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Astoria Financial Corporation Reports 2017 First Quarter Earnings Per Common Share Of $0.12
Quarterly Cash Dividend of $0.04 Per Common Share Declared

LAKE SUCCESS, N.Y., April 26, 2017 /PRNewswire/ -- Astoria Financial Corporation (NYSE: AF) ("Astoria", or the "Company"), the holding company for Astoria Bank (the "Bank"), today reported net income available to common shareholders of $12.2 million, or $0.12 diluted earnings per common share ("diluted EPS"), for the quarter ended March 31, 2017, compared to net income available to common shareholders of $16.4 million, or $0.16 diluted EPS, for the quarter ended March 31, 2016.  Included in the 2017 first quarter results is a $4.0 million charge ($2.6 million, or $0.03 per common share, after tax) related to the recognition of anticipated settlement costs related to lease obligations in connection with the residential lending team being relocated to other Astoria office space.

Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the results stated, "During the first quarter, we continued our emphasis on growing core deposits which grew by $140.5 million and represent 82% of total deposits."

Board Declares Quarterly Cash Dividend of $0.04 Per Share

On April 26, 2017, the Board of Directors of the Company declared a quarterly cash dividend of $0.04 per common share.  The dividend is payable on May 22, 2017 to shareholders of record as of May 8, 2017.  This is the eighty-eighth consecutive quarterly cash dividend declared by the Company.

First Quarter Earnings Summary

Net interest income for the quarter ended March 31, 2017 totaled $80.1 million compared to $81.6 million for the previous quarter and $83.3 million for the 2016 first quarter.  The net interest margin for the quarter ended March 31, 2017 was 2.37%, the same as the previous quarter and up slightly from 2.36% for the 2016 first quarter.

For the quarter ended March 31, 2017, a $2.5 million loan loss release was recorded compared to a $2.0 million release in the prior quarter and a $3.1 million release recorded in the 2016 first quarter.  Mr. Redman stated, "The current quarter's loan loss release reflects the continued contraction in the overall loan portfolio, the positive impact of continued reductions in the balances of some of our higher risk asset classes and our overall strong credit metrics."

Non-interest income for the quarter ended March 31, 2017 totaled $11.9 million, compared to $14.9 million for the previous quarter and $11.4 million for the 2016 first quarter. The decrease from the prior quarter is primarily due to decreases in mortgage banking income, net and other operating income. 

General and administrative ("G&A") expense for the quarter ended March 31, 2017 totaled $72.0 million compared to $71.2 million for the previous quarter and $69.5 million for the 2016 first quarter.  Mr. Redman commented, "Included in the 2017 first quarter is the $4.0 million pre-tax charge related to the recognition of anticipated settlement costs of certain lease obligations. Without this charge, we would have reported a decrease in our G&A expense from the prior quarter that was largely the result of decreases in compensation and benefits and other expenses."    

Balance Sheet Summary

Total assets at March 31, 2017 were $14.3 billion, a decrease of $216.0 million from December 31, 2016. The decrease was primarily due to a decline in the loan portfolio, which decreased $216.2 million from December 31, 2016. 

The multi-family/commercial real estate ("MF/CRE") mortgage loan portfolio totaled $4.7 billion at March 31, 2017 compared to $4.8 billion at December 31, 2016 and represents 47% of the total loan portfolio.  For the quarter ended March 31, 2017, MF/CRE loan originations totaled $95.0 million compared to $97.5 million for the prior quarter and $217.4 million for the 2016 first quarter. The MF/CRE loan production for the 2017 first quarter was originated with a weighted average loan-to-value ratio of approximately 38% and a weighted average debt coverage ratio of approximately 1.37. MF/CRE loan prepayments for the quarter ended March 31, 2017 totaled $109.0 million, down from $133.0 million for the previous quarter and $136.3 million for the 2016 first quarter. At March 31, 2017, the MF/CRE pipeline totaled $178.8 million.

The residential mortgage loan portfolio totaled $5.2 billion at March 31, 2017, compared to $5.4 billion at December 31, 2016.  For the quarter ended March 31, 2017, residential loan originations for portfolio totaled $135.8 million compared to $239.7 million for the prior quarter and $89.5 million for the 2016 first quarter.  The weighted average loan-to-value ratio of the residential loan production for portfolio was approximately 57% at origination for the quarter ended March 31, 2017.  Residential loan prepayments for the quarter ended March 31, 2017 totaled $210.8 million, down from $306.1 million for the previous quarter and $212.1 million for the 2016 first quarter. At March 31, 2017, the residential mortgage pipeline totaled approximately $140.3 million.

Deposits totaled $9.0 billion at March 31, 2017, an increase of $113.2 million from December 31, 2016.  This increase was primarily due to an increase in lower cost core deposits, particularly business and consumer checking accounts, which was partially offset by a decrease in higher cost certificates of deposit. Core deposits totaled $7.4 billion, or 82% of total deposits, and had a weighted average rate of 13 basis points at March 31, 2017.    

Stockholders' equity totaled $1.72 billion, or 12.02% of total assets at March 31, 2017, an increase of $9.9 million from December 31, 2016.  Astoria Bank's capital levels continue to be above the minimum levels required to be designated as "well-capitalized" for bank regulatory purposes. At March 31, 2017, Tier 1 leverage, Common Equity Tier 1 risk based, Tier 1 risk-based and Total risk-based capital ratios were 12.44%, 21.86%, 21.86% and 22.89%, respectively for Astoria Bank, and 11.12%, 18.02%, 19.60% and 20.62%, respectively for Astoria Financial Corporation.  At March 31, 2017, Astoria Financial Corporation's tangible common equity ratio was 9.95%.

Asset Quality

Non-performing loans ("NPLs"), totaled $140.0 million, or 1.37% of total loans, at March 31, 2017, compared to $148.2 million, or 1.42% of total loans, at December 31, 2016. Included in the NPLs at March 31, 2017 is $34.1 million of loans which are current or less than 90 days past due compared to $40.9 million at December 31, 2016. Total delinquent loans and NPLs at March 31, 2017 were $223.1 million compared to $241.7 million at December 31, 2016. Net charge-offs for the quarter ended March 31, 2017 totaled $1.1 million compared to a net recovery of $423,000 for the previous quarter and net charge-offs of $673,000 for the 2016 first quarter. Other real estate owned declined to $13.5 million at March 31, 2017, compared to $15.1 million at December 31, 2016.

Future Outlook 

Commenting on the Company's future outlook, Mr. Redman stated, "As we previously announced on March 7, 2017, we have entered into a definitive agreement to merge with Sterling Bancorp.  We believe that combining our significant strengths will create a strong regional bank that will provide exceptional value for our investors while maintaining our strong commitment to our customers and the communities we serve."

About Astoria Financial Corporation

Astoria Financial Corporation, with assets of $14.3 billion, is the holding company for Astoria Bank.  Established in 1888, Astoria Bank, with deposits in New York totaling $9.0 billion, is the second largest thrift depository in New York and provides the customers and local communities it serves with quality financial products and services through 88 convenient banking branch locations, a business banking office in Manhattan, and multiple delivery channels, including its flexible mobile banking app.  Astoria Bank commands a significant 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 Bank originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings, located in New York City and the surrounding metropolitan area and originates residential mortgage loans through its banking and loan production offices in New York, a broker network in four states, primarily along the East Coast, and correspondent relationships covering 13 states and the District of Columbia.

Cautionary Statements Regarding Forward-Looking Information

This press release 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 that may be subject to circumstances beyond our control; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment; changes in deposit flows, loan demand or collateral values; changes in accounting principles, policies or guidelines; changes in 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; legislative or regulatory changes, including those that may be implemented by the new administration in Washington, D.C.; supervision and examination by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; effects of changes in existing U.S. government or government-sponsored mortgage programs; our ability to successfully implement technological changes; our ability to successfully  consummate new business initiatives;  litigation or other matters before regulatory agencies, whether currently existing or commencing in the future; or our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations.   

This press release may also contain forward-looking statements about the benefits of the merger with Sterling Bancorp ("Sterling"), including future financial and operating results of Sterling, Astoria or the combined company following the merger, the combined company's plans, objectives, expectations and intentions, the expected timing of the completion of the merger, financing plans and the availability of capital, the likelihood of success and impact of litigation and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time.  The following factors, among others, could cause actual results to differ materially from forward-looking statements: the inability to close the merger in a timely manner; the failure to complete the merger due to the failure of Sterling or Astoria common stockholders to approve the Sterling or Astoria merger proposals; failure to obtain applicable regulatory approvals and meet other closing conditions to the merger on the expected terms and schedule; the potential impact of announcement or consummation of the proposed merger on relationships with third parties, including customers, employees, and competitors; business disruption following the merger; difficulties and delays in integrating the Sterling and Astoria businesses or fully realizing cost savings and other benefits; Sterling's potential exposure to unknown or contingent liabilities of Astoria; the challenges of integrating, retaining, and hiring key personnel; failure to attract new customers and retain existing customers in the manner anticipated; the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future, including litigation related to the merger; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; changes in Sterling's stock price before closing, including as a result of the financial performance of Astoria prior to closing; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which Sterling and Astoria are highly dependent; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act and other changes pertaining to banking, securities, taxation, rent regulation and housing, financial accounting and reporting, environmental protection, and insurance, and the ability to comply with such changes in a timely manner; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System; changes in interest rates, which may affect Sterling's or Astoria's net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of Sterling's or Astoria's assets, including its investment securities; changes in accounting principles, policies, practices, or guidelines; changes in Sterling's credit ratings or in Sterling's ability to access the capital markets; natural disasters, war, or terrorist activities; and other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting Sterling's or Astoria's operations, pricing, and services.

We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

Additional Information About the Proposed Transaction and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Sterling and Astoria. Sterling has filed a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC"), which  includes a joint proxy statement of Astoria and Sterling and a prospectus of Sterling, and each party has and will file other documents regarding the proposed transaction with the SEC.  A definitive joint proxy statement/prospectus will also be sent to the Astoria stockholders seeking any required stockholder approvals.  Before making any voting or investment decision, investors and security holders of Astoria are urged to carefully read the entire registration statement and joint proxy statement/prospectus, when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction.  The documents filed by Sterling and Astoria with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.  In addition, the documents filed by Sterling may be obtained free of charge at Sterling's website at www.sterlingbancorp.com and the documents filed by Astoria may be obtained free of charge at Astoria's website at http://ir.astoriabank.com/.  Alternatively, these documents, when available, can be obtained free of charge from Sterling upon written request to Sterling Bancorp, Attn: Investor Relations, 400 Rella Boulevard, Montebello, New York 10901 or by calling (845) 369-8040, or from Astoria upon written request to Astoria Financial Corporation, Attn: Investor Relations, One Astoria Bank Plaza, Lake Success, New York 11042 or by calling (516) 327-3000.

Sterling, Astoria, their directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from Sterling's and Astoria's stockholders in favor of the approval of the merger. Information about the directors and executive officers of Sterling and their ownership of Sterling common stock is set forth in the proxy statement for Sterling's 2017 annual meeting of stockholders, as previously filed with the SEC on April 13, 2017.  Information about the directors and executive officers of Astoria and their ownership of Astoria common stock is set forth in Amendment No. 1 to Astoria's Annual Report on Form 10-K/A as previously filed with the SEC on April 13, 2017.  Stockholders may obtain additional information regarding the interests of such participants in the merger by reading the registration statement and the proxy statement/prospectus when they become available.

                                                                              Tables Follow

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES











CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION




(In Thousands, Except Share Data)








(Unaudited)







At March 31,


At December 31,





2017


2016

ASSETS





Cash and due from banks

$           139,272


$          129,944

Securities available-for-sale

265,899


280,045

Securities held-to-maturity




   (fair value of $2,721,723 and $2,690,546, respectively)

2,769,376


2,740,132

Federal Home Loan Bank of New York stock, at cost

107,166


124,807

Loans held-for-sale, net

6,236


11,584

Loans receivable:




   Mortgage loans, net

9,974,306


10,177,295

   Consumer and other loans, net

226,660


239,892





10,200,966


10,417,187

   Allowance for loan losses

(82,500)


(86,100)

Total loans receivable, net 

10,118,466


10,331,087

Mortgage servicing rights, net

10,237


10,130

Accrued interest receivable

34,478


34,994

Premises and equipment, net

98,199


101,021

Goodwill


185,151


185,151

Bank owned life insurance

443,216


441,064

Real estate owned, net

13,500


15,144

Other assets

151,414


153,549








TOTAL ASSETS

$      14,342,610


$     14,558,652








LIABILITIES




Deposits




$        8,990,247


$       8,877,055

Federal funds purchased




195,000


195,000

Securities sold under agreements to repurchase




1,100,000


1,100,000

Federal Home Loan Bank of New York advances




1,700,000


2,090,000

Other borrowings, net




249,885


249,752

Mortgage escrow funds




160,472


112,975

Accrued expenses and other liabilities




223,042


219,797








TOTAL LIABILITIES

12,618,646


12,844,579








STOCKHOLDERS' EQUITY




Preferred stock, $1.00 par value; 5,000,000 shares authorized:






   Series C (150,000 shares authorized; and 135,000  shares issued

       and outstanding)










129,796


129,796

Common stock, $0.01 par value  (200,000,000  shares authorized;






    166,494,888 shares issued; and 101,731,174 and 101,210,478 shares






     outstanding, respectively)



1,665


1,665

Additional paid-in capital



821,856


830,417

Retained earnings 



2,163,528


2,155,785

Treasury stock (64,763,714 and 65,284,410 shares, at cost, respectively)



(1,335,968)


(1,346,709)

Accumulated other comprehensive loss



(56,913)


(56,881)








TOTAL STOCKHOLDERS' EQUITY

1,723,964


1,714,073








TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$      14,342,610


$     14,558,652

 

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES









CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)




(In Thousands, Except Share Data)
















For the Three Months Ended





March 31,





2017


2016

Interest income:






Residential mortgage loans


$

44,060

$

47,375


Multi-family and commercial real estate mortgage loans


43,406


46,805


Consumer and other loans


2,292


2,372


Mortgage-backed and other securities


18,000


16,904


Interest-earning cash accounts



161


120


Federal Home Loan Bank of New York stock


1,794


1,421

Total interest income


109,713


114,997

Interest expense:






Deposits


6,359


7,462


Borrowings


23,239


24,283

Total interest expense


29,598


31,745








Net interest income


80,115


83,252

Provision for loan losses credited to operations


(2,486)


(3,127)

Net interest income after provision for loan losses 


82,601


86,379

Non-interest income:






Customer service fees


6,609


6,988


Other loan fees


595


534


Gain on sales of securities 


-


86


Mortgage banking income (loss), net


1,294


(37)


Income from bank owned life insurance


2,152


2,289


Other


1,224


1,541

Total non-interest income


11,874


11,401

Non-interest expense:






General and administrative:






    Compensation and benefits


36,997


38,253


    Occupancy, equipment and systems


20,212


19,391


    Federal deposit insurance premium


2,298


3,530


    Advertising


589


1,453


    Other


11,868


6,895

Total non-interest expense


71,964


69,522








Income before income tax expense


22,511


28,258

Income tax expense


8,104


9,693








Net income 


14,407


18,565








Preferred stock dividends


2,194


2,194








Net income available to common shareholders

$

12,213

$

16,371















Basic and diluted earnings per common share

$

0.12

$

0.16








Basic and diluted weighted average common shares outstanding

100,585,603

100,368,931

 

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

























AVERAGE BALANCE SHEETS





(Dollars in Thousands)


























































For the Three Months Ended March 31,









2017







2016














Average







Average








Average 




Yield/



Average 




Yield/








Balance


Interest


Cost



Balance


Interest


Cost












(Annualized)







(Annualized)



Assets:


















Interest-earning assets:


















Mortgage loans (1):



















Residential

$

5,335,844

$

44,060


3.30

%

$

5,961,860

$

47,375


3.18

%





Multi-family and commercial real estate 


4,745,176


43,406


3.66



4,878,436


46,805


3.84





Consumer and other loans (1)


233,042


2,292


3.93



253,518


2,372


3.74





Total loans


10,314,062


89,758


3.48



11,093,814


96,552


3.48





Mortgage-backed and other securities (2)


2,989,831


18,000


2.41



2,729,321


16,904


2.48





Interest-earning cash accounts


119,036


161


0.54



162,233


120


0.30





FHLB-NY stock


116,811


1,794


6.14



132,896


1,421


4.28




Total interest-earning assets


13,539,740


109,713


3.24



14,118,264


114,997


3.26




Goodwill


185,151







185,151








Other non-interest-earning assets


713,627







743,391







Total assets

$

14,438,518






$

15,046,806


























Liabilities and stockholders' equity:

















Interest-bearing liabilities:


















NOW and demand deposit 

$

2,500,385


201


0.03


$

2,375,285


195


0.03





Money market


2,754,002


1,887


0.27



2,608,009


1,765


0.27





Savings


2,048,919


252


0.05



2,125,860


265


0.05





Total core deposits


7,303,306


2,340


0.13



7,109,154


2,225


0.13





Certificates of deposit


1,585,512


4,019


1.01



1,904,346


5,237


1.10





Total deposits


8,888,818


6,359


0.29



9,013,500


7,462


0.33





Borrowings


3,458,473


23,239


2.69



3,962,709


24,283


2.45




Total interest-bearing liabilities


12,347,291


29,598


0.96



12,976,209


31,745


0.98




Non-interest-bearing liabilities


372,167







398,179







Total liabilities 


12,719,458







13,374,388







Stockholders' equity


1,719,060







1,672,418







Total liabilities and stockholders' equity

$

14,438,518






$

15,046,806


























Net interest income/

















net interest rate spread (3)



$

80,115


2.28

%



$

83,252


2.28

%


Net interest-earning assets/

















net interest margin (4)

$

1,192,449




2.37

%

$

1,142,055




2.36

%


Ratio of interest-earning assets to

















interest-bearing liabilities


1.10x







1.09x














































(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











At or For the





Three Months Ended





March 31, 





2017


2016

Selected Returns and Financial Ratios (annualized)








Return on average common stockholders' equity (1)


3.07

%


4.25

%


Return on average tangible common stockholders' equity  (1) (2)


3.48



4.82



Return on average assets (1)


0.40



0.49



General and administrative expense to average assets


1.99



1.85



Efficiency ratio (3)


78.23



73.45



Net interest rate spread


2.28



2.28



Net interest margin


2.37



2.36




















Asset Quality Data (dollars in thousands) 








Non-performing loans:









Current

$

27,879


$

39,012




30-59 days delinquent


4,399



7,935




60-89 days delinquent


1,778



2,308




90 days or more delinquent


105,974



100,967



Non-performing loans


140,030



150,222












Real estate owned


13,500



12,691



Non-performing assets

$

153,530


$

162,913












Net loan charge-offs

$

1,114


$

673












Non-performing loans/total loans


1.37

%


1.37

%


Non-performing loans/total assets


0.98



1.00



Non-performing assets/total assets


1.07



1.08



Allowance for loan losses/non-performing loans


58.92



62.71



Allowance for loan losses/total loans


0.81



0.86



Net loan charge-offs to average loans outstanding (annualized)


0.04



0.02











Regulatory Capital Ratios








Astoria Bank:









Tier 1 leverage


12.44

%


11.37

%



Common equity tier 1 risk-based


21.86



19.60




Tier 1 risk-based


21.86



19.60




Total risk-based


22.89



20.72



Astoria Financial Corporation:









Tier 1 leverage


11.12

%


10.35




Common equity tier 1 risk-based


18.02



16.48




Tier 1 risk-based


19.60



17.93




Total risk-based


20.62



19.04











Other Data 








Cash dividends paid per common share

$

0.04


$

0.04



Book value per common share 


15.67



15.30



Tangible book value per common share


13.85



13.48



Tangible common stockholders' equity/tangible assets (2) (4)


9.95

%


9.21

%


Mortgage loans serviced for others (in thousands)

$

1,345,458


$

1,388,848



Full time equivalent employees


1,364



1,479





















(1)

Returns on average common stockholders' equity and average tangible common stockholders' equity are calculated using net income available to common shareholders. Returns on average assets are calculated using net income. 


(2)

Tangible common stockholders' equity represents common stockholders' equity less goodwill. 



(3)

Efficiency ratio represents general and administrative expense divided by the sum of net interest income plus non-interest income.


(4)

Tangible assets represent assets less goodwill.

 

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

















END OF PERIOD BALANCES AND RATES

(Dollars in Thousands)












































At March 31, 2017


At December 31, 2016


At March 31, 2016





Weighted




Weighted




Weighted





Average




Average




Average



  Balance


Rate (1)


  Balance


Rate (1)


  Balance


Rate (1)

Selected interest-earning assets:
















Mortgage loans, gross (2):
















Residential

$

5,115,791


3.46

%

$

5,263,800


3.43

%

$

5,731,303


3.34

%

Multi-family and commercial real estate


4,714,339


3.58



4,766,164


3.58



4,876,068


3.64


Mortgage-backed and other securities (3)


3,035,275


2.60



3,020,177


2.61



2,832,381


2.67


















Interest-bearing liabilities:
















NOW and demand deposit


2,577,459


0.03



2,521,094


0.03



2,482,665


0.03


Money market


2,781,555


0.27



2,706,895


0.26



2,635,057


0.27


Savings


2,057,651


0.05



2,048,202


0.05



2,136,721


0.05


Total core deposits


7,416,665


0.13



7,276,191


0.12



7,254,443


0.12


Certificates of deposit


1,573,582


1.06



1,600,864


1.01



1,797,096


1.03


Total deposits


8,990,247


0.29



8,877,055


0.28



9,051,539


0.30


Borrowings, net 


3,244,885


2.82



3,634,752


2.56



3,899,354


2.45




































(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, except non-performing residential mortgage loans which are current or less than 90 days past due.

(3)

Securities available-for-sale are reported at fair value and securities held-to-maturity are reported at amortized cost.

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/astoria-financial-corporation-reports-2017-first-quarter-earnings-per-common-share-of-012-300446649.html

SOURCE Astoria Financial Corporation

Theodore S. Ayvas, Vice President, Investor Relations, 516-327-7877, ir@astoriabank.com