Astoria Financial Corporation Announces 22% Increase in Second
Quarter EPS to $0.78 Quarterly Cash Dividend of $0.25 Per Common
Share Declared LAKE SUCCESS, N.Y., July 22 /PRNewswire-FirstCall/
-- Astoria Financial Corporation (NYSE:AF) ("Astoria"), the holding
company for Astoria Federal Savings and Loan Association ("Astoria
Federal"), today reported net income of $57.5 million, or $0.78
diluted earnings per common share, for the quarter ended June 30,
2004, representing an increase of 13% and 22%, respectively, from
net income of $50.9 million, or $0.64 diluted earnings per common
share, for the 2003 second quarter. For the six months ended June
30, 2004, net income totaled $110.9 million, or $1.48 diluted
earnings per common share, up 3% and 11%, respectively, from $107.3
million, or $1.33 diluted earnings per common share for the
comparable 2003 period. Second Quarter 2004 Highlights: Financial:
* Diluted EPS: $0.78, up 22% from last year, up 10% from linked
quarter * Return on average assets: 1.03%, up 17% from last year,
up 8% from linked quarter * Return on average equity: 16.55%, up
25% from last year, up 10% from linked quarter * Return on average
tangible equity: 19.09%, up 27% from last year, up 10% from linked
quarter * Total deposits increased $387.0 million, or 13%
annualized * Multifamily/Commercial Real Estate ("CRE") loan
portfolio increased $97.2 million, or 12% annualized, and
represents 26% of total loans * Efficiency ratio: 39.21% *
Non-performing assets to total assets: 0.12% * Shares repurchased:
1.5 million Commenting on the second quarter results, George L.
Engelke, Jr., Chairman, President and Chief Executive Officer of
Astoria, noted, "We are pleased to report double-digit increases in
quarterly net income, earnings per share, and related returns, due,
primarily, to a 35 basis point increase in the net interest margin
year over year. Second quarter results were somewhat tempered by
the decline in interest rates at the end of the first quarter which
sparked an increase in mortgage refinance activity and a resulting
increase in mortgage repayment cash flow in the second quarter. As
a result, net premium amortization was higher than expected in the
second quarter, negatively impacting margin expansion, and the
total loan portfolio reflected a modest decline. Net premium
amortization of $12.7 million in the second quarter, $4.4 million
higher than the 2004 first quarter, was offset by a recovery of
$5.2 million in the MSR valuation allowance which is included in
mortgage banking income, net. Importantly, we are currently
experiencing much lower refinance activity due to the increase in
interest rates during the second quarter which should translate
into a resumption of loan growth and lower premium amortization
going forward." Board Declares Quarterly Cash Dividend The Board of
Directors of the Company, at their July 21, 2004 meeting, declared
a quarterly cash dividend of $0.25 per common share. The dividend
is payable on September 1, 2004 to shareholders of record as of
August 16, 2004. This is the thirty-seventh consecutive quarterly
cash dividend declared by the Company. Ninth Stock Repurchase
Program Completed; Tenth Repurchase Program Commenced During the
second quarter, Astoria repurchased 1.5 million shares of its
common stock at an average cost of $36.30 per share. On July 9,
2004, Astoria completed the 10 million share authorization under
the ninth repurchase program and commenced its tenth repurchase
program, as previously announced, which authorizes the repurchase
of eight million shares, or approximately 10% of total shares
outstanding. Balance Sheet Summary Key balance sheet highlights,
including the cumulative effect of the Company's balance sheet
repositioning since December 31, 1999, follow: (Dollars in
millions) 12/31/99 12/31/00 12/31/01 12/31/02 Assets $22,700
$22,341 $22,672 $21,702 Loans $10,286 $11,422 $12,167 $12,059 MBS
$9,287 $7,875 $7,074 $7,380 Deposits $9,555 $10,072 $10,904 $11,067
Core Deposits (1) $4,625 $4,922 $5,743 $5,914 Checking Deposits
$878 $1,005 $1,200 $1,383 Borrowings $11,528 $10,324 $9,826 $8,825
Change (Dollars in millions) 12/31/03 6/30/04 12/31/99-6/30/04
Assets $22,462 $22,334 -2% Loans $12,687 $12,625 +23% MBS $8,244
$8,204 -12% Deposits $11,187 $11,896 +25% Core Deposits (1) $5,685
$5,634 +22% Checking Deposits $1,493 $1,541 +76% Borrowings $9,632
$8,804 -24% (1) Excludes time deposits Mortgage loan originations
and purchases for the quarter ended June 30, 2004 totaled $1.2
billion compared to $2.0 billion for the 2003 second quarter and
include one-to-four family loan originations and purchases of
$933.7 million and $1.6 billion, respectively, predominately 3/1
and 5/1 adjustable rate loans. For the six months ended June 30,
2004, mortgage loan originations and purchases totaled $2.1 billion
compared to $3.5 billion for the comparable 2003 period and include
one-to-four family loan originations and purchases of $1.6 billion
and $2.8 billion, respectively. The decrease in mortgage loan
volume was due to reduced mortgage loan refinance activity due to
higher interest rates in 2004 as compared to 2003. Mortgage loan
prepayments for the quarter and six months ended June 30, 2004
totaled $1.1 billion and $1.7 billion, respectively, compared to
$1.4 billion and $2.7 billion for the respective 2003 periods. For
the quarter ended June 30, 2004, multifamily and CRE loan
originations totaled $274.0 million compared to the 2003 second
quarter volume of $413.3 million. For the six month period ended
June 30, 2004, multifamily and CRE loan originations totaled $514.1
million compared to $648.6 million for the 2003 six month period
volume. At June 30, 2004, the multifamily and CRE loan portfolios
totaled $3.3 billion, up $97.2 million from the 2004 first quarter
and $674.4 million, or 26%, from June 30, 2003, and represent 26%
of total loans. The average loan-to-value ratio of the combined
multifamily and CRE loan portfolios continues to be less than 65%,
based on current principal balance and original appraised value,
and the average loan balance is less than $1 million. The Company's
strong multifamily and CRE lending capabilities are reflected in
the growth of these portfolios since 1999: (Dollars in millions)
12/31/99 12/31/00 12/31/01 12/31/02 Multifamily/CRE Loans $1,014
$1,282 $1,693 $2,345 % of Total Loans 10% 11% 14% 20% Change
(Dollars in millions) 12/31/03 6/30/04 12/31/99-6/30/04
Multifamily/CRE Loans $3,111 $3,307 +226% % of Total Loans 25% 26%
+160% At June 30, 2004, non-performing loans totaled $26.5 million,
or 0.12% of total assets compared to $36.0 million, or 0.16% of
total assets at June 30, 2003. Net charge-offs for the quarter and
six months ended June 30, 2004 totaled $148,000 and $303,000,
respectively, or an annualized rate of less than one basis point of
average total loans outstanding. The ratio of the allowance for
loan losses to non-performing loans at June 30, 2004 was 313%.
Mortgage-backed securities ("MBS") increased slightly from March
31, 2004, decreased $392.6 million from the year ago second
quarter, and totaled $8.2 billion at June 30, 2004. Of the total,
$2.5 billion, equal to 11% of assets, are categorized as
available-for-sale. A detailed profile of the premium/discount
associated with our fixed rate CMO/REMIC MBS portfolio at June 30,
2004 follows: (Dollars in millions) Unamortized Premium/ Collateral
Weighted Book Value (Discount) MBS Coupon Coupon Avg Life Premium
CMO/ REMIC MBS $ 1,841 $ 17.2 4.98% 6.03% 3.6 yrs Discount/Par
CMO/REMIC MBS $ 6,296 $(22.6) 4.18% 5.80% 4.6 yrs Total $ 8,137
$(5.4) 4.36% 5.85% 4.4 yrs Deposits for the quarter ended June 30,
2004 increased $387.0 million, or 13% on an annualized basis, to
$11.9 billion from $11.5 billion at March 31, 2004. For the six
months ended June 30, 2004, deposits increased $709.1 million. The
increase for the quarter and six month periods was primarily due to
increases of $381.8 million and $760.7 million, respectively, in CD
accounts to $6.3 billion and reflects the continued success of our
marketing campaign that has focused on attracting long-term
deposits to enable us to reduce high cost borrowings. During the
second quarter of 2004, $1.1 billion of CDs, with a weighted
average rate of 2.30% and an average maturity at inception of 14
months, matured and $1.4 billion of CDs were issued or repriced at
a weighted average rate of 2.69% and an average maturity at
inception of 18 months. For the six months ended June 30, 2004,
$2.2 billion of CDs, with a weighted average rate of 2.31% and an
average maturity at inception of 14 months, matured and $2.9
billion of CDs were issued or repriced with a weighted average rate
of 2.60% and an average maturity at inception of 20 months. "The CD
marketing campaign, in addition to replacing borrowings with
deposits, has also produced new customers from our communities,
creating relationship development opportunities that, for example,
during the second quarter, resulted in 26% of new customers and
existing customers without checking accounts being cross-sold new,
low-cost checking accounts, the linchpin for building long-term,
profitable customer relationships. Importantly, our checking
cross-sell penetration has increased to approximately 40% for the
month of June," Mr. Engelke noted. Checking account deposits
totaled $1.5 billion at June 30, 2004 and reflected annualized
growth of 10% on a linked quarter basis. Additionally, our small
business banking initiatives continue to result in solid growth of
business deposits, including business savings and checking
accounts. At June 30, 2004, business deposits totaled $268.3
million, increasing at an annualized rate of 24% on a linked
quarter basis. Borrowings totaled $8.8 billion at June 30, 2004, a
decrease of $591.0 million from the prior quarter end. Over the
past nine months, in an effort to minimize interest rate risk, $3.3
billion of borrowings and $3.7 billion of CDs have been extended as
shown in the following chart: Borrowings Weighted Weighted
Refinanced Average Rate Average Orig. Maturity 4Q03 $ 900 million
2.63% 2.7 years 1Q04 $2,400 million 2.71% 3.3 years Subtotal $3,300
million 2.69% 3.1 years Weighted Weighted CD's Issued Average Rate
Average Orig. Maturity 4Q03 $833 million 2.10% 18 months 1Q04
$1,508 million 2.51% 22 months 2Q04 $1,380 million 2.69% 18 months
Subtotal $3,721 million 2.48% 20 months Total $7,021 million 2.58%
2.3 years Stockholders' equity was $1.4 billion, or 6.14% of total
assets at June 30, 2004. Astoria Federal continues to maintain
capital ratios in excess of regulatory requirements with core,
tangible and risk-based capital ratios of 7.11%, 7.11% and 14.69%,
respectively, at June 30, 2004. Second Quarter and Six Month
Earnings Summary Net interest income for the quarter ended June 30,
2004 increased 18% to $113.3 million from $96.3 million for the
2003 second quarter and for the six months ended June 30, 2004
increased 11% to $227.8 million from $205.3 million for the
comparable 2003 six-month period. Astoria's net interest margin for
the quarter ended June 30, 2004 was 2.13% compared to 2.14% on a
linked quarter basis and 1.78% for the prior year quarter. The one
basis point decline in the net interest margin on a linked quarter
basis was primarily attributable to the effect of the $4.4 million
increase in mortgage loan and MBS net premium amortization over the
previous quarter, as previously discussed. Net premium amortization
expense increased 53% to $12.7 million for the 2004 second quarter
from $8.3 million in the prior quarter and declined $21.2 million,
or 63%, from the year ago second quarter as detailed in the
following chart: MBS and Mortgage Loan Net Premium Amortization
Trends (Dollars in millions) Year Over Year Linked Quarter 2Q03
1Q04 2Q04 $Change %Change $Change %Change MBS $21.9 $2.9 $4.0
$(17.9) (82%) $1.1 38% Mortgage Loans $12.0 $5.4 $8.7 $(3.3) (28%)
$3.3 61% Total $33.9 $8.3 $12.7 $(21.2) (63%) $4.4 53% Non-interest
income for the quarter ended June 30, 2004 totaled $27.9 million
compared to $31.5 million for the comparable 2003 quarter. For the
six months ended June 30, 2004 non-interest income decreased to
$50.0 million from $57.4 million for the six months ended June 30,
2003. The decreases are primarily due to the absence of net gain on
sales of securities in the 2004 second quarter compared to $8.0
million in net gains on sales of securities in the 2003 second
quarter. For the six months ended June 30, 2004, net gain on sales
of securities totaled $2.4 million compared to $10.2 million for
the comparable 2003 period. Customer service fees for the quarter
and six months ended June 30, 2004 totaled $14.6 million and $28.3
million, respectively, compared to $15.8 million and $30.6 million,
respectively, for the comparable 2003 periods. The decreases are
primarily due to lower fees from annuity sales and a decrease in
debit card interchange fees caused by a reduction in the fee
structure on signature-based debit card transactions. Mortgage
banking income, net, which is included in non-interest income,
increased $6.7 million and $5.0 million in the respective three and
six month periods ending June 30, 2004 as compared to the
respective 2003 periods as detailed in the table below: (Dollars in
millions) 2Q04 2Q03 1H04 1H03 Loan servicing fees $ 1.5 $ 2.1 $ 3.0
$4.4 Amortization of MSR* (1.8) (3.8) (3.8) (7.6) MSR valuation
adjustments 5.2 (1.8) 3.8 (2.7) Net gain on sale of loans 1.4 3.1
2.1 6.0 Mortgage banking income, net $ 6.3 $(0.4) $5.1 $ 0.1 *
Mortgage servicing rights General and administrative expense
("G&A") for the quarter and six months ended June 30, 2004
totaled $55.4 million and $112.4 million, respectively, compared to
$51.8 million and $103.8 million, respectively, for the comparable
2003 periods. The increase for the quarter is primarily due to
increased compensation and benefits expense and for the six months
is due to occupancy, equipment and systems expense, due to, among
other things, systems enhancements over the past year as well as
increased compensation and benefits expense. Future Outlook
Commenting on the outlook for the remainder of 2004, Mr. Engelke
stated, "In the current environment of somewhat higher long-term
interest rates, mortgage refinance activity has subsided and
purchase mortgage activity, which represented approximately 70% of
our residential loan applications in June, has remained strong.
With the expectation of reduced cash flow from mortgage loan and
MBS prepayments, we expect a resumption of mortgage loan portfolio
growth going forward. Reduced mortgage refinance activity also
results in lower mortgage loan and MBS net premium amortization
which should result in a modest expansion in the net interest
margin during the remainder of 2004. We will remain focused on
building our core businesses, with particular emphasis on growing
our deposits and increasing the 1-4 family, multifamily and CRE
loan portfolios." Astoria Financial Corporation, the holding
company for Astoria Federal Savings and Loan Association with
assets of $22.3 billion, is the third largest thrift institution
headquartered in New York and sixth largest in the United States.
Astoria Federal embraces its philosophy of Putting people first by
providing its 700,000 customers and the local communities it serves
with quality financial products and services through 86 convenient
banking office locations and multiple delivery channels, including
its enhanced website, http://www.astoriafederal.com/. Astoria
commands the third largest deposit market share in the attractive
Long Island market, which includes Brooklyn, Queens, Nassau and
Suffolk counties with a population exceeding that of 39 individual
states. Astoria originates mortgage loans through its banking
offices and loan production offices in New York, an extensive
broker network in nineteen states, primarily the East Coast, and
through correspondent relationships in forty-four states. Forward
Looking Statements This document contains a number of
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
be identified by the use of such words as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "outlook," "plan,"
"potential," "predict," "project," "should," "will," "would" and
similar terms and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and
analyses made by us in light of our management's experience and its
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are
appropriate under the circumstances. These statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors (many of which are beyond our
control) that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements. These factors include, without limitation, the
following: the timing and occurrence or non- occurrence of events
may be subject to circumstances beyond our control; there may be
increases in competitive pressure among financial institutions or
from non-financial institutions; changes in the interest rate
environment may reduce interest margins; changes in deposit flows,
loan demand or real estate values may adversely affect our
business; changes in accounting principles, policies or guidelines
may cause our financial condition to be perceived differently;
general economic conditions, either nationally or locally in some
or all of the areas in which we do business, or conditions in the
securities markets or the banking industry may be less favorable
than we currently anticipate; legislative or regulatory changes may
adversely affect our business; applicable technological changes may
be more difficult or expensive than we anticipate; success or
consummation of new business initiatives may be more difficult or
expensive than we anticipate; or litigation or matters before
regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events
longer than we anticipate. We assume no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this document. Earnings Conference Call July 22, 2004
at 3:30 p.m. (ET) The Company, as previously announced, indicated
that Mr. Engelke will host an earnings conference call Thursday
afternoon, July 22, 2004 at 3:30 p.m. (ET). The toll-free dial-in
number is (800) 967-7140. A replay will be available on July 22,
2004 from 6:00 p.m. (ET) through July 29, 2004, 11:59 p.m. (ET).
The replay number is (888) 203-1112, passcode: 799049. The
conference call will also be simultaneously webcast on the
Company's website http://www.astoriafederal.com/ and archived for
one year. ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands,
Except Share Data) At At June 30, December 31, 2004 2003 ASSETS
Cash and due from banks $142,830 $173,828 Federal funds sold and
repurchase agreements 136,299 65,926 Mortgage-backed securities
available- for-sale 2,460,233 2,498,315 Other securities
available-for-sale 127,408 156,677 Mortgage-backed securities
held-to- maturity (fair value of $5,666,523 and $5,761,666,
respectively) 5,743,983 5,745,706 Other securities held-to-maturity
(fair value of $43,495 and $47,451, respectively) 43,029 47,021
Federal Home Loan Bank of New York stock, at cost 153,700 213,450
Loans held-for-sale, net 31,562 23,023 Loans receivable: Mortgage
loans, net 12,151,394 12,248,772 Consumer and other loans, net
473,389 438,215 12,624,783 12,686,987 Allowance for loan losses
(82,818) (83,121) Total loans receivable, net 12,541,965 12,603,866
Mortgage servicing rights, net 20,037 17,952 Accrued interest
receivable 78,750 77,956 Premises and equipment, net 158,085
160,089 Goodwill 185,151 185,151 Bank owned life insurance 374,738
370,310 Other assets 136,525 122,324 TOTAL ASSETS $22,334,295
$22,461,594 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities:
Deposits $11,895,714 $11,186,594 Reverse repurchase agreements
6,785,000 7,235,000 Federal Home Loan Bank of New York advances
1,549,000 1,924,000 Other borrowings, net 469,773 473,037 Mortgage
escrow funds 120,655 108,635 Accrued expenses and other liabilities
142,035 137,797 TOTAL LIABILITIES 20,962,177 21,065,063
Stockholders' equity: Preferred stock, $1.00 par value; 5,000,000
shares authorized: Series A (1,225,000 shares authorized and - 0 -
shares issued and outstanding) - - Series B (2,000,000 shares
authorized and - 0 - shares issued and outstanding) - - Common
stock, $.01 par value; (200,000,000 shares authorized; 110,996,592
shares issued; and 76,823,659 and 78,670,254 shares outstanding,
respectively) 1,110 1,110 Additional paid-in capital 807,435
798,583 Retained earnings 1,551,222 1,481,546 Treasury stock
(34,172,933 and 32,326,338 shares, at cost, respectively) (889,533)
(811,993) Accumulated other comprehensive loss (72,670) (46,489)
Unallocated common stock held by ESOP (4,630,059 and 4,760,054
shares, respectively) (25,446) (26,226) TOTAL STOCKHOLDERS' EQUITY
1,372,118 1,396,531 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$22,334,295 $22,461,594 ASTORIA FINANCIAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands,
Except Share Data) For the Three Months For the Six Months Ended
Ended June 30, June 30, 2004 2003 2004 2003 Interest income:
Mortgage loans: One-to-four family $104,205 $117,866 215,555
$244,795 Multi-family, commercial real estate and construction
54,634 49,449 108,265 95,665 Consumer and other loans 4,798 4,960
9,688 9,732 Mortgage-backed securities 84,880 88,213 171,753
182,261 Other securities 3,824 8,280 8,020 18,129 Federal funds
sold and repurchase agreements 222 465 376 1,217 Total interest
income 252,563 269,233 513,657 551,799 Interest expense: Deposits
56,902 57,189 111,132 115,430 Borrowed funds 82,345 115,793 174,696
231,110 Total interest expense 139,247 172,982 285,828 346,540 Net
interest income 113,316 96,251 227,829 205,259 Provision for loan
losses - - - - Net interest income after provision for loan losses
113,316 96,251 227,829 205,259 Non-interest income: Customer
service fees 14,554 15,759 28,303 30,592 Other loan fees 1,188
2,041 2,450 3,867 Net gain on sales of securities - 8,029 2,372
10,165 Mortgage banking income (loss), net 6,251 (376) 5,133 60
Income from bank owned life insurance 4,228 5,049 8,678 10,248
Other 1,645 1,041 3,069 2,506 Total non-interest income 27,866
31,543 50,005 57,438 Non-interest expense: General and
administrative: Compensation and benefits 29,582 27,604 61,046
56,368 Occupancy, equipment and systems 15,774 15,159 32,491 29,774
Federal deposit insurance premiums 441 468 890 960 Advertising
1,701 1,744 3,410 3,242 Other 7,862 6,865 14,566 13,462 Total
non-interest expense 55,360 51,840 112,403 103,806 Income before
income tax expense 85,822 75,954 165,431 158,891 Income tax expense
28,321 25,065 54,517 51,605 Net income 57,501 50,889 110,914
107,286 Preferred dividends declared - (1,500) - (3,000) Net income
available to common shareholders $57,501 $49,389 110,914 $104,286
Basic earnings per common share $0.79 $0.64 $1.51 $1.34 Diluted
earnings per common share $0.78 $0.64 $1.48 $1.33 Basic weighted
average common shares 72,952,885 76,861,759 73,434,667 77,945,438
Diluted weighted average common and common equivalent shares
74,126,609 77,470,793 73,734,830 78,620,070 ASTORIA FINANCIAL
CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL RATIOS AND OTHER
DATA At or For the At or For the Three Months Ended Six Months
Ended June 30, June 30, 2004 2003 2004 2003 Selected Returns and
Financial Ratios (annualized) Return on average stockholders'
equity 16.55% 13.27% 15.85% 13.94% Return on average tangible
stockholders' equity (1) 19.09 15.09 18.27 15.84 Return on average
assets 1.03 0.88 0.99 0.94 General and administrative expense to
average assets 0.99 0.90 1.00 0.91 Efficiency ratio (2) 39.21 40.57
40.46 39.52 Net interest rate spread (3) 2.06 1.72 2.06 1.87 Net
interest margin (4) 2.13 1.78 2.14 1.93 Asset Quality Data (dollars
in thousands) Non-performing loans/total loans 0.21% 0.30%
Non-performing loans/total assets 0.12 0.16 Non-performing
assets/total assets 0.12 0.16 Allowance for loan
losses/non-performing loans 313.02 231.58 Allowance for loan
losses/non-accrual loans 319.43 234.81 Allowance for loan
losses/total loans 0.66 0.69 Net charge-offs to average loans
outstanding (annualized) 0.00% 0.00% 0.00 0.00 Non-performing
assets $27,133 $36,588 Non-performing loans 26,458 36,009 Loans 90
days past maturity but still accruing interest 531 495 Non-accrual
loans 25,927 35,514 Net charge-offs $148 $64 303 156 Capital Ratios
(Astoria Federal) Tangible 7.11% 7.59% Core 7.11 7.59 Risk-based
14.69 16.13 Other Data Cash dividends paid per common share $0.25
$0.22 $0.50 $0.42 Dividend payout ratio 32.05% 34.38% 33.78% 31.58%
Stockholders' equity (in thousands) $1,372,118 $1,527,615 Common
stockholders' equity (in thousands) 1,372,118 1,477,615 Book value
per common share (5) 19.01 19.49 Tangible book value per common
share (6) 16.44 17.05 Average equity/average assets 6.21% 6.63%
6.25% 6.78% Mortgage loans serviced for others (in thousands)
$1,759,085 $2,219,352 Full time equivalent employees 1,926 2,001
(1) Average tangible stockholders' equity represents average
stockholders' equity less average goodwill. (2) The efficiency
ratio represents general and administrative expense divided by the
sum of net interest income plus non-interest income. (3) Net
interest rate spread represents the difference between the average
yield on average interest-earning assets and the average cost of
average interest-bearing liabilities. (4) Net interest margin
represents net interest income divided by average interest-earning
assets. (5) Book value per common share represents common
stockholders' equity divided by outstanding common shares,
excluding unallocated Employee Stock Ownership Plan, or ESOP,
shares. (6) Tangible book value per common share represents common
stockholders' equity less goodwill divided by outstanding common
shares, excluding unallocated ESOP shares. ASTORIA FINANCIAL
CORPORATION AND SUBSIDIARIES AVERAGE BALANCE SHEETS (Dollars in
Thousands) For the Three Months Ended June 30, 2004 Average Average
Yield/ Balance Interest Cost (Annualized) Assets: Interest-earning
assets: Mortgage loans (1): One-to-four family $8,862,057 $104,205
4.70% Multi-family, commercial real estate and construction
3,350,010 54,634 6.52 Consumer and other loans (1) 466,745 4,798
4.11 Total loans 12,678,812 163,637 5.16 Mortgage-backed securities
(2) 8,150,915 84,880 4.17 Other securities (2) (3) 342,206 3,824
4.47 Federal funds sold and repurchase agreements 94,515 222 0.94
Total interest-earning assets 21,266,448 252,563 4.75 Goodwill
185,151 Other non-interest-earning assets 938,614 Total assets
$22,390,213 Liabilities and stockholders' equity: Interest-bearing
liabilities: Savings $3,003,085 2,988 0.40 Money market 1,119,810
1,510 0.54 NOW and demand deposit 1,556,821 230 0.06 Certificates
of deposit 6,018,057 52,174 3.47 Total deposits 11,697,773 56,902
1.95 Borrowed funds 8,989,389 82,345 3.66 Total interest-bearing
liabilities 20,687,162 139,247 2.69 Non-interest-bearing
liabilities 312,905 Total liabilities 21,000,067 Stockholders'
equity 1,390,146 Total liabilities and stockholders' equity
$22,390,213 Net interest income/net interest rate spread $113,316
2.06% Net interest-earning assets/net interest margin $579,286
2.13% Ratio of interest-earning assets to interest-bearing
liabilities 1.03x For the Three Months Ended June 30, 2003 Average
Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$8,970,109 $117,866 5.26% Multi-family, commercial real estate and
construction 2,601,732 49,449 7.60 Consumer and other loans (1)
406,785 4,960 4.88 Total loans 11,978,626 172,275 5.75
Mortgage-backed securities (2) 8,952,753 88,213 3.94 Other
securities (2) (3) 562,161 8,280 5.89 Federal funds sold and
repurchase agreements 160,646 465 1.16 Total interest-earning
assets 21,654,186 269,233 4.97 Goodwill 185,151 Other
non-interest-earning assets 1,284,181 Total assets $23,123,518
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,914,416 3,627 0.50 Money market 1,433,396 2,736 0.76 NOW
and demand deposit 1,491,341 522 0.14 Certificates of deposit
5,409,226 50,304 3.72 Total deposits 11,248,379 57,189 2.03
Borrowed funds 10,031,579 115,793 4.62 Total interest-bearing
liabilities 21,279,958 172,982 3.25 Non-interest-bearing
liabilities 309,824 Total liabilities 21,589,782 Stockholders'
equity 1,533,736 Total liabilities and stockholders' equity
$23,123,518 Net interest income/net interest rate spread $96,251
1.72% Net interest-earning assets/net interest margin $374,228
1.78% Ratio of interest-earning assets to interest-bearing
liabilities 1.02x (1) Mortgage and consumer and other loans include
non-performing loans and exclude the allowance for loan losses. (2)
Securities available-for-sale are reported at average amortized
cost. (3) Other securities include Federal Home Loan Bank of New
York stock. ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES AVERAGE
BALANCE SHEETS (Dollars in Thousands) For the Six Months Ended June
30, 2004 Average Average Yield/ Balance Interest Cost (Annualized)
Assets: Interest-earning assets: Mortgage loans (1): One-to-four
family $8,951,550 $215,555 4.82% Multi-family, commercial real
estate and construction 3,301,619 108,265 6.56 Consumer and other
loans (1) 458,421 9,688 4.23 Total loans 12,711,590 333,508 5.25
Mortgage-backed securities (2) 8,154,913 171,753 4.21 Other
securities (2) (3) 388,063 8,020 4.13 Federal funds sold and
repurchase agreements 79,704 376 0.94 Total interest-earning assets
21,334,270 513,657 4.82 Goodwill 185,151 Other non-interest-earning
assets 891,331 Total assets $22,410,752 Liabilities and
stockholders' equity: Interest-bearing liabilities: Savings
$2,981,642 5,933 0.40 Money market 1,153,993 3,118 0.54 NOW and
demand deposit 1,511,777 451 0.06 Certificates of deposit 5,831,038
101,630 3.49 Total deposits 11,478,450 111,132 1.94 Borrowed funds
9,230,800 174,696 3.79 Total interest-bearing liabilities
20,709,250 285,828 2.76 Non-interest-bearing liabilities 301,887
Total liabilities 21,011,137 Stockholders' equity 1,399,615 Total
liabilities and stockholders' equity $22,410,752 Net interest
income/net interest rate spread $227,829 2.06% Net interest-earning
assets/net interest margin $625,020 2.14% Ratio of interest-earning
assets to interest-bearing liabilities 1.03x For the Six Months
Ended June 30, 2003 Average Average Yield/ Balance Interest Cost
(Annualized) Assets: Interest-earning assets: Mortgage loans (1):
One-to-four family $9,019,861 $244,795 5.43 Multi-family,
commercial real estate and construction 2,520,663 95,665 7.59
Consumer and other loans (1) 398,688 9,732 4.88 Total loans
11,939,212 350,192 5.87 Mortgage-backed securities (2) 8,547,489
182,261 4.26 Other securities (2) (3) 587,487 18,129 6.17 Federal
funds sold and repurchase agreements 207,267 1,217 1.17 Total
interest-earning assets 21,281,455 551,799 5.19 Goodwill 185,151
Other non-interest-earning assets 1,257,074 Total assets
$22,723,680 Liabilities and stockholders' equity: Interest-bearing
liabilities: Savings $2,875,486 7,116 0.49 Money market 1,501,755
6,212 0.83 NOW and demand deposit 1,438,772 1,012 0.14 Certificates
of deposit 5,370,429 101,090 3.76 Total deposits 11,186,442 115,430
2.06 Borrowed funds 9,699,368 231,110 4.77 Total interest-bearing
liabilities 20,885,810 346,540 3.32 Non-interest-bearing
liabilities 298,067 Total liabilities 21,183,877 Stockholders'
equity 1,539,803 Total liabilities and stockholders' equity
$22,723,680 Net interest income/net interest rate spread $205,259
1.87 Net interest-earning assets/net interest margin $395,645 1.93
Ratio of interest-earning assets to interest-bearing liabilities
1.02x (1) Mortgage and consumer and other loans include
non-performing loans and exclude the allowance for loan losses. (2)
Securities available-for-sale are reported at average amortized
cost. (3) Other securities include Federal Home Loan Bank of New
York stock. DATASOURCE: Astoria Financial Corporation CONTACT:
Peter J. Cunningham, First Vice President, Investor Relations of
Astoria Financial Corporation, +1-516-327-7877, Web site:
http://ir.astoriafederal.com/ Company News On-Call:
http://www.prnewswire.com/comp/104529.html
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