22.0 million from the previous quarter, and
represent just 0.59% of total assets. At June 30, 2008, one-to-four
family non-performing loans totaled $101.0 million and
multi-family/CRE non-performing loans totaled $24.5 million,
compared to $88.4 million and $14.9 million, respectively, at March
31, 2008. The comparative table below illustrates loan migration
from 30 days delinquent to 90+ days delinquent: Total 30 + 30-59
Days 60-89 Days 90 + Days Days Past Due Past Due Past Due (NPL)
Past Due (In millions) At December 31, 2007 $144.4 $39.1 $68.1
$251.6 At March 31, 2008 $136.3 $48.8 $106.6 $291.7 At June 30,
2008 $134.5 $51.0 $128.6 $314.1 The table below details, as of June
30, 2008, the states with a total of 1% or more of our
one-to-four-family loan portfolio and the respective non-performing
loan totals in those states: (In millions) Total 1-4 % of 1-4
Family Total 1-4 NPLs as % of State Family Loans Loan Portfolio
Family NPLs State Total New York Metro* $4,947.8 42% $33.3 0.67%
California $1,420.8 12% $ 8.9 0.63% Illinois $1,248.2 11% $10.3
0.83% Virginia $955.3 8% $13.4 1.40% Maryland $859.4 7% $13.2 1.54%
Massachusetts $798.9 7% $4.7 0.59% Florida $333.9 3% $8.5 2.55%
Washington $208.7 2% $0.0 0.00% Georgia $170.1 1% $0.6 0.35%
Washington D.C. $129.4 1% $2.5 1.93% Pennsylvania $129.3 1% $1.5
1.16% Total States 1% or More $11,201.8 95% $96.9 0.87% Other
States 624.2 5% $4.1 0.66% Total 1-4 Family Portfolio $11,826.0
100% $101.0 0.85% * NY, NJ, CT Net loan charge-offs for the quarter
and six months ended June 30, 2008 totaled $5.2 million and $8.1
million, respectively, compared to net loan charge-offs of $698,000
and $543,000, respectively, for the 2007 comparable periods. For
the quarter and six months ended June 30, 2008, one-to-four family
net loan charge-offs totaled $3.7 million and $4.9 million,
respectively. Commenting on asset quality, Mr. Engelke noted,
"Although we have never actively participated in high-risk
sub-prime residential lending, as a geographically diversified
residential lender, we are not immune to the negative consequences
arising from overall economic weakness and, in particular, a sharp
downturn in the housing industry nationally. As expected,
non-performing loans and charge-offs increased somewhat in the
second quarter. However, the growth in non-performing loans has
slowed from the previous quarter and importantly the trend in 30-59
day loan delinquencies has been relatively stable and down slightly
over the past two quarters, as reflected in the delinquency chart
on the previous page. Our overall asset quality remains strong,
with non-performing loans representing just 59 basis points of
total assets." Balance Sheet Summary (Continued) Deposits increased
$85.5 and $39.6 million for the quarter and six months ended June
30, 2008 and totaled $13.1 billion. Total assets increased $165.9
million from the previous quarter to $21.6 billion at June 30,
2008. Key balance sheet highlights, reflecting the improvement in
the quality of the Company's balance sheet since December 31, 1999,
follow: Cumu- ($ in lative millions) 12/31/99 12/31/01 12/31/03
12/31/05 12/31/07 6/30/08 % Change Assets $22,700 $22,672 $22,462
$22,380 $21,719 $21,620 (5%) Loans $10,286 $12,167 $12,687 $14,392
$16,155 $16,180 +57% Securities $10,763 $8,013 $8,448 $6,572 $4,371
$4,204 (61%) Deposits $9,555 $10,904 $11,187 $12,810 $13,049
$13,089 +37% Borrowings $11,528 $9,826 $9,632 $7,938 $7,185 $6,938
(40%) The following table illustrates the above improvement on an
outstanding per share basis: Amount per % share 12/31/99 12/31/01
12/31/03 12/31/05 12/31/07 6/30/08 Change CAGR Loans $66.28 $89.36
$107.51 $137.11 $168.76 $168.66 154% 12% Deposits $61.57 $80.09
$94.80 $122.04 $136.32 $136.44 122% 10% Twelfth Stock Repurchase
Program Continues During the 2008 second quarter, Astoria
repurchased 300,000 shares of its common stock at an average cost
of $23.96 per share. During the six month period ended June 30,
2008, Astoria repurchased a total of 590,000 shares at an average
cost of $24.74. Under the current stock repurchase program, 8.3
million shares remain available for repurchase as of June 30, 2008.
Stockholders' equity was $1.2 billion, or 5.66% of total assets at
June 30, 2008. Astoria Federal continues to maintain capital ratios
in excess of regulatory requirements with core, tangible and
risk-based capital ratios of 6.63%, 6.63% and 12.17%, respectively,
at June 30, 2008. Future Outlook Commenting on the outlook for the
remainder of 2008, Mr. Engelke stated, "We continue to anticipate a
positively sloped yield curve throughout the year which will
provide opportunities for significant earnings growth and the
continued expansion of our net interest margin. In addition, we
expect both loan and deposit growth will continue, particularly
since we are experiencing more rational deposit pricing in our
market. Although we expect our credit costs will continue to trend
somewhat higher, such increases will be more than offset by margin
expansion. The Company's tangible capital ratio target remains
between 4.50% and 4.75%." Astoria Financial Corporation, with
assets of $21.6 billion, is the holding company for Astoria Federal
Savings and Loan Association. Established in 1888, Astoria Federal,
with deposits in New York totaling $13.1 billion, is the largest
thrift depository headquartered in New York 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 and loan
production offices in New York, an extensive broker network
covering twenty-two states, primarily the East Coast, and the
District of Columbia, and through correspondent relationships
covering twenty-nine states and the District of Columbia. Earnings
Conference Call July 17, 2008 at 10:00 a.m. (ET) The Company, as
previously announced, indicated that Mr. Engelke will host an
earnings conference call Thursday morning, July 17, 2008 at 10:00
a.m. (ET). The toll-free dial-in number is (888) 562-3356,
conference ID # 50458495. A telephone replay will be available on
July 17, 2008 from 1:00 p.m. (ET) through Friday, July 25, 2008,
11:59 p.m. (ET). The replay number is (800) 642-1687, ID #
50458495. 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, 2008 2007 ASSETS Cash and due from
banks $82,224 $93,972 Repurchase agreements 42,130 24,218
Securities available-for-sale 1,305,274 1,313,306 Securities
held-to-maturity (fair value of $2,861,882, and $3,013,014,
respectively) 2,898,255 3,057,544 Federal Home Loan Bank of New
York stock, at cost 200,260 201,490 Loans held-for-sale, net 10,465
6,306 Loans receivable: Mortgage loans, net 15,840,358 15,791,962
Consumer and other loans, net 340,018 363,052 16,180,376 16,155,014
Allowance for loan losses (81,843) (78,946) Total loans receivable,
net 16,098,533 16,076,068 Mortgage servicing rights, net 12,816
12,910 Accrued interest receivable 78,651 79,132 Premises and
equipment, net 140,161 139,563 Goodwill 185,151 185,151 Bank owned
life insurance 397,170 398,280 Other assets 168,981 131,428 TOTAL
ASSETS $21,620,071 $21,719,368 LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities: Deposits $13,089,046 $13,049,438 Reverse repurchase
agreements 3,450,000 3,730,000 Federal Home Loan Bank of New York
advances 3,091,000 3,058,000 Other borrowings, net 396,975 396,658
Mortgage escrow funds 141,566 129,412 Accrued expenses and other
liabilities 227,636 144,516 TOTAL LIABILITIES 20,396,223 20,508,024
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 95,935,535, and 95,728,562 shares outstanding,
respectively) 1,665 1,665 Additional paid-in capital 846,343
846,227 Retained earnings 1,898,799 1,883,902 Treasury stock
(70,559,353 and 70,766,326 shares, at cost, respectively)
(1,458,008) (1,459,865) Accumulated other comprehensive loss
(44,683) (39,476) Unallocated common stock held by ESOP (5,531,986
and 5,761,391 shares, respectively) (20,268) (21,109) TOTAL
STOCKHOLDERS' EQUITY 1,223,848 1,211,344 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $21,620,071 $21,719,368 ASTORIA FINANCIAL
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In
Thousands, Except Share Data) For the Three For the Six Months
Ended Months Ended June 30, June 30, 2008 2007 2008 2007 Interest
income: Mortgage loans: One-to-four family $152,247 $141,568
$305,845 $278,084 Multi-family, commercial real estate and
construction 58,686 64,438 119,001 129,108 Consumer and other loans
4,177 7,812 9,609 16,006 Mortgage-backed and other securities
46,708 55,885 94,601 114,900 Federal funds sold and repurchase
agreements 1,018 499 1,654 1,475 Federal Home Loan Bank of New York
stock 3,803 2,749 8,025 5,347 Total interest income 266,639 272,951
538,735 544,920 Interest expense: Deposits 97,851 114,096 208,054
224,454 Borrowings 76,208 75,964 157,315 150,048 Total interest
expense 174,059 190,060 365,369 374,502 Net interest income 92,580
82,891 173,366 170,418 Provision for loan losses 7,000 - 11,000 -
Net interest income after provision for loan losses 85,580 82,891
162,366 170,418 Non-interest income: Customer service fees 16,775
16,159 31,909 31,328 Other loan fees 1,090 1,110 2,129 2,328
Mortgage banking income, net 1,575 1,224 2,025 1,840 Income from
bank owned life insurance 4,008 4,287 8,397 8,490 Other 1,385 3,500
2,810 4,891 Total non-interest income 24,833 26,280 47,270 48,877
Non-interest expense: General and administrative: Compensation and
benefits 32,375 30,046 64,366 61,170 Occupancy, equipment and
systems 16,847 16,494 33,751 33,015 Federal deposit insurance
premiums 548 407 1,119 814 Advertising 1,550 1,977 2,623 3,892
Other 8,662 9,783 16,352 16,936 Total non-interest expense 59,982
58,707 118,211 115,827 Income before income tax expense 50,431
50,464 91,425 103,468 Income tax expense 16,981 16,400 29,072
33,627 Net income $33,450 $34,064 $62,353 $69,841 Basic earnings
per common share $0.37 $0.38 $0.70 $0.77 Diluted earnings per
common share $0.37 $0.37 $0.69 $0.75 Basic weighted average common
shares 89,550,934 90,704,749 89,511,918 91,062,161 Diluted weighted
average common and common equivalent shares 90,859,457 92,166,978
90,914,571 92,864,131 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, 2008
2007 2008 2007 Selected Returns and Financial Ratios (annualized)
Return on average stockholders' equity 10.96% 11.35% 10.22% 11.59%
Return on average tangible stockholders' equity (1) 12.92 13.42
12.05 13.70 Return on average assets 0.62 0.63 0.58 0.65 General
and administrative expense to average assets 1.12 1.09 1.10 1.08
Efficiency ratio (2) 51.09 53.78 53.58 52.82 Net interest rate
spread (3) 1.70 1.50 1.58 1.55 Net interest margin (4) 1.81 1.62
1.69 1.66 Asset Quality Data (dollars in thousands) (5)
Non-performing assets $146,852 $51,178 Non-performing loans 128,603
49,253 Loans delinquent 90 days or more and still accruing interest
122 625 Non-accrual loans 128,481 48,628 Loans 60-89 days
delinquent 51,035 15,669 Loans 30-59 days delinquent 134,493
109,395 Net charge-offs $5,240 $698 8,103 543 Non-performing
loans/total loans 0.79% 0.32% Non-performing loans/total assets
0.59 0.23 Non-performing assets/total assets 0.68 0.24 Allowance
for loan losses/non-performing loans 63.64 161.21 Allowance for
loan losses/non-accrual loans 63.70 163.28 Allowance for loan
losses/total loans 0.51 0.51 Net charge-offs to average loans
outstanding (annualized) 0.13% 0.02% 0.10 0.01 Capital Ratios
(Astoria Federal) Tangible 6.63% 6.65% Core 6.63 6.65 Risk-based
12.17 12.19 Other Data Cash dividends paid per common share $0.26
$0.26 $0.52 $0.52 Dividend payout ratio 70.27% 70.27% 75.36% 69.33%
Book value per share (6) $13.54 $13.15 Tangible book value per
share (7) $11.49 $11.11 Tangible stockholders' equity/tangible
assets (1) (8) 4.85% 4.70% Mortgage loans serviced for others (in
thousands) $1,239,745 $1,305,916 Full time equivalent employees
1,643 1,628 (1) Tangible stockholders' equity represents
stockholders' equity less goodwill. (2) 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)
Loans totaling $14.7 million have been reclassified from
non-accrual to 60-89 days delinquent as of June 30, 2007 to conform
the June 30, 2007 information to the current year presentation. The
related June 30, 2007 asset quality ratios have been revised as
necessary. (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, 2008 Average Average
Yield/ Balance Interest Cost (Annualized) Assets: Interest-earning
assets: Mortgage loans (1): One-to-four family $11,558,547 $152,247
5.27% Multi-family, commercial real estate and construction
3,941,587 58,686 5.96 Consumer and other loans (1) 345,242 4,177
4.84 Total loans 15,845,376 215,110 5.43 Mortgage-backed and other
securities (2) 4,234,398 46,708 4.41 Federal funds sold and
repurchase agreements 183,413 1,018 2.22 Federal Home Loan Bank
stock 194,783 3,803 7.81 Total interest-earning assets 20,457,970
266,639 5.21 Goodwill 185,151 Other non-interest-earning assets
844,802 Total assets $21,487,923 Liabilities and stockholders'
equity: Interest-bearing liabilities: Savings $1,884,583 1,899 0.40
Money market 317,185 799 1.01 NOW and demand deposit 1,508,664 319
0.08 Liquid certificates of deposit 1,302,494 8,894 2.73 Total core
deposits 5,012,926 11,911 0.95 Certificates of deposit 8,008,650
85,940 4.29 Total deposits 13,021,576 97,851 3.01 Borrowings
6,802,152 76,208 4.48 Total interest-bearing liabilities 19,823,728
174,059 3.51 Non-interest-bearing liabilities 443,235 Total
liabilities 20,266,963 Stockholders' equity 1,220,960 Total
liabilities and stockholders' equity $21,487,923 Net interest
income/net interest rate spread $92,580 1.70% Net interest-earning
assets/net interest margin $634,242 1.81% Ratio of interest-earning
assets to interest-bearing liabilities 1.03x 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 (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, 2008
Average Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$11,590,151 $305,845 5.28% Multi-family, commercial real estate and
construction 3,973,630 119,001 5.99 Consumer and other loans (1)
350,650 9,609 5.48 Total loans 15,914,431 434,455 5.46
Mortgage-backed and other securities (2) 4,265,655 94,601 4.44
Federal funds sold and repurchase agreements 138,790 1,654 2.38
Federal Home Loan Bank stock 195,449 8,025 8.21 Total
interest-earning assets 20,514,325 538,735 5.25 Goodwill 185,151
Other non-interest-earning assets 813,624 Total assets $21,513,100
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $1,879,370 3,787 0.40 Money market 320,568 1,603 1.00 NOW
and demand deposit 1,477,578 631 0.09 Liquid certificates of
deposit 1,363,500 23,387 3.43 Total core deposits 5,041,016 29,408
1.17 Certificates of deposit 7,950,661 178,646 4.49 Total deposits
12,991,677 208,054 3.20 Borrowings 6,904,989 157,315 4.56 Total
interest-bearing liabilities 19,896,666 365,369 3.67
Non-interest-bearing liabilities 395,973 Total liabilities
20,292,639 Stockholders' equity 1,220,461 Total liabilities and
stockholders' equity $21,513,100 Net interest income/net interest
rate spread $173,366 1.58% Net interest-earning assets/net interest
margin $617,659 1.69% Ratio of interest-earning assets to
interest-bearing liabilities 1.03x 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 (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, 2008 At March 31, 2008
Weighted Weighted Average Average Balance Rate(1) Balance Rate(1)
Selected interest-earning assets: Mortgage loans, gross (2):
One-to-four family $11,825,962 5.64% $11,275,550 5.69%
Multi-family, commercial real estate and construction 3,905,610
5.90 3,973,315 5.89 Mortgage-backed and other securities (3)
4,203,529 4.32 4,256,230 4.32 Interest-bearing liabilities: Savings
1,886,470 0.40 1,878,444 0.40 Money market 316,607 1.02 321,039
1.00 NOW and demand deposit 1,506,549 0.06 1,495,023 0.06 Liquid
certificates of deposit 1,246,359 2.47 1,390,368 3.42 Total core
deposits 4,955,985 0.86 5,084,874 1.16 Certificates of deposit
8,133,061 4.10 7,918,668 4.58 Total deposits 13,089,046 2.87
13,003,542 3.24 Borrowings, net 6,937,975 4.28 6,851,816 4.55 At
June 30, 2007 Weighted Average Balance Rate(1) Selected
interest-earning assets: Mortgage loans, gross (2): One-to-four
family $10,909,568 5.58% Multi-family, commercial real estate and
construction 4,179,772 5.94 Mortgage-backed and other securities
(3) 4,787,635 4.34 Interest-bearing liabilities: Savings 2,025,132
0.40 Money market 377,455 1.00 NOW and demand deposit 1,489,624
0.06 Liquid certificates of deposit 1,664,176 4.83 Total core
deposits 5,556,387 1.68 Certificates of deposit 7,891,469 4.76
Total deposits 13,447,856 3.49 Borrowings, net 6,698,342 4.62 (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. DATASOURCE:
Astoria Financial Corporation CONTACT: Peter J. Cunningham, First
Vice President, Investor Relations, +1-516-327-7877, Web site:
http://ir.astoriafederal.com/ http://www.astoriafederal.com/
Company News On-Call: http://www.prnewswire.com/comp/104529.html
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