LAKE SUCCESS, N.Y., Oct. 20 /PRNewswire-FirstCall/ -- Astoria Financial Corporation (NYSE: AF) ("Astoria", the "Company"), the holding company for Astoria Federal Savings and Loan Association ("Astoria Federal"), today reported net income of $21.5 million, or $0.23 diluted earnings per share ("EPS"), for the quarter ended September 30, 2010, increases of 169% and 156%, respectively, over net income of $8.0 million, or $0.09 EPS, for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, net income totaled $49.9 million, or $0.53 EPS, compared to $19.5 million, or $0.21 EPS, for the comparable 2009 period.
Included in the 2010 nine month period are net charges totaling $3.2 million ($2.1 million, or $0.02 per share, after-tax), which are not routine to our core operations. Included in the 2009 nine month period are charges totaling $16.7 million ($10.9 million, or $0.12 per share, after-tax,) which are not routine to our core operations. For further details of such items and a reconciliation of GAAP and non-GAAP measures, please refer to the "Reconciliation of GAAP Measures to Non-GAAP Measures" table included in this release.
Commenting on the 2010 third quarter results, George L. Engelke, Jr., Chairman and Chief Executive Officer of Astoria, stated, "I am pleased to report significantly improved earnings for the 2010 third quarter compared to both the prior quarter and last year's third quarter, despite considerable shrinkage of the balance sheet. The improvement is due primarily to lower credit costs reflecting the overall improvement in asset quality, particularly lower loan delinquencies and non-performing loans."
Board Declares Quarterly Cash Dividend of $0.13 Per Share
The Board of Directors of the Company, at their October 20, 2010 meeting, declared a quarterly cash dividend of $0.13 per common share. The dividend is payable on December 1, 2010 to shareholders of record as of November 15, 2010. This is the sixty-second consecutive quarterly cash dividend declared by the Company.
Third Quarter and Nine Month Earnings Summary
Net interest income for the quarter ended September 30, 2010 increased to $106.0 million from $103.1 million for the 2009 third quarter. For the nine months ended September 30, 2010, net interest income increased to $332.3 million from $323.8 million for the comparable 2009 period.
The net interest margin for the quarter ended September 30, 2010 was 2.32%, five basis points lower than the previous quarter and 25 basis points higher than the 2009 third quarter. The linked quarter decrease was primarily due to the effect of one extra day of interest expense in the third quarter. The year-over-year increase in the margin was due to the cost of interest-bearing liabilities declining more rapidly than the yield on interest-earning assets. "The continued decline in liability costs, due primarily to lower certificates of deposit ("CD") repricing, should help to offset the decline in asset yields. Non-Liquid CDs totaling $2.0 billion are scheduled to mature in the 2010 fourth quarter and $1.8 billion are scheduled to mature in the first half of 2011, with a weighted average rate of 1.81% and 1.92%, respectively. On the asset side, $894.1 million of hybrid ARM loans, with a weighted average rate of 4.66%, are scheduled to reprice downward during the 2010 four th quarter and $1.6 billion of hybrid ARM loans, with a weighted average rate of 4.46%, are scheduled to reprice downward during the first half of 2011," Mr. Engelke noted.
For the quarter ended September 30, 2010, a $20.0 million provision for loan losses was recorded which is $15.0 million lower than the previous quarter and $30.0 million lower than the 2009 third quarter. For the nine months ended September 30, 2010, the provision for loan losses totaled $100.0 million compared to $150.0 million for the comparable period in 2009. Mr. Engelke noted, "The decrease in the provision this year recognizes the improving trends in overall loan delinquencies, particularly, in our multi-family and CRE portfolios."
Non-interest income for the quarter ended September 30, 2010 totaled $18.6 million compared to $20.1 million for the 2009 third quarter. The decrease is primarily due to the absence of gain on sales of securities in 2010 and a decrease in customer service fees, partially offset by an increase in other non-interest income.
For the nine months ended September 30, 2010, non-interest income totaled $60.5 million compared to $56.5 million for the comparable 2009 period. The increase is primarily due to an increase in other non-interest income, of which $6.2 million was from a goodwill litigation settlement in the 2010 second quarter, and an other-than-temporary impairment charge related to Freddie Mac securities recorded in the 2009 first quarter, partially offset by the absence of gain on sales of securities in 2010 and decreases in customer service fees and mortgage banking income, net.
General and administrative ("G&A") expense for the quarter ended September 30, 2010 totaled $70.9 million compared to $63.2 million for the 2009 third quarter. The increase is primarily due to a $4.1 million increase in compensation and benefits, primarily increased ESOP expense and accruals for incentive compensation, and a $2.6 million increase in other expense, primarily real estate owned related expense.
For the nine months ended September 30, 2010, G&A expense totaled $215.0 million compared to $203.2 million for the comparable 2009 period. The increase was due primarily to the following: a $6.7 million increase in compensation and benefits, primarily related to ESOP expense and accruals for incentive compensation, a $10.9 million increase in other expense, of which $7.9 million was related to the McAnaney litigation settlement, and a $2.0 million increase in regular FDIC insurance premiums, partially offset by the $9.9 million FDIC special assessment recorded in 2009.
Balance Sheet Summary
Total assets decreased $733.1 million from the previous quarter and $1.3 billion from December 31, 2009 and totaled $18.9 billion at September 30, 2010. The loan portfolio declined $467.1 million from the previous quarter and $881.5 million from December 31, 2009 and totaled $14.9 billion at September 30, 2010. The one-to-four family portfolio totaled $11.4 billion at September 30, 2010 compared to $11.7 billion at June 30, 2010 and $11.9 billion at December 31, 2009. The combined multifamily/commercial real estate portfolio totaled $3.1 billion at September 30, 2010 compared to $3.2 billion at June 30, 2010 and $3.4 billion at December 31, 2009. For the quarter and nine months ended September 30, 2010, securities decreased $145.5 million and $587.4 million, respectively, to $2.6 billion. Commenting on the decrease in the balance sheet, Mr. Engelke stated, "The combination of conforming 30-year fixed-rate mortgage interest rates at historic lows and high conforming loan limi ts, resulting from the U.S. Government's efforts to stimulate housing loan demand, has had a negative impact on jumbo hybrid ARM portfolio lenders such as Astoria and has contributed to the decrease in our loan portfolio and balance sheet."
For the quarter and nine months ended September 30, 2010, one-to-four family loan originations for portfolio totaled $646.7 million and $2.2 billion, respectively, compared to $1.2 billion and $2.2 billion, respectively, for the comparable 2009 periods. This production was achieved while maintaining strict underwriting standards. The loan-to-value ratio of the one-to-four family loan production for portfolio for the 2010 third quarter and nine months averaged approximately 63% and 62%, respectively, at origination and the loan amount averaged approximately $728,000 and $734,000, respectively. One-to-four family loan prepayments for the quarter and nine months ended September 30, 2010 totaled $848.3 million and $2.3 billion, respectively, compared to $939.6 million and $2.2 billion, respectively, for the comparable 2009 periods.
Deposits for the quarter ended September 30, 2010 decreased $141.2 million from the previous quarter and $705.0 million from December 31, 2009, and totaled $12.1 billion at September 30, 2010. The decreases were due primarily to decreases in CDs. Importantly, low-cost savings, money market and checking account deposits increased $231.3 million from December 31, 2009, or 8% annualized.
Borrowings for the quarter ended September 30, 2010 decreased $599.9 million from the previous quarter and $664.7 million from December 31, 2009 to $5.2 billion.
Stockholders' equity totaled $1.2 billion, or 6.56% of total assets at September 30, 2010. Astoria Federal continues to be designated as well-capitalized with core, tangible, risk-based and Tier 1 risk-based capital ratios of 7.59%, 7.59%, 14.13% and 12.87%, respectively, at September 30, 2010.
Asset Quality
Non-performing loans ("NPLs"), including troubled debt restructurings ("TDR") of $53.5 million, totaled $399.6 million, or 2.11% of total assets at September 30, 2010, a decrease of $15.5 million from the previous quarter. During the 2010 third quarter, $22.3 million of NPLs were either sold or classified as held-for-sale. At September 30, 2010, one-to-four family NPLs declined to $345.7 million, multi-family/CRE/construction NPLs declined to $48.9 million and consumer and other NPLs declined to $5.0 million compared to $350.6 million, $59.2 million and $5.3 million at June 30, 2010. Of the $345.7 million of non-performing one-to-four family loans, $247.8 million, or 72%, represent residential loans which, at 180 days delinquent and annually thereafter, were reviewed and charged-off, as needed, to the estimated fair value of the underlying collateral at such time, less estimated selling costs.
The following table illustrates loan migration trends from 30 days delinquent to 90+ days delinquent:
| |
($ in millions) | 30-59 Days Past Due | 60-89 Days Past Due | Combined 30-89 Days Past Due | Change from Previous Quarter | 90 + Days Past Due (NPLs) | Total 30-90+ Days Past Due | |
At Sept. 30, 2009 | $197.6 | $ 75.9 | $273.5 | $(46.7) | $408.5 | $682.0 | |
At Dec. 31, 2009 | $212.9 | $ 76.3 | $289.2 | $ 15.7 | $408.6 | $697.8 | |
At March 31, 2010 | $185.6 | $ 82.7 | $268.3 | $(20.9) | $419.1 | $687.4 | |
At June 30, 2010 | $230.9 | $ 77.5 | $308.4 | $40.1 | $415.1 | $723.5 | |
At Sept. 30, 2010 | $181.6 | $ 70.4 | $252.0 | $(56.4) | $399.6 | $651.6 | |
| |
| | | | | | |
The table below details, as of September 30, 2010, the ten largest concentrations by state of one-to-four family loans and the respective non-performing loan totals in those states. More comprehensive state details are included in the "One-to-Four Family Residential Loan Portfolio-Geographic Analysis" table included in this release.
| |
($ in millions) State | Total 1-4 Family Loans | % of Total 1-4 Family Loan Portfolio | Total 1-4 Family NPLs | NPLs as % of State Total | |
New York | $3,119.2 | 27.4% | $48.8 | 1.56% | |
Illinois | $1,430.9 | 12.6% | $51.1 | 3.57% | |
Connecticut | $1,057.6 | 9.3% | $30.9 | 2.92% | |
California | $ 911.7 | 8.0% | $41.3 | 4.53% | |
New Jersey | $ 853.7 | 7.5% | $50.0 | 5.86% | |
Massachusetts | $ 787.3 | 6.9% | $11.8 | 1.50% | |
Virginia | $ 707.4 | 6.2% | $16.9 | 2.39% | |
Maryland | $ 699.0 | 6.1% | $41.9 | 5.99% | |
Washington | $ 330.7 | 2.9% | $ 0.6 | 0.18% | |
Florida | $ 236.2 | 2.1% | $26.9 | 11.39% | |
Top 10 States | $10,133.7 | 89.0% | $320.2 | 3.16% | |
All other states (1) | $ 1,235.2 | 11.0% | $ 25.5 | 2.06% | |
Total 1-4 Family Portfolio | $11,368.9 | 100% | $345.7 | 3.04% | |
(1) Includes 28 states and Washington, D.C. | |
| | | | |
Net loan charge-offs for the quarter ended September 30, 2010 totaled $24.8 million (including $18.4 million of one-to-four family loans and $5.4 million of multi-family/CRE loans) compared to $34.7 million (including $20.1 million of one-to-four family loans and $12.6 million of multi-family/CRE loans) for the previous quarter. Included in the $18.4 million of one-to-four family net loan charge-offs are $16.2 million of charge-offs on $71.7 million of NPLs which, at 180 days delinquent and annually thereafter, were reviewed and adjusted, as needed, to the estimated fair value of the underlying collateral less selling costs. "While we expect NPL levels may remain elevated for some time, it is important to note that the loss potential remaining has been greatly reduced as a result of our having already reviewed, marked down, and charged-off as necessary, 72% of the residential NPLs to their adjusted fair value less selling costs," Mr. Engelke noted.
Selected Asset Quality Metrics (at or for the three and nine months ended September 30, 2010) | |
($ in millions) | 1-4 Family | Multi- family | CRE | Construction | Consumer & Other | Total | |
Loan portfolio balance | $11,368.9 | $ 2,309.1 | $ 793.4 | $ 15.7 | $ 319.3 (1) | $14,899.2 (2) | |
Non-performing loans | $ 345.7 (3) | $ 38.5(4) | $ 3.7 | $ 6.7 | $ 5.0 | $ 399.6 (3) | |
NPLs/total loans | 2.32% | 0.26% | 0.02% | 0.05% | 0.03% | 2.68% | |
Net charge-offs 3Q10 | $ 18.4 | $ 5.0 | $ 0.4 | $ 0.0 | $ 1.0 | $ 24.8 | |
Net charge-offs YTD | $ 56.0 | $ 22.4 | $ 6.2 | $ 1.5 | $ 1.7 | $ 87.8 | |
(1) Includes home equity loans of $290.6 million (2) Includes $92.8 million of net unamortized premiums and deferred loan costs (3) Includes $247.8 million reviewed and adjusted, as needed, at 180 days delinquent and annually thereafter (4) Includes $22.4 million of TDRs performing in accordance with their modified terms | |
| | | | | | |
Future Outlook
Commenting on the near-term outlook, Mr. Engelke stated, "Although we remain cautiously optimistic with respect to the outlook for credit quality and we expect credit costs will continue to decline over the next several quarters resulting in improved financial performance, the operating environment for residential mortgage portfolio lenders, nonetheless, remains challenging. The U.S. government continues to subsidize the residential mortgage market with programs designed to keep 30-year fixed-rate conforming loans, which we originate but do not retain for our portfolio, below normal market rate levels. In addition, the U.S. Congress recently extended the expanded conforming loan limits in many of the markets we operate in through September 2011, therefore, we anticipate that elevated levels of mortgage prepayment activity will continue to outpace our loan production. This will, more than likely, result in the loan portfolio and balance sheet declining further in the near term. We antici pate maintaining a relatively stable net interest margin which, when coupled with lower credit costs, should mitigate the earnings impact from a smaller balance sheet. In the meantime, we will continue to strengthen the balance sheet by continuing to originate quality residential mortgage loans for portfolio. We expect capital levels will continue to increase as earnings continue to improve which should position us to take advantage of future balance sheet growth opportunities that may arise."
Earnings Conference Call October 21, 2010 at 10:00 a.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host an earnings conference call Thursday morning, October 21, 2010 at 10:00 a.m. (ET). The toll-free dial-in number is (888) 562-3356, ID# 12186796. A telephone replay will be available on October 21, 2010 from 1:00 p.m. (ET) through midnight October 30, 2010 (ET). The replay number is (800) 642-1687, ID#: 12186796. The conference call will also be simultaneously webcast on the Company's website www.astoriafederal.com and archived for one year.
Astoria Financial Corporation, with assets of $18.9 billion, is the holding company for Astoria Federal Savings and Loan Association. Established in 1888, Astoria Federal, with deposits in New York totaling $12.1 billion, is the largest thrift depository in New York and embraces its philosophy of " Putting people first" by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network covering sixteen states, primarily along the East Coast, and the District of Columbia, and through correspondent relationships covering seventeen states and the District of Columbia.
Forward Looking Statements
This document contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "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 or affect the value of our investments; changes in deposit flows, loan demand or r eal 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 real estate or 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 be determined adverse to us or 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 th is document.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES | |
|
|
|
|
|
| |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |
(In Thousands, Except Share Data) | |
|
|
| At |
| At | |
|
|
| September 30, |
| December 31, | |
|
|
| 2010 |
| 2009 | |
ASSETS |
|
|
|
| |
Cash and due from banks | $ | 241,514 | $ | 71,540 | |
Repurchase agreements |
| 32,040 |
| 40,030 | |
Securities available-for-sale |
| 657,885 |
| 860,694 | |
Securities held-to-maturity |
|
|
|
| |
| (fair value of $1,996,017 and $2,367,520, respectively) |
| 1,933,318 |
| 2,317,885 | |
Federal Home Loan Bank of New York stock, at cost |
| 163,501 |
| 178,929 | |
Loans held-for-sale, net |
| 35,338 |
| 34,274 | |
Loans receivable: |
|
|
|
| |
| Mortgage loans, net |
| 14,577,036 |
| 15,447,115 | |
| Consumer and other loans, net |
| 322,157 |
| 333,607 | |
|
|
| 14,899,193 |
| 15,780,722 | |
| Allowance for loan losses |
| (206,231) |
| (194,049) | |
Total loans receivable, net |
| 14,692,962 |
| 15,586,673 | |
Mortgage servicing rights, net |
| 8,030 |
| 8,850 | |
Accrued interest receivable |
| 61,768 |
| 66,121 | |
Premises and equipment, net |
| 133,735 |
| 136,195 | |
Goodwill |
| 185,151 |
| 185,151 | |
Bank owned life insurance |
| 408,470 |
| 401,735 | |
Real estate owned, net |
| 64,763 |
| 46,220 | |
Other assets |
| 318,374 |
| 317,882 | |
|
|
|
|
|
| |
TOTAL ASSETS | $ | 18,936,849 | $ | 20,252,179 | |
|
|
|
|
|
| |
LIABILITIES |
|
|
|
| |
Deposits | $ | 12,107,286 | $ | 12,812,238 | |
Reverse repurchase agreements |
| 2,100,000 |
| 2,500,000 | |
Federal Home Loan Bank of New York advances |
| 2,735,000 |
| 3,000,000 | |
Other borrowings, net |
| 378,111 |
| 377,834 | |
Mortgage escrow funds |
| 146,678 |
| 114,036 | |
Accrued expenses and other liabilities |
| 228,083 |
| 239,457 | |
|
|
|
|
|
| |
TOTAL LIABILITIES |
| 17,695,158 |
| 19,043,565 | |
|
|
|
|
|
| |
STOCKHOLDERS' EQUITY |
|
|
|
| |
Preferred stock, $1.00 par value; (5,000,000 shares authorized; |
|
|
|
| |
| none issued and outstanding) |
| - - |
| - - | |
Common stock, $.01 par value; (200,000,000 shares authorized; |
|
|
|
| |
| 166,494,888 shares issued; and 97,877,469 and 97,083,607 shares |
|
|
|
| |
| outstanding, respectively) |
| 1,665 |
| 1,665 | |
Additional paid-in capital |
| 859,880 |
| 857,662 | |
Retained earnings |
| 1,836,456 |
| 1,829,199 | |
Treasury stock (68,617,419 and 69,411,281 shares, at cost, respectively) |
| (1,417,956) |
| (1,434,362) | |
Accumulated other comprehensive loss |
| (24,876) |
| (29,779) | |
Unallocated common stock held by ESOP |
|
|
|
| |
| (3,678,768 and 4,304,635 shares, respectively) |
| (13,478) |
| (15,771) | |
|
|
|
|
|
| |
TOTAL STOCKHOLDERS' EQUITY |
| 1,241,691 |
| 1,208,614 | |
|
|
|
|
|
| |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 18,936,849 | $ | 20,252,179 | |
| | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES | |
|
|
|
|
|
|
|
|
|
|
| |
CONSOLIDATED STATEMENTS OF INCOME |
|
|
| |
(In Thousands, Except Share Data) |
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| For the Three Months Ended |
| For the Nine Months Ended | |
|
|
|
| September 30, |
| September 30, | |
|
|
|
| 2010 |
| 2009 |
| 2010 |
| 2009 | |
Interest income: |
|
|
|
|
|
|
|
| |
| One-to-four family mortgage loans | $ | 130,936 | $ | 147,765 | $ | 408,640 | $ | 465,252 | |
| Multi-family, commercial real estate and construction |
|
|
|
|
|
|
|
| |
|
| mortgage loans |
| 48,446 |
| 52,947 |
| 149,169 |
| 165,539 | |
| Consumer and other loans |
| 2,656 |
| 2,760 |
| 7,975 |
| 8,095 | |
| Mortgage-backed and other securities |
| 25,336 |
| 35,980 |
| 86,319 |
| 116,307 | |
| Repurchase agreements and interest-earning cash accounts |
| 188 |
| 163 |
| 257 |
| 394 | |
| Federal Home Loan Bank of New York stock |
| 1,999 |
| 2,487 |
| 6,416 |
| 6,850 | |
Total interest income |
| 209,561 |
| 242,102 |
| 658,776 |
| 762,437 | |
Interest expense: |
|
|
|
|
|
|
|
| |
| Deposits |
| 46,144 |
| 75,348 |
| 149,182 |
| 248,069 | |
| Borrowings |
| 57,392 |
| 63,671 |
| 177,268 |
| 190,554 | |
Total interest expense |
| 103,536 |
| 139,019 |
| 326,450 |
| 438,623 | |
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
| 106,025 |
| 103,083 |
| 332,326 |
| 323,814 | |
Provision for loan losses |
| 20,000 |
| 50,000 |
| 100,000 |
| 150,000 | |
Net interest income after provision for loan losses |
| 86,025 |
| 53,083 |
| 232,326 |
| 173,814 | |
Non-interest income: |
|
|
|
|
|
|
|
| |
| Customer service fees |
| 12,463 |
| 14,186 |
| 39,128 |
| 43,265 | |
| Other loan fees |
| 974 |
| 959 |
| 2,546 |
| 2,837 | |
| Gain on sales of securities |
| - - |
| 3,820 |
| - - |
| 5,932 | |
| Other-than-temporary impairment write-down of securities |
| - - |
| - - |
| - - |
| (5,300) | |
| Mortgage banking income, net |
| 631 |
| 883 |
| 2,788 |
| 4,762 | |
| Income from bank owned life insurance |
| 2,383 |
| 2,131 |
| 6,735 |
| 6,578 | |
| Other |
| 2,161 |
| (1,899) |
| 9,279 |
| (1,622) | |
Total non-interest income |
| 18,612 |
| 20,080 |
| 60,476 |
| 56,452 | |
Non-interest expense: |
|
|
|
|
|
|
|
| |
| General and administrative: |
|
|
|
|
|
|
|
| |
|
| Compensation and benefits |
| 35,999 |
| 31,850 |
| 105,884 |
| 99,213 | |
|
| Occupancy, equipment and systems |
| 16,506 |
| 15,969 |
| 49,592 |
| 48,365 | |
|
| Federal deposit insurance premiums |
| 6,509 |
| 6,928 |
| 19,722 |
| 17,732 | |
|
| Federal deposit insurance special assessment |
| - - |
| - - |
| - - |
| 9,851 | |
|
| Advertising |
| 1,743 |
| 961 |
| 4,557 |
| 3,741 | |
|
| Other |
| 10,147 |
| 7,531 |
| 35,236 |
| 24,319 | |
Total non-interest expense |
| 70,904 |
| 63,239 |
| 214,991 |
| 203,221 | |
|
|
|
|
|
|
|
|
|
|
| |
Income before income tax expense |
| 33,733 |
| 9,924 |
| 77,811 |
| 27,045 | |
Income tax expense |
| 12,282 |
| 1,876 |
| 27,888 |
| 7,501 | |
|
|
|
|
|
|
|
|
|
|
| |
Net income | $ | 21,451 | $ | 8,048 | $ | 49,923 | $ | 19,544 | |
|
|
|
|
|
|
|
|
|
|
| |
Basic earnings per common share | $ | 0.23 | $ | 0.09 | $ | 0.53 | $ | 0.21 | |
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|
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|
|
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|
|
|
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| |
Diluted earnings per common share | $ | 0.23 | $ | 0.09 | $ | 0.53 | $ | 0.21 | |
|
|
|
|
|
|
|
|
|
|
| |
Basic weighted average common shares | 91,863,115 | 90,696,563 | 91,650,000 | 90,480,277 | |
Diluted weighted average common and common |
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|
|
| |
| equivalent shares | 91,863,115 | 90,702,558 | 91,650,045 | 90,482,356 | |
| | | | | | | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
|
| |
|
|
|
|
|
|
| |
AVERAGE BALANCE SHEETS |
| |
(Dollars in Thousands) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| For the Three Months Ended September 30, | |
|
|
|
|
|
| 2010 |
|
| 2009 |
| |
|
|
|
|
|
|
|
|
|
| Average |
|
|
|
|
|
| Average |
| |
|
|
|
|
|
| Average |
|
|
| Yield/ |
|
| Average |
|
|
| Yield/ |
| |
|
|
|
|
|
| Balance |
| Interest |
| Cost |
|
| Balance |
| Interest |
| Cost |
| |
|
|
|
|
|
|
|
|
|
| (Annualized) |
|
|
|
|
|
| (Annualized) |
| |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| One-to-four family | $ | 11,678,392 | $ | 130,936 |
| 4.48% |
| $ | 12,071,749 | $ | 147,765 |
| 4.90% |
| |
|
|
|
| Multi-family, commercial real |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| estate and construction |
| 3,201,711 |
| 48,446 |
| 6.05 |
|
| 3,610,912 |
| 52,947 |
| 5.87 |
| |
|
|
| Consumer and other loans (1) |
| 323,916 |
| 2,656 |
| 3.28 |
|
| 334,282 |
| 2,760 |
| 3.30 |
| |
|
|
| Total loans |
| 15,204,019 |
| 182,038 |
| 4.79 |
|
| 16,016,943 |
| 203,472 |
| 5.08 |
| |
|
|
| Mortgage-backed and other securities (2) |
| 2,555,951 |
| 25,336 |
| 3.97 |
|
| 3,451,257 |
| 35,980 |
| 4.17 |
| |
|
|
| Repurchase agreements and |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| interest-earning cash accounts |
| 332,171 |
| 188 |
| 0.23 |
|
| 299,242 |
| 163 |
| 0.22 |
| |
|
|
| Federal Home Loan Bank stock |
| 174,220 |
| 1,999 |
| 4.59 |
|
| 177,285 |
| 2,487 |
| 5.61 |
| |
|
| Total interest-earning assets |
| 18,266,361 |
| 209,561 |
| 4.59 |
|
| 19,944,727 |
| 242,102 |
| 4.86 |
| |
|
| Goodwill |
| 185,151 |
|
|
|
|
|
| 185,151 |
|
|
|
|
| |
|
| Other non-interest-earning assets |
| 888,925 |
|
|
|
|
|
| 856,892 |
|
|
|
|
| |
| Total assets | $ | 19,340,437 |
|
|
|
|
| $ | 20,986,770 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Savings | $ | 2,205,587 |
| 2,245 |
| 0.41 |
| $ | 1,950,731 |
| 1,989 |
| 0.41 |
| |
|
|
| Money market |
| 342,453 |
| 385 |
| 0.45 |
|
| 328,826 |
| 447 |
| 0.54 |
| |
|
|
| NOW and demand deposit |
| 1,686,109 |
| 279 |
| 0.07 |
|
| 1,545,609 |
| 258 |
| 0.07 |
| |
|
|
| Liquid certificates of deposit |
| 585,814 |
| 689 |
| 0.47 |
|
| 860,239 |
| 1,708 |
| 0.79 |
| |
|
|
| Total core deposits |
| 4,819,963 |
| 3,598 |
| 0.30 |
|
| 4,685,405 |
| 4,402 |
| 0.38 |
| |
|
|
| Certificates of deposit |
| 7,356,689 |
| 42,546 |
| 2.31 |
|
| 8,738,587 |
| 70,946 |
| 3.25 |
| |
|
|
| Total deposits |
| 12,176,652 |
| 46,144 |
| 1.52 |
|
| 13,423,992 |
| 75,348 |
| 2.25 |
| |
|
|
| Borrowings |
| 5,527,188 |
| 57,392 |
| 4.15 |
|
| 5,886,006 |
| 63,671 |
| 4.33 |
| |
|
| Total interest-bearing liabilities |
| 17,703,840 |
| 103,536 |
| 2.34 |
|
| 19,309,998 |
| 139,019 |
| 2.88 |
| |
|
| Non-interest-bearing liabilities |
| 405,907 |
|
|
|
|
|
| 478,697 |
|
|
|
|
| |
| Total liabilities |
| 18,109,747 |
|
|
|
|
|
| 19,788,695 |
|
|
|
|
| |
| Stockholders' equity |
| 1,230,690 |
|
|
|
|
|
| 1,198,075 |
|
|
|
|
| |
| Total liabilities and stockholders' equity | $ | 19,340,437 |
|
|
|
|
| $ | 20,986,770 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income/net interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| rate spread (3) |
|
| $ | 106,025 |
| 2.25% |
|
|
| $ | 103,083 |
| 1.98% |
| |
| Net interest-earning assets/net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| interest margin (4) | $ | 562,521 |
|
|
| 2.32% |
| $ | 634,729 |
|
|
| 2.07% |
| |
| Ratio of interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| to interest-bearing liabilities |
| 1.03x |
|
|
|
|
|
| 1.03x |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Mortgage loans and consumer and other loans include loans held-for-sale and non-performing loans and exclude the allowance for loan losses. | |
(2) Securities available-for-sale are included at average amortized cost. |
|
|
|
|
|
|
|
| |
(3) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average | |
interest-bearing liabilities. |
|
|
|
|
|
|
| |
(4) Net interest margin represents net interest income divided by average interest-earning assets. |
|
|
|
|
|
| |
| | | | | | | | | | | | | | | | | | |
| |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES | |
|
|
|
|
|
|
| |
AVERAGE BALANCE SHEETS |
|
| |
(Dollars in Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| For the Nine Months Ended September 30, | |
|
|
|
|
|
|
|
| 2010 |
|
|
|
|
|
| 2009 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Average |
|
|
|
|
|
| Average |
| |
|
|
|
|
|
| Average |
|
|
| Yield/ |
|
| Average |
|
|
| Yield/ |
| |
|
|
|
|
|
| Balance |
| Interest |
| Cost |
|
| Balance |
| Interest |
| Cost |
| |
|
|
|
|
|
|
|
|
|
| (Annualized) |
|
|
|
|
|
| (Annualized) |
| |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| One-to-four family | $ | 11,856,597 | $ | 408,640 |
| 4.60 | % | $ | 12,194,836 | $ | 465,252 |
| 5.09 | % | |
|
|
|
| Multi-family, commercial real |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| estate and construction | 3,319,318 |
| 149,169 |
| 5.99 |
|
| 3,738,746 |
| 165,539 |
| 5.90 |
| |
|
|
| Consumer and other loans (1) | 328,264 |
| 7,975 |
| 3.24 |
|
| 337,229 |
| 8,095 |
| 3.20 |
| |
|
|
| Total loans |
| 15,504,179 |
| 565,784 |
| 4.87 |
|
| 16,270,811 |
| 638,886 |
| 5.24 |
| |
|
|
| Mortgage-backed and other securities (2) | 2,897,654 |
| 86,319 |
| 3.97 |
|
| 3,573,641 |
| 116,307 |
| 4.34 |
| |
|
|
| Repurchase agreements and |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| interest-earning cash accounts | 181,366 |
| 257 |
| 0.19 |
|
| 255,594 |
| 394 |
| 0.21 |
| |
|
|
| Federal Home Loan Bank stock | 177,246 |
| 6,416 |
| 4.83 |
|
| 183,032 |
| 6,850 |
| 4.99 |
| |
|
| Total interest-earning assets | 18,760,445 |
| 658,776 |
| 4.68 |
|
| 20,283,078 |
| 762,437 |
| 5.01 |
| |
|
| Goodwill |
|
| 185,151 |
|
|
|
|
|
| 185,151 |
|
|
|
|
| |
|
| Other non-interest-earning assets | 879,392 |
|
|
|
|
|
| 837,257 |
|
|
|
|
| |
| Total assets |
| $ | 19,824,988 |
|
|
|
|
| $ | 21,305,486 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Savings | $ | 2,142,373 |
| 6,477 |
| 0.40 |
| $ | 1,909,519 |
| 5,781 |
| 0.40 |
| |
|
|
| Money market |
| 336,482 |
| 1,117 |
| 0.44 |
|
| 313,747 |
| 1,733 |
| 0.74 |
| |
|
|
| NOW and demand deposit | 1,662,287 |
| 807 |
| 0.06 |
|
| 1,522,064 |
| 805 |
| 0.07 |
| |
|
|
| Liquid certificates of deposit | 626,625 |
| 2,281 |
| 0.49 |
|
| 927,424 |
| 9,641 |
| 1.39 |
| |
|
|
| Total core deposits | 4,767,767 |
| 10,682 |
| 0.30 |
|
| 4,672,754 |
| 17,960 |
| 0.51 |
| |
|
|
| Certificates of deposit | 7,689,649 |
| 138,500 |
| 2.40 |
|
| 8,852,402 |
| 230,109 |
| 3.47 |
| |
|
|
| Total deposits |
| 12,457,416 |
| 149,182 |
| 1.60 |
|
| 13,525,156 |
| 248,069 |
| 2.45 |
| |
|
|
| Borrowings |
| 5,730,714 |
| 177,268 |
| 4.12 |
|
| 6,126,211 |
| 190,554 |
| 4.15 |
| |
|
| Total interest-bearing liabilities | 18,188,130 |
| 326,450 |
| 2.39 |
|
| 19,651,367 |
| 438,623 |
| 2.98 |
| |
|
| Non-interest-bearing liabilities | 416,514 |
|
|
|
|
|
| 458,474 |
|
|
|
|
| |
| Total liabilities |
| 18,604,644 |
|
|
|
|
|
| 20,109,841 |
|
|
|
|
| |
| Stockholders' equity |
| 1,220,344 |
|
|
|
|
|
| 1,195,645 |
|
|
|
|
| |
| Total liabilities and stockholders' equity | $ | 19,824,988 |
|
|
|
|
| $ | 21,305,486 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income/net interest |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| rate spread (3) |
|
| $ | 332,326 |
| 2.29 | % |
|
| $ | 323,814 |
| 2.03 | % | |
| Net interest-earning assets/net |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| interest margin (4) | $ | 572,315 |
|
|
| 2.36 | % | $ | 631,711 |
|
|
| 2.13 | % | |
| Ratio of interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| to interest-bearing liabilities | 1.03x |
|
|
|
|
|
| 1.03x |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Mortgage loans and consumer and other loans include loans held-for-sale and non-performing loans and exclude the allowance for loan losses. | |
(2) Securities available-for-sale are included at average amortized cost. | |
(3) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average | |
interest-bearing liabilities. | |
(4) Net interest margin represents net interest income divided by average interest-earning assets. | |
| |
| | | | | | | | | | | | | | | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED FINANCIAL RATIOS AND OTHER DATA | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| For the |
|
| At or For the |
| |
|
| Three Months Ended |
|
| Nine Months Ended |
| |
|
| September 30, |
|
| September 30, |
| |
|
| 2010 |
|
| 2009 |
|
| 2010 |
|
| 2009 |
| |
|
|
|
|
|
|
|
|
| |
Selected Returns and Financial Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
| |
Return on average stockholders' equity |
| 6.97% |
|
| 2.69% |
|
| 5.45% |
|
| 2.18% |
| |
Return on average tangible stockholders' equity (1) |
| 8.21 |
| 3.18 |
|
| 6.43 |
| 2.58 |
| |
Return on average assets |
| 0.44 |
| 0.15 |
|
| 0.34 |
| 0.12 |
| |
General and administrative expense to average assets |
| 1.47 |
|
| 1.21 |
|
| 1.45 |
|
| 1.27 |
| |
Efficiency ratio (2) |
| 56.89 |
|
| 51.35 |
|
| 54.73 |
|
| 53.44 |
| |
Net interest rate spread |
| 2.25 |
|
| 1.98 |
|
| 2.29 |
|
| 2.03 |
| |
Net interest margin |
| 2.32 |
|
| 2.07 |
|
| 2.36 |
|
| 2.13 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selected Non-GAAP Returns and Financial Ratios (annualized) (3) |
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP return on average stockholders' equity |
|
|
|
|
|
|
| 5.68% |
|
| 3.39% |
| |
Non-GAAP return on average tangible stockholders' equity (1) |
|
|
|
|
|
|
| 6.70 |
|
| 4.01 |
| |
Non-GAAP return on average assets |
|
|
|
|
|
|
| 0.35 |
|
| 0.19 |
| |
Non-GAAP general and administrative expense to average assets |
|
|
|
|
|
|
| 1.39 |
|
| 1.21 |
| |
Non-GAAP efficiency ratio (2) |
|
|
|
|
|
|
| 53.36 |
|
| 49.95 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Asset Quality Data (dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| |
Non-performing assets (4) |
|
|
|
|
|
| $ | 464,383 |
| $ | 449,926 |
| |
Non-performing loans (4) |
|
|
|
|
|
|
| 399,620 |
|
| 408,458 |
| |
Loans delinquent 90 days or more and still accruing interest |
|
|
|
|
|
|
| 619 |
|
| 21 |
| |
Non-accrual loans |
|
|
|
|
|
|
| 399,001 |
|
| 408,437 |
| |
Loans 60-89 days delinquent |
|
|
|
|
|
|
| 70,359 |
|
| 75,875 |
| |
Loans 30-59 days delinquent |
|
|
|
|
|
|
| 181,631 |
|
| 197,560 |
| |
Net charge-offs | $ | 24,768 |
| $ | 33,633 |
|
| 87,818 |
|
| 92,391 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-performing loans/total loans |
|
|
|
|
|
|
| 2.68% |
|
| 2.56% |
| |
Non-performing loans/total assets |
|
|
|
|
|
|
| 2.11 |
|
| 1.98 |
| |
Non-performing assets/total assets |
|
|
|
|
|
|
| 2.45 |
|
| 2.18 |
| |
Allowance for loan losses/non-performing loans |
|
|
|
|
|
|
| 51.61 |
|
| 43.25 |
| |
Allowance for loan losses/non-accrual loans |
|
|
|
|
|
|
| 51.69 |
|
| 43.25 |
| |
Allowance for loan losses/total loans |
|
|
|
|
|
|
| 1.38 |
|
| 1.11 |
| |
Net charge-offs to average loans outstanding (annualized) |
| 0.65% |
|
| 0.84% |
|
| 0.76 |
|
| 0.76 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capital Ratios (Astoria Federal) |
|
|
|
|
|
|
|
|
|
|
|
| |
Tangible |
|
|
|
|
|
|
| 7.59% |
|
| 6.72% |
| |
Core |
|
|
|
|
|
|
| 7.59 |
|
| 6.72 |
| |
Risk-based |
|
|
|
|
|
|
| 14.13 |
|
| 12.77 |
| |
Tier 1 risk-based |
|
|
|
|
|
|
| 12.87 |
|
| 11.49 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other Data |
|
|
|
|
|
|
|
|
|
|
|
| |
Cash dividends paid per common share | $ | 0.13 |
| $ | 0.13 |
| $ | 0.39 |
| $ | 0.39 |
| |
Book value per share (5) |
|
|
|
|
|
|
| 13.18 |
|
| 13.04 |
| |
Tangible book value per share (6) |
|
|
|
|
|
|
| 11.22 |
|
| 11.04 |
| |
Tangible stockholders' equity/tangible assets (1) (7) |
|
|
|
|
|
|
| 5.63% |
|
| 4.98% |
| |
Mortgage loans serviced for others (in thousands) |
|
|
|
|
|
| $ | 1,421,223 |
| $ | 1,355,090 |
| |
Full time equivalent employees |
|
|
|
|
|
|
| 1,573 |
|
| 1,573 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Tangible stockholders' equity represents stockholders' equity less goodwill. | |
(2) Efficiency ratio represents general and administrative expense divided by the sum of net interest income plus non-interest income. | |
(3) See the "Reconciliation of GAAP Measures to Non-GAAP Measures" table included in this release for a reconciliation of GAAP measures to non-GAAP measures for the nine months ended September 30, 2010 and 2009. | |
(4) Non-performing assets and non-performing loans include, but are not limited to, one-to-four family mortgage loans which at 180 days past due and annually thereafter we obtained an estimate of collateral value and charged-off any portion of the loan in excess of the estimated collateral value less estimated selling costs. | |
(5) Book value per share represents stockholders' equity divided by outstanding shares, excluding unallocated Employee Stock Ownership Plan, or ESOP, shares. | |
(6) Tangible book value per share represents stockholders' equity less goodwill divided by outstanding shares, excluding unallocated ESOP shares. | |
(7) Tangible assets represent assets less goodwill. | |
| | | | | | | | | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
END OF PERIOD BALANCES AND RATES |
|
| |
(Dollars in Thousands) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| At September 30, 2010 |
| At June 30, 2010 |
|
| At September 30, 2009 | |
|
|
|
| Weighted |
|
|
| Weighted |
|
|
| Weighted | |
|
|
|
| Average |
|
|
| Average |
|
|
| Average | |
|
| Balance |
| Rate (1) |
| Balance |
| Rate (1) |
| Balance |
| Rate (1) | |
Selected interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mortgage loans, gross (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
One-to-four family | $ | 11,023,120 |
| 4.87% | $ | 11,358,339 |
| 4.99% |
| $ | 11,681,844 |
| 5.36% | |
Multi-family, commercial real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
and construction |
| 3,069,335 |
| 6.04 |
| 3,175,604 |
| 6.04 |
|
| 3,442,046 |
| 6.03 | |
Mortgage-backed and other securities (3) |
| 2,591,203 |
| 4.00 |
| 2,736,725 |
| 4.11 |
|
| 3,472,308 |
| 4.08 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Savings |
| 2,234,606 |
| 0.40 |
| 2,183,350 |
| 0.40 |
|
| 1,959,171 |
| 0.40 | |
Money market |
| 349,883 |
| 0.45 |
| 337,455 |
| 0.45 |
|
| 330,299 |
| 0.44 | |
NOW and demand deposit |
| 1,662,000 |
| 0.06 |
| 1,687,163 |
| 0.06 |
|
| 1,522,017 |
| 0.06 | |
Liquid certificates of deposit |
| 546,626 |
| 0.38 |
| 607,853 |
| 0.50 |
|
| 812,141 |
| 0.64 | |
Total core deposits |
| 4,793,115 |
| 0.28 |
| 4,815,821 |
| 0.30 |
|
| 4,623,628 |
| 0.33 | |
Certificates of deposit |
| 7,314,171 |
| 2.28 |
| 7,432,620 |
| 2.34 |
|
| 8,594,991 |
| 3.15 | |
Total deposits |
| 12,107,286 |
| 1.49 |
| 12,248,441 |
| 1.54 |
|
| 13,218,619 |
| 2.16 | |
Borrowings, net |
| 5,213,111 |
| 4.12 |
| 5,813,019 |
| 4.02 |
|
| 5,837,723 |
| 4.24 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Weighted average rates represent stated or coupon interest rates excluding the effect of yield adjustments for premiums, | |
discounts and deferred loan origination fees and costs and the impact of prepayment penalties. | |
(2) Mortgage loans exclude loans held-for-sale and non-performing loans. | |
(3) Securities available-for-sale are reported at fair value and securities held-to-maturity are reported at amortized cost. | |
| | | | | | | | | | | | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES | |
|
|
|
|
|
|
|
|
|
|
|
| |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES |
|
|
|
|
|
|
|
| |
(In Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Income and expense and related financial ratios determined in accordance with GAAP (GAAP measures) excluding the adjustments detailed in the following table (non-GAAP measures) provide a meaningful comparison for effectively evaluating Astoria's operating results. | |
|
|
|
|
|
|
|
|
|
|
|
| |
| For the Nine Months Ended | |
| September 30, 2010 |
| September 30, 2009 | |
| GAAP | Adjustments (1) | Non-GAAP |
| GAAP | Adjustments (2) | Non-GAAP | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income | $332,326 |
| $ - |
| $332,326 |
| $323,814 |
| $ - |
| $323,814 | |
Provision for loan losses | 100,000 |
| - - |
| 100,000 |
| 150,000 |
| - - |
| 150,000 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income after provision for loan losses | 232,326 |
| - - |
| 232,326 |
| 173,814 |
| - - |
| 173,814 | |
Non-interest income | 60,476 |
| (4,635) |
| 55,841 |
| 56,452 |
| 6,888 |
| 63,340 | |
Non-interest expense (general and administrative expense) | 214,991 |
| (7,850) |
| 207,141 |
| 203,221 |
| (9,851) |
| 193,370 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income tax expense | 77,811 |
| 3,215 |
| 81,026 |
| 27,045 |
| 16,739 |
| 43,784 | |
Income tax expense | 27,888 |
| 1,133 |
| 29,021 |
| 7,501 |
| 5,859 |
| 13,360 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net income | $ 49,923 |
| $ 2,082 |
| $ 52,005 |
| $ 19,544 |
| $ 10,880 |
| $ 30,424 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Basic earnings per common share | $0.53 |
| $0.02 |
| $0.55 |
| $0.21 |
| $0.12 |
| $0.33 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted earnings per common share | $0.53 |
| $0.02 |
| $0.55 |
| $0.21 |
| $0.12 |
| $0.33 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP returns are calculated substituting non-GAAP net income for net income in the corresponding ratio calculation, while the non-GAAP general and administrative expense to average assets ratio substitutes non-GAAP general and administrative expense (non-GAAP non-interest expense) for general and administrative expense (non-interest expense) in the corresponding ratio calculation. Similarly, the non-GAAP efficiency ratio substitutes non-GAAP non-interest income and non-GAAP general and administrative expense for non-interest income and general and administrative expense in the corresponding ratio calculation. | |
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Non-interest income adjustment relates to the $6.2 million goodwill litigation settlement, partially offset by the $1.5 million impairment write-down of premises and equipment, recorded in the 2010 second quarter. Non-interest expense adjustment relates to the McAnaney litigation settlement recorded in the 2010 second quarter. | |
(2) Non-interest income adjustment relates to the $1.6 million lower of cost or market write-down of premises and equipment held-for-sale recorded in the 2009 second quarter and the $5.3 million other-than-temporary impairment write-down of securities charge recorded in the 2009 first quarter. Non-interest expense adjustment relates to the federal deposit insurance special assessment recorded in the 2009 second quarter. | |
| | | | | | | | | | | |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
|
| |
|
|
|
|
|
| |
One-to-Four Family Residential Loan Portfolio - Geographic Analysis | |
(Dollars in millions) |
|
|
|
|
| |
| At September 30, 2010 | |
|
|
|
|
| Non-perfoming loans | |
State | Total loans |
| Non-performing loans |
| as % of total loans | |
New York |
|
|
|
|
| |
Full Income | $2,812.3 |
| $25.9 |
| 0.92% | |
Alt A < 70% LTV | $235.7 |
| $11.8 |
| 5.01% | |
Alt A 70%-80% LTV | $71.2 |
| $11.1 |
| 15.59% | |
State Total | $3,119.2 |
| $48.8 |
| 1.56% | |
|
|
|
|
|
| |
Illinois |
|
|
|
|
| |
Full Income | $1,188.6 |
| $20.8 |
| 1.75% | |
Alt A < 70% LTV | $120.0 |
| $11.9 |
| 9.92% | |
Alt A 70%-80% LTV | $122.3 |
| $18.4 |
| 15.04% | |
State Total | $1,430.9 |
| $51.1 |
| 3.57% | |
|
|
|
|
|
| |
Connecticut |
|
|
|
|
| |
Full Income | $885.9 |
| $11.4 |
| 1.29% | |
Alt A < 70% LTV | $118.8 |
| $10.9 |
| 9.18% | |
Alt A 70%-80% LTV | $52.9 |
| $8.6 |
| 16.26% | |
State Total | $1,057.6 |
| $30.9 |
| 2.92% | |
|
|
|
|
|
| |
California |
|
|
|
|
| |
Full Income | $608.5 |
| $13.5 |
| 2.22% | |
Alt A < 70% LTV | $156.2 |
| $7.5 |
| 4.80% | |
Alt A 70%-80% LTV | $147.0 |
| $20.3 |
| 13.81% | |
State Total | $911.7 |
| $41.3 |
| 4.53% | |
|
|
|
|
|
| |
New Jersey |
|
|
|
|
| |
Full Income | $677.5 |
| $26.0 |
| 3.84% | |
Alt A < 70% LTV | $90.9 |
| $8.8 |
| 9.68% | |
Alt A 70%-80% LTV | $85.3 |
| $15.2 |
| 17.82% | |
State Total | $853.7 |
| $50.0 |
| 5.86% | |
|
|
|
|
|
| |
Massachusetts |
|
|
|
|
| |
Full Income | $685.3 |
| $5.1 |
| 0.74% | |
Alt A < 70% LTV | $68.1 |
| $2.3 |
| 3.38% | |
Alt A 70%-80% LTV | $33.9 |
| $4.4 |
| 12.98% | |
State Total | $787.3 |
| $11.8 |
| 1.50% | |
|
|
|
|
|
| |
Virginia |
|
|
|
|
| |
Full Income | $542.5 |
| $4.5 |
| 0.83% | |
Alt A < 70% LTV | $69.1 |
| $3.1 |
| 4.49% | |
Alt A 70%-80% LTV | $95.8 |
| $9.3 |
| 9.71% | |
State Total | $707.4 |
| $16.9 |
| 2.39% | |
|
|
|
|
|
| |
Maryland |
|
|
|
|
| |
Full Income | $540.8 |
| $17.5 |
| 3.24% | |
Alt A < 70% LTV | $74.2 |
| $5.2 |
| 7.01% | |
Alt A 70%-80% LTV | $84.0 |
| $19.2 |
| 22.86% | |
State Total | $699.0 |
| $41.9 |
| 5.99% | |
|
|
|
|
|
| |
Washington |
|
|
|
|
| |
Full Income | $322.3 |
| $0.0 |
| 0.00% | |
Alt A < 70% LTV | $5.9 |
| $0.6 |
| 10.17% | |
Alt A 70%-80% LTV | $2.5 |
| $0.0 |
| 0.00% | |
State Total | $330.7 |
| $0.6 |
| 0.18% | |
|
|
|
|
|
| |
Florida |
|
|
|
|
| |
Full Income | $160.5 |
| $14.0 |
| 8.72% | |
Alt A < 70% LTV | $44.3 |
| $6.0 |
| 13.54% | |
Alt A 70%-80% LTV | $31.4 |
| $6.9 |
| 21.97% | |
State Total | $236.2 |
| $26.9 |
| 11.39% | |
|
|
|
|
|
| |
Other States |
|
|
|
|
| |
Full Income | $1,108.1 |
| $15.8 |
| 1.43% | |
Alt A < 70% LTV | $75.0 |
| $4.3 |
| 5.73% | |
Alt A 70%-80% LTV | $52.1 |
| $5.4 |
| 10.36% | |
Other States Total | $1,235.2 |
| $25.5 |
| 2.06% | |
|
|
|
|
|
| |
Total all states |
|
|
|
|
| |
Full Income | $9,532.3 |
| $154.5 |
| 1.62% | |
Alt A < 70% LTV | $1,058.2 |
| $72.4 |
| 6.84% | |
Alt A 70%-80% LTV | $778.4 |
| $118.8 |
| 15.26% | |
Grand total | $11,368.9 |
| $345.7 |
| 3.04% | |
|
|
|
|
|
| |
Not e: LTVs are based on current principal balances and original appraised values | |
| | | | | |
CONTACT: Peter J. Cunningham, First Vice President, Investor Relations, +1-516-327-7877, ir@astoriafederal.com
