LAKE SUCCESS, N.Y.,
Jan. 25, 2012 /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 $11.8 million, or $0.12 diluted earnings per share ("diluted EPS"),
for the quarter ended December 31,
2011 compared to net income of $23.8
million, or $0.25 diluted EPS,
for the quarter ended December 31,
2010. For the year ended December 31, 2011, net income totaled
$67.2 million, or $0.70 diluted EPS compared to net income of
$73.7 million, or $0.78 diluted EPS, for the year ended
December 31, 2010. The year
ended December 31, 2010 includes net
charges totaling $3.2 million
($2.1 million, or $0.02 per share, after-tax), which are not
routine to our core operations. For further details, please
refer to the "Reconciliation of GAAP Measures to Non-GAAP Measures"
table included in this release.
Commenting on the 2011 fourth quarter and full year results,
Monte N. Redman, President and Chief
Executive Officer of Astoria,
stated, "The declines in fourth quarter and full year earnings were
due to significant decreases in average interest-earning assets
from the comparable 2010 periods, primarily due to declines in both
our one-to-four family ("residential") and multi-family and
commercial real estate ("CRE") loan portfolios. The decline
in the residential loan portfolio was due primarily to the effect
of continued elevated levels of mortgage prepayment activity
resulting from government programs designed to keep 30-year
fixed-rate conforming loan interest rates at historic low levels.
The decline in the multi-family/CRE loan portfolio was due to
the absence of lending in this market during much of 2011.
The resumption of multi-family/CRE lending, which began in
the 2011 third quarter and is demonstrating solid growth as
evidenced by the fourth quarter originations and year-end pipeline,
should help to mitigate the negative impact of U.S. government
programs that impede our ability to grow the residential loan
portfolio profitably. Accordingly, we anticipate average
interest-earning assets to begin increasing modestly in the 2012
first quarter and more robustly as the year progresses."
Full Year Financial Highlights
- Low cost savings, money market and checking account deposits
increased $910.7 million, or 19%, to
$5.7 billion, or 51% of total
deposits.
- Total non-performing loans decreased $57.8 million, or 15%, to $332.9 million.
- The Company's tangible common equity ratio increased 43 basis
points to 6.33%.
- Astoria Federal's leverage and tangible capital ratios
increased 76 basis points to 8.70%.
- Astoria Federal's Tier 1 risk-based capital ratio increased 147
basis points to 14.80%.
- Residential loan originations for portfolio totaled
$3.5 billion, multi-family/CRE loan
originations totaled $204.0
million
Board Declares Quarterly Cash Dividend of $0.13 Per Share; Sets Annual Shareholder Meeting
Date
The Board of Directors of the Company, at their January 25, 2012 meeting, declared a quarterly
cash dividend of $0.13 per common
share. The dividend is payable on March 1, 2012 to shareholders of record as of
February 15, 2012. This is the
sixty-seventh consecutive quarterly cash dividend declared by the
Company. The Board also established May 16, 2012 as the date for the Annual Meeting
of Shareholders, with a voting record date of March 26, 2012.
Fourth Quarter and Full Year Earnings Summary
Net interest income for the quarter ended December 31, 2011 totaled $87.5 million compared to $90.6 million for the previous quarter and
$101.2 million for the 2010 fourth
quarter. For the year ended December
31, 2011, net interest income totaled $375.4 million compared to $433.6 million for the year ended December 31, 2010. The decreases in net
interest income for the year over year quarter and full year
periods are due primarily to a decline in average interest-earning
assets of $1.6 billion and
$2.1 billion, respectively.
The net interest margin for the quarter ended December 31, 2011 was 2.20% compared to 2.27% for
the previous quarter and 2.32% for the 2010 fourth quarter. For the
year ended December 31, 2011, the net
interest margin was 2.30% compared to 2.35% for the year ended
December 31, 2010.
For the quarter ended December 31,
2011, a $10.0 million
provision for loan losses was recorded, which was equal to the
provision for the previous quarter and 33% lower than the
$15.0 million provision recorded for
the 2010 fourth quarter. For the year ended December 31, 2011, the provision for loan losses
totaled $37.0 million, 68% lower than
the $115.0 million provision for the
year ended December 31, 2010.
Non-interest income for the quarter ended December 31, 2011 totaled $17.3 million compared to $16.5 million for the previous quarter and
$20.7 million for the 2010 fourth
quarter. Non-interest income for the year ended December 31, 2011 totaled $68.9 million compared to $81.2 million for the year ended December 31, 2010. The decrease for the
year ended December 31, 2011 is
primarily due to a $6.2 million gain
relating to a litigation settlement recorded in 2010, a decrease of
$5.1 million in customer service fees
and net gains of $2.1 million on
sales of non-performing loans held-for-sale recorded in 2010,
partially offset by a $1.5 million
impairment write-down of premises and equipment recorded in
2010.
General and administrative ("G&A") expense for the quarter
ended December 31, 2011 totaled
$77.2 million, a $1.3 million decline from the previous quarter
and a $7.3 million increase from the
2010 fourth quarter. The linked quarter decrease is due primarily
to decreases in compensation and benefits expense and advertising
expense, partially offset by an increase in other expense.
The quarterly year over year increase is primarily due to a
$4.5 million increase in FDIC deposit
insurance expense and a $2.3 million
increase in compensation and benefits expense, including a
$1.1 million increase in non-cash
ESOP expense.
For the year ended December 31,
2011, G&A expense totaled $301.4
million compared to $284.9
million for the year ended December
31, 2010. The increase is due primarily to a
$12.4 million increase in FDIC
deposit insurance expense and a $9.6
million increase in compensation and benefits expense,
primarily ESOP and pension expense, partially offset by a
$7.9 million litigation settlement
expense recorded in 2010.
Expense Control Initiatives
Commenting on plans to restrain future expense growth, Mr. Redman
stated, "In an effort to control the growth in G&A expense, due
primarily to the impact of higher FDIC deposit insurance expense,
increased regulatory compliance expense, pension expense and the
additional expenses associated with the resumption of multi-family
lending, the Company has initiated several steps that will
significantly slow the growth of G&A in 2012 and beyond.
Specifically, the Company has instituted a salary freeze,
including the exclusion of a corporate incentive bonus and equity
compensation awards, for executive and senior officers.
Further, the Company has commenced a corporate-wide review of
all components of compensation, including retirement plans and
staffing levels. These initiatives are expected to
essentially keep core G&A expense (excluding any one-time
charges associated with these initiatives) similar to the total
G&A expense recorded in 2011, despite the higher costs stated
above and the projected balance sheet growth."
Balance Sheet Summary
Total assets increased $45.4 million
from September 30, 2011 and declined
$1.1 billion from December 31, 2010 and totaled $17.0 billion at December
31, 2011. The year over year decrease is primarily due
to a decrease in the loan portfolio. "We are pleased to
report a slight increase in the balance sheet in the 2011 fourth
quarter, primarily from the multi-family/CRE loan closings in
December, the first balance sheet increase in more than two years.
As previously stated, our expectation for more significant
growth in 2012 is predicated on the growth of the multi-family/CRE
loan portfolio more than offsetting any decline in the residential
loan portfolio. At December 31,
2011, the residential loan pipeline was $1.1 billion and the multi-family/CRE loan
pipeline was $396.5 million, and is
continuing to grow due to the robust multi-family lending we are
now experiencing," Mr. Redman noted.
The residential loan portfolio remained essentially unchanged
from September 30, 2011 and totaled
$10.6 billion at December 31, 2011 compared to $10.9 billion at December
31, 2010. For the quarter and year ended December 31, 2011, residential loan originations
for portfolio totaled $1.1 billion
and $3.5 billion, respectively,
compared to $643.6 million, and
$2.9 billion, respectively, for the
comparable 2010 periods. The loan-to-value ratio of the
residential loan production for portfolio for the 2011 fourth
quarter and full year averaged approximately 60% at origination and
the loan amount averaged approximately $765,000. Residential loan prepayments for
the quarter and year ended December 31,
2011 totaled $996.0 million
and $3.3 billion, respectively,
compared to $1.0 billion and
$3.4 billion, respectively, for the
comparable 2010 periods.
The combined multi-family/CRE portfolio remained essentially
unchanged from September 30, 2011 and
totaled $2.3 billion at December 31, 2011 compared to $3.0 billion at December
31, 2010. For the quarter and year ended December 31, 2011, multi-family/CRE loan
originations totaled $202.9 million
and $204.0 million, respectively.
There were no multi-family/CRE loans originated in 2010.
Multi-family/CRE loan prepayments for the quarter and year
ended December 31, 2011 totaled
$182.3 million and $684.8 million, respectively, compared to
$112.5 million and $299.0 million for the comparable 2010 periods.
The securities portfolio remained essentially unchanged from
September 30, 2011 and totaled
$2.5 billion at December 31, 2011 compared to $2.6 billion at December
31, 2010. We expect to maintain the securities
portfolio at, or slightly higher than, current levels throughout
2012.
Deposits remained essentially unchanged from September 30, 2011 and totaled $11.2 billion at December
31, 2011 compared to $11.6
billion at December 31, 2010.
Importantly, low-cost savings, money market and checking
account deposits increased $291.8
million, or 21% annualized, from September 30, 2011 and $910.7 million, or 19%, from December 31, 2010 to $5.7
billion, or 51% of total deposits as compared to 42% at
December 31, 2010. Certificate
of deposit ("CD") accounts (including Liquid CDs) decreased
$313.3 million from September 30, 2011 and $1.3 billion from December
31, 2010. Notwithstanding the decline in CDs, during
the year ended December 31, 2011, we
extended $635.4 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 December 31, 2011, our one-year interest rate
sensitivity gap was positive 1.5%. Borrowings increased slightly
from September 30, 2011 and decreased
$747.6 million from December 31, 2010 to $4.1
billion at December 31,
2011.
On a linked quarter basis, stockholders' equity declined
$33.3 million, primarily due to a
$36.0 million other comprehensive
loss adjustment to reflect a decrease in the funded status of our
defined benefit pension plans at December
31, 2011 compared to December 31,
2010. For the full year, stockholders' equity
increased $9.4 million to
$1.3 billion, or 7.35% of total
assets, at December 31, 2011.
Astoria Federal continues to be designated as
well-capitalized with leverage, tangible, risk-based and Tier 1
risk-based capital ratios of 8.70%, 8.70%, 16.08% and 14.80%,
respectively, at December 31,
2011.
Asset Quality
Non-performing loans ("NPLs"), including troubled debt
restructurings of $18.8 million,
totaled $332.9 million, or 1.96% of
total assets, at December 31, 2011, a
decrease of $47.1 million from the
previous quarter. During the 2011 fourth quarter,
$36.5 million of NPLs were either
sold or classified as held-for-sale. Residential NPLs totaled
$317.9 million,
multi-family/CRE/construction NPLs totaled $8.9 million and consumer and other NPLs totaled
$6.1 million, compared to
$324.9 million, $49.6 million and $5.5
million, respectively, at September
30, 2011. Of the $317.9
million of residential NPLs, $256.4
million, or 81%, represent residential loans which, at 180
days delinquent and annually thereafter, were reviewed and
charged-off, as needed, to the estimated fair value of the
underlying collateral at such time, less estimated selling
costs.
The following table illustrates loan migration trends from 30
days delinquent to 90+ days delinquent:
|
|
($ 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 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
|
|
At Sept. 30, 2011
|
$143.8
|
$ 44.7
|
$188.5
|
$ (18.7)
|
$380.0
|
$568.5
|
|
At Dec. 31, 2011
|
$166.7
|
$ 48.8
|
$215.5
|
$ 27.0
|
$332.9
|
$548.4
|
|
|
|
|
|
|
|
|
|
|
The table below details, as of December
31, 2011, the ten largest concentrations by state of
one-to-four family loans and the respective non-performing loan
totals in those states. More comprehensive state details are
included in the "One-to-Four Family Residential Loan
Portfolio-Geographic Analysis" table included in this release.
|
|
($ in millions)
State
|
Total
Residential
Loans
|
% of
Total
Residential
Loan Portfolio
|
Total
Residential
NPLs
|
NPLs as
%
of State
Total
|
|
New York
|
$3,000.7
|
28.4%
|
$42.6
|
1.42%
|
|
Illinois
|
$1,246.1
|
11.8%
|
$46.2
|
3.71%
|
|
Connecticut
|
$1,099.3
|
10.4%
|
$33.0
|
3.00%
|
|
Massachusetts
|
$ 776.0
|
7.3%
|
$10.7
|
1.38%
|
|
New Jersey
|
$ 763.4
|
7.2%
|
$54.7
|
7.17%
|
|
California
|
$ 691.2
|
6.5%
|
$33.8
|
4.89%
|
|
Virginia
|
$ 634.8
|
6.0%
|
$12.4
|
1.95%
|
|
Maryland
|
$ 613.9
|
5.8%
|
$40.4
|
6.58%
|
|
Washington
|
$ 308.4
|
2.9%
|
$ 3.4
|
1.10%
|
|
Texas
|
$ 250.9
|
2.4%
|
$ 0.0
|
0.0%
|
|
Top 10 States
|
$ 9,384.7
|
88.7%
|
$277.2
|
2.95%
|
|
All other states
(1,2)
|
$ 1,176.8
|
11.3%
|
$ 40.7
|
3.46%
|
|
Total Residential
Portfolio
|
$10,561.5
|
100%
|
$317.9
|
3.01%
|
|
(1) Includes 26 states and
Washington, D.C.
(2) Includes Florida with
$195.9 million total loans, of which $22.6 million are
non-performing loans.
|
|
|
|
|
|
|
Net loan charge-offs for the quarter and year ended December 31, 2011 totaled $31.2 million and $81.3
million, respectively, compared to $19.7 million and $107.6
million, respectively, for the comparable 2010 periods.
Included in the $31.2 million
net loan charge-offs are $13.6
million of loan charge-offs related to loans transferred to
held-for-sale and specific valuation allowances charged-off in
accordance with OCC regulatory guidelines. Included in the
2011 fourth quarter residential net loan charge-offs are
$10.8 million of charge-offs on
$60.7 million of NPLs which, at 180
days delinquent and annually thereafter, were reviewed in the 2011
fourth quarter and charged-off, as needed, to the estimated fair
value of the underlying collateral less estimated selling costs.
"While we expect NPL levels will remain elevated for some
time, especially in those states requiring judicial foreclosure, it
is important to note that we believe the loss potential remaining
has been greatly reduced as a result of our having already
reviewed, marked down, and charged-off as necessary, 81% of the
residential NPLs to their adjusted fair value less estimated
selling costs," Mr. Redman noted.
Selected Asset Quality Metrics
(at or for the three months ended December 31, 2011, except as noted)
|
|
($ in millions)
|
Residential
|
Multi-
family
|
CRE
|
Construction
|
Consumer
& Other
|
Total
|
|
Loan portfolio
balance
|
$10,561.5
|
$ 1,686.3
|
$ 659.7
|
$ 7.6
|
$ 282.4
(1)
|
$13,274.6 (2)
|
|
Non-performing loans
|
$ 317.9
(3)
|
$ 8.0
|
$ 0.9
|
$
0.0
|
$ 6.1
|
$ 332.9
|
|
NPLs/total loans
|
2.39%
|
0.06%
|
0.01%
|
N/A
|
0.05%
|
2.51%
|
|
Net charge-offs
4Q11
|
$
12.2
|
$ 13.4
|
$ 3.4
|
$ 1.6
|
$ 0.6
|
$
31.2
|
|
Net charge-offs 2011
|
$
54.0
|
$ 20.1
|
$ 4.1
|
$ 1.6
|
$ 1.5
|
$
81.3
|
|
(1) Includes home equity
loans of $259.0 million.
(2) Includes $77.0 million
of net unamortized premiums and deferred loan costs.
(3) Includes $256.4
million, or 81%, of NPLs reviewed and charged-off, as needed, at
180 days delinquent and annually thereafter.
|
|
|
|
|
|
|
|
|
Future Outlook
Commenting on the outlook for 2012, Mr. Redman stated, "We continue
to face several headwinds as we enter 2012. Economic growth
remains weak, unemployment remains stubbornly elevated and home
values continue to remain soft. In addition, the
implementation of "Operation Twist" by the Federal Reserve has
contributed to a flattening of the U.S. Treasury yield curve,
putting further downward pressure on long term interest rates and
current mortgage product offerings, as well as keeping mortgage
loan prepayments at elevated levels. However, we are
optimistic that the increase in the multi-family/CRE loan pipeline
should facilitate modest loan and balance sheet growth in the first
quarter and more robust growth as the year progresses. For
2012, we expect multi-family/CRE loan originations of approximately
$1.5 billion and residential loan
originations for portfolio of approximately $3.5 billion, assuming market conditions remain
stable throughout 2012. With respect to the net interest
margin, we expect core deposits will continue to increase in 2012
and that, in the current low interest rate environment, residential
loan prepayment activity will remain elevated. Accordingly,
we anticipate the margin for 2012 will be relatively similar to the
margin for the 2011 fourth quarter."
Earnings Conference Call January 26,
2012 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, January 26, 2012 at 10:00
a.m. (ET). The toll-free dial-in number is (877)
709-8150. A telephone replay will be available on
January 26, 2012 from 1:00 p.m. (ET) through midnight February 4, 2012 (ET). The toll-free
replay number is (877) 660-6853, account # 399, ID# 386402.
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 $17.0 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, and any actions regarding foreclosures may
adversely affect our business; transition of our regulatory
supervisor from the Office of Thrift Supervision to the Office of
the Comptroller of the Currency, effects of changes in existing
U.S. government or government-sponsored mortgage programs,
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.
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
|
|
|
|
|
|
(In Thousands, Except Share
Data)
|
|
|
|
|
|
|
|
At
|
|
At
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
$
|
132,704
|
$
|
67,476
|
|
Repurchase agreements
|
|
-
|
|
51,540
|
|
Securities
available-for-sale
|
|
344,187
|
|
561,953
|
|
Securities
held-to-maturity
|
|
|
|
|
|
|
(fair value of $2,176,925 and
$2,042,110, respectively)
|
|
2,130,804
|
|
2,003,784
|
|
Federal Home Loan Bank of New
York stock, at cost
|
|
131,667
|
|
149,174
|
|
Loans held-for-sale,
net
|
|
32,394
|
|
44,870
|
|
Loans receivable:
|
|
|
|
|
|
|
Mortgage loans, net
|
|
12,990,600
|
|
13,911,200
|
|
|
Consumer and other loans,
net
|
|
284,004
|
|
311,847
|
|
|
|
|
13,274,604
|
|
14,223,047
|
|
|
Allowance for loan
losses
|
|
(157,185)
|
|
(201,499)
|
|
Total loans receivable,
net
|
|
13,117,419
|
|
14,021,548
|
|
Mortgage servicing rights,
net
|
|
8,136
|
|
9,204
|
|
Accrued interest
receivable
|
|
46,528
|
|
55,492
|
|
Premises and equipment,
net
|
|
119,946
|
|
133,362
|
|
Goodwill
|
|
185,151
|
|
185,151
|
|
Bank owned life
insurance
|
|
409,637
|
|
410,418
|
|
Real estate owned,
net
|
|
48,059
|
|
63,782
|
|
Other assets
|
|
315,423
|
|
331,515
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
|
17,022,055
|
$
|
18,089,269
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Deposits
|
$
|
11,245,614
|
$
|
11,599,000
|
|
Reverse repurchase
agreements
|
|
1,700,000
|
|
2,100,000
|
|
Federal Home Loan Bank of New
York advances
|
|
2,043,000
|
|
2,391,000
|
|
Other borrowings, net
|
|
378,573
|
|
378,204
|
|
Mortgage escrow funds
|
|
110,841
|
|
109,374
|
|
Accrued expenses and other
liabilities
|
|
292,829
|
|
269,911
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
15,770,857
|
|
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 98,537,715 and 97,877,469 shares
|
|
|
|
|
|
outstanding,
respectively)
|
|
1,665
|
|
1,665
|
|
Additional paid-in
capital
|
|
875,395
|
|
864,744
|
|
Retained earnings
|
|
1,861,592
|
|
1,848,095
|
|
Treasury stock (67,957,173 and
68,617,419 shares, at cost, respectively)
|
|
(1,404,311)
|
|
(1,417,956)
|
|
Accumulated other comprehensive
loss
|
|
(75,661)
|
|
(42,161)
|
|
Unallocated common stock held by
ESOP
|
|
|
|
|
|
(2,042,367 and 3,441,130
shares, respectively)
|
|
(7,482)
|
|
(12,607)
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
1,251,198
|
|
1,241,780
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
17,022,055
|
$
|
18,089,269
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
One-to-four family mortgage
loans
|
$
|
101,637
|
$
|
120,679
|
$
|
433,951
|
$
|
529,319
|
|
|
Multi-family, commercial real
estate and construction
|
|
|
|
|
|
|
|
|
|
|
mortgage loans
|
|
37,518
|
|
47,372
|
|
162,433
|
|
196,541
|
|
|
Consumer and other
loans
|
|
2,412
|
|
2,597
|
|
9,889
|
|
10,572
|
|
|
Mortgage-backed and other
securities
|
|
18,623
|
|
22,887
|
|
82,055
|
|
109,206
|
|
|
Repurchase agreements and
interest-earning cash accounts
|
|
16
|
|
133
|
|
237
|
|
390
|
|
|
Federal Home Loan Bank of New
York stock
|
|
1,297
|
|
2,855
|
|
6,683
|
|
9,271
|
|
Total interest income
|
|
161,503
|
|
196,523
|
|
695,248
|
|
855,299
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
31,893
|
|
41,833
|
|
138,049
|
|
191,015
|
|
|
Borrowings
|
|
42,079
|
|
53,449
|
|
181,773
|
|
230,717
|
|
Total interest
expense
|
|
73,972
|
|
95,282
|
|
319,822
|
|
421,732
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
87,531
|
|
101,241
|
|
375,426
|
|
433,567
|
|
Provision for loan
losses
|
|
10,000
|
|
15,000
|
|
37,000
|
|
115,000
|
|
Net interest income after
provision for loan losses
|
|
77,531
|
|
86,241
|
|
338,426
|
|
318,567
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
|
10,439
|
|
12,101
|
|
46,135
|
|
51,229
|
|
|
Other loan fees
|
|
786
|
|
906
|
|
3,160
|
|
3,452
|
|
|
Mortgage banking income,
net
|
|
1,570
|
|
3,434
|
|
4,413
|
|
6,222
|
|
|
Income from bank owned life
insurance
|
|
2,655
|
|
1,948
|
|
10,257
|
|
8,683
|
|
|
Other
|
|
1,840
|
|
2,323
|
|
4,950
|
|
11,602
|
|
Total non-interest
income
|
|
17,290
|
|
20,712
|
|
68,915
|
|
81,188
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
37,952
|
|
35,655
|
|
151,149
|
|
141,539
|
|
|
|
Occupancy, equipment and
systems
|
|
16,515
|
|
15,906
|
|
65,182
|
|
65,498
|
|
|
|
Federal deposit insurance
premiums
|
|
10,554
|
|
6,006
|
|
38,083
|
|
25,728
|
|
|
|
Advertising
|
|
1,486
|
|
1,909
|
|
7,842
|
|
6,466
|
|
|
|
Other
|
|
10,741
|
|
10,451
|
|
39,161
|
|
45,687
|
|
Total non-interest
expense
|
|
77,248
|
|
69,927
|
|
301,417
|
|
284,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
17,573
|
|
37,026
|
|
105,924
|
|
114,837
|
|
Income tax expense
|
|
5,809
|
|
13,215
|
|
38,715
|
|
41,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
11,764
|
$
|
23,811
|
$
|
67,209
|
$
|
73,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$
|
0.12
|
$
|
0.25
|
$
|
0.70
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
$
|
0.12
|
$
|
0.25
|
$
|
0.70
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares
|
93,979,192
|
92,153,490
|
93,253,928
|
91,776,907
|
|
Diluted weighted average common
and common
|
|
|
|
|
|
|
|
|
|
equivalent
shares
|
93,979,192
|
92,153,490
|
93,253,928
|
91,776,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES
|
|
AVERAGE BALANCE
SHEETS
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended December 31,
|
|
|
|
|
|
|
|
|
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
|
$
|
10,647,279
|
$
|
101,637
|
|
3.82
|
%
|
$
|
11,214,431
|
$
|
120,679
|
|
4.30
|
%
|
|
|
|
|
Multi-family, commercial
real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
|
2,355,391
|
|
37,518
|
|
6.37
|
|
|
3,079,728
|
|
47,372
|
|
6.15
|
|
|
|
|
Consumer and other loans
(1)
|
|
288,171
|
|
2,412
|
|
3.35
|
|
|
317,612
|
|
2,597
|
|
3.27
|
|
|
|
|
Total loans
|
|
13,290,841
|
|
141,567
|
|
4.26
|
|
|
14,611,771
|
|
170,648
|
|
4.67
|
|
|
|
|
Mortgage-backed and other
securities (2)
|
|
2,415,348
|
|
18,623
|
|
3.08
|
|
|
2,470,933
|
|
22,887
|
|
3.70
|
|
|
|
|
Repurchase agreements
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
|
54,464
|
|
16
|
|
0.12
|
|
|
245,709
|
|
133
|
|
0.22
|
|
|
|
|
Federal Home Loan Bank
stock
|
|
127,078
|
|
1,297
|
|
4.08
|
|
|
158,462
|
|
2,855
|
|
7.21
|
|
|
|
Total interest-earning
assets
|
|
15,887,731
|
|
161,503
|
|
4.07
|
|
|
17,486,875
|
|
196,523
|
|
4.50
|
|
|
|
Goodwill
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
Other non-interest-earning
assets
|
|
956,675
|
|
|
|
|
|
|
973,942
|
|
|
|
|
|
|
Total assets
|
$
|
17,029,557
|
|
|
|
|
|
$
|
18,645,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,737,029
|
|
1,750
|
|
0.26
|
|
$
|
2,561,779
|
|
2,605
|
|
0.41
|
|
|
|
|
Money market
|
|
1,031,489
|
|
2,181
|
|
0.85
|
|
|
366,292
|
|
416
|
|
0.45
|
|
|
|
|
NOW and demand
deposit
|
|
1,830,974
|
|
303
|
|
0.07
|
|
|
1,715,423
|
|
285
|
|
0.07
|
|
|
|
|
Liquid certificates of
deposit
|
|
281,083
|
|
88
|
|
0.13
|
|
|
503,905
|
|
356
|
|
0.28
|
|
|
|
|
Total core deposits
|
|
5,880,575
|
|
4,322
|
|
0.29
|
|
|
5,147,399
|
|
3,662
|
|
0.28
|
|
|
|
|
Certificates of
deposit
|
|
5,394,545
|
|
27,571
|
|
2.04
|
|
|
6,680,904
|
|
38,171
|
|
2.29
|
|
|
|
|
Total deposits
|
|
11,275,120
|
|
31,893
|
|
1.13
|
|
|
11,828,303
|
|
41,833
|
|
1.41
|
|
|
|
|
Borrowings
|
|
4,024,787
|
|
42,079
|
|
4.18
|
|
|
5,088,098
|
|
53,449
|
|
4.20
|
|
|
|
Total interest-bearing
liabilities
|
|
15,299,907
|
|
73,972
|
|
1.93
|
|
|
16,916,401
|
|
95,282
|
|
2.25
|
|
|
|
Non-interest-bearing
liabilities
|
|
456,406
|
|
|
|
|
|
|
487,265
|
|
|
|
|
|
|
Total liabilities
|
|
15,756,313
|
|
|
|
|
|
|
17,403,666
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,273,244
|
|
|
|
|
|
|
1,242,302
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
17,029,557
|
|
|
|
|
|
$
|
18,645,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread (3)
|
|
|
$
|
87,531
|
|
2.14
|
%
|
|
|
$
|
101,241
|
|
2.25
|
%
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin (4)
|
$
|
587,824
|
|
|
|
2.20
|
%
|
$
|
570,474
|
|
|
|
2.32
|
%
|
|
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
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family
|
$
|
10,687,593
|
$
|
433,951
|
|
4.06
|
%
|
$
|
11,694,736
|
$
|
529,319
|
|
4.53
|
%
|
|
|
|
|
Multi-family, commercial
real
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate and
construction
|
|
2,608,792
|
|
162,433
|
|
6.23
|
|
|
3,258,928
|
|
196,541
|
|
6.03
|
|
|
|
|
Consumer and other loans
(1)
|
|
297,394
|
|
9,889
|
|
3.33
|
|
|
325,579
|
|
10,572
|
|
3.25
|
|
|
|
|
Total loans
|
|
13,593,779
|
|
606,273
|
|
4.46
|
|
|
15,279,243
|
|
736,432
|
|
4.82
|
|
|
|
|
Mortgage-backed and other
securities (2)
|
|
2,435,028
|
|
82,055
|
|
3.37
|
|
|
2,790,097
|
|
109,206
|
|
3.91
|
|
|
|
|
Repurchase agreements
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-earning cash accounts
|
|
128,396
|
|
237
|
|
0.18
|
|
|
197,584
|
|
390
|
|
0.20
|
|
|
|
|
Federal Home Loan Bank
stock
|
|
132,666
|
|
6,683
|
|
5.04
|
|
|
172,511
|
|
9,271
|
|
5.37
|
|
|
|
Total interest-earning
assets
|
|
16,289,869
|
|
695,248
|
|
4.27
|
|
|
18,439,435
|
|
855,299
|
|
4.64
|
|
|
|
Goodwill
|
|
185,151
|
|
|
|
|
|
|
185,151
|
|
|
|
|
|
|
|
Other non-interest-earning
assets
|
|
919,617
|
|
|
|
|
|
|
902,804
|
|
|
|
|
|
|
Total assets
|
$
|
17,394,637
|
|
|
|
|
|
$
|
19,527,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
$
|
2,762,155
|
|
9,562
|
|
0.35
|
|
$
|
2,384,477
|
|
9,628
|
|
0.40
|
|
|
|
|
Money market
|
|
616,048
|
|
4,551
|
|
0.74
|
|
|
343,996
|
|
1,533
|
|
0.45
|
|
|
|
|
NOW and demand
deposit
|
|
1,798,719
|
|
1,175
|
|
0.07
|
|
|
1,675,680
|
|
1,092
|
|
0.07
|
|
|
|
|
Liquid certificates of
deposit
|
|
358,253
|
|
787
|
|
0.22
|
|
|
595,693
|
|
2,637
|
|
0.44
|
|
|
|
|
Total core deposits
|
|
5,535,175
|
|
16,075
|
|
0.29
|
|
|
4,999,846
|
|
14,890
|
|
0.30
|
|
|
|
|
Certificates of
deposit
|
|
5,797,895
|
|
121,974
|
|
2.10
|
|
|
7,298,999
|
|
176,125
|
|
2.41
|
|
|
|
|
Total deposits
|
|
11,333,070
|
|
138,049
|
|
1.22
|
|
|
12,298,845
|
|
191,015
|
|
1.55
|
|
|
|
|
Borrowings
|
|
4,368,659
|
|
181,773
|
|
4.16
|
|
|
5,568,740
|
|
230,717
|
|
4.14
|
|
|
|
Total interest-bearing
liabilities
|
|
15,701,729
|
|
319,822
|
|
2.04
|
|
|
17,867,585
|
|
421,732
|
|
2.36
|
|
|
|
Non-interest-bearing
liabilities
|
|
427,225
|
|
|
|
|
|
|
434,347
|
|
|
|
|
|
|
Total liabilities
|
|
16,128,954
|
|
|
|
|
|
|
18,301,932
|
|
|
|
|
|
|
Stockholders' equity
|
|
1,265,683
|
|
|
|
|
|
|
1,225,458
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
17,394,637
|
|
|
|
|
|
$
|
19,527,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
rate spread (3)
|
|
|
$
|
375,426
|
|
2.23
|
%
|
|
|
$
|
433,567
|
|
2.28
|
%
|
|
Net interest-earning
assets/net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin (4)
|
$
|
588,140
|
|
|
|
2.30
|
%
|
$
|
571,850
|
|
|
|
2.35
|
%
|
|
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
|
|
|
Twelve
Months Ended
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
(Annualized)
|
|
|
|
|
|
|
|
Selected Returns and Financial
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders'
equity
|
|
|
|
3.70
|
%
|
|
7.67
|
%
|
|
5.31
|
%
|
|
6.02
|
%
|
|
|
Return on average tangible
stockholders' equity (1)
|
|
|
|
4.32
|
|
9.01
|
|
|
6.22
|
|
7.09
|
|
|
|
Return on average
assets
|
|
|
|
0.28
|
|
0.51
|
|
|
0.39
|
|
0.38
|
|
|
|
General and administrative
expense to average assets
|
|
|
|
1.81
|
|
|
1.50
|
|
|
1.73
|
|
|
1.46
|
|
|
|
Efficiency ratio (2)
|
|
|
|
73.70
|
|
|
57.34
|
|
|
67.83
|
|
|
55.35
|
|
|
|
Net interest rate
spread
|
|
|
|
2.14
|
|
|
2.25
|
|
|
2.23
|
|
|
2.28
|
|
|
|
Net interest margin
|
|
|
|
2.20
|
|
|
2.32
|
|
|
2.30
|
|
|
2.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Non-GAAP Returns and
Financial Ratios (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP return on average
stockholders' equity
|
|
|
|
|
|
|
|
|
|
5.31
|
%
|
|
6.19
|
%
|
|
|
Non-GAAP return on average
tangible stockholders' equity (1)
|
|
|
|
|
|
|
|
|
|
6.22
|
|
|
7.29
|
|
|
|
Non-GAAP return on average
assets
|
|
|
|
|
|
|
|
|
|
0.39
|
|
|
0.39
|
|
|
|
Non-GAAP general and
administrative expense to average assets
|
|
|
|
|
|
|
|
|
|
1.73
|
|
|
1.42
|
|
|
|
Non-GAAP efficiency ratio
(2)
|
|
|
|
|
|
|
|
|
|
67.83
|
|
|
54.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
(4)
|
|
|
|
|
|
|
|
|
$
|
380,916
|
|
$
|
454,492
|
|
|
|
Non-performing loans
(4)
|
|
|
|
|
|
|
|
|
|
332,857
|
|
|
390,710
|
|
|
|
Loans delinquent
90 days or more and still accruing interest
|
|
|
|
|
|
|
|
|
|
162
|
|
|
845
|
|
|
|
Non-accrual
loans
|
|
|
|
|
|
|
|
|
|
332,695
|
|
|
389,865
|
|
|
|
Loans 60-89 days
delinquent
|
|
|
|
|
|
|
|
|
|
48,815
|
|
|
54,339
|
|
|
|
Loans 30-59 days
delinquent
|
|
|
|
|
|
|
|
|
|
166,740
|
|
|
165,810
|
|
|
|
Net charge-offs
|
|
|
$
|
31,166
|
|
$
|
19,732
|
|
|
81,314
|
|
|
107,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/total
loans
|
|
|
|
|
|
|
|
|
|
2.51
|
%
|
|
2.75
|
%
|
|
|
Non-performing loans/total
assets
|
|
|
|
|
|
|
|
|
|
1.96
|
|
|
2.16
|
|
|
|
Non-performing assets/total
assets
|
|
|
|
|
|
|
|
|
|
2.24
|
|
|
2.51
|
|
|
|
Allowance for loan
losses/non-performing loans
|
|
|
|
|
|
|
|
|
|
47.22
|
|
|
51.57
|
|
|
|
Allowance for loan
losses/non-accrual loans
|
|
|
|
|
|
|
|
|
|
47.25
|
|
|
51.68
|
|
|
|
Allowance for loan losses/total
loans
|
|
|
|
|
|
|
|
|
|
1.18
|
|
|
1.42
|
|
|
|
Net charge-offs to average loans
outstanding
|
|
|
|
0.94
|
%
|
|
0.54
|
%
|
|
0.60
|
|
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (Astoria
Federal)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
|
|
|
|
|
|
|
|
|
|
8.70
|
%
|
|
7.94
|
%
|
|
|
Leverage
|
|
|
|
|
|
|
|
|
|
8.70
|
|
|
7.94
|
|
|
|
Risk-based
|
|
|
|
|
|
|
|
|
|
16.08
|
|
|
14.60
|
|
|
|
Tier 1 risk-based
|
|
|
|
|
|
|
|
|
|
14.80
|
|
|
13.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per common
share
|
|
|
$
|
0.13
|
|
$
|
0.13
|
|
$
|
0.52
|
|
$
|
0.52
|
|
|
|
Book value per share
(5)
|
|
|
|
|
|
|
|
|
|
12.97
|
|
|
13.15
|
|
|
|
Tangible book value per share
(6)
|
|
|
|
|
|
|
|
|
|
11.05
|
|
|
11.19
|
|
|
|
Tangible common stockholders'
equity/tangible assets (1) (7)
|
|
|
|
|
|
|
|
|
|
6.33
|
%
|
|
5.90
|
%
|
|
|
Mortgage loans serviced for
others (in thousands)
|
|
|
|
|
|
|
|
|
$
|
1,446,646
|
|
$
|
1,443,709
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
1,636
|
|
|
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 twelve months ended December 31, 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
December 31, 2011
|
|
|
At September
30, 2011
|
|
|
At
December 31, 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
|
$
|
10,243,672
|
|
4.16
|
%
|
$
|
10,237,483
|
|
4.34
|
%
|
$
|
10,512,746
|
|
4.73
|
%
|
|
|
Multi-family, commercial
real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
2,344,655
|
|
5.88
|
|
|
2,341,280
|
|
6.05
|
|
|
2,931,847
|
|
6.03
|
|
|
|
Mortgage-backed and other
securities (3)
|
|
2,474,991
|
|
3.57
|
|
|
2,477,052
|
|
3.65
|
|
|
2,565,737
|
|
3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
2,750,715
|
|
0.25
|
|
|
2,760,922
|
|
0.25
|
|
|
2,664,859
|
|
0.40
|
|
|
|
Money market
|
|
1,114,404
|
|
0.71
|
|
|
864,253
|
|
0.94
|
|
|
376,302
|
|
0.45
|
|
|
|
NOW and demand
deposit
|
|
1,861,488
|
|
0.06
|
|
|
1,809,662
|
|
0.06
|
|
|
1,774,790
|
|
0.06
|
|
|
|
Liquid certificates of
deposit
|
|
263,809
|
|
0.10
|
|
|
301,221
|
|
0.19
|
|
|
468,730
|
|
0.25
|
|
|
|
Total core
deposits
|
|
5,990,416
|
|
0.27
|
|
|
5,736,058
|
|
0.29
|
|
|
5,284,681
|
|
0.28
|
|
|
|
Certificates of
deposit
|
|
5,255,198
|
|
2.03
|
|
|
5,531,089
|
|
2.05
|
|
|
6,314,319
|
|
2.20
|
|
|
|
Total deposits
|
|
11,245,614
|
|
1.09
|
|
|
11,267,147
|
|
1.15
|
|
|
11,599,000
|
|
1.33
|
|
|
|
Borrowings, net
|
|
4,121,573
|
|
3.98
|
|
|
4,022,481
|
|
4.14
|
|
|
4,869,204
|
|
4.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Twelve Months Ended
|
|
|
|
|
December 31,
2010
|
|
|
|
|
|
GAAP
|
Adjustments
(1)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$433,567
|
|
$
-
|
|
$433,567
|
|
|
Provision for loan
losses
|
|
|
115,000
|
|
-
|
|
115,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses
|
|
|
318,567
|
|
-
|
|
318,567
|
|
|
Non-interest income
|
|
|
81,188
|
|
(4,635)
|
|
76,553
|
|
|
Non-interest expense (general
and administrative expense)
|
|
|
284,918
|
|
(7,850)
|
|
277,068
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense
|
|
|
114,837
|
|
3,215
|
|
118,052
|
|
|
Income tax expense
|
|
|
41,103
|
|
1,133
|
|
42,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$73,734
|
|
$ 2,082
|
|
$75,816
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
|
|
$0.78
|
|
$0.02
|
|
$0.81
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share
|
|
|
$0.78
|
|
$0.02
|
|
$0.81
|
(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
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) 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 December
31, 2011
|
|
|
|
|
|
|
|
Non-performing loans
|
|
State
|
|
Total
loans
|
|
Non-performing loans
|
|
as % of
total loans
|
|
New York
|
|
|
|
|
|
|
|
Full Income
|
|
$2,736.1
|
|
$20.0
|
|
0.73%
|
|
Alt A < 70%
LTV
|
|
$205.7
|
|
$12.4
|
|
6.03%
|
|
Alt A 70%-80%
LTV
|
|
$58.9
|
|
$10.2
|
|
17.32%
|
|
State Total
|
|
$3,000.7
|
|
$42.6
|
|
1.42%
|
|
|
|
|
|
|
|
|
|
Illinois
|
|
|
|
|
|
|
|
Full Income
|
|
$1,037.7
|
|
$18.4
|
|
1.77%
|
|
Alt A < 70%
LTV
|
|
$107.7
|
|
$11.7
|
|
10.86%
|
|
Alt A 70%-80%
LTV
|
|
$100.7
|
|
$16.1
|
|
15.99%
|
|
State Total
|
|
$1,246.1
|
|
$46.2
|
|
3.71%
|
|
|
|
|
|
|
|
|
|
Connecticut
|
|
|
|
|
|
|
|
Full Income
|
|
$952.4
|
|
$14.0
|
|
1.47%
|
|
Alt A < 70%
LTV
|
|
$102.2
|
|
$12.1
|
|
11.84%
|
|
Alt A 70%-80%
LTV
|
|
$44.7
|
|
$6.9
|
|
15.44%
|
|
State Total
|
|
$1,099.3
|
|
$33.0
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
|
|
|
|
|
Full Income
|
|
$690.1
|
|
$6.4
|
|
0.93%
|
|
Alt A < 70%
LTV
|
|
$61.8
|
|
$2.8
|
|
4.53%
|
|
Alt A 70%-80%
LTV
|
|
$24.1
|
|
$1.5
|
|
6.22%
|
|
State Total
|
|
$776.0
|
|
$10.7
|
|
1.38%
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
|
|
|
|
|
Full Income
|
|
$606.7
|
|
$26.3
|
|
4.33%
|
|
Alt A < 70%
LTV
|
|
$78.4
|
|
$9.1
|
|
11.61%
|
|
Alt A 70%-80%
LTV
|
|
$78.3
|
|
$19.3
|
|
24.65%
|
|
State Total
|
|
$763.4
|
|
$54.7
|
|
7.17%
|
|
|
|
|
|
|
|
|
|
California
|
|
|
|
|
|
|
|
Full Income
|
|
$443.3
|
|
$15.4
|
|
3.47%
|
|
Alt A < 70%
LTV
|
|
$130.4
|
|
$8.3
|
|
6.37%
|
|
Alt A 70%-80%
LTV
|
|
$117.5
|
|
$10.1
|
|
8.60%
|
|
State Total
|
|
$691.2
|
|
$33.8
|
|
4.89%
|
|
|
|
|
|
|
|
|
|
Virginia
|
|
|
|
|
|
|
|
Full Income
|
|
$493.1
|
|
$5.3
|
|
1.07%
|
|
Alt A < 70%
LTV
|
|
$63.9
|
|
$2.5
|
|
3.91%
|
|
Alt A 70%-80%
LTV
|
|
$77.8
|
|
$4.6
|
|
5.91%
|
|
State Total
|
|
$634.8
|
|
$12.4
|
|
1.95%
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
|
|
|
|
|
Full Income
|
|
$477.6
|
|
$18.8
|
|
3.94%
|
|
Alt A < 70%
LTV
|
|
$65.4
|
|
$6.4
|
|
9.79%
|
|
Alt A 70%-80%
LTV
|
|
$70.9
|
|
$15.2
|
|
21.44%
|
|
State Total
|
|
$613.9
|
|
$40.4
|
|
6.58%
|
|
|
|
|
|
|
|
|
|
Washington
|
|
|
|
|
|
|
|
Full Income
|
|
$303.3
|
|
$3.0
|
|
0.99%
|
|
Alt A < 70%
LTV
|
|
$3.4
|
|
$0.0
|
|
0.00%
|
|
Alt A 70%-80%
LTV
|
|
$1.7
|
|
$0.4
|
|
23.53%
|
|
State Total
|
|
$308.4
|
|
$3.4
|
|
1.10%
|
|
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
Full Income
|
|
$250.8
|
|
$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
|
|
$250.9
|
|
$0.0
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
Other States*
|
|
|
|
|
|
|
|
Full Income
|
|
$1,012.8
|
|
$23.9
|
|
2.36%
|
|
Alt A < 70%
LTV
|
|
$99.6
|
|
$8.9
|
|
8.94%
|
|
Alt A 70%-80%
LTV
|
|
$64.4
|
|
$7.9
|
|
12.27%
|
|
Other States Total
|
|
$1,176.8
|
|
$40.7
|
|
3.46%
|
|
|
|
|
|
|
|
|
|
Total all states
|
|
|
|
|
|
|
|
Full Income
|
|
$9,003.9
|
|
$151.5
|
|
1.68%
|
|
Alt A < 70%
LTV
|
|
$918.6
|
|
$74.2
|
|
8.08%
|
|
Alt A 70%-80%
LTV
|
|
$639.0
|
|
$92.2
|
|
14.43%
|
|
Grand total
|
|
$10,561.5
|
|
$317.9
|
|
3.01%
|
|
|
|
|
|
|
|
|
|
* Includes Florida with $195.9
million total loans, of which $22.6 million are non
|
|
Note: LTVs are based on
current principal balances and original appraised
values.
|
|
|
|
|
|
|
|
|
SOURCE Astoria Financial Corporation