Astoria Financial Corporation Announces 51% Increase in Third
Quarter EPS TO $0.80 Quarterly Cash Dividend of $0.25 Per Common
Share Declared LAKE SUCCESS, N.Y, Oct. 21 /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 $58.1 million, or $0.80
diluted earnings per common share, for the quarter ended September
30, 2004, representing an increase of 40% and 51%, respectively,
from net income of $41.6 million, or $0.53 diluted earnings per
common share, for the 2003 third quarter. For the nine months ended
September 30, 2004, net income totaled $169.0 million, or $2.28
diluted earnings per common share, up 14% and 23%, respectively,
from $148.9 million, or $1.85 diluted earnings per common share for
the comparable 2003 period. Net income and diluted earnings per
common share for the quarter and nine month periods ended September
30, 2004 include an after-tax charge of $2.2 million, or $0.03 per
diluted common share, pursuant to a previously announced
arbitration award settlement in the third quarter. Third Quarter
Financial Highlights: -- Diluted EPS: $0.80, up 51% from comparable
period last year -- Net interest income: $121.9 million, up 53%
from comparable period last year -- Net interest margin: 2.25%, up
73 basis points from comparable period last year -- Return on
average assets: 1.02%, up 38% from comparable period last year --
Return on average equity: 16.82%, up 48% from comparable period
last year -- Return on average tangible equity: 19.42%, up 49% from
comparable period last year -- Total deposits increased $983.3
million to $12.2 billion, or 12% annualized from December 31, 2003
-- Total loans increased $117.2 million to $12.8 billion, or 1%
annualized from December 31, 2003 -- Multifamily/Commercial Real
Estate ("CRE") loan portfolio increased $334.4 million to $3.4
billion, or 14% annualized from December 31, 2003 and currently
represents 27% of total loans -- Non-performing assets to total
assets: 0.12%, an improvement of 20% from September 30, 2003
Commenting on the third quarter results, George L. Engelke, Jr.,
Chairman, President and Chief Executive Officer of Astoria, noted,
"We are pleased to report another double-digit year-over-year
increase in quarterly net income, earnings per share and returns on
equity and tangible equity, due primarily to a 73 basis point
increase in the net interest margin. Importantly, the combination
of solid loan originations and lower mortgage refinance activity
has resulted in a resumption of loan portfolio growth." Board
Declares Quarterly Cash Dividend The Board of Directors of the
Company, at their October 20, 2004 meeting, declared a quarterly
cash dividend of $0.25 per common share. The dividend is payable on
December 1, 2004 to shareholders of record as of November 15, 2004.
This is the thirty-eighth consecutive quarterly cash dividend
declared by the Company. Tenth Stock Repurchase Program Continues
During the third quarter, Astoria repurchased 2.0 million shares of
its common stock at an average cost of $35.61 per share. For the
nine months ended September 30, 2004, Astoria repurchased 4.6
million shares at an average cost of $36.61 per share. The tenth
repurchase program, which commenced during the third quarter and
authorizes the repurchase of eight million shares, has
approximately six million shares remaining. Moody's Upgrades
Astoria Financial Corporation's Senior Debt On October 14, 2004,
Moody's Investors Service announced that it upgraded the senior
debt of Astoria Financial Corporation to Baa1 from Baa3. At the
same time, the deposits of Astoria Federal were upgraded as
follows: long- term deposits to A3 from Baa1 and short-term
deposits to Prime-1 from Prime-2. According to Moody's, the upgrade
is based on, among other things, Astoria's demonstrated ability to
continue to enhance its healthy low-cost core deposit franchise in
Long Island, Brooklyn and Queens, a particularly competitive
market. Balance Sheet Summary Total assets increased to $22.8
billion at September 30, 2004 from $22.3 billion at June 30, 2004
and $22.5 billion at December 31, 2003. Total loans increased to
$12.8 billion at September 30, 2004 from $12.6 billion at June 30,
2004 and $12.7 billion at December 31, 2003. Mortgage loan
originations and purchases for the quarter ended September 30, 2004
totaled $1.0 billion compared to $2.3 billion for the 2003 third
quarter, of which $635.3 million and $1.7 billion, respectively,
were one-to-four family loans, predominately 3/1 and 5/1 adjustable
rate loans. For the nine months ended September 30, 2004, mortgage
loan originations and purchases totaled $3.1 billion compared to
$5.8 billion for the comparable 2003 period of which $2.2 billion
and $4.6 billion, respectively, were one-to-four family loans. 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 nine months
ended September 30, 2004 totaled $691.1 million and $2.4 billion,
respectively, compared to $1.5 billion and $4.3 billion for the
respective 2003 periods. For the quarter ended September 30, 2004,
multifamily and CRE loan originations totaled $349.8 million
compared to $556.6 million for the 2003 third quarter. For the nine
month period ended September 30, 2004, multifamily and CRE loan
originations totaled $863.8 million compared to $1.2 billion for
the 2003 nine month period. The multifamily and CRE loan portfolio
grew $138.1 million, or 17% on an annualized basis, from June 30,
2004 and $334.4 million, or 14% on an annualized basis, from
December 31, 2003, and totals $3.4 billion, or 27% of total loans,
at September 30, 2004. 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 9/30/04 12/31/99-9/30/04
Multifamily/CRE Loans $3,111 $3,445 +240% % of Total Loans 25% 27%
+170% At September 30, 2004, non-performing loans totaled $27.0
million, or 0.12% of total assets compared to $33.3 million, or
0.15% of total assets, at September 30, 2003. Net charge-offs for
the quarter and nine months ended September 30, 2004 totaled
$15,000 and $318,000, 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
September 30, 2004 was 307%. Mortgage-backed securities ("MBS")
increased $318.5 million from the previous quarter and $278.7
million from December 31, 2003 and total $8.5 billion, or 37% of
total assets, at September 30, 2004. Of the total, $2.3 billion,
equal to 10% of total assets, are categorized as
available-for-sale. The increase in MBS was primarily due to slower
than expected cash flow. A detailed profile of the premium/discount
associated with our fixed rate CMO/REMIC MBS portfolio at September
30, 2004 follows: (Dollars in Unamortized millions) Book Premium/
MBS Collateral Weighted Value (Discount) Coupon Coupon Avg Life
Premium CMO/REMIC MBS $ 1,655 $ 14.7 4.96% 6.02% 2.4 yrs
Discount/Par CMO/REMIC MBS $ 6,751 $ ( 25.8) 4.20% 5.76% 3.5 yrs
Total $ 8,406 $ ( 11.1) 4.35% 5.81% 3.3 yrs Deposits increased
$274.2 million, or 9% on an annualized basis, from June 30, 2004
and $983.3 million, or 12% annualized from December 31, 2003 to
$12.2 billion at September 30, 2004. The increases for the quarter
and nine months were primarily due to increases of $393.2 million
and $1.2 billion, respectively, in CD accounts which total $6.7
billion at September 30, 2004. The growth reflects the continued
success of a marketing campaign that has focused on attracting
medium and long-term deposits. During the third quarter of 2004,
$706.5 million of CDs with a weighted average rate of 1.88% and an
average original term of 15 months matured and $1.0 billion of CDs
were issued or repriced at a weighted average rate of 2.67% for an
average term of 19 months. For the nine months ended September 30,
2004, $2.9 billion of CDs, with a weighted average rate of 2.21%
and an average original term of 14 months matured and $3.9 billion
of CDs were issued or repriced at a weighted average rate of 2.62%
for an average term of 20 months. "The CD marketing campaign, in
addition to providing the funding to help manage interest rate
risk, continues to produce new customers from our communities,
creating relationship development opportunities," Mr. Engelke
noted. Checking account deposits totaled $1.5 billion at September
30, 2004 for 2002 and increased $40.5 million, or 4% annualized
from December 31, 2003. Additionally, our small business banking
initiatives continue to result in solid growth of business
deposits. Business deposits, including savings and checking
accounts, totaled $281.3 million at September 30, 2004 and
increased $44.2 million, or 25% annualized from December 31, 2003.
Borrowings totaled $8.9 billion at September 30, 2004, or 39% of
total assets, an increase of $116.2 million from the previous
quarter and a decrease of $712.1 million from December 31, 2003.
Stockholders' equity was $1.4 billion, or 6.09% of total assets at
September 30, 2004. Astoria Federal continues to maintain capital
ratios in excess of regulatory requirements with core, tangible and
risk-based capital ratios of 6.85%, 6.85% and 14.16%, respectively,
at September 30, 2004. Third Quarter and Nine Month Earnings
Summary Net interest income for the quarter ended September 30,
2004 increased 53% to $121.9 million from $79.6 million for the
2003 third quarter and for the nine months ended September 30, 2004
increased 23% to $349.7 million from $284.9 million for the
comparable 2003 nine-month period. Astoria's net interest margin
for the quarter ended September 30, 2004 was 2.25% compared to
2.13% on a linked quarter basis and 1.52% for the prior year
quarter. The linked quarter and year over year increases in the net
interest margin are primarily attributable to lower premium
amortization expense. Net premium amortization expense decreased
55% to $5.7 million for the 2004 third quarter from $12.7 million
in the prior quarter and declined $29.0 million, or 84%, from the
year ago third quarter. For the nine months ended September 30,
2004, net premium amortization expense declined 71%, or $66.9
million, to $26.7 million from $93.6 million for the comparable
2003 nine month period. Details are highlighted in the following
chart: MBS and Mortgage Loan Net Premium Amortization Trends
(Dollars in Year Over Year Linked Quarter millions) 3Q03 2Q04 3Q04
$ Change % Change $ Change % Change MBS $22.6 $4.0 $0.9 $(21.7)
(96%) $(3.1) (78%) Mortgage Loans $12.1 $8.7 $4.8 $( 7.3) (60%)
$(3.9) (45%) Total $34.7 $12.7 $5.7 $(29.0) (84%) $(7.0) (55%) Nine
Months Ended September 30, (Dollars in millions) 2003 2004 MBS
$58.2 $7.8 Mortgage Loans $35.4 $18.9 Total $93.6 $26.7
Non-interest income for the quarter and nine months ended September
30, 2004 totaled $24.0 million and $74.0 million, respectively,
compared to $33.9 million and $91.3 million, respectively, for the
comparable 2003 periods. The decreases for the three and nine month
periods were primarily due to lower mortgage banking income, net,
and lower net gain on sales of securities. Net gain on sales of
securities for the quarter and nine months ended September 30, 2004
totaled $2.3 million and $4.7 million, respectively, compared to
$4.5 million and $14.7 million, respectively, for the comparable
2003 periods. Customer service fees for the quarter and nine months
ended September 30, 2004 totaled $15.3 million and $43.6 million,
respectively, compared to $15.1 million and $45.7 million,
respectively, for the comparable 2003 periods. Mortgage banking
income, net, which is included in non-interest income decreased as
compared to the respective 2003 periods as detailed in the table
below: (Dollars in millions) 3Q04 3Q03 9Mos04 9Mos03 Loan servicing
fees $ 1.4 $ 1.8 $ 4.4 $6.2 Amortization of MSR* (1.4) (3.0) (5.2)
(10.6) MSR valuation adjustments (1.9) 2.9 1.9 0.2 Net gain on sale
of loans 0.7 4.3 2.8 10.2 Mortgage banking (loss) income, net $
(1.2) $ 6.0 $3.9 $6.0 *Mortgage servicing rights General and
administrative expense ("G&A") for the quarter and nine months
ended September 30, 2004 totaled $59.2 million and $171.6 million,
respectively, compared to $51.4 million and $155.2 million,
respectively, for the comparable 2003 periods. The increases for
the 2004 third quarter and nine month period are primarily due to
increased compensation and benefits expense, increased occupancy,
equipment and systems expense, due to, among other things, systems
enhancements over the past year and a previously announced third
quarter $3.2 million, pre-tax, arbitration award settlement. Future
Outlook Commenting on the outlook for the remainder of 2004, Mr.
Engelke stated, "In the current environment of low long-term
interest rates, purchase mortgage activity continues to remain
strong and represented 61% of our third quarter residential
mortgage loan applications. With continued mortgage loan
origination activity, we should experience good core business
balance sheet and net interest income growth. The continued
flattening of the U.S. Treasury yield curve, however, will temper
near-term margin expansion. 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 $22.8
billion is the fifth largest thrift institution in the United
States. Established in 1888, Astoria Federal is the largest thrift
depository headquartered in New York with deposits of $12.2 billion
and embraces its philosophy of Putting people first by providing
the customers and local communities it serves with quality
financial products and services through 86 convenient banking
office locations and multiple delivery channels, including its
enhanced website, http://www.astoriafederal.com/ . Astoria 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 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 October 21,
2004 at 3:30 p.m. (ET) The Company, as previously announced,
indicated that Mr. Engelke will host an earnings conference call
Thursday afternoon, October 21, 2004 at 3:30 p.m. (ET). The
toll-free dial-in number is (800) 967-7140. A replay will be
available on October 21, 2004 from 7:00 p.m. (ET) through October
29, 2004, 11:59 p.m. (ET). The replay number is (888) 203-1112,
passcode: 838648. The conference call will also be simultaneously
webcast on the Company's website http://www.astoriafederal.com/ and
archived for one year. Tables Follow ASTORIA FINANCIAL CORPORATION
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In
Thousands, Except Share Data) At At September 30, December 31, 2004
2003 ASSETS Cash and due from banks $127,517 $173,828 Federal funds
sold and repurchase agreements 126,535 65,926 Mortgage-backed
securities available-for-sale 2,329,953 2,498,315 Other securities
available-for-sale 128,231 156,677 Mortgage-backed securities
held-to-maturity (fair value of $6,199,790 and $5,761,666,
respectively) 6,192,781 5,745,706 Other securities held-to-maturity
(fair value of $42,522 and $47,451, respectively) 41,980 47,021
Federal Home Loan Bank of New York stock, at cost 144,950 213,450
Loans held-for-sale, net 17,132 23,023 Loans receivable: Mortgage
loans, net 12,308,297 12,248,772 Consumer and other loans, net
495,841 438,215 12,804,138 12,686,987 Allowance for loan losses
(82,803) (83,121) Total loans receivable, net 12,721,335 12,603,866
Mortgage servicing rights, net 17,375 17,952 Accrued interest
receivable 80,319 77,956 Premises and equipment, net 157,427
160,089 Goodwill 185,151 185,151 Bank owned life insurance 374,706
370,310 Other assets 129,471 122,324 TOTAL ASSETS $22,774,863
$22,461,594 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities:
Deposits $12,169,869 $11,186,594 Reverse repurchase agreements
6,884,592 7,235,000 Federal Home Loan Bank of New York advances
1,577,000 1,924,000 Other borrowings, net 458,384 473,037 Mortgage
escrow funds 149,271 108,635 Accrued expenses and other liabilities
149,737 137,797 TOTAL LIABILITIES 21,388,853 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 74,960,208 and 78,670,254 shares outstanding,
respectively) 1,110 1,110 Additional paid-in capital 810,170
798,583 Retained earnings 1,591,452 1,481,546 Treasury stock
(36,036,384 and 32,326,338 shares, at cost, respectively) (957,154)
(811,993) Accumulated other comprehensive loss (34,510) (46,489)
Unallocated common stock held by ESOP (4,559,470 and 4,760,054
shares, respectively) (25,058) (26,226) TOTAL STOCKHOLDERS' EQUITY
1,386,010 1,396,531 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$22,774,863 $22,461,594 ASTORIA FINANCIAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands,
Except Share Data) For the Three For the Nine Months Ended Months
Ended September 30, September 30, 2004 2003 2004 2003 Interest
income: Mortgage loans: One-to-four family $105,299 $110,340
$320,854 $355,135 Multi-family, commercial real estate and
construction 56,617 53,419 164,882 149,084 Consumer and other loans
5,385 4,736 15,073 14,468 Mortgage-backed securities 92,677 71,276
264,430 253,537 Other securities 3,777 7,265 11,797 25,394 Federal
funds sold and repurchase agreements 325 219 701 1,436 Total
interest income 264,080 247,255 777,737 799,054 Interest expense:
Deposits 62,116 55,176 173,248 170,606 Borrowed funds 80,106
112,447 254,802 343,557 Total interest expense 142,222 167,623
428,050 514,163 Net interest income 121,858 79,632 349,687 284,891
Provision for loan losses -- -- -- -- Net interest income after
provision for loan losses 121,858 79,632 349,687 284,891
Non-interest income: Customer service fees 15,316 15,086 43,619
45,678 Other loan fees 1,186 2,001 3,636 5,868 Net gain on sales of
securities 2,279 4,500 4,651 14,665 Mortgage banking (loss) income,
net (1,229) 5,954 3,904 6,014 Income from bank owned life insurance
4,208 4,929 12,886 15,177 Other 2,276 1,410 5,345 3,916 Total
non-interest income 24,036 33,880 74,041 91,318 Non-interest
expense: General and administrative: Compensation and benefits
30,500 27,211 91,546 83,579 Occupancy, equipment and systems 15,943
15,094 48,434 44,868 Federal deposit insurance premiums 439 480
1,329 1,440 Advertising 1,652 1,501 5,062 4,743 Other 10,634 7,122
25,200 20,584 Total non-interest expense 59,168 51,408 171,571
155,214 Income before income tax expense 86,726 62,104 252,157
220,995 Income tax expense 28,619 20,503 83,136 72,108 Net income
58,107 41,601 169,021 148,887 Preferred dividends declared --
(1,500) -- (4,500) Net income available to common shareholders
$58,107 $40,101 $169,021 $144,387 Basic earnings per common share
$0.81 $0.53 $2.32 $1.87 Diluted earnings per common share $0.80
$0.53 $2.28 $1.85 Basic weighted average common shares 71,381,938
75,376,835 72,745,430 77,079,828 Diluted weighted average common
and common equivalent shares 72,485,580 76,352,144 73,980,086
77,854,686 ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES SELECTED
FINANCIAL RATIOS AND OTHER DATA At or For the At or For the Three
Months Ended Nine Months Ended September 30, September 30, 2004
2003 2004 2003 Selected Returns and Financial Ratios (annualized)
Return on average stockholders' equity 16.82 % 11.35 % 16.15 %
13.13 % Return on average tangible stockholders' equity (1) 19.42
12.99 18.62 14.96 Return on average assets 1.02 0.74 1.00 0.88
General and administrative expense to average assets 1.04 0.92 1.02
0.91 Efficiency ratio (2) 40.56 45.29 40.49 41.26 Net interest rate
spread (3) 2.17 1.48 2.09 1.74 Net interest margin (4) 2.25 1.52
2.17 1.79 Asset Quality Data (dollars in thousands) Non-performing
loans/total loans 0.21 % 0.27 % Non-performing loans/total assets
0.12 0.15 Non-performing assets/total assets 0.12 0.15 Allowance
for loan losses/non-performing loans 306.78 250.11 Allowance for
loan losses/non-accrual loans 310.82 254.96 Allowance for loan
losses/total loans 0.65 0.68 Net charge-offs to average loans
outstanding (annualized) 0.00 % 0.01 % 0.00 0.00 Non-performing
assets $27,369 $33,839 Non-performing loans 26,991 33,267 Loans 90
days past maturity but still accruing interest 351 633 Non-accrual
loans 26,640 32,634 Net charge-offs $15 $185 318 341 Capital Ratios
(Astoria Federal) Tangible 6.85 % 7.52 % Core 6.85 7.52 Risk-based
14.16 15.66 Other Data Cash dividends paid per common share $0.25
$0.22 $0.75 $0.64 Dividend payout ratio 31.25 % 41.51 % 32.89 %
34.59 % Stockholders' equity (in thousands) $1,386,010 $1,475,217
Common stockholders' equity (in thousands) 1,386,010 1,425,217 Book
value per common share (5) 19.69 19.04 Tangible book value per
common share (6) 17.06 16.57 Average equity/average assets 6.08 %
6.54 % 6.20 % 6.68 % Mortgage loans serviced for others (in
thousands) $1,713,683 $1,984,363 Full time equivalent employees
1,863 1,979 (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 September 30, 2004 Average
Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$8,717,579 $105,299 4.83 % Multi-family, commercial real estate and
construction 3,490,790 56,617 6.49 Consumer and other loans (1)
487,294 5,385 4.42 Total loans 12,695,663 167,301 5.27
Mortgage-backed securities (2) 8,578,352 92,677 4.32 Other
securities (2) (3) 335,381 3,777 4.50 Federal funds sold and
repurchase agreements 94,472 325 1.38 Total interest-earning assets
21,703,868 264,080 4.87 Goodwill 185,151 Other non-interest-earning
assets 837,763 Total assets $22,726,782 Liabilities and
stockholders' equity: Interest-bearing liabilities: Savings
$2,990,457 3,017 0.40 Money market 1,058,120 1,473 0.56 NOW and
demand deposit 1,545,845 233 0.06 Certificates of deposit 6,449,625
57,393 3.56 Total deposits 12,044,047 62,116 2.06 Borrowed funds
8,997,278 80,106 3.56 Total interest-bearing liabilities 21,041,325
142,222 2.70 Non-interest-bearing liabilities 303,582 Total
liabilities 21,344,907 Stockholders' equity 1,381,875 Total
liabilities and stockholders' equity $22,726,782 Net interest
income/net interest rate spread $121,858 2.17 % Net
interest-earning assets/net interest margin $662,543 2.25 % Ratio
of interest-earning assets to interest-bearing liabilities 1.03x
For the Three Months Ended September 30, 2003 Average Average
Yield/ Balance Interest Cost (Annualized) Assets: Interest-earning
assets: Mortgage loans (1): One-to-four family $8,944,114 $110,340
4.93 % Multi-family, commercial real estate and construction
2,857,110 53,419 7.48 Consumer and other loans (1) 413,519 4,736
4.58 Total loans 12,214,743 168,495 5.52 Mortgage-backed securities
(2) 8,179,267 71,276 3.49 Other securities (2) (3) 477,432 7,265
6.09 Federal funds sold and repurchase agreements 90,642 219 0.97
Total interest-earning assets 20,962,084 247,255 4.72 Goodwill
185,151 Other non-interest-earning assets 1,297,335 Total assets
$22,444,570 Liabilities and stockholders' equity: Interest-bearing
liabilities: Savings $2,940,389 3,127 0.43 Money market 1,348,441
1,986 0.59 NOW and demand deposit 1,529,299 292 0.08 Certificates
of deposit 5,425,815 49,771 3.67 Total deposits 11,243,944 55,176
1.96 Borrowed funds 9,427,655 112,447 4.77 Total interest-bearing
liabilities 20,671,599 167,623 3.24 Non-interest-bearing
liabilities 306,355 Total liabilities 20,977,954 Stockholders'
equity 1,466,616 Total liabilities and stockholders' equity
$22,444,570 Net interest income/net interest rate spread $79,632
1.48 % Net interest-earning assets/net interest margin $290,485
1.52 % Ratio of interest-earning assets to interest-bearing
liabilities 1.01x (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 Nine Months Ended
September 30, 2004 Average Average Yield/ Balance Interest Cost
(Annualized) Assets: Interest-earning assets: Mortgage loans (1):
One-to-four family $8,872,991 $320,854 4.82 % Multi-family,
commercial real estate and construction 3,365,136 164,882 6.53
Consumer and other loans (1) 468,116 15,073 4.29 Total loans
12,706,243 500,809 5.26 Mortgage-backed securities (2) 8,297,090
264,430 4.25 Other securities (2) (3) 370,374 11,797 4.25 Federal
funds sold and repurchase agreements 84,662 701 1.10 Total
interest-earning assets 21,458,369 777,737 4.83 Goodwill 185,151
Other non-interest-earning assets 874,952 Total assets $22,518,472
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,984,602 8,950 0.40 Money market 1,121,802 4,591 0.55 NOW
and demand deposit 1,523,215 684 0.06 Certificates of deposit
6,038,738 159,023 3.51 Total deposits 11,668,357 173,248 1.98
Borrowed funds 9,152,391 254,802 3.71 Total interest-bearing
liabilities 20,820,748 428,050 2.74 Non-interest-bearing
liabilities 302,456 Total liabilities 21,123,204 Stockholders'
equity 1,395,268 Total liabilities and stockholders' equity
$22,518,472 Net interest income/net interest rate spread $349,687
2.09 % Net interest-earning assets/net interest margin $637,621
2.17 % Ratio of interest-earning assets to interest-bearing
liabilities 1.03x For the Nine Months Ended September 30, 2003
Average Average Yield/ Balance Interest Cost (Annualized) Assets:
Interest-earning assets: Mortgage loans (1): One-to-four family
$8,994,985 $355,135 5.26 % Multi-family, commercial real estate and
construction 2,634,045 149,084 7.55 Consumer and other loans (1)
403,689 14,468 4.78 Total loans 12,032,719 518,687 5.75
Mortgage-backed securities (2) 8,423,400 253,537 4.01 Other
securities (2) (3) 550,399 25,394 6.15 Federal funds sold and
repurchase agreements 167,965 1,436 1.14 Total interest-earning
assets 21,174,483 799,054 5.03 Goodwill 185,151 Other
non-interest-earning assets 1,266,594 Total assets $22,626,228
Liabilities and stockholders' equity: Interest-bearing liabilities:
Savings $2,897,358 10,243 0.47 Money market 1,450,089 8,198 0.75
NOW and demand deposit 1,469,279 1,304 0.12 Certificates of deposit
5,389,094 150,861 3.73 Total deposits 11,205,820 170,606 2.03
Borrowed funds 9,607,802 343,557 4.77 Total interest-bearing
liabilities 20,813,622 514,163 3.29 Non-interest-bearing
liabilities 300,859 Total liabilities 21,114,481 Stockholders'
equity 1,511,747 Total liabilities and stockholders' equity
$22,626,228 Net interest income/net interest rate spread $284,891
1.74 % Net interest-earning assets/net interest margin $360,861
1.79 % 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,
+1-516-327-7877, Web site: http://www.astoriafederal.com/
http://ir.astoriafederal.com/ Company News On-Call:
http://www.prnewswire.com/comp/104529.html
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