LAKE SUCCESS, N.Y.,
Oct. 20 /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 $21.5 million, or $0.23 diluted earnings per share ("EPS"), for the
quarter ended September 30, 2010,
increases of 169% and 156%, respectively, over net income of
$8.0 million, or $0.09 EPS, for the quarter ended September 30, 2009. For the nine months
ended September 30, 2010, net income
totaled $49.9 million, or
$0.53 EPS, compared to $19.5 million, or $0.21 EPS, for the comparable 2009 period.
Included in the 2010 nine month period are net charges totaling
$3.2 million ($2.1 million, or $0.02 per share, after-tax), which are not
routine to our core operations. Included in the 2009 nine
month period are charges totaling $16.7
million ($10.9 million, or
$0.12 per share, after-tax,) which
are not routine to our core operations. For further details
of such items and a reconciliation of GAAP and non-GAAP measures,
please refer to the "Reconciliation of GAAP Measures to Non-GAAP
Measures" table included in this release.
Commenting on the 2010 third quarter results, George L. Engelke, Jr., Chairman and Chief
Executive Officer of Astoria,
stated, "I am pleased to report significantly improved earnings for
the 2010 third quarter compared to both the prior quarter and last
year's third quarter, despite considerable shrinkage of the balance
sheet. The improvement is due primarily to lower credit costs
reflecting the overall improvement in asset quality, particularly
lower loan delinquencies and non-performing loans."
Board Declares Quarterly Cash Dividend of $0.13 Per Share
The Board of Directors of the Company, at their October 20, 2010 meeting, declared a quarterly
cash dividend of $0.13 per common
share. The dividend is payable on December 1, 2010 to shareholders of record as of
November 15, 2010. This is the
sixty-second consecutive quarterly cash dividend declared by the
Company.
Third Quarter and Nine Month Earnings Summary
Net interest income for the quarter ended September 30, 2010 increased to $106.0 million from $103.1
million for the 2009 third quarter. For the nine
months ended September 30, 2010, net
interest income increased to $332.3
million from $323.8 million
for the comparable 2009 period.
The net interest margin for the quarter ended September 30, 2010 was 2.32%, five basis points
lower than the previous quarter and 25 basis points higher than the
2009 third quarter. The linked quarter decrease was primarily
due to the effect of one extra day of interest expense in the third
quarter. The year-over-year increase in the margin was due to the
cost of interest-bearing liabilities declining more rapidly than
the yield on interest-earning assets. "The continued decline
in liability costs, due primarily to lower certificates of deposit
("CD") repricing, should help to offset the decline in asset
yields. Non-Liquid CDs totaling $2.0
billion are scheduled to mature in the 2010 fourth quarter
and $1.8 billion are scheduled to
mature in the first half of 2011, with a weighted average rate of
1.81% and 1.92%, respectively. On the asset side,
$894.1 million of hybrid ARM loans,
with a weighted average rate of 4.66%, are scheduled to reprice
downward during the 2010 fourth quarter and $1.6 billion of hybrid ARM loans, with a weighted
average rate of 4.46%, are scheduled to reprice downward during the
first half of 2011," Mr. Engelke noted.
For the quarter ended September 30,
2010, a $20.0 million
provision for loan losses was recorded which is $15.0 million lower than the previous quarter and
$30.0 million lower than the 2009
third quarter. For the nine months ended September 30, 2010, the provision for loan losses
totaled $100.0 million compared to
$150.0 million for the comparable
period in 2009. Mr. Engelke noted, "The decrease in the
provision this year recognizes the improving trends in overall loan
delinquencies, particularly, in our multi-family and CRE
portfolios."
Non-interest income for the quarter ended September 30, 2010 totaled $18.6 million compared to $20.1 million for the 2009 third quarter.
The decrease is primarily due to the absence of gain on sales
of securities in 2010 and a decrease in customer service fees,
partially offset by an increase in other non-interest income.
For the nine months ended September 30,
2010, non-interest income totaled $60.5 million compared to $56.5 million for the comparable 2009 period.
The increase is primarily due to an increase in other
non-interest income, of which $6.2
million was from a goodwill litigation settlement in the
2010 second quarter, and an other-than-temporary impairment charge
related to Freddie Mac securities recorded in the 2009 first
quarter, partially offset by the absence of gain on sales of
securities in 2010 and decreases in customer service fees and
mortgage banking income, net.
General and administrative ("G&A") expense for the quarter
ended September 30, 2010 totaled
$70.9 million compared to
$63.2 million for the 2009 third
quarter. The increase is primarily due to a $4.1 million increase in compensation and
benefits, primarily increased ESOP expense and accruals for
incentive compensation, and a $2.6
million increase in other expense, primarily real estate
owned related expense.
For the nine months ended September 30,
2010, G&A expense totaled $215.0
million compared to $203.2
million for the comparable 2009 period. The increase
was due primarily to the following: a $6.7 million increase in compensation and
benefits, primarily related to ESOP expense and accruals for
incentive compensation, a $10.9
million increase in other expense, of which $7.9 million was related to the McAnaney
litigation settlement, and a $2.0
million increase in regular FDIC insurance premiums,
partially offset by the $9.9 million
FDIC special assessment recorded in 2009.
Balance Sheet Summary
Total assets decreased $733.1
million from the previous quarter and $1.3 billion from December
31, 2009 and totaled $18.9
billion at September 30, 2010.
The loan portfolio declined $467.1
million from the previous quarter and $881.5 million from December 31, 2009 and totaled $14.9 billion at September
30, 2010. The one-to-four family portfolio totaled
$11.4 billion at September 30, 2010 compared to $11.7 billion at June 30,
2010 and $11.9 billion at
December 31, 2009. The combined
multifamily/commercial real estate portfolio totaled $3.1 billion at September
30, 2010 compared to $3.2
billion at June 30, 2010 and
$3.4 billion at December 31, 2009. For the quarter and nine
months ended September 30, 2010,
securities decreased $145.5 million
and $587.4 million, respectively, to
$2.6 billion. Commenting on the
decrease in the balance sheet, Mr. Engelke stated, "The combination
of conforming 30-year fixed-rate mortgage interest rates at
historic lows and high conforming loan limits, resulting from the
U.S. Government's efforts to stimulate housing loan demand, has had
a negative impact on jumbo hybrid ARM portfolio lenders such as
Astoria and has contributed to the
decrease in our loan portfolio and balance sheet."
For the quarter and nine months ended September 30, 2010, one-to-four family loan
originations for portfolio totaled $646.7
million and $2.2 billion,
respectively, compared to $1.2
billion and $2.2 billion,
respectively, for the comparable 2009 periods. This
production was achieved while maintaining strict underwriting
standards. The loan-to-value ratio of the one-to-four family
loan production for portfolio for the 2010 third quarter and nine
months averaged approximately 63% and 62%, respectively, at
origination and the loan amount averaged approximately $728,000 and $734,000, respectively. One-to-four family
loan prepayments for the quarter and nine months ended September 30, 2010 totaled $848.3 million and $2.3
billion, respectively, compared to $939.6 million and $2.2
billion, respectively, for the comparable 2009 periods.
Deposits for the quarter ended September
30, 2010 decreased $141.2
million from the previous quarter and $705.0 million from December 31, 2009, and totaled $12.1 billion at September
30, 2010. The decreases were due primarily to
decreases in CDs. Importantly, low-cost savings, money market
and checking account deposits increased $231.3 million from December 31, 2009, or 8% annualized.
Borrowings for the quarter ended September 30, 2010 decreased $599.9 million from the previous quarter and
$664.7 million from December 31, 2009 to $5.2
billion.
Stockholders' equity totaled $1.2
billion, or 6.56% of total assets at September 30, 2010. Astoria Federal
continues to be designated as well-capitalized with core, tangible,
risk-based and Tier 1 risk-based capital ratios of 7.59%, 7.59%,
14.13% and 12.87%, respectively, at September 30, 2010.
Asset Quality
Non-performing loans ("NPLs"), including troubled debt
restructurings ("TDR") of $53.5
million, totaled $399.6
million, or 2.11% of total assets at September 30, 2010, a decrease of $15.5 million from the previous quarter.
During the 2010 third quarter, $22.3
million of NPLs were either sold or classified as
held-for-sale. At September 30,
2010, one-to-four family NPLs declined to $345.7 million, multi-family/CRE/construction
NPLs declined to $48.9 million and
consumer and other NPLs declined to $5.0
million compared to $350.6
million, $59.2 million and
$5.3 million at June 30, 2010. Of the $345.7 million of non-performing one-to-four
family loans, $247.8 million, or 72%,
represent residential loans which, at 180 days delinquent and
annually thereafter, were reviewed and charged-off, as needed, to
the estimated fair value of the underlying collateral at such time,
less estimated selling costs.
The following table illustrates loan migration trends from 30
days delinquent to 90+ days delinquent:
|
|
($ in millions)
|
30-59
Days
Past
Due
|
60-89
Days
Past
Due
|
Combined
30-89
Days
Past
Due
|
Change
from
Previous
Quarter
|
90 +
Days
Past
Due
(NPLs)
|
Total
30-90+
Days Past
Due
|
|
At Sept. 30, 2009
|
$197.6
|
$ 75.9
|
$273.5
|
$(46.7)
|
$408.5
|
$682.0
|
|
At Dec. 31, 2009
|
$212.9
|
$ 76.3
|
$289.2
|
$ 15.7
|
$408.6
|
$697.8
|
|
At March 31, 2010
|
$185.6
|
$ 82.7
|
$268.3
|
$(20.9)
|
$419.1
|
$687.4
|
|
At June 30, 2010
|
$230.9
|
$ 77.5
|
$308.4
|
$40.1
|
$415.1
|
$723.5
|
|
At Sept. 30, 2010
|
$181.6
|
$ 70.4
|
$252.0
|
$(56.4)
|
$399.6
|
$651.6
|
|
|
|
|
|
|
|
|
|
|
The table below details, as of September
30, 2010, the ten largest concentrations by state of
one-to-four family loans and the respective non-performing loan
totals in those states. More comprehensive state details are
included in the "One-to-Four Family Residential Loan
Portfolio-Geographic Analysis" table included in this release.
|
|
($ in millions)
State
|
Total
1-4
Family
Loans
|
% of Total
1-4
Family
Loan
Portfolio
|
Total
1-4
Family
NPLs
|
NPLs as
%
of
State
Total
|
|
New York
|
$3,119.2
|
27.4%
|
$48.8
|
1.56%
|
|
Illinois
|
$1,430.9
|
12.6%
|
$51.1
|
3.57%
|
|
Connecticut
|
$1,057.6
|
9.3%
|
$30.9
|
2.92%
|
|
California
|
$ 911.7
|
8.0%
|
$41.3
|
4.53%
|
|
New Jersey
|
$ 853.7
|
7.5%
|
$50.0
|
5.86%
|
|
Massachusetts
|
$ 787.3
|
6.9%
|
$11.8
|
1.50%
|
|
Virginia
|
$ 707.4
|
6.2%
|
$16.9
|
2.39%
|
|
Maryland
|
$ 699.0
|
6.1%
|
$41.9
|
5.99%
|
|
Washington
|
$ 330.7
|
2.9%
|
$ 0.6
|
0.18%
|
|
Florida
|
$ 236.2
|
2.1%
|
$26.9
|
11.39%
|
|
Top 10 States
|
$10,133.7
|
89.0%
|
$320.2
|
3.16%
|
|
All other states
(1)
|
$ 1,235.2
|
11.0%
|
$ 25.5
|
2.06%
|
|
Total 1-4 Family
Portfolio
|
$11,368.9
|
100%
|
$345.7
|
3.04%
|
|
(1) Includes 28 states and
Washington, D.C.
|
|
|
|
|
|
|
Net loan charge-offs for the quarter ended September 30, 2010 totaled $24.8 million (including $18.4 million of one-to-four family loans and
$5.4 million of multi-family/CRE
loans) compared to $34.7 million
(including $20.1 million of
one-to-four family loans and $12.6
million of multi-family/CRE loans) for the previous quarter.
Included in the $18.4 million
of one-to-four family net loan charge-offs are $16.2 million of charge-offs on $71.7 million of NPLs which, at 180 days
delinquent and annually thereafter, were reviewed and adjusted, as
needed, to the estimated fair value of the underlying collateral
less selling costs. "While we expect NPL levels may remain
elevated for some time, it is important to note that the loss
potential remaining has been greatly reduced as a result of our
having already reviewed, marked down, and charged-off as necessary,
72% of the residential NPLs to their adjusted fair value less
selling costs," Mr. Engelke noted.
Selected Asset Quality
Metrics
(at or for the three and nine
months ended September 30, 2010)
|
|
($ in millions)
|
1-4
Family
|
Multi-
family
|
CRE
|
Construction
|
Consumer
&
Other
|
Total
|
|
Loan portfolio
balance
|
$11,368.9
|
$ 2,309.1
|
$ 793.4
|
$ 15.7
|
$ 319.3(1)
|
$14,899.2(2)
|
|
Non-performing loans
|
$ 345.7(3)
|
$ 38.5(4)
|
$ 3.7
|
$ 6.7
|
$
5.0
|
$
399.6(3)
|
|
NPLs/total loans
|
2.32%
|
0.26%
|
0.02%
|
0.05%
|
0.03%
|
2.68%
|
|
Net charge-offs
3Q10
|
$
18.4
|
$
5.0
|
$ 0.4
|
$
0.0
|
$
1.0
|
$
24.8
|
|
Net charge-offs
YTD
|
$
56.0
|
$
22.4
|
$ 6.2
|
$ 1.5
|
$
1.7
|
$
87.8
|
|
(1) Includes home equity
loans of $290.6 million
(2) Includes $92.8 million
of net unamortized premiums and deferred loan costs
(3) Includes $247.8
million reviewed and adjusted, as needed, at 180 days delinquent
and annually thereafter
(4) Includes $22.4 million
of TDRs performing in accordance with their modified
terms
|
|
|
|
|
|
|
|
|
Future Outlook
Commenting on the near-term outlook, Mr. Engelke stated,
"Although we remain cautiously optimistic with respect to the
outlook for credit quality and we expect credit costs will continue
to decline over the next several quarters resulting in improved
financial performance, the operating environment for residential
mortgage portfolio lenders, nonetheless, remains challenging. The
U.S. government continues to subsidize the residential mortgage
market with programs designed to keep 30-year fixed-rate conforming
loans, which we originate but do not retain for our portfolio,
below normal market rate levels. In addition, the U.S.
Congress recently extended the expanded conforming loan limits in
many of the markets we operate in through September 2011, therefore, we anticipate that
elevated levels of mortgage prepayment activity will continue to
outpace our loan production. This will, more than likely,
result in the loan portfolio and balance sheet declining further in
the near term. We anticipate maintaining a relatively stable
net interest margin which, when coupled with lower credit costs,
should mitigate the earnings impact from a smaller balance sheet.
In the meantime, we will continue to strengthen the balance
sheet by continuing to originate quality residential mortgage loans
for portfolio. We expect capital levels will continue to
increase as earnings continue to improve which should position us
to take advantage of future balance sheet growth opportunities that
may arise."
Earnings Conference Call October 21,
2010 at 10:00 a.m.
(ET)
The Company, as previously announced, indicated that Mr. Engelke
will host an earnings conference call Thursday morning,
October 21, 2010 at 10:00 a.m. (ET). The toll-free dial-in
number is (888) 562-3356, ID# 12186796. A telephone replay
will be available on October 21, 2010
from 1:00 p.m. (ET) through midnight
October 30, 2010 (ET). The
replay number is (800) 642-1687, ID#: 12186796. The
conference call will also be simultaneously webcast on the
Company's website www.astoriafederal.com and archived for one
year.
Astoria Financial Corporation, with assets of $18.9 billion, is the holding company for Astoria
Federal Savings and Loan Association. Established in 1888,
Astoria Federal, with deposits in New
York totaling $12.1 billion,
is the largest thrift depository 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 85
convenient banking office locations and multiple delivery channels,
including its enhanced website, 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 sixteen states, primarily along the East Coast,
and the District of Columbia, and
through correspondent relationships covering seventeen states and
the District of Columbia.
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.
Tables Follow
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
|
|
(In Thousands, Except Share
Data)
|
|
|
|
|
At
|
|
At
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
$
|
241,514
|
$
|
71,540
|
|
Repurchase agreements
|
|
32,040
|
|
40,030
|
|
Securities
available-for-sale
|
|
657,885
|
|
860,694
|
|
Securities
held-to-maturity
|
|
|
|
|
|
|
(fair value of $1,996,017 and
$2,367,520, respectively)
|
|
1,933,318
|
|
2,317,885
|
|
Federal Home Loan Bank of New
York stock, at cost
|
|
163,501
|
|
178,929
|
|
Loans held-for-sale,
net
|
|
35,338
|
|
34,274
|
|
Loans receivable:
|
|
|
|
|
|
|
Mortgage loans, net
|
|
14,577,036
|
|
15,447,115
|
|
|
Consumer and other loans,
net
|
|
322,157
|
|
333,607
|
|
|
|
|
14,899,193
|
|
15,780,722
|
|
|
Allowance for loan
losses
|
|
(206,231)
|
|
(194,049)
|
|
Total loans receivable,
net
|
|
14,692,962
|
|
15,586,673
|
|
Mortgage servicing rights,
net
|
|
8,030
|
|
8,850
|
|
Accrued interest
receivable
|
|
61,768
|
|
66,121
|
|
Premises and equipment,
net
|
|
133,735
|
|
136,195
|
|
Goodwill
|
|
185,151
|
|
185,151
|
|
Bank owned life
insurance
|
|
408,470
|
|
401,735
|
|
Real estate owned,
net
|
|
64,763
|
|
46,220
|
|
Other assets
|
|
318,374
|
|
317,882
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
|
18,936,849
|
$
|
20,252,179
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Deposits
|
$
|
12,107,286
|
$
|
12,812,238
|
|
Reverse repurchase
agreements
|
|
2,100,000
|
|
2,500,000
|
|
Federal Home Loan Bank of New
York advances
|
|
2,735,000
|
|
3,000,000
|
|
Other borrowings, net
|
|
378,111
|
|
377,834
|
|
Mortgage escrow funds
|
|
146,678
|
|
114,036
|
|
Accrued expenses and other
liabilities
|
|
228,083
|
|
239,457
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
17,695,158
|
|
19,043,565
|
|
|
|
|
|
|
|
|
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
97,877,469 and 97,083,607 shares
|
|
|
|
|
|
|
outstanding,
respectively)
|
|
1,665
|
|
1,665
|
|
Additional paid-in
capital
|
|
859,880
|
|
857,662
|
|
Retained earnings
|
|
1,836,456
|
|
1,829,199
|
|
Treasury stock (68,617,419 and
69,411,281 shares, at cost, respectively)
|
|
(1,417,956)
|
|
(1,434,362)
|
|
Accumulated other comprehensive
loss
|
|
(24,876)
|
|
(29,779)
|
|
Unallocated common stock held by
ESOP
|
|
|
|
|
|
|
(3,678,768 and 4,304,635 shares,
respectively)
|
|
(13,478)
|
|
(15,771)
|
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
1,241,691
|
|
1,208,614
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
18,936,849
|
$
|
20,252,179
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
|
|
(In Thousands, Except Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
One-to-four family mortgage
loans
|
$
|
130,936
|
$
|
147,765
|
$
|
408,640
|
$
|
465,252
|
|
|
Multi-family, commercial real
estate and construction
|
|
|
|
|
|
|
|
|
|
|
|
mortgage loans
|
|
48,446
|
|
52,947
|
|
149,169
|
|
165,539
|
|
|
Consumer and other
loans
|
|
2,656
|
|
2,760
|
|
7,975
|
|
8,095
|
|
|
Mortgage-backed and other
securities
|
|
25,336
|
|
35,980
|
|
86,319
|
|
116,307
|
|
|
Repurchase agreements and
interest-earning cash accounts
|
|
188
|
|
163
|
|
257
|
|
394
|
|
|
Federal Home Loan Bank of New
York stock
|
|
1,999
|
|
2,487
|
|
6,416
|
|
6,850
|
|
Total interest income
|
|
209,561
|
|
242,102
|
|
658,776
|
|
762,437
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
46,144
|
|
75,348
|
|
149,182
|
|
248,069
|
|
|
Borrowings
|
|
57,392
|
|
63,671
|
|
177,268
|
|
190,554
|
|
Total interest
expense
|
|
103,536
|
|
139,019
|
|
326,450
|
|
438,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
106,025
|
|
103,083
|
|
332,326
|
|
323,814
|
|
Provision for loan
losses
|
|
20,000
|
|
50,000
|
|
100,000
|
|
150,000
|
|
Net interest income after
provision for loan losses
|
|
86,025
|
|
53,083
|
|
232,326
|
|
173,814
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
|
12,463
|
|
14,186
|
|
39,128
|
|
43,265
|
|
|
Other loan fees
|
|
974
|
|
959
|
|
2,546
|
|
2,837
|
|
|
Gain on sales of
securities
|
|
-
|
|
3,820
|
|
-
|
|
5,932
|
|
|
Other-than-temporary impairment
write-down of securities
|
|
-
|
|
-
|
|
-
|
|
(5,300)
|
|
|
Mortgage banking income,
net
|
|
631
|
|
883
|
|
2,788
|
|
4,762
|
|
|
Income from bank owned life
insurance
|
|
2,383
|
|
2,131
|
|
6,735
|
|
6,578
|
|
|
Other
|
|
2,161
|
|
(1,899)
|
|
9,279
|
|
(1,622)
|
|
Total non-interest
income
|
|
18,612
|
|
20,080
|
|
60,476
|
|
56,452
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
35,999
|
|
31,850
|
|
105,884
|
|
99,213
|
|
|
|
Occupancy, equipment and
systems
|
|
16,506
|
|
15,969
|
|
49,592
|
|
48,365
|
|
|
|
Federal deposit insurance
premiums
|
|
6,509
|
|
6,928
|
|
19,722
|
|
17,732
|
|
|
|
Federal deposit insurance
special assessment
|
|
-
|
|
-
|
|
-
|
|
9,851
|
|
|
|
Advertising
|
|
1,743
|
|
961
|
|
4,557
|
|
3,741
|
|
|
|
Other
|
|
10,147
|
|
7,531
|
|
35,236
|
|
24,319
|
|
Total non-interest
expense
|
|
70,904
|
|
63,239
|
|
214,991
|
|
203,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
33,733
|
|
9,924
|
|
77,811
|
|
27,045
|
|
Income tax expense
|
|
12,282
|
|
1,876
|
|
27,888
|
|
7,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
21,451
|
$
|
8,048
|
$
|
49,923
|
$
|
19,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$
|
0.23
|
$
|
0.09
|
$
|
0.53
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
$
|
0.23
|
$
|
0.09
|
$
|
0.53
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares
|
91,863,115
|
90,696,563
|
91,650,000
|
90,480,277
|
|
Diluted weighted average common
and common
|
|
|
|
|
|
|
|
|
|
|
equivalent shares
|
91,863,115
|
90,702,558
|
91,650,045
|
90,482,356
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEETS
|
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended September 30,
|
|
|
|
|
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
(Annualized)
|
|
|
|
|
|
|
(Annualized)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family
|
$
|
11,678,392
|
$
|
130,936
|
|
4.48%
|
|
$
|
12,071,749
|
$
|
147,765
|
|
4.90%
|
|
|
|
|
|
|
Multi-family, commercial
real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
|
3,201,711
|
|
48,446
|
|
6.05
|
|
|
3,610,912
|
|
52,947
|
|
5.87
|
|
|
|
|
|
Consumer and other loans
(1)
|
|
323,916
|
|
2,656
|
|
3.28
|
|
|
334,282
|
|
2,760
|
|
3.30
|
|
|
|
|
|
Total loans
|
|
15,204,019
|
|
182,038
|
|
4.79
|
|
|
16,016,943
|
|
203,472
|
|
5.08
|
|
|
|
|
|
Mortgage-backed and other
securities (2)
|
|
2,555,951
|
|
25,336
|
|
3.97
|
|
|
3,451,257
|
|
35,980
|
|
4.17
|
|
|
|
|
|
Repurchase agreements
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
|
332,171
|
|
188
|
|
0.23
|
|
|
299,242
|
|
163
|
|
0.22
|
|
|
|
|
|
Federal Home Loan Bank
stock
|
|
174,220
|
|
1,999
|
|
4.59
|
|
|
177,285
|
|
2,487
|
|
5.61
|
|
|
|
|
Total interest-earning
assets
|
|
18,266,361
|
|
209,561
|
|
4.59
|
|
|
19,944,727
|
|
242,102
|
|
4.86
|
|
|
|
|
Goodwill
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
|
Other non-interest-earning
assets
|
|
888,925
|
|
|
|
|
|
|
856,892
|
|
|
|
|
|
|
|
Total assets
|
$
|
19,340,437
|
|
|
|
|
|
$
|
20,986,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,205,587
|
|
2,245
|
|
0.41
|
|
$
|
1,950,731
|
|
1,989
|
|
0.41
|
|
|
|
|
|
Money market
|
|
342,453
|
|
385
|
|
0.45
|
|
|
328,826
|
|
447
|
|
0.54
|
|
|
|
|
|
NOW and demand
deposit
|
|
1,686,109
|
|
279
|
|
0.07
|
|
|
1,545,609
|
|
258
|
|
0.07
|
|
|
|
|
|
Liquid certificates of
deposit
|
|
585,814
|
|
689
|
|
0.47
|
|
|
860,239
|
|
1,708
|
|
0.79
|
|
|
|
|
|
Total core deposits
|
|
4,819,963
|
|
3,598
|
|
0.30
|
|
|
4,685,405
|
|
4,402
|
|
0.38
|
|
|
|
|
|
Certificates of
deposit
|
|
7,356,689
|
|
42,546
|
|
2.31
|
|
|
8,738,587
|
|
70,946
|
|
3.25
|
|
|
|
|
|
Total deposits
|
|
12,176,652
|
|
46,144
|
|
1.52
|
|
|
13,423,992
|
|
75,348
|
|
2.25
|
|
|
|
|
|
Borrowings
|
|
5,527,188
|
|
57,392
|
|
4.15
|
|
|
5,886,006
|
|
63,671
|
|
4.33
|
|
|
|
|
Total interest-bearing
liabilities
|
|
17,703,840
|
|
103,536
|
|
2.34
|
|
|
19,309,998
|
|
139,019
|
|
2.88
|
|
|
|
|
Non-interest-bearing
liabilities
|
|
405,907
|
|
|
|
|
|
|
478,697
|
|
|
|
|
|
|
|
Total liabilities
|
|
18,109,747
|
|
|
|
|
|
|
19,788,695
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,230,690
|
|
|
|
|
|
|
1,198,075
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
19,340,437
|
|
|
|
|
|
$
|
20,986,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread (3)
|
|
|
$
|
106,025
|
|
2.25%
|
|
|
|
$
|
103,083
|
|
1.98%
|
|
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin (4)
|
$
|
562,521
|
|
|
|
2.32%
|
|
$
|
634,729
|
|
|
|
2.07%
|
|
|
|
Ratio of interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing
liabilities
|
|
1.03x
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEETS
|
|
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
(Annualized)
|
|
|
|
|
|
|
(Annualized)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family
|
$
|
11,856,597
|
$
|
408,640
|
|
4.60
|
%
|
$
|
12,194,836
|
$
|
465,252
|
|
5.09
|
%
|
|
|
|
|
|
Multi-family, commercial
real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
3,319,318
|
|
149,169
|
|
5.99
|
|
|
3,738,746
|
|
165,539
|
|
5.90
|
|
|
|
|
|
Consumer and other loans
(1)
|
328,264
|
|
7,975
|
|
3.24
|
|
|
337,229
|
|
8,095
|
|
3.20
|
|
|
|
|
|
Total loans
|
|
15,504,179
|
|
565,784
|
|
4.87
|
|
|
16,270,811
|
|
638,886
|
|
5.24
|
|
|
|
|
|
Mortgage-backed and other
securities (2)
|
2,897,654
|
|
86,319
|
|
3.97
|
|
|
3,573,641
|
|
116,307
|
|
4.34
|
|
|
|
|
|
Repurchase agreements
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
181,366
|
|
257
|
|
0.19
|
|
|
255,594
|
|
394
|
|
0.21
|
|
|
|
|
|
Federal Home Loan Bank
stock
|
177,246
|
|
6,416
|
|
4.83
|
|
|
183,032
|
|
6,850
|
|
4.99
|
|
|
|
|
Total interest-earning
assets
|
18,760,445
|
|
658,776
|
|
4.68
|
|
|
20,283,078
|
|
762,437
|
|
5.01
|
|
|
|
|
Goodwill
|
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
|
Other non-interest-earning
assets
|
879,392
|
|
|
|
|
|
|
837,257
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
19,824,988
|
|
|
|
|
|
$
|
21,305,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,142,373
|
|
6,477
|
|
0.40
|
|
$
|
1,909,519
|
|
5,781
|
|
0.40
|
|
|
|
|
|
Money market
|
|
336,482
|
|
1,117
|
|
0.44
|
|
|
313,747
|
|
1,733
|
|
0.74
|
|
|
|
|
|
NOW and demand
deposit
|
1,662,287
|
|
807
|
|
0.06
|
|
|
1,522,064
|
|
805
|
|
0.07
|
|
|
|
|
|
Liquid certificates of
deposit
|
626,625
|
|
2,281
|
|
0.49
|
|
|
927,424
|
|
9,641
|
|
1.39
|
|
|
|
|
|
Total core deposits
|
4,767,767
|
|
10,682
|
|
0.30
|
|
|
4,672,754
|
|
17,960
|
|
0.51
|
|
|
|
|
|
Certificates of
deposit
|
7,689,649
|
|
138,500
|
|
2.40
|
|
|
8,852,402
|
|
230,109
|
|
3.47
|
|
|
|
|
|
Total deposits
|
|
12,457,416
|
|
149,182
|
|
1.60
|
|
|
13,525,156
|
|
248,069
|
|
2.45
|
|
|
|
|
|
Borrowings
|
|
5,730,714
|
|
177,268
|
|
4.12
|
|
|
6,126,211
|
|
190,554
|
|
4.15
|
|
|
|
|
Total interest-bearing
liabilities
|
18,188,130
|
|
326,450
|
|
2.39
|
|
|
19,651,367
|
|
438,623
|
|
2.98
|
|
|
|
|
Non-interest-bearing
liabilities
|
416,514
|
|
|
|
|
|
|
458,474
|
|
|
|
|
|
|
|
Total liabilities
|
|
18,604,644
|
|
|
|
|
|
|
20,109,841
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,220,344
|
|
|
|
|
|
|
1,195,645
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
19,824,988
|
|
|
|
|
|
$
|
21,305,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread (3)
|
|
|
$
|
332,326
|
|
2.29
|
%
|
|
|
$
|
323,814
|
|
2.03
|
%
|
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin (4)
|
$
|
572,315
|
|
|
|
2.36
|
%
|
$
|
631,711
|
|
|
|
2.13
|
%
|
|
|
Ratio of interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing
liabilities
|
1.03x
|
|
|
|
|
|
|
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.
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Returns and Financial
Ratios (annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
|
6.97%
|
|
|
2.69%
|
|
|
5.45%
|
|
|
2.18%
|
|
|
Return on average
tangible stockholders' equity (1)
|
|
8.21
|
|
3.18
|
|
|
6.43
|
|
2.58
|
|
|
Return on average
assets
|
|
0.44
|
|
0.15
|
|
|
0.34
|
|
0.12
|
|
|
General and
administrative expense to average assets
|
|
1.47
|
|
|
1.21
|
|
|
1.45
|
|
|
1.27
|
|
|
Efficiency ratio
(2)
|
|
56.89
|
|
|
51.35
|
|
|
54.73
|
|
|
53.44
|
|
|
Net interest rate
spread
|
|
2.25
|
|
|
1.98
|
|
|
2.29
|
|
|
2.03
|
|
|
Net interest
margin
|
|
2.32
|
|
|
2.07
|
|
|
2.36
|
|
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Non-GAAP Returns and
Financial Ratios (annualized) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP return on
average stockholders' equity
|
|
|
|
|
|
|
|
5.68%
|
|
|
3.39%
|
|
|
Non-GAAP return on
average tangible stockholders' equity (1)
|
|
|
|
|
|
|
|
6.70
|
|
|
4.01
|
|
|
Non-GAAP return on
average assets
|
|
|
|
|
|
|
|
0.35
|
|
|
0.19
|
|
|
Non-GAAP general
and administrative expense to average assets
|
|
|
|
|
|
|
|
1.39
|
|
|
1.21
|
|
|
Non-GAAP efficiency
ratio (2)
|
|
|
|
|
|
|
|
53.36
|
|
|
49.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
assets (4)
|
|
|
|
|
|
|
$
|
464,383
|
|
$
|
449,926
|
|
|
Non-performing
loans (4)
|
|
|
|
|
|
|
|
399,620
|
|
|
408,458
|
|
|
Loans
delinquent 90 days or more and still accruing interest
|
|
|
|
|
|
|
|
619
|
|
|
21
|
|
|
Non-accrual
loans
|
|
|
|
|
|
|
|
399,001
|
|
|
408,437
|
|
|
Loans 60-89 days
delinquent
|
|
|
|
|
|
|
|
70,359
|
|
|
75,875
|
|
|
Loans 30-59 days
delinquent
|
|
|
|
|
|
|
|
181,631
|
|
|
197,560
|
|
|
Net
charge-offs
|
$
|
24,768
|
|
$
|
33,633
|
|
|
87,818
|
|
|
92,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans/total loans
|
|
|
|
|
|
|
|
2.68%
|
|
|
2.56%
|
|
|
Non-performing
loans/total assets
|
|
|
|
|
|
|
|
2.11
|
|
|
1.98
|
|
|
Non-performing
assets/total assets
|
|
|
|
|
|
|
|
2.45
|
|
|
2.18
|
|
|
Allowance for loan
losses/non-performing loans
|
|
|
|
|
|
|
|
51.61
|
|
|
43.25
|
|
|
Allowance for loan
losses/non-accrual loans
|
|
|
|
|
|
|
|
51.69
|
|
|
43.25
|
|
|
Allowance for loan
losses/total loans
|
|
|
|
|
|
|
|
1.38
|
|
|
1.11
|
|
|
Net charge-offs to
average loans outstanding (annualized)
|
|
0.65%
|
|
|
0.84%
|
|
|
0.76
|
|
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (Astoria
Federal)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
|
|
|
|
|
|
|
|
7.59%
|
|
|
6.72%
|
|
|
Core
|
|
|
|
|
|
|
|
7.59
|
|
|
6.72
|
|
|
Risk-based
|
|
|
|
|
|
|
|
14.13
|
|
|
12.77
|
|
|
Tier 1
risk-based
|
|
|
|
|
|
|
|
12.87
|
|
|
11.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
per common share
|
$
|
0.13
|
|
$
|
0.13
|
|
$
|
0.39
|
|
$
|
0.39
|
|
|
Book value per
share (5)
|
|
|
|
|
|
|
|
13.18
|
|
|
13.04
|
|
|
Tangible book value
per share (6)
|
|
|
|
|
|
|
|
11.22
|
|
|
11.04
|
|
|
Tangible
stockholders' equity/tangible assets (1) (7)
|
|
|
|
|
|
|
|
5.63%
|
|
|
4.98%
|
|
|
Mortgage loans
serviced for others (in thousands)
|
|
|
|
|
|
|
$
|
1,421,223
|
|
$
|
1,355,090
|
|
|
Full time
equivalent employees
|
|
|
|
|
|
|
|
1,573
|
|
|
1,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) See the
"Reconciliation of GAAP Measures to Non-GAAP Measures" table
included in this release for a reconciliation of GAAP measures to
non-GAAP measures for the nine months ended September 30, 2010 and
2009.
|
|
(4) Non-performing assets
and non-performing loans include, but are not limited to,
one-to-four family mortgage loans which at 180 days past due and
annually thereafter we obtained an estimate of collateral value and
charged-off any portion of the loan in excess of the estimated
collateral value less estimated selling costs.
|
|
(5) Book value per share
represents stockholders' equity divided by outstanding shares,
excluding unallocated Employee Stock Ownership Plan, or ESOP,
shares.
|
|
(6) Tangible book value
per share represents stockholders' equity less goodwill divided by
outstanding shares, excluding unallocated ESOP shares.
|
|
(7) Tangible assets
represent assets less goodwill.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF PERIOD BALANCES AND
RATES
|
|
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September
30, 2010
|
|
At June
30, 2010
|
|
|
At September
30, 2009
|
|
|
|
|
|
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
|
$
|
11,023,120
|
|
4.87%
|
$
|
11,358,339
|
|
4.99%
|
|
$
|
11,681,844
|
|
5.36%
|
|
Multi-family, commercial
real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
3,069,335
|
|
6.04
|
|
3,175,604
|
|
6.04
|
|
|
3,442,046
|
|
6.03
|
|
Mortgage-backed and other
securities (3)
|
|
2,591,203
|
|
4.00
|
|
2,736,725
|
|
4.11
|
|
|
3,472,308
|
|
4.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
2,234,606
|
|
0.40
|
|
2,183,350
|
|
0.40
|
|
|
1,959,171
|
|
0.40
|
|
Money market
|
|
349,883
|
|
0.45
|
|
337,455
|
|
0.45
|
|
|
330,299
|
|
0.44
|
|
NOW and demand
deposit
|
|
1,662,000
|
|
0.06
|
|
1,687,163
|
|
0.06
|
|
|
1,522,017
|
|
0.06
|
|
Liquid certificates of
deposit
|
|
546,626
|
|
0.38
|
|
607,853
|
|
0.50
|
|
|
812,141
|
|
0.64
|
|
Total core
deposits
|
|
4,793,115
|
|
0.28
|
|
4,815,821
|
|
0.30
|
|
|
4,623,628
|
|
0.33
|
|
Certificates of
deposit
|
|
7,314,171
|
|
2.28
|
|
7,432,620
|
|
2.34
|
|
|
8,594,991
|
|
3.15
|
|
Total deposits
|
|
12,107,286
|
|
1.49
|
|
12,248,441
|
|
1.54
|
|
|
13,218,619
|
|
2.16
|
|
Borrowings, net
|
|
5,213,111
|
|
4.12
|
|
5,813,019
|
|
4.02
|
|
|
5,837,723
|
|
4.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 non-performing loans.
|
|
(3) Securities
available-for-sale are reported at fair value and securities
held-to-maturity are reported at amortized cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES
TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except Per Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income and expense and
related financial ratios determined in accordance with GAAP (GAAP
measures) excluding the adjustments detailed in the following table
(non-GAAP measures) provide a meaningful comparison for effectively
evaluating Astoria's operating results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
September
30, 2010
|
|
September
30, 2009
|
|
|
GAAP
|
Adjustments
(1)
|
Non-GAAP
|
|
GAAP
|
Adjustments
(2)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$332,326
|
|
$
-
|
|
$332,326
|
|
$323,814
|
|
$
-
|
|
$323,814
|
|
Provision for loan
losses
|
100,000
|
|
-
|
|
100,000
|
|
150,000
|
|
-
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses
|
232,326
|
|
-
|
|
232,326
|
|
173,814
|
|
-
|
|
173,814
|
|
Non-interest income
|
60,476
|
|
(4,635)
|
|
55,841
|
|
56,452
|
|
6,888
|
|
63,340
|
|
Non-interest expense (general
and administrative expense)
|
214,991
|
|
(7,850)
|
|
207,141
|
|
203,221
|
|
(9,851)
|
|
193,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
77,811
|
|
3,215
|
|
81,026
|
|
27,045
|
|
16,739
|
|
43,784
|
|
Income tax expense
|
27,888
|
|
1,133
|
|
29,021
|
|
7,501
|
|
5,859
|
|
13,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 49,923
|
|
$ 2,082
|
|
$ 52,005
|
|
$ 19,544
|
|
$ 10,880
|
|
$ 30,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$0.53
|
|
$0.02
|
|
$0.55
|
|
$0.21
|
|
$0.12
|
|
$0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
$0.53
|
|
$0.02
|
|
$0.55
|
|
$0.21
|
|
$0.12
|
|
$0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP returns are calculated
substituting non-GAAP net income for net income in the
corresponding ratio calculation, while the non-GAAP general and
administrative expense to average assets ratio substitutes non-GAAP
general and administrative expense (non-GAAP non-interest expense)
for general and administrative expense (non-interest expense) in
the corresponding ratio calculation. Similarly, the non-GAAP
efficiency ratio substitutes non-GAAP non-interest income and
non-GAAP general and administrative expense for non-interest income
and general and administrative expense in the corresponding ratio
calculation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-interest income
adjustment relates to the $6.2 million goodwill litigation
settlement, partially offset by the $1.5 million impairment
write-down of premises and equipment, recorded in the 2010 second
quarter. Non-interest expense adjustment relates to the
McAnaney litigation settlement recorded in the 2010 second
quarter.
|
|
(2) Non-interest income
adjustment relates to the $1.6 million lower of cost or market
write-down of premises and equipment held-for-sale recorded in the
2009 second quarter and the $5.3 million other-than-temporary
impairment write-down of securities charge recorded in the 2009
first quarter. Non-interest expense adjustment relates to the
federal deposit insurance special assessment recorded in the 2009
second quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
One-to-Four Family Residential
Loan Portfolio - Geographic Analysis
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
At September
30, 2010
|
|
|
|
|
|
|
Non-perfoming loans
|
|
State
|
Total
loans
|
|
Non-performing loans
|
|
as % of
total loans
|
|
New York
|
|
|
|
|
|
|
Full Income
|
$2,812.3
|
|
$25.9
|
|
0.92%
|
|
Alt A < 70%
LTV
|
$235.7
|
|
$11.8
|
|
5.01%
|
|
Alt A 70%-80%
LTV
|
$71.2
|
|
$11.1
|
|
15.59%
|
|
State Total
|
$3,119.2
|
|
$48.8
|
|
1.56%
|
|
|
|
|
|
|
|
|
Illinois
|
|
|
|
|
|
|
Full Income
|
$1,188.6
|
|
$20.8
|
|
1.75%
|
|
Alt A < 70%
LTV
|
$120.0
|
|
$11.9
|
|
9.92%
|
|
Alt A 70%-80%
LTV
|
$122.3
|
|
$18.4
|
|
15.04%
|
|
State Total
|
$1,430.9
|
|
$51.1
|
|
3.57%
|
|
|
|
|
|
|
|
|
Connecticut
|
|
|
|
|
|
|
Full Income
|
$885.9
|
|
$11.4
|
|
1.29%
|
|
Alt A < 70%
LTV
|
$118.8
|
|
$10.9
|
|
9.18%
|
|
Alt A 70%-80%
LTV
|
$52.9
|
|
$8.6
|
|
16.26%
|
|
State Total
|
$1,057.6
|
|
$30.9
|
|
2.92%
|
|
|
|
|
|
|
|
|
California
|
|
|
|
|
|
|
Full Income
|
$608.5
|
|
$13.5
|
|
2.22%
|
|
Alt A < 70%
LTV
|
$156.2
|
|
$7.5
|
|
4.80%
|
|
Alt A 70%-80%
LTV
|
$147.0
|
|
$20.3
|
|
13.81%
|
|
State Total
|
$911.7
|
|
$41.3
|
|
4.53%
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
|
|
|
|
Full Income
|
$677.5
|
|
$26.0
|
|
3.84%
|
|
Alt A < 70%
LTV
|
$90.9
|
|
$8.8
|
|
9.68%
|
|
Alt A 70%-80%
LTV
|
$85.3
|
|
$15.2
|
|
17.82%
|
|
State Total
|
$853.7
|
|
$50.0
|
|
5.86%
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
|
|
|
|
Full Income
|
$685.3
|
|
$5.1
|
|
0.74%
|
|
Alt A < 70%
LTV
|
$68.1
|
|
$2.3
|
|
3.38%
|
|
Alt A 70%-80%
LTV
|
$33.9
|
|
$4.4
|
|
12.98%
|
|
State Total
|
$787.3
|
|
$11.8
|
|
1.50%
|
|
|
|
|
|
|
|
|
Virginia
|
|
|
|
|
|
|
Full Income
|
$542.5
|
|
$4.5
|
|
0.83%
|
|
Alt A < 70%
LTV
|
$69.1
|
|
$3.1
|
|
4.49%
|
|
Alt A 70%-80%
LTV
|
$95.8
|
|
$9.3
|
|
9.71%
|
|
State Total
|
$707.4
|
|
$16.9
|
|
2.39%
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
|
|
|
|
Full Income
|
$540.8
|
|
$17.5
|
|
3.24%
|
|
Alt A < 70%
LTV
|
$74.2
|
|
$5.2
|
|
7.01%
|
|
Alt A 70%-80%
LTV
|
$84.0
|
|
$19.2
|
|
22.86%
|
|
State Total
|
$699.0
|
|
$41.9
|
|
5.99%
|
|
|
|
|
|
|
|
|
Washington
|
|
|
|
|
|
|
Full Income
|
$322.3
|
|
$0.0
|
|
0.00%
|
|
Alt A < 70%
LTV
|
$5.9
|
|
$0.6
|
|
10.17%
|
|
Alt A 70%-80%
LTV
|
$2.5
|
|
$0.0
|
|
0.00%
|
|
State Total
|
$330.7
|
|
$0.6
|
|
0.18%
|
|
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
|
Full Income
|
$160.5
|
|
$14.0
|
|
8.72%
|
|
Alt A < 70%
LTV
|
$44.3
|
|
$6.0
|
|
13.54%
|
|
Alt A 70%-80%
LTV
|
$31.4
|
|
$6.9
|
|
21.97%
|
|
State Total
|
$236.2
|
|
$26.9
|
|
11.39%
|
|
|
|
|
|
|
|
|
Other States
|
|
|
|
|
|
|
Full Income
|
$1,108.1
|
|
$15.8
|
|
1.43%
|
|
Alt A < 70%
LTV
|
$75.0
|
|
$4.3
|
|
5.73%
|
|
Alt A 70%-80%
LTV
|
$52.1
|
|
$5.4
|
|
10.36%
|
|
Other States Total
|
$1,235.2
|
|
$25.5
|
|
2.06%
|
|
|
|
|
|
|
|
|
Total all states
|
|
|
|
|
|
|
Full Income
|
$9,532.3
|
|
$154.5
|
|
1.62%
|
|
Alt A < 70%
LTV
|
$1,058.2
|
|
$72.4
|
|
6.84%
|
|
Alt A 70%-80%
LTV
|
$778.4
|
|
$118.8
|
|
15.26%
|
|
Grand total
|
$11,368.9
|
|
$345.7
|
|
3.04%
|
|
|
|
|
|
|
|
|
Note:
LTVs are based on current principal balances and original
appraised values
|
|
|
|
|
|
|
|
SOURCE Astoria Financial Corporation
Copyright . 20 PR Newswire