LAKE SUCCESS, N.Y.,
July 20, 2011 /PRNewswire/ -- 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 $16.8 million, or $0.18 diluted earnings per share ("diluted EPS"),
for the quarter ended June 30, 2011,
increases of 8% and 6%, respectively, over net income of
$15.5 million, or $0.17 diluted EPS, for the quarter ended
June 30, 2010. For the six
months ended June 30, 2011, net
income totaled $44.2 million, or
$0.46 diluted EPS, increases of 55%
and 53%, respectively, over net income of $28.5 million, or $0.30 diluted EPS, for the comparable 2010
period. Included in the 2010 second quarter and six month
results are net charges totaling $3.2
million (or $2.1 million, or
$0.02 per share, after-tax), which
are not routine to our core operations. For further detail,
see the "Reconciliation of GAAP Measures to Non-GAAP Measures"
table included in this release.
Commenting on the second quarter results, Monte N. Redman, President and Chief Executive
Officer of Astoria, stated, "While
disappointed with the second quarter results, which were negatively
impacted by the continued decrease in interest-earning assets and
the slightly higher provision for loan losses compared to the first
quarter, I continue to remain optimistic that future credit costs
will resume their downward trend and loan and balance sheet growth
will resume in the second half of this year."
Second Quarter Financial Highlights
- Low cost savings, money market and checking accounts increased
$633.5 million, or 14%, from
June 30, 2010 and increased
$108.2 million, or 9% annualized,
from March 31, 2011, to $5.0 billion
- Early stage loan delinquencies (30-89 days past due) decreased
to $207.2 million, a decline of
$101.2 million, or 33%, from
June 30, 2010 and $10.0 million, or 18% annualized, from
March 31, 2011
- Total past due loans decreased to $583.5
million, a decline of $140.0
million, or 19%, from June 30,
2010 and $7.5 million, or 5%
annualized, from March 31, 2011
- The Company's tangible common equity ratio increased to 6.46%,
up 111 basis points from June 30,
2010 and 30 basis points from March
31, 2011
- Astoria Federal's leverage and tangible capital ratios
increased to 8.61%, up 146 basis points from June 30, 2010 and 44 basis points from
March 31, 2011
- Astoria Federal's tier 1 risk-based capital ratio increased to
14.48%, up 227 basis points from June 30,
2010 and 59 basis points from March
31, 2011
Board Declares Quarterly Cash Dividend of $0.13 Per Share
The Board of Directors of the Company, at their July 20, 2011 meeting, declared a quarterly cash
dividend of $0.13 per common share.
The dividend is payable on September
1, 2011 to shareholders of record as of August 15, 2011. This is the sixty-fifth
consecutive quarterly cash dividend declared by the Company.
Second Quarter and Six Months Earnings Summary
Net interest income for the quarter ended June 30, 2011 totaled $95.7 million compared to $101.5 million for the previous quarter and
$111.9 million for the 2010 second
quarter. For the six months ended June
30, 2011, net interest income totaled $197.3 million compared to $226.3 million for the comparable 2010 period.
The decreases in net interest income are due primarily to the
significant decreases in average interest-earnings assets of
$506.7 million and $2.4 billion on a linked quarter and year over
year basis, respectively. The net interest margin for the
quarter ended June 30, 2011 was 2.34%
compared to 2.40% for the previous quarter and 2.37% for the 2010
second quarter. Approximately 3 basis points of the linked
quarter decrease are due to one extra day of interest expense in
the 2011 second quarter. For the six months ended
June 30, 2011, the net interest
margin was 2.37% compared to 2.38% for the comparable 2010 six
month period.
For the quarter ended June 30,
2011, a $10.0 million
provision for loan losses was recorded compared to $7.0 million for the previous quarter and
$35.0 million for the 2010 second
quarter. For the six months ended June
30, 2011, the provision for loan losses totaled $17.0 million compared to $80.0 million for the comparable 2010 period.
Mr. Redman noted, "With a somewhat weaker economy and
slightly higher unemployment, along with the prolonged softness in
housing values, we felt it prudent to maintain our strong coverage
ratio. The allowance for loan losses to total loans, or the
coverage ratio, remains over 1%, at 1.35% at June 30, 2011."
Non-interest income for the quarter ended June 30, 2011 totaled $17.0 million compared to $18.0 million for the previous quarter and
$23.2 million for the 2010 second
quarter. Non-interest income for the six months ended
June 30, 2011 totaled $35.1 million compared to $41.9 million for the comparable 2010 period.
For the quarter and six months ended June 30, 2010, non-interest income includes a
$6.2 million gain relating to a
litigation settlement, partially offset by a $1.5 million impairment write-down of premises
and equipment. The linked quarter decrease is due to lower
mortgage banking income, net, including lower net gain on sales of
loans. The decrease for the six months ended June 30, 2011 is also due to customer service
fees decreasing $2.8 million.
General and administrative ("G&A") expense for the quarter
ended June 30, 2011 totaled
$76.0 million compared to
$69.6 million for the previous
quarter and $75.8 million for the
2010 second quarter. For the six months ended June 30, 2011, G&A expense totaled
$145.6 million compared to
$144.1 million for the six months
ended June 30, 2010. For the
quarter and six months ended June 30,
2010, G&A expense includes a $7.9
million litigation settlement. Commenting on the 2011
second quarter expenses, Mr. Redman stated, "The 2011 second
quarter G&A expense was impacted by a $5.7 million, or 103%, increase in FDIC insurance
premium expense from the previous quarter. We are
anticipating the FDIC insurance premium expense to be lower
starting in either the third or fourth quarter of this year."
Balance Sheet Summary
Total assets decreased $586.8
million from March 31, 2011
and $968.9 million from December 31, 2010 and totaled $17.1 billion at June 30,
2011. The decline is due to a decrease in loans and
securities.
The one-to-four family portfolio totaled $10.6 billion at June 30,
2011 and March 31, 2011
compared to $10.9 billion at
December 31, 2010. For the
quarter and six months ended June 30,
2011, one-to-four family loan originations for portfolio
totaled $636.2 million and
$1.3 billion, respectively, compared
to $758.5 million and $1.6 billion, respectively, for the comparable
2010 periods. The loan-to-value ratio of the one-to-four
family loan production for portfolio for the 2011 second quarter
and six months averaged approximately 62% and 61%, respectively, at
origination and the loan amount averaged approximately $785,000 and $754,000, respectively. One-to-four family
loan prepayments for the quarter and six months ended June 30, 2011 totaled $610.5 million and $1.4
billion, respectively, compared to $748.4 million and $1.5
billion, respectively, for the comparable 2010 periods.
The combined multi-family/commercial real estate ("CRE")
portfolio totaled $2.6 billion at
June 30, 2011 compared to
$2.7 billion at March 31, 2011 and $3.0
billion at December 31, 2010.
Multi-family/CRE loan prepayments for the quarter and six
months ended June 30, 2011 totaled
$133.3 million and $326.4 million, respectively, compared to
$76.7 million and $116.3 million for the comparable 2010 periods.
As previously anticipated, our expectation for loan and balance
sheet growth starting in the second half of this year is predicated
on several factors. The one-to-four family loan pipeline,
excluding our own customer loan refinances, is 50%, or almost
$300 million, higher than it was at
March 31, 2011. In addition, we
expect that residential conforming loan limits will be
significantly reduced on October 1,
2011, and we have resumed accepting multi-family loan
applications.
The securities portfolio declined $192.4
million from March 31, 2011
and totaled $2.4 billion at
June 30, 2011, due to the absence of
purchase activity in the second quarter. We expect to
maintain our securities portfolio at June
30, 2011 levels, or slightly higher, throughout the
remainder of 2011.
Deposits decreased $264.7 million
from the previous quarter and $388.4
million from December 31, 2010
to $11.2 billion at June 30, 2011. Importantly, low-cost
savings, money market and checking account deposits increased
$108.2 million, or 9% annualized,
from March 31, 2011 and $229.3 million, or 10% annualized, from
December 31, 2010. CD accounts
(including Liquid CDs) decreased $372.9
million from the previous quarter and $617.7 million from December 31, 2010. Notwithstanding the
decline in CDs, during the first half of 2011, we extended
$538.2 million of CDs for terms of
two years or more in an effort to help limit our exposure to future
increases in interest rates. At June
30, 2011, our one-year interest rate sensitivity gap was
positive 1.38%.
Borrowings decreased $290.9
million from the previous quarter and $582.8 million from December 31, 2010 to $4.3
billion at June 30, 2011.
Stockholders' equity totaled $1.3
billion, or 7.47% of total assets at June 30, 2011. Astoria Federal continues to
be designated as well-capitalized with leverage, tangible, total
risk-based and Tier 1 risk-based capital ratios of 8.61%, 8.61%,
15.78% and 14.48%, respectively, at June 30,
2011.
Asset Quality
Non-performing loans ("NPLs"), including troubled debt
restructurings ("TDRs") of $45.6
million, totaled $376.3
million, or 2.20% of total assets at June 30, 2011, an increase of $2.5 million from the previous quarter.
During the 2011 second quarter, $15.3
million of NPLs were either sold or classified as
held-for-sale. One-to-four family NPLs totaled $329.6 million, multi-family/CRE/construction
NPLs totaled $41.6 million and
consumer and other NPLs totaled $5.2
million compared to $333.0
million, $35.6 million and
$5.1 million, respectively, at
March 31, 2011. Of the
$329.6 million of one-to-four family
NPLs, $250.8 million, or 76%,
represent residential loans which, at 180 days delinquent and
annually thereafter, were reviewed and charged-off, as needed, to
the estimated fair value of the underlying collateral at such time,
less estimated selling costs.
The following table illustrates loan migration trends from 30
days delinquent to 90+ days delinquent:
($ 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 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
|
|
At Dec. 31, 2010
|
$165.8
|
$ 54.3
|
$220.1
|
$(31.9)
|
$390.7
|
$610.8
|
|
At March 31, 2011
|
$155.0
|
$ 62.2
|
$217.2
|
$ (2.9)
|
$373.8
|
$591.0
|
|
At June 30, 2011
|
$162.8
|
$ 44.4
|
$207.2
|
$ (10.0)
|
$376.3
|
$583.5
|
|
|
|
|
|
|
|
|
The table below details, as of June 30,
2011, the ten largest concentrations by state of one-to-four
family loans and the respective non-performing loan totals in those
states. More comprehensive state details are included in the
"One-to-Four Family Residential Loan Portfolio-Geographic Analysis"
table included in this release.
($ 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
|
$2,995.8
|
28.4%
|
$40.7
|
1.36%
|
|
Illinois
|
$1,309.3
|
12.4%
|
$47.8
|
3.65%
|
|
Connecticut
|
$ 971.2
|
9.2%
|
$32.8
|
3.38%
|
|
New Jersey
|
$ 776.2
|
7.4%
|
$58.0
|
7.47%
|
|
California
|
$ 760.5
|
7.2%
|
$38.0
|
5.00%
|
|
Massachusetts
|
$ 732.8
|
6.9%
|
$10.7
|
1.46%
|
|
Virginia
|
$ 648.6
|
6.1%
|
$15.8
|
2.44%
|
|
Maryland
|
$ 631.5
|
6.0%
|
$41.9
|
6.63%
|
|
Washington
|
$ 310.1
|
2.9%
|
$ 1.3
|
0.42%
|
|
Texas
|
$ 217.2
|
2.1%
|
$ 0.0
|
0.0%
|
|
Top 10 States
|
$ 9,353.2
|
88.6%
|
$287.0
|
3.07%
|
|
All other states
(1,2)
|
$ 1,197.8
|
11.4%
|
$ 42.6
|
3.56%
|
|
Total 1-4 Family
Portfolio
|
$10,551.0
|
100%
|
$329.6
|
3.12%
|
|
(1) Includes 27 states and
Washington, D.C.
(2) Includes Florida with
$211.1 million total loans, of which $22.8 million are
non-performing loans.
|
|
|
|
|
|
|
Net loan charge-offs for the quarter and six months ended
June 30, 2011 totaled $16.8 million and $35.8
million, respectively, compared to $34.7 million and $63.1
million, respectively, for the comparable 2010 periods.
Included in the 2011 second quarter one-to-four family net
loan charge-offs are $12.1 million of
charge-offs on $46.9 million of NPLs
which, at 180 days delinquent and annually thereafter, were
reviewed in the 2011 second quarter and charged-off, as needed, to
the estimated fair value of the underlying collateral less
estimated selling costs. "While we expect NPL levels will
remain elevated for some time, especially in those states requiring
judicial foreclosure, it is important to note that the loss
potential remaining has been greatly reduced as a result of our
having already reviewed, marked down, and charged-off as necessary,
76% of the residential NPLs to their adjusted fair value less
estimated selling costs," Mr. Redman noted.
Selected Asset Quality
Metrics
(at or for the three months
ended June 30, 2011, except as noted)
|
|
($ in millions)
|
1-4
Family
|
Multi-
family
|
CRE
|
Construction
|
Consumer
&
Other
|
Total
|
|
Loan portfolio
balance
|
$ 10,551.0
|
$ 1,846.1
|
$ 723.5
|
$ 14.0
|
$ 294.2(1)
|
$13,507.6 (2)
|
|
Non-performing loans
|
$ 329.6 (3)
|
$
29.9
|
$ 6.4
|
$ 5.3
|
$
5.2
|
$ 376.3
(4)
|
|
NPLs/total loans
|
2.44%
|
0.22%
|
0.05%
|
0.04%
|
0.04%
|
2.79%
|
|
Net charge-offs
2Q11
|
$
11.7
|
$
3.8
|
$ 0.8
|
$ 0.4
|
$
0.2
|
$ 16.8
(4)
|
|
Net charge-offs YTD
|
$
27.1
|
$
6.7
|
$ 0.8
|
$ 0.4
|
$
0.9
|
$ 35.8
(4)
|
|
(1) Includes home equity
loans of $270.1 million
(2) Includes $78.8 million
of net unamortized premiums and deferred loan costs
(3) Includes $250.8
million of NPLs reviewed and charged-off, as needed, at 180 days
delinquent and annually thereafter
(4) Does not foot due to
rounding
|
|
|
|
|
|
|
|
|
Future Outlook
Commenting on the near-term outlook, Mr. Redman stated, "The
road to sustained U.S. economic growth has proven to be a bumpy one
as evidenced by the slower than expected growth and slightly higher
unemployment in the 2011 second quarter. And, although the
operating environment for residential mortgage portfolio lenders
remains challenging, we are optimistic that together, the increase
in our loan pipeline, coupled with the anticipated reduction in the
expanded conforming loan limits in October
2011 and the resumption of multi-family/commercial real
estate lending in the second half of 2011, should facilitate future
loan and balance sheet growth in 2011 and strong growth starting in
2012. With interest rates remaining lower than anticipated,
and loan repayments and modifications higher than expected, we now
project the 2011 margin to be slightly lower than the 2010 margin
of 2.35%. We expect capital levels to continue to increase which
should support loan and balance sheet growth in the second half of
2011 and next year."
Earnings Conference Call July 21,
2011 at 10:00 a.m.
(ET)
The Company, as previously announced, indicated that
Monte N. Redman, President & CEO
will host an earnings conference call Thursday morning,
July 21, 2011 at 10:00 a.m. (ET). The toll-free dial-in
number is (888) 562-3356, ID# 74366611. A telephone replay
will be available on July 21, 2011
from 1:00 p.m. (ET) through midnight
July 30, 2011 (ET). The replay
number is (800) 642-1687, ID# 74366611. 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 $17.1 billion, is the holding company for Astoria
Federal Savings and Loan Association. Established in 1888,
Astoria Federal, with deposits in New
York totaling $11.2 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 fourteen states, primarily along the East Coast,
and the District of Columbia, and
through correspondent relationships covering fifteen 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," "may," "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
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 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, including the
implementation of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, may adversely affect our business;
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
other 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 have 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
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
107,980
|
$
|
67,476
|
|
Repurchase agreements
|
|
-
|
|
51,540
|
|
Securities
available-for-sale
|
|
448,540
|
|
561,953
|
|
Securities
held-to-maturity
|
|
|
|
|
|
|
(fair value of $2,014,151 and
$2,042,110, respectively)
|
|
1,966,836
|
|
2,003,784
|
|
Federal Home Loan Bank of New
York stock, at cost
|
|
129,025
|
|
149,174
|
|
Loans held-for-sale,
net
|
|
15,393
|
|
44,870
|
|
Loans receivable:
|
|
|
|
|
|
|
Mortgage loans, net
|
|
13,211,402
|
|
13,911,200
|
|
|
Consumer and other loans,
net
|
|
296,177
|
|
311,847
|
|
|
|
|
|
|
13,507,579
|
|
14,223,047
|
|
|
Allowance for loan
losses
|
|
(182,717)
|
|
(201,499)
|
|
Total loans receivable,
net
|
|
|
|
13,324,862
|
|
14,021,548
|
|
Mortgage servicing rights,
net
|
|
9,356
|
|
9,204
|
|
Accrued interest
receivable
|
|
53,070
|
|
55,492
|
|
Premises and equipment,
net
|
|
119,049
|
|
133,362
|
|
Goodwill
|
|
|
|
185,151
|
|
185,151
|
|
Bank owned life
insurance
|
|
405,875
|
|
410,418
|
|
Real estate owned,
net
|
|
59,323
|
|
63,782
|
|
Other assets
|
|
|
295,875
|
|
331,515
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
|
17,120,335
|
$
|
18,089,269
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
$
|
11,210,620
|
$
|
11,599,000
|
|
Reverse repurchase
agreements
|
|
|
|
1,900,000
|
|
2,100,000
|
|
Federal Home Loan Bank of New
York advances
|
|
|
|
2,008,000
|
|
2,391,000
|
|
Other borrowings, net
|
|
|
|
378,389
|
|
378,204
|
|
Mortgage escrow funds
|
|
|
|
118,915
|
|
109,374
|
|
Accrued expenses and other
liabilities
|
|
|
|
225,880
|
|
269,911
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
15,841,804
|
|
16,847,489
|
|
|
|
|
|
|
|
|
|
|
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
98,488,313 and 97,877,469 shares
|
|
|
|
|
|
|
|
|
outstanding,
respectively)
|
|
|
|
1,665
|
|
1,665
|
|
Additional paid-in
capital
|
|
|
|
864,948
|
|
864,744
|
|
Retained earnings
|
|
|
|
1,863,727
|
|
1,848,095
|
|
Treasury stock (68,006,575 and
68,617,419 shares, at cost, respectively)
|
|
|
|
(1,405,333)
|
|
(1,417,956)
|
|
Accumulated other comprehensive
loss
|
|
|
|
(35,378)
|
|
(42,161)
|
|
Unallocated common stock held by
ESOP
|
|
|
|
|
|
|
|
|
(3,029,138 and 3,441,130 shares,
respectively)
|
|
|
|
(11,098)
|
|
(12,607)
|
|
|
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
1,278,531
|
|
1,241,780
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
17,120,335
|
$
|
18,089,269
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
One-to-four family
mortgage loan
|
$
|
111,869
|
$
|
136,750
|
$
|
226,545
|
$
|
277,704
|
|
Multi-family,
commercial real estate and construction
|
|
|
|
|
|
|
|
|
|
mortgage loans
|
|
41,085
|
|
49,598
|
|
85,577
|
|
100,723
|
|
Consumer and other
loans
|
|
2,509
|
|
2,668
|
|
5,016
|
|
5,319
|
|
Mortgage-backed
and other securities
|
|
21,339
|
|
29,636
|
|
43,762
|
|
60,983
|
|
Repurchase
agreements and interest-earning cash accounts
|
|
74
|
|
54
|
|
167
|
|
69
|
|
Federal Home Loan
Bank of New York stock
|
|
1,637
|
|
1,921
|
|
3,954
|
|
4,417
|
|
Total interest income
|
|
178,513
|
|
220,627
|
|
365,021
|
|
449,215
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
35,638
|
|
49,496
|
|
72,670
|
|
103,038
|
|
Borrowings
|
|
47,153
|
|
59,182
|
|
95,100
|
|
119,876
|
|
Total interest
expense
|
|
82,791
|
|
108,678
|
|
167,770
|
|
222,914
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
95,722
|
|
111,949
|
|
197,251
|
|
226,301
|
|
Provision for loan
losses
|
|
10,000
|
|
35,000
|
|
17,000
|
|
80,000
|
|
Net interest income after
provision for loan losses
|
|
85,722
|
|
76,949
|
|
180,251
|
|
146,301
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
Customer service
fees
|
|
12,107
|
|
13,372
|
|
23,829
|
|
26,665
|
|
Other loan
fees
|
|
805
|
|
866
|
|
1,737
|
|
1,572
|
|
Mortgage banking
income, net
|
|
370
|
|
600
|
|
2,803
|
|
2,157
|
|
Income from bank
owned life insurance
|
|
2,629
|
|
2,376
|
|
4,864
|
|
4,352
|
|
Other
|
|
1,129
|
|
5,958
|
|
1,850
|
|
7,118
|
|
Total non-interest
income
|
|
17,040
|
|
23,172
|
|
35,083
|
|
41,864
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
37,168
|
|
34,634
|
|
73,701
|
|
69,885
|
|
Occupancy, equipment and systems
|
|
15,923
|
|
16,637
|
|
32,489
|
|
33,086
|
|
Federal deposit insurance premiums
|
|
11,178
|
|
6,616
|
|
16,692
|
|
13,213
|
|
Advertising
|
|
2,049
|
|
994
|
|
3,733
|
|
2,814
|
|
Other
|
|
9,636
|
|
16,947
|
|
18,958
|
|
25,089
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
|
75,954
|
|
75,828
|
|
145,573
|
|
144,087
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
26,808
|
|
24,293
|
|
69,761
|
|
44,078
|
|
Income tax expense
|
|
9,963
|
|
8,747
|
|
25,532
|
|
15,606
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
16,845
|
$
|
15,546
|
$
|
44,229
|
$
|
28,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$
|
0.18
|
$
|
0.17
|
$
|
0.46
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
$
|
0.18
|
$
|
0.17
|
$
|
0.46
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares
|
92,949,206
|
91,621,997
|
92,842,398
|
91,541,675
|
|
Diluted weighted average common
and common
|
|
|
|
|
|
|
|
|
|
equivalent
shares
|
92,949,206
|
91,621,997
|
92,842,398
|
91,541,742
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
AVERAGE BALANCE
SHEETS
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
For the
Three Months Ended June 30,
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
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
|
$
|
10,675,616
|
$
|
111,869
|
|
4.19
|
%
|
$
|
11,891,353
|
$
|
136,750
|
|
4.60
|
%
|
|
|
Multi-family, commercial real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
|
2,685,694
|
|
41,085
|
|
6.12
|
|
|
3,332,007
|
|
49,598
|
|
5.95
|
|
|
|
Consumer and other loans (1)
|
|
300,441
|
|
2,509
|
|
3.34
|
|
|
328,613
|
|
2,668
|
|
3.25
|
|
|
|
Total loans
|
|
13,661,751
|
|
155,463
|
|
4.55
|
|
|
15,551,973
|
|
189,016
|
|
4.86
|
|
|
|
Mortgage-backed and other
securities (2)
|
|
2,448,292
|
|
21,339
|
|
3.49
|
|
|
3,003,555
|
|
29,636
|
|
3.95
|
|
|
|
Repurchase agreements and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
|
150,589
|
|
74
|
|
0.20
|
|
|
127,810
|
|
54
|
|
0.17
|
|
|
|
Federal Home Loan Bank stock
|
|
127,603
|
|
1,637
|
|
5.13
|
|
|
174,339
|
|
1,921
|
|
4.41
|
|
|
|
Total
interest-earning assets
|
|
16,388,235
|
|
178,513
|
|
4.36
|
|
|
18,857,677
|
|
220,627
|
|
4.68
|
|
|
|
Goodwill
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
Other
non-interest-earning assets
|
|
872,016
|
|
|
|
|
|
|
852,970
|
|
|
|
|
|
|
|
Total assets
|
$
|
17,445,402
|
|
|
|
|
|
$
|
19,895,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,805,096
|
|
2,809
|
|
0.40
|
|
$
|
2,328,276
|
|
2,345
|
|
0.40
|
|
|
|
Money market
|
|
395,512
|
|
450
|
|
0.46
|
|
|
337,851
|
|
374
|
|
0.44
|
|
|
|
NOW and demand deposit
|
|
1,807,350
|
|
290
|
|
0.06
|
|
|
1,684,022
|
|
271
|
|
0.06
|
|
|
|
Liquid certificates of deposit
|
|
386,556
|
|
238
|
|
0.25
|
|
|
622,381
|
|
769
|
|
0.49
|
|
|
|
Total core deposits
|
|
5,394,514
|
|
3,787
|
|
0.28
|
|
|
4,972,530
|
|
3,759
|
|
0.30
|
|
|
|
Certificates of deposit
|
|
5,978,431
|
|
31,851
|
|
2.13
|
|
|
7,554,438
|
|
45,737
|
|
2.42
|
|
|
|
Total deposits
|
|
11,372,945
|
|
35,638
|
|
1.25
|
|
|
12,526,968
|
|
49,496
|
|
1.58
|
|
|
|
Borrowings
|
|
4,423,712
|
|
47,153
|
|
4.26
|
|
|
5,727,065
|
|
59,182
|
|
4.13
|
|
|
|
Total
interest-bearing liabilities
|
|
15,796,657
|
|
82,791
|
|
2.10
|
|
|
18,254,033
|
|
108,678
|
|
2.38
|
|
|
|
Non-interest-bearing liabilities
|
|
379,064
|
|
|
|
|
|
|
421,163
|
|
|
|
|
|
|
|
Total liabilities
|
|
16,175,721
|
|
|
|
|
|
|
18,675,196
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,269,681
|
|
|
|
|
|
|
1,220,602
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
17,445,402
|
|
|
|
|
|
$
|
19,895,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread
(3)
|
|
|
$
|
95,722
|
|
2.26
|
%
|
|
|
$
|
111,949
|
|
2.30
|
%
|
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin
(4)
|
$
|
591,578
|
|
|
|
2.34
|
%
|
$
|
603,644
|
|
|
|
2.37
|
%
|
|
|
Ratio of interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
1.04x
|
|
|
|
|
|
|
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 Six
Months Ended June 30,
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
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
|
$
|
10,750,140
|
$
|
226,545
|
|
4.21
|
%
|
$
|
11,947,176
|
$
|
277,704
|
|
4.65
|
%
|
|
|
|
|
|
Multi-family, commercial
real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
|
2,784,778
|
|
85,577
|
|
6.15
|
|
|
3,379,096
|
|
100,723
|
|
5.96
|
|
|
|
|
|
Consumer and other loans
(1)
|
|
304,194
|
|
5,016
|
|
3.30
|
|
|
330,474
|
|
5,319
|
|
3.22
|
|
|
|
|
|
Total loans
|
|
13,839,112
|
|
317,138
|
|
4.58
|
|
|
15,656,746
|
|
383,746
|
|
4.90
|
|
|
|
|
|
Mortgage-backed and
other
securities (2)
|
|
2,490,886
|
|
43,762
|
|
3.51
|
|
|
3,071,338
|
|
60,983
|
|
3.97
|
|
|
|
|
|
Repurchase agreements
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
|
172,670
|
|
167
|
|
0.19
|
|
|
104,714
|
|
69
|
|
0.13
|
|
|
|
|
|
Federal Home Loan Bank
stock
|
|
137,541
|
|
3,954
|
|
5.75
|
|
|
178,784
|
|
4,417
|
|
4.94
|
|
|
|
|
Total interest-earning
assets
|
|
16,640,209
|
|
365,021
|
|
4.39
|
|
|
19,011,582
|
|
449,215
|
|
4.73
|
|
|
|
|
Goodwill
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
|
Other non-interest-earning
assets
|
|
901,230
|
|
|
|
|
|
|
874,848
|
|
|
|
|
|
|
|
Total assets
|
$
|
17,726,590
|
|
|
|
|
|
$
|
20,071,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,754,957
|
|
5,496
|
|
0.40
|
|
$
|
2,282,817
|
|
4,575
|
|
0.40
|
|
|
|
|
|
Money market
|
|
389,169
|
|
879
|
|
0.45
|
|
|
333,447
|
|
732
|
|
0.44
|
|
|
|
|
|
NOW and demand
deposit
|
|
1,779,252
|
|
571
|
|
0.06
|
|
|
1,650,178
|
|
528
|
|
0.06
|
|
|
|
|
|
Liquid certificates of
deposit
|
|
412,638
|
|
506
|
|
0.25
|
|
|
647,369
|
|
1,592
|
|
0.49
|
|
|
|
|
|
Total core deposits
|
|
5,336,016
|
|
7,452
|
|
0.28
|
|
|
4,913,811
|
|
7,427
|
|
0.30
|
|
|
|
|
|
Certificates of
deposit
|
|
6,092,447
|
|
65,218
|
|
2.14
|
|
|
7,686,313
|
|
95,611
|
|
2.49
|
|
|
|
|
|
Total deposits
|
|
11,428,463
|
|
72,670
|
|
1.27
|
|
|
12,600,124
|
|
103,038
|
|
1.64
|
|
|
|
|
|
Borrowings
|
|
4,623,772
|
|
95,100
|
|
4.11
|
|
|
5,834,163
|
|
119,876
|
|
4.11
|
|
|
|
|
Total interest-bearing
liabilities
|
|
16,052,235
|
|
167,770
|
|
2.09
|
|
|
18,434,287
|
|
222,914
|
|
2.42
|
|
|
|
|
Non-interest-bearing
liabilities
|
|
415,250
|
|
|
|
|
|
|
421,905
|
|
|
|
|
|
|
|
Total liabilities
|
|
16,467,485
|
|
|
|
|
|
|
18,856,192
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,259,105
|
|
|
|
|
|
|
1,215,389
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
17,726,590
|
|
|
|
|
|
$
|
20,071,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread (3)
|
|
|
$
|
197,251
|
|
2.30
|
%
|
|
|
$
|
226,301
|
|
2.31
|
%
|
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin (4)
|
$
|
587,974
|
|
|
|
2.37
|
%
|
$
|
577,295
|
|
|
|
2.38
|
%
|
|
|
Ratio of interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing
liabilities
|
|
1.04x
|
|
|
|
|
|
|
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
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Returns and Financial
Ratios (annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders'
equity
|
|
|
|
5.31
|
%
|
|
5.09
|
%
|
|
7.03
|
%
|
|
4.69
|
%
|
|
|
Return on average tangible
stockholders' equity (1)
|
|
|
|
6.21
|
|
6.01
|
|
|
8.24
|
|
5.53
|
|
|
|
Return on average
assets
|
|
|
|
0.39
|
|
0.31
|
|
|
0.50
|
|
0.28
|
|
|
|
General and administrative
expense to average assets
|
|
|
|
1.74
|
|
|
1.52
|
|
|
1.64
|
|
|
1.44
|
|
|
|
Efficiency ratio (2)
|
|
|
|
67.36
|
|
|
56.12
|
|
|
62.66
|
|
|
53.73
|
|
|
|
Net interest rate
spread
|
|
|
|
2.26
|
|
|
2.30
|
|
|
2.30
|
|
|
2.31
|
|
|
|
Net interest margin
|
|
|
|
2.34
|
|
|
2.37
|
|
|
2.37
|
|
|
2.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Non-GAAP Returns and Financial Ratios
(annualized) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP return on average
stockholders' equity
|
|
|
|
5.31
|
%
|
|
5.78
|
%
|
|
7.03
|
%
|
|
5.03
|
%
|
|
|
Non-GAAP return on average
tangible stockholders' equity (1)
|
|
|
|
6.21
|
|
|
6.81
|
|
|
8.24
|
|
|
5.93
|
|
|
|
Non-GAAP return on average
assets
|
|
|
|
0.39
|
|
|
0.35
|
|
|
0.50
|
|
|
0.30
|
|
|
|
Non-GAAP general and
administrative expense to average assets
|
|
|
|
1.74
|
|
|
1.37
|
|
|
1.64
|
|
|
1.36
|
|
|
|
Non-GAAP efficiency ratio
(2)
|
|
|
|
67.36
|
|
|
52.10
|
|
|
62.66
|
|
|
51.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
(4)
|
|
|
|
|
|
|
|
|
$
|
435,663
|
|
$
|
469,533
|
|
|
|
Non-performing loans
(4)
|
|
|
|
|
|
|
|
|
|
376,340
|
|
|
415,105
|
|
|
|
Loans
delinquent 90 days or more and still
accruing interest
|
|
|
|
|
|
|
|
|
|
613
|
|
|
455
|
|
|
|
Non-accrual
loans
|
|
|
|
|
|
|
|
|
|
375,727
|
|
|
414,650
|
|
|
|
Loans 60-89 days
delinquent
|
|
|
|
|
|
|
|
|
|
44,391
|
|
|
77,468
|
|
|
|
Loans 30-59 days
delinquent
|
|
|
|
|
|
|
|
|
|
162,793
|
|
|
230,914
|
|
|
|
Net charge-offs
|
|
|
$
|
16,769
|
|
$
|
34,749
|
|
|
35,782
|
|
|
63,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/total
loans
|
|
|
|
|
|
|
|
|
|
2.79
|
%
|
|
2.70
|
%
|
|
|
Non-performing loans/total
assets
|
|
|
|
|
|
|
|
|
|
2.20
|
|
|
2.11
|
|
|
|
Non-performing assets/total
assets
|
|
|
|
|
|
|
|
|
|
2.54
|
|
|
2.39
|
|
|
|
Allowance for loan
losses/non-performing loans
|
|
|
|
|
|
|
|
|
|
48.55
|
|
|
50.83
|
|
|
|
Allowance for loan
losses/non-accrual loans
|
|
|
|
|
|
|
|
|
|
48.63
|
|
|
50.89
|
|
|
|
Allowance for loan losses/total
loans
|
|
|
|
|
|
|
|
|
|
1.35
|
|
|
1.37
|
|
|
|
Net charge-offs to average loans
outstanding (annualized)
|
|
|
|
0.49
|
%
|
|
0.89
|
%
|
|
0.52
|
|
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (Astoria
Federal)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
|
|
|
|
|
|
|
|
|
|
8.61
|
%
|
|
7.15
|
%
|
|
|
Leverage
|
|
|
|
|
|
|
|
|
|
8.61
|
|
|
7.15
|
|
|
|
Risk-based
|
|
|
|
|
|
|
|
|
|
15.78
|
|
|
13.47
|
|
|
|
Tier 1 risk-based
|
|
|
|
|
|
|
|
|
|
14.48
|
|
|
12.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per common
share
|
|
|
$
|
0.13
|
|
$
|
0.13
|
|
$
|
0.26
|
|
$
|
0.26
|
|
|
|
Book value per share
(5)
|
|
|
|
|
|
|
|
|
|
13.39
|
|
|
13.06
|
|
|
|
Tangible book value per share
(6)
|
|
|
|
|
|
|
|
|
|
11.45
|
|
|
11.09
|
|
|
|
Tangible common stockholders'
equity/tangible assets (1) (7)
|
|
|
|
|
|
|
|
|
|
6.46
|
%
|
|
5.35
|
%
|
|
|
Mortgage loans serviced for
others (in thousands)
|
|
|
|
|
|
|
|
|
$
|
1,461,143
|
|
$
|
1,412,836
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
1,589
|
|
|
1,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
three and six months ended June 30, 2010.
|
|
|
(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 June 30,
2011
|
|
|
At March 31,
2011
|
|
|
At June 30,
2010
|
|
|
|
|
|
|
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
|
$
|
10,221,438
|
|
4.50
|
%
|
$
|
10,314,095
|
|
4.61
|
%
|
$
|
11,358,339
|
|
4.99
|
%
|
|
Multi-family, commercial
real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
2,542,053
|
|
6.06
|
|
|
2,720,027
|
|
6.05
|
|
|
3,175,604
|
|
6.04
|
|
|
Mortgage-backed and other
securities (3)
|
|
2,415,376
|
|
3.73
|
|
|
2,607,821
|
|
3.75
|
|
|
2,736,725
|
|
4.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
2,838,239
|
|
0.40
|
|
|
2,766,057
|
|
0.40
|
|
|
2,387,177
|
|
0.40
|
|
|
Money market
|
|
397,148
|
|
0.46
|
|
|
386,670
|
|
0.46
|
|
|
337,455
|
|
0.45
|
|
|
NOW and demand
deposit
|
|
1,809,863
|
|
0.06
|
|
|
1,784,318
|
|
0.06
|
|
|
1,687,163
|
|
0.06
|
|
|
Liquid certificates of
deposit
|
|
363,393
|
|
0.25
|
|
|
414,652
|
|
0.25
|
|
|
607,853
|
|
0.50
|
|
|
Total core
deposits
|
|
5,408,643
|
|
0.28
|
|
|
5,351,697
|
|
0.28
|
|
|
5,019,648
|
|
0.30
|
|
|
Certificates of
deposit
|
|
5,801,977
|
|
2.09
|
|
|
6,123,642
|
|
2.17
|
|
|
7,228,793
|
|
2.40
|
|
|
Total deposits
|
|
11,210,620
|
|
1.22
|
|
|
11,475,339
|
|
1.29
|
|
|
12,248,441
|
|
1.54
|
|
|
Borrowings, net
|
|
4,286,389
|
|
4.20
|
|
|
4,577,296
|
|
4.12
|
|
|
5,813,019
|
|
4.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
tables (non-GAAP measures) provide a meaningful comparison for
effectively evaluating Astoria's operating results.
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
|
|
June 30,
2010
|
|
|
|
|
|
|
GAAP
|
Adjustments
(1)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$111,949
|
|
$
-
|
|
$111,949
|
|
|
Provision for loan
losses
|
|
|
35,000
|
|
-
|
|
35,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses
|
|
|
76,949
|
|
-
|
|
76,949
|
|
|
Non-interest income
|
|
|
23,172
|
|
(4,635)
|
|
18,537
|
|
|
Non-interest expense (general and administrative expense)
|
|
|
75,828
|
|
(7,850)
|
|
67,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
|
24,293
|
|
3,215
|
|
27,508
|
|
|
Income tax expense
|
|
|
8,747
|
|
1,133
|
|
9,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$ 15,546
|
|
$ 2,082
|
|
$ 17,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
|
|
$0.17
|
|
$0.02
|
|
$0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
|
|
$0.17
|
|
$0.02
|
|
$0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
|
June 30,
2010
|
|
|
|
|
|
|
GAAP
|
Adjustments
(1)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$226,301
|
|
$
-
|
|
$226,301
|
|
|
Provision for loan
losses
|
|
|
80,000
|
|
-
|
|
80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses
|
|
|
146,301
|
|
-
|
|
146,301
|
|
|
Non-interest income
|
|
|
41,864
|
|
(4,635)
|
|
37,229
|
|
|
Non-interest expense (general
and administrative expense)
|
|
|
144,087
|
|
(7,850)
|
|
136,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
|
44,078
|
|
3,215
|
|
47,293
|
|
|
Income tax expense
|
|
|
15,606
|
|
1,133
|
|
16,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$ 28,472
|
|
$ 2,082
|
|
$ 30,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
|
|
$0.30
|
|
$0.02
|
|
$0.33
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
|
|
$0.30
|
|
$0.02
|
|
$0.33
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
adjustments relate to the $6.2 million goodwill litigation
settlement, partially offset by the $1.5 million impairment
write-down of premises and equipment. Non-interest expense
adjustments relate to the McAnaney litigation
settlement.
|
|
(2) Figures do not cross foot
due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
One-to-Four Family Residential
Loan Portfolio - Geographic Analysis
|
|
(Dollars in millions)
|
|
|
At June 30,
2011
|
|
|
|
|
|
|
|
|
|
Non-performing loans
|
|
State
|
|
Total
loans
|
|
|
Non-performing loans
|
|
|
as % of
total loans
|
|
New York
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$2,711.5
|
|
|
$18.1
|
|
|
0.67%
|
|
Alt A < 70%
LTV
|
|
$220.9
|
|
|
$12.6
|
|
|
5.70%
|
|
Alt A 70%-80%
LTV
|
|
$63.4
|
|
|
$10.0
|
|
|
15.77%
|
|
State Total
|
|
$2,995.8
|
|
|
$40.7
|
|
|
1.36%
|
|
|
|
|
|
|
|
|
|
|
|
Illinois
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$1,090.4
|
|
|
$19.7
|
|
|
1.81%
|
|
Alt A < 70%
LTV
|
|
$111.4
|
|
|
$11.6
|
|
|
10.41%
|
|
Alt A 70%-80%
LTV
|
|
$107.5
|
|
|
$16.5
|
|
|
15.35%
|
|
State Total
|
|
$1,309.3
|
|
|
$47.8
|
|
|
3.65%
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$816.6
|
|
|
$13.4
|
|
|
1.64%
|
|
Alt A < 70%
LTV
|
|
$107.3
|
|
|
$12.4
|
|
|
11.56%
|
|
Alt A 70%-80%
LTV
|
|
$47.3
|
|
|
$7.0
|
|
|
14.80%
|
|
State Total
|
|
$971.2
|
|
|
$32.8
|
|
|
3.38%
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$613.1
|
|
|
$27.5
|
|
|
4.49%
|
|
Alt A < 70%
LTV
|
|
$82.1
|
|
|
$9.9
|
|
|
12.06%
|
|
Alt A 70%-80%
LTV
|
|
$81.0
|
|
|
$20.6
|
|
|
25.43%
|
|
State Total
|
|
$776.2
|
|
|
$58.0
|
|
|
7.47%
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$492.2
|
|
|
$15.0
|
|
|
3.05%
|
|
Alt A < 70%
LTV
|
|
$141.6
|
|
|
$11.2
|
|
|
7.91%
|
|
Alt A 70%-80%
LTV
|
|
$126.7
|
|
|
$11.8
|
|
|
9.31%
|
|
State Total
|
|
$760.5
|
|
|
$38.0
|
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$642.4
|
|
|
$5.3
|
|
|
0.83%
|
|
Alt A < 70%
LTV
|
|
$62.9
|
|
|
$2.7
|
|
|
4.29%
|
|
Alt A 70%-80%
LTV
|
|
$27.5
|
|
|
$2.7
|
|
|
9.82%
|
|
State Total
|
|
$732.8
|
|
|
$10.7
|
|
|
1.46%
|
|
|
|
|
|
|
|
|
|
|
|
Virginia
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$497.5
|
|
|
$6.8
|
|
|
1.37%
|
|
Alt A < 70%
LTV
|
|
$67.3
|
|
|
$2.1
|
|
|
3.12%
|
|
Alt A 70%-80%
LTV
|
|
$83.8
|
|
|
$6.9
|
|
|
8.23%
|
|
State Total
|
|
$648.6
|
|
|
$15.8
|
|
|
2.44%
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$487.1
|
|
|
$18.2
|
|
|
3.74%
|
|
Alt A < 70%
LTV
|
|
$68.5
|
|
|
$7.0
|
|
|
10.22%
|
|
Alt A 70%-80%
LTV
|
|
$75.9
|
|
|
$16.7
|
|
|
22.00%
|
|
State Total
|
|
$631.5
|
|
|
$41.9
|
|
|
6.63%
|
|
|
|
|
|
|
|
|
|
|
|
Washington
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$305.0
|
|
|
$0.9
|
|
|
0.30%
|
|
Alt A < 70%
LTV
|
|
$3.4
|
|
|
$0.0
|
|
|
0.00%
|
|
Alt A 70%-80%
LTV
|
|
$1.7
|
|
|
$0.4
|
|
|
23.53%
|
|
State Total
|
|
$310.1
|
|
|
$1.3
|
|
|
0.42%
|
|
|
|
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$217.1
|
|
|
$0.0
|
|
|
0.00%
|
|
Alt A < 70%
LTV
|
|
$0.1
|
|
|
$0.0
|
|
|
0.00%
|
|
Alt A 70%-80%
LTV
|
|
$0.0
|
|
|
$0.0
|
|
|
0.00%
|
|
State Total
|
|
$217.2
|
|
|
$0.0
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
Other States*
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$1,020.5
|
|
|
$22.4
|
|
|
2.20%
|
|
Alt A < 70%
LTV
|
|
$107.4
|
|
|
$9.8
|
|
|
9.12%
|
|
Alt A 70%-80%
LTV
|
|
$69.9
|
|
|
$10.4
|
|
|
14.88%
|
|
Other States Total
|
|
$1,197.8
|
|
|
$42.6
|
|
|
3.56%
|
|
|
|
|
|
|
|
|
|
|
|
Total all states
|
|
|
|
|
|
|
|
|
|
Full Income
|
|
$8,893.4
|
|
|
$147.3
|
|
|
1.66%
|
|
Alt A < 70%
LTV
|
|
$972.9
|
|
|
$79.3
|
|
|
8.15%
|
|
Alt A 70%-80%
LTV
|
|
$684.7
|
|
|
$103.0
|
|
|
15.04%
|
|
Grand total
|
|
$10,551.0
|
|
|
$329.6
|
|
|
3.12%
|
|
|
|
|
|
|
|
|
|
|
|
* Includes Florida with $211.1
million total loans, of which $22.8 million are non-performing
loans.
|
|
Note: LTVs are based on
current principal balances and original appraised values
|
|
|
|
|
|
|
|
|
|
|
SOURCE Astoria Financial Corporation