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Astoria Financial Corporation Reports 2017 Second Quarter Earnings Per Common Share Of $0.16
Quarterly Cash Dividend of $0.04 Per Common Share Declared

LAKE SUCCESS, N.Y., July 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 $15.8 million, or $0.16 diluted earnings per common share ("diluted EPS"), for the quarter ended June 30, 2017, compared to net income available to common shareholders of $16.1 million, or $0.16 diluted EPS, for the quarter ended June 30, 2016. For the six months ended June 30, 2017, net income available to common shareholders totaled $28.0 million, or $0.28 diluted EPS compared to $32.5 million, or $0.32 diluted EPS, for the comparable 2016 period. Included in the 2017 six month results is a $4.0 million charge ($2.6 million, or $0.03 per common share, after tax) related to the recognition of settlement costs related to lease obligations in connection with the residential lending team being relocated to other Astoria office space.

Board Declares Quarterly Cash Dividend of $0.04 Per Share

On July 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 August 21, 2017 to shareholders of record as of August 7, 2017.  This is the eighty-ninth consecutive quarterly cash dividend declared by the Company.

Second Quarter and Six Months Earnings Summary

Net interest income for the quarter ended June 30, 2017 totaled $78.5 million compared to $80.1 million for the previous quarter and $83.1 million for the 2016 second quarter.  The net interest margin for the quarter ended June 30, 2017 was 2.35%, compared to 2.37% for the previous quarter and 2.36% for the 2016 second quarter. For the six months ended June 30, 2017, net interest income totaled $158.7 million, compared to $166.3 million for the comparable 2016 period, and the net interest margin was 2.36% for the six months ended June 30, 2017, unchanged from the six months ended June 30, 2016.

For the quarter ended June 30, 2017, a $2.5 million loan loss release was recorded compared to a $2.5 million release in the prior quarter and a $3.0 million release recorded in the 2016 second quarter.  For the six months ended June 30, 2017, we recorded a loan loss release of $4.9 million compared to a $6.1 million loan loss release for the comparable 2016 period.  

Non-interest income for the quarter ended June 30, 2017 totaled $11.8 million, compared to $11.9 million for the previous quarter and $11.9 million for the 2016 second quarter. Non-interest income for the six months ended June 30, 2017 totaled $23.7 million compared to $23.3 million for the comparable 2016 period.    

General and administrative ("G&A") expense for the quarter ended June 30, 2017 totaled $64.7 million compared to $72.0 million for the previous quarter and $70.0 million for the 2016 second quarter.   For the six months ended June 30, 2017, G&A expense totaled $136.7 million, down from $139.6 million for the 2016 comparable period.  Included in the 2017 six month results is the $4.0 million pre-tax charge related to the recognition of settlement costs of certain lease obligations.

Balance Sheet Summary

Total assets at June 30, 2017 were $14.1 billion, a decrease of $410.3 million from December 31, 2016. The decrease was primarily due to a decline in the loan portfolio, which decreased $517.6 million from December 31, 2016. 

The multi-family/commercial real estate ("MF/CRE") mortgage loan portfolio totaled $4.7 billion at June 30, 2017 compared to $4.8 billion at December 31, 2016 and represents 47% of the total loan portfolio.  For the quarter and six months ended June 30, 2017, MF/CRE loan originations totaled $127.3 million and $222.3 million, respectively, compared to $193.6 million and $411.0 million, for the 2016 comparable periods. The MF/CRE loan production for the 2017 second quarter and six months ended June 30, 2017 were originated with weighted average loan-to-value ratios of approximately 34% and 36%, respectively, and weighted average debt coverage ratios of approximately 1.63 and 1.52, respectively. MF/CRE loan prepayments for the quarter and six months ended June 30, 2017 totaled $163.5 million and $272.5 million, respectively, compared to $135.9 million and $272.2 million for the 2016 comparable periods. At June 30, 2017, the MF/CRE pipeline totaled $123.9 million.

The residential mortgage loan portfolio totaled $5.0 billion at June 30, 2017, compared to $5.4 billion at December 31, 2016.  For the quarter and six months ended June 30, 2017, residential loan originations for portfolio totaled $86.3 million and $222.1 million, respectively, compared to $173.2 million and $262.7 million for the comparable 2016 periods.  The weighted average loan-to-value ratio of the residential loan production for portfolio at origination was approximately 57% for both the quarter and six months ended June 30, 2017.  Residential loan prepayments for the quarter and six months ended June 30, 2017 totaled $241.7 million and $452.5 million, respectively, compared to $289.4 million and $501.5 million for the comparable 2016 periods. At June 30, 2017, the residential mortgage pipeline totaled approximately $80.9 million.

Deposits totaled $8.9 billion at June 30, 2017, an increase of $12.5 million from December 31, 2016.  Core deposits totaled $7.4 billion, or 83% of total deposits, and had a weighted average rate of 13 basis points at June 30, 2017.

As we previously announced, during the second quarter, Astoria completed its public offering of $200 million aggregate principal amount of 3.500% Senior Notes due 2020 (the "Offering"). The Company used the net proceeds of the Offering, along with cash on hand, to repay at maturity its 5.000% Senior Notes due June 19, 2017.

Stockholders' equity totaled $1.74 billion, or 12.29% of total assets at June 30, 2017, an increase of $25.0 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 June 30, 2017, Tier 1 leverage, Common Equity Tier 1 risk based, Tier 1 risk-based and Total risk-based capital ratios were 12.28%, 22.28%, 22.28% and 23.32%, respectively for Astoria Bank, and 11.34%, 19.03%, 20.68% and 21.71%, respectively for Astoria Financial Corporation.  At June 30, 2017, Astoria Financial Corporation's tangible common equity ratio was 10.20%.

Asset Quality

Non-performing loans ("NPLs"), totaled $140.0 million, or 1.41% of total loans, at June 30, 2017, compared to $148.2 million, or 1.42% of total loans, at December 31, 2016. Included in the NPLs at June 30, 2017 is $32.1 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 June 30, 2017 were $212.6 million compared to $241.7 million at December 31, 2016. Net charge-offs for the quarter ended June 30, 2017 totaled $545,000 compared to net charge-offs of $1.1 million for the previous quarter and net charge-offs of $1.2 million for the 2016 second quarter. For the six months ended June 30, 2017, net charge-offs totaled $1.7 million compared to $1.9 million for the 2016 comparable period.  Other real estate owned declined to $14.8 million at June 30, 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 ("Sterling"), which has been overwhelmingly approved by the respective shareholders of both Astoria and Sterling at their shareholder meetings.  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 $14.1 billion, is the holding company for Astoria Bank.  Established in 1888, Astoria Bank, with deposits in New York totaling $8.9 billion, is the second largest thrift depository in New York and provides its retail and business 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 in New York State, the District of Columbia and eight other states through its banking and loan production offices in New York.

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.

 Tables Follow

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION




(In Thousands, Except Share Data)





(Unaudited)




At June 30,


At December 31,


2017


2016

ASSETS




Cash and due from banks

$           105,764


$          129,944

Securities available-for-sale

254,980


280,045

Securities held-to-maturity




     (fair value of $2,874,880 and $2,690,546, respectively)

2,915,465


2,740,132

Federal Home Loan Bank of New York stock, at cost

105,958


124,807

Loans held-for-sale, net

7,920


11,584

Loans receivable:




     Mortgage loans, net

9,670,834


10,177,295

     Consumer and other loans, net

228,798


239,892


9,899,632


10,417,187

     Allowance for loan losses

(79,500)


(86,100)

Total loans receivable, net 

9,820,132


10,331,087

Mortgage servicing rights, net

10,168


10,130

Accrued interest receivable

34,017


34,994

Premises and equipment, net

96,005


101,021

Goodwill

185,151


185,151

Bank owned life insurance

442,388


441,064

Real estate owned, net

14,807


15,144

Other assets

155,585


153,549





TOTAL ASSETS

$      14,148,340


$     14,558,652





LIABILITIES




Deposits

$        8,889,556


$       8,877,055

Federal funds purchased

170,000


195,000

Securities sold under
agreements to repurchase

1,100,000


1,100,000

Federal Home Loan Bank of New York advances

1,710,000


2,090,000

Other borrowings, net

197,945


249,752

Mortgage escrow funds

124,708


112,975

Accrued expenses and other liabilities

217,095


219,797





TOTAL LIABILITIES

12,409,304


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 101,717,818 and 101,210,478 shares




     outstanding, respectively)

1,665


1,665

Additional paid-in capital

824,451


830,417

Retained earnings 

2,175,308


2,155,785

Treasury stock (64,777,070 and 65,284,410 shares, at cost, respectively)

(1,336,244)


(1,346,709)

Accumulated other comprehensive loss

(55,940)


(56,881)





TOTAL STOCKHOLDERS' EQUITY

1,739,036


1,714,073





TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$      14,148,340


$     14,558,652

 

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

















CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)







(In Thousands, Except Share Data)
























For the Three Months Ended


For the Six Months Ended





June 30,


June 30,





2017


2016


2017


2016

Interest income:










Residential mortgage loans

$

42,560

$

45,683

$

86,620

$

93,058


Multi-family and commercial real estate mortgage loans


43,423


46,607


86,829


93,412


Consumer and other loans


2,382


2,435


4,674


4,807


Mortgage-backed and other securities


18,615


17,400


36,615


34,304


Interest-earning cash accounts


180


116


341


236


Federal Home Loan Bank of New York stock


1,440


1,487


3,234


2,908

Total interest income


108,600


113,728


218,313


228,725

Interest expense:










Deposits


6,617


6,557


12,976


14,019


Borrowings


23,446


24,085


46,685


48,368

Total interest expense


30,063


30,642


59,661


62,387












Net interest income


78,537


83,086


158,652


166,338

Provision for loan losses credited to operations


(2,455)


(3,006)


(4,941)


(6,133)

Net interest income after provision for loan losses 


80,992


86,092


163,593


172,471

Non-interest income:










Customer service fees


6,853


7,542


13,462


14,530


Other loan fees


497


567


1,092


1,101


Gain on sales of securities 


-


-


-


86


Mortgage banking income, net


993


155


2,287


118


Income from bank owned life insurance


2,277


2,336


4,429


4,625


Other


1,222


1,316


2,446


2,857

Total non-interest income


11,842


11,916


23,716


23,317

Non-interest expense:










General and administrative:










     Compensation and benefits


36,064


36,708


73,061


74,961


     Occupancy, equipment and systems


19,616


18,840


39,828


38,231


     Federal deposit insurance premium


1,375


3,031


3,673


6,561


     Advertising


559


3,018


1,148


4,471


     Other


7,121


8,452


18,989


15,347

Total non-interest expense


64,735


70,049


136,699


139,571












Income before income tax expense


28,099


27,959


50,610


56,217

Income tax expense


10,116


9,623


18,220


19,316












Net income 


17,983


18,336


32,390


36,901












Preferred stock dividends


2,194


2,194


4,388


4,388












Net income available to common shareholders

$

15,789

$

16,142

$

28,002

$

32,513























Basic and diluted earnings per common share

$

0.16

$

0.16

$

0.28

$

0.32












Basic and diluted weighted average common shares outstanding

100,595,630

100,380,937

100,590,645

100,374,934

 

 

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

























AVERAGE BALANCE SHEETS









(Dollars in Thousands)











































For the Three Months Ended June 30,









2017







2016













Average







Average







Average 




Yield/



Average 




Yield/







Balance


Interest


Cost



Balance


Interest


Cost











(Annualized)







(Annualized)


Assets:

















Interest-earning assets:

















Mortgage loans (1):


















Residential

$

5,148,348

$

42,560


3.31

%

$

5,765,172

$

45,683


3.17





Multi-family and commercial real estate 


4,683,775


43,423


3.71



4,919,210


46,607


3.79




Consumer and other loans (1)


229,691


2,382


4.15



259,680


2,435


3.75




Total loans


10,061,814


88,365


3.51



10,944,062


94,725


3.46




Mortgage-backed and other securities (2)


3,081,095


18,615


2.42



2,884,084


17,400


2.41




Interest-earning cash accounts


119,558


180


0.60



111,036


116


0.42




Federal Home Loan Bank stock 


104,114


1,440


5.53



129,290


1,487


4.60



Total interest-earning assets


13,366,581


108,600


3.25



14,068,472


113,728


3.23



Goodwill


185,151







185,151







Other non-interest-earning assets


737,814







765,655






Total assets

$

14,289,546






$

15,019,278
























Liabilities and stockholders' equity:
















Interest-bearing liabilities:

















NOW and demand deposit

$

2,533,929


209


0.03


$

2,465,516


203


0.03




Money market


2,787,082


1,970


0.28



2,642,778


1,805


0.27




Savings


2,041,756


255


0.05



2,121,019


264


0.05




Total core deposits


7,362,767


2,434


0.13



7,229,313


2,272


0.13




Certificates of deposit


1,556,219


4,183


1.08



1,742,512


4,285


0.98




Total deposits


8,918,986


6,617


0.30



8,971,825


6,557


0.29




Borrowings


3,213,737


23,446


2.92



3,914,205


24,085


2.46



Total interest-bearing liabilities


12,132,723


30,063


0.99



12,886,030


30,642


0.95



Non-interest-bearing liabilities


425,722







446,130






Total liabilities 


12,558,445







13,332,160






Stockholders' equity


1,731,101







1,687,118






Total liabilities and stockholders' equity

$

14,289,546






$

15,019,278
























Net interest income/
















net interest rate spread (3)



$

78,537


2.26

%



$

83,086


2.28


Net interest-earning assets/
















net interest margin (4)

$

1,233,858




2.35

%

$

1,182,442




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


























AVERAGE BALANCE SHEETS







(Dollars in Thousands)




















































For the Six Months Ended June 30,









2017







2016














Average







Average








Average 




Yield/



Average 




Yield/








Balance


Interest


Cost



Balance


Interest


Cost












(Annualized)







(Annualized)



Assets:


















Interest-earning assets:


















Mortgage loans (1):



















Residential

$

5,241,578

$

86,620


3.31

%

$

5,863,516

$

93,058


3.17

%





Multi-family and commercial real estate 


4,714,306


86,829


3.68



4,898,823


93,412


3.81





Consumer and other loans (1)


231,357


4,674


4.04



256,599


4,807


3.75





Total loans


10,187,241


178,123


3.50



11,018,938


191,277


3.47





Mortgage-backed and other securities (2)


3,035,716


36,615


2.41



2,806,702


34,304


2.44





Interest-earning cash accounts


119,298


341


0.57



136,634


236


0.35





Federal Home Loan Bank stock 


110,427


3,234


5.86



131,093


2,908


4.44




Total interest-earning assets


13,452,682


218,313


3.25



14,093,367


228,725


3.25




Goodwill


185,151







185,151








Other non-interest-earning assets


725,913







754,232







Total assets


$

14,363,746






$

15,032,750


























Liabilities and stockholders' equity:

















Interest-bearing liabilities:


















NOW and demand deposit 

$

2,517,250


410


0.03


$

2,420,400


398


0.03





Money market


2,770,633


3,857


0.28



2,625,394


3,570


0.27





Savings


2,045,318


507


0.05



2,123,439


529


0.05





Total core deposits


7,333,201


4,774


0.13



7,169,233


4,497


0.13





Certificates of deposit


1,570,784


8,202


1.04



1,823,429


9,522


1.04





Total deposits


8,903,985


12,976


0.29



8,992,662


14,019


0.31





Borrowings


3,335,429


46,685


2.80



3,938,457


48,368


2.46




Total interest-bearing liabilities


12,239,414


59,661


0.97



12,931,119


62,387


0.96




Non-interest-bearing liabilities


399,092







422,154







Total liabilities 


12,638,506







13,353,273







Stockholders' equity


1,725,240







1,679,477







Total liabilities and stockholders' equity

$

14,363,746






$

15,032,750


























Net interest income/

















net interest rate spread (3)



$

158,652


2.28

%



$

166,338


2.29

%


Net interest-earning assets/

















net interest margin (4)

$

1,213,268




2.36

%

$

1,162,248




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






For the



At or For the






Three Months Ended



Six Months Ended






June 30, 



June 30, 






2017


2016



2017


2016

Selected Returns and Financial Ratios (annualized)











Return on average common stockholders' equity (1)


3.94

%


4.15

%



3.51

%


4.20

%


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


4.46



4.71




3.97



4.77



Return on average assets (1)


0.50



0.49




0.45



0.49



General and administrative expense to average assets


1.81



1.87




1.90



1.86



Efficiency ratio (3)


71.63



73.73




74.96



73.59



Net interest rate spread


2.26



2.28




2.28



2.29



Net interest margin


2.35



2.36




2.36



2.36
































Asset Quality Data (dollars in thousands) 















Non-performing loans:















     Current








$

25,016


$

40,839



     30-59 days delinquent









4,904



3,308



     60-89 days delinquent









2,196



4,315



     90 days or more delinquent









107,863



106,729



Non-performing loans









139,979



155,191


















Real estate owned









14,807



14,940


















Non-performing assets








$

154,786


$

170,131



Net loan charge-offs

$

545


$

1,194



$

1,659


$

1,867




















Non-performing loans/total loans









1.41

%


1.43

%


Non-performing loans/total assets









0.99



1.03



Non-performing assets/total assets









1.09



1.13



Allowance for loan losses/non-performing loans









56.79



57.99



Allowance for loan losses/total loans









0.80



0.83



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


0.02

%


0.04

%



0.03



0.03



















Regulatory Capital Ratios















Astoria Bank:















     Tier 1 leverage









12.28

%


11.54

%


     Common equity tier 1 risk-based









22.28



20.22



     Tier 1 risk-based









22.28



20.22



     Total risk-based









23.32



21.30



Astoria Financial Corporation:















     Tier 1 leverage









11.34

%


10.46



     Common equity tier 1 risk-based









19.03



16.93



     Tier 1 risk-based









20.68



18.41



     Total risk-based









21.71



19.48



















Other Data 

















Cash dividends paid per common share

$

0.04


$

0.04



$

0.08


$

0.08



Book value per common share 









15.82



15.45



Tangible book value per common share









14.00



13.62



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









10.20

%


9.31

%


Mortgage loans serviced for others (in thousands)








$

1,332,060


$

1,372,601



Full time equivalent employees









1,364



1,450

















 

(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 June 30, 2017



At March 31, 2017



At June 30, 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

$

4,882,832


3.50

%

$

5,115,791


3.46

%

$

5,537,322


3.37

%

Multi-family and commercial real estate


4,645,744


3.57



4,714,339


3.58



4,898,430


3.62


Mortgage-backed and other securities (3)


3,170,445


2.59



3,035,275


2.60



3,034,277


2.65


















Interest-bearing liabilities:
















NOW and demand deposit


2,549,323


0.03



2,577,459


0.03



2,463,702


0.03


Money market


2,776,313


0.28



2,781,555


0.27



2,674,935


0.27


Savings


2,026,585


0.05



2,057,651


0.05



2,104,975


0.05


Total core deposits


7,352,221


0.13



7,416,665


0.13



7,243,612


0.12


Certificates of deposit


1,537,335


1.11



1,573,582


1.06



1,707,518


0.98


Total deposits


8,889,556


0.30



8,990,247


0.29



8,951,130


0.28


Borrowings, net 


3,177,945


2.79



3,244,885


2.82



4,018,487


2.38



















































 

(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.

 

 

View original content:http://www.prnewswire.com/news-releases/astoria-financial-corporation-reports-2017-second-quarter-earnings-per-common-share-of-016-300494776.html

SOURCE Astoria Financial Corporation

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