LAKE SUCCESS, N.Y., Oct. 15, 2014 /PRNewswire/ -- Astoria Financial Corporation (NYSE: AF) ("Astoria", the "Company"), the holding company for Astoria Bank ("the Bank") today reported net income available to common shareholders of $16.6 million, or $0.17 diluted earnings per common share ("diluted EPS"), for the quarter ended September 30, 2014, compared to net income available to common shareholders of $14.7 million, or $0.15 diluted EPS, for the quarter ended September 30, 2013. For the nine months ended September 30, 2014, net income available to common shareholders totaled $66.1 million, or $0.66 diluted EPS, compared to $41.4 million, or $0.42 diluted EPS, for the 2013 comparable period. Included in the 2014 nine month results is a reduction in income tax expense of $11.5 million ($0.11 per common share) related to the impact of New York State tax legislation which was signed into law on March 31, 2014 and a $5.7 million loan loss release ($3.7 million, or $0.03 per common share, after tax) related to the designation of non-performing residential mortgage loans ("NPLs") as held-for-sale in the 2014 second quarter. Included in the 2013 nine month results is a $4.3 million prepayment charge ($2.8 million, or $0.03 per common share, after tax) related to the redemption of capital securities in the 2013 second quarter.
Nine Month Financial Highlights
Deposits:
- Business deposits increased $265.4 million, or 41%, from December 31, 2013 to $915.5 million at September 30, 2014.
- Core deposits totaled $6.8 billion at September 30, 2014, and represented 70% of total deposits.
Loan Portfolio Shift Continues:
- Multi-family/commercial real estate ("MF/CRE") mortgage loans continue to become a larger percentage of the loan portfolio, increasing to 38% of total loans at September 30, 2014 from 33% at December 31, 2013.
Non-Performing Loan Sale:
- On July 31, 2014, the Bank closed the previously announced sale of NPLs in a bulk sale transaction to Credit Suisse. The proceeds of the sale were used to reduce borrowings.
Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the 2014 third quarter stated, "Given the challenging interest rate environment that we continue to find ourselves operating in, we are pleased with the results that we have reported today. During the third quarter we ramped up our brand awareness advertising including something we called "Penn Station Domination" where every available advertising opportunity throughout one of the busiest commuter travel hubs in the New York City, Penn Station, was covered with Astoria Bank advertising for the entire month of September. Increased awareness continues to provide us with positive results, especially in business banking where we grew our low cost business deposits during the quarter by $114.2 million, which represents 43% of the year-to-date business deposit growth of $265.4 million."
Board Declares Quarterly Cash Dividend of $0.04 Per Share
The Board of Directors of the Company, at its October 15, 2014 meeting, declared a quarterly cash dividend of $0.04 per common share. The dividend is payable on December 1, 2014 to shareholders of record as of November 17, 2014. This is the seventy-eighth consecutive quarterly cash dividend declared by the Company.
Third Quarter and Nine Month Earnings Summary
Net interest income for the quarter ended September 30, 2014 totaled $84.6 million compared to $85.8 million for the previous quarter and $86.2 million for the 2013 third quarter. The net interest margin for the quarter ended September 30, 2014 was 2.31%, unchanged from the previous quarter and up from 2.28% for the 2013 third quarter. For the nine months ended September 30, 2014, net interest income totaled $258.4 million, compared to $255.1 million for the comparable 2013 period, and the net interest margin increased to 2.33% for the nine months ended September 30, 2014, up from 2.23% for the nine months ended September 30, 2013. For the quarter ended September 30, 2014, a $3.0 million loan loss release was recorded compared to a $5.7 million loan loss release which was recorded in the prior quarter and a $2.5 million provision for loan losses that was recorded in the 2013 third quarter. For the nine months ended September 30, 2014, the loan loss release totaled $7.2 million compared to a $16.2 million provision for loan losses in the comparable 2013 period. Mr. Redman commented, "The current quarter's release reflects the improved asset quality metrics we are seeing in our loan portfolio while the $5.7 million release recorded in the second quarter reflected reserves that were no longer deemed necessary in light of the designation of the NPLs as held-for-sale."
Non-interest income for the quarter ended September 30, 2014 totaled $13.8 million, compared to $13.8 million for the previous quarter and $15.3 million for the 2013 third quarter. The decrease from the 2013 third quarter is primarily due to decreases in mortgage banking income, net, and other operating income. Non-interest income for the nine months ended September 30, 2014 totaled $41.3 million compared to $52.2 million for the comparable 2013 period. The decrease for the nine months ended September 30, 2014 is primarily due to decreases in mortgage banking income, net, gain on sales of securities and other operating income.
General and administrative ("G&A") expense for the quarter ended September 30, 2014 totaled $72.4 million compared to $71.6 million for the previous quarter and $72.5 million for the 2013 third quarter. For the nine months ended September 30, 2014, G&A expense decreased $4.3 million, or 2%, to $214.2 million from $218.5 million for the 2013 comparable period. The 2013 nine month period included a $4.3 million prepayment charge for the early extinguishment of debt in connection with the redemption of $125 million of capital securities. Mr. Redman commented, "Our G&A expense continues to increase more slowly than we had previously anticipated as some of the initiatives we had factored into our projections have had their timetables shifted towards later in the year. We continue to believe that our G&A expense will be within the $72 - $75 million per quarter range which we have discussed on our previous conference calls. This range reflects the expenses associated with the branch we opened earlier this year, the branch that we plan to open in Melville, Long Island, during the 2014 fourth quarter, as well as continued advertising, branding and compensation expenses related to both the branch openings and our continued focus on growing business banking. We believe these expenses will be offset somewhat by the positive impact that the recently completed NPL sale will have on future FDIC insurance assessment rates and on foreclosure related expenses."
Balance Sheet Summary
Total assets at September 30, 2014 were $15.5 billion, a decrease of $281.8 million and $333.4 million from June 30, 2014 and December 31, 2013, respectively. These decreases were primarily due to a decrease in the residential mortgage loan portfolio, due in part to the NPL sale, partially offset by growth in the MF/CRE portfolio as well as the securities portfolio. The total loan portfolio decreased $145.7 million and $526.1 million from June 30, 2014 and December 31, 2013, respectively, and totaled $11.9 billion at September 30, 2014.
The MF/CRE mortgage loan portfolio totaled $4.5 billion at September 30, 2014, an increase of $93.5 million and $430.1 million from June 30, 2014 and December 31, 2013, respectively, and represents 38% of the total loan portfolio. For the quarter and nine months ended September 30, 2014, MF/CRE loan originations totaled $226.9 million and $798.5 million, respectively, compared to $353.2 million and $1.2 billion for the 2013 comparable periods. The MF/CRE loan production for the 2014 quarter and nine months ended September 30, 2014 were originated with weighted average loan-to-value ratios of approximately 49% and 52%, respectively and weighted average debt coverage ratios of approximately 1.61 and 1.62, respectively. MF/CRE loan prepayments for the quarter and nine months ended September 30, 2014 totaled $100.3 million and $269.8 million, respectively, down from $112.5 million and $370.3 million for the comparable 2013 periods. At September 30, 2014, the MF/CRE pipeline totaled approximately $503.0 million.
The residential mortgage loan portfolio totaled $7.1 billion at September 30, 2014, compared to $8.0 billion at December 31, 2013. For the quarter and nine months ended September 30, 2014, residential loan originations for portfolio totaled $145.3 million and $326.8 million, respectively, compared to $370.0 million and $837.8 million for the comparable 2013 periods. The weighted average loan-to-value ratio of the residential loan production for portfolio was approximately 72% and 71% at origination, respectively, for the quarter and nine months ended September 30, 2014. Residential loan prepayments for the quarter and nine months ended September 30, 2014 totaled $317.5 million and $832.6 million, respectively, down significantly from $598.4 million and $1.9 billion for the comparable 2013 periods. At September 30, 2014, the residential mortgage pipeline totaled approximately $171 million.
Deposits totaled $9.6 billion at September 30, 2014, a decrease of $46.6 million and $242.5 million from June 30, 2014 and December 31, 2013, respectively. These decreases were primarily due to decreases in higher cost certificates of deposit, partially offset by net increases in lower cost core deposits. Core deposits totaled $6.8 billion, or 70% of total deposits, and had a weighted average rate of 11 basis points at September 30, 2014.
Stockholders' equity totaled $1.6 billion, or 10.31% of total assets, at September 30, 2014, an increase of $74.5 million from December 31, 2013, primarily the result of undistributed net income. Astoria Bank's capital levels continue to be above the minimum levels required to be designated as "well-capitalized" for bank regulatory purposes, with Tier 1 leverage, Tangible, Total risk-based and Tier 1 risk-based capital ratios of 10.56%, 10.56%, 19.20% and 17.94%, respectively, at September 30, 2014. At September 30, 2014, Astoria Financial Corporation's tangible common equity ratio was 8.37%.
Asset Quality
NPLs, including troubled debt restructurings ("TDRs") of $71.9 million, totaled $115.1 million, or 0.97% of total loans, at September 30, 2014, compared to $332.0 million, including TDRs of $109.8 million, or 2.67% of total loans, at December 31, 2013. Included in the $115.1 million of NPLs at September 30, 2014 are $70.3 million of loans which are current or less than 90 days past due compared to $81.5 million at December 31, 2013. The significant decline in the NPLs at September 30, 2014 compared to December 31, 2013 is due in large part to the NPL sale.
The following table illustrates a two-year migration trend for loan delinquencies and NPLs:
(in millions) | Delinquent
Loans 30-89 Days Past Due | NPLs
Less Than 90
Days Past
Due(1) | NPLs
90 Days or
More Past Due | Total NPLs | Total
Delinquent
Loans and
NPLs |
At September 30, 2012 | $186.3 | $15.9 | $306.3 | $322.2 | $508.5 |
At September 30, 2013 | $127.1 | $87.9 | $263.4 | $351.3 | $478.4 |
At September 30, 2014 | $95.6 | $70.3 | $44.8 | $115.1 | $210.7 |
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(1) Includes loans which were current totaling $58.8 million at September 30, 2014, $76.9 million at September 30, 2013 and $14.0 million at September 30, 2012. |
Selected Asset Quality Metrics
(at September 30, 2014 except as noted)
($ in millions) | Residential | Multi- Family | CRE | Consumer & Other | Total |
Loan portfolio balance | $ 7,082.2 | $ 3,659.2 | $ 880.3 | $ 245.0 (1) | $11,915.9(2) |
Non-performing loans(3) | $ 92.8 | $ 10.0 | $ 5.9 | $ 6.3 | $ 115.1(4) |
NPLs/total loans | 0.78% | 0.08% | 0.05% | 0.05% | 0.97%(4) |
Net charge-offs
(recoveries) 3Q14 | $ (0.4) | $ 2.0 | $ 0.1 | $ 0.3 | $ 2.0 |
Net charge-offs YTD | $ 10.8(5) | $ 2.9 | $ 3.1 | $ 1.5 | $ 18.2(4) |
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(1) Includes $181.9 million of home equity loans. |
(2) Includes $49.2 million of net unamortized premiums and deferred loan costs. |
(3) Includes $61.0 million of residential loans, $3.4 million of multi-family loans and $5.9 million of CRE loans, in each case, which were current or less than 90 days past due. |
(4) Does not foot due to rounding. |
(5) Includes $8.7 million of charge-offs related to the designation of NPLs as held-for-sale. |
Future Outlook
Commenting on the Company's future outlook, Mr. Redman stated, "The combination of increased brand awareness advertising and our diligent focus on expanding our business banking operations continues to provide us with positive results. Business banking deposits have grown $265.4 million year-to-date and we remain well on our way to our stated goal of having core deposits, which currently represent 70% of total deposits, reach 80% of total deposits by year-end 2015. In a very competitive environment for MF/CRE lending, we continue to grow this portfolio and it now represents 38% of our total loan portfolio. We are pleased that the MF/CRE pipeline grew by more than $156 million during the third quarter and we remain on track toward our stated goal of having this portfolio represent 45-50% of total loans by year-end 2015.
The addition of Hugh Donlon as Senior Executive Vice President and Chief Lending Officer will strengthen the coordination between our three lending areas and should provide us with additional momentum towards our stated goals as we move forward. All in all, the results that we have reported today make us even more confident that we have chosen the right path towards becoming a more fully diversified, full-service community bank."
Earnings Conference Call October 16, 2014 at 10:00 a.m. (ET)
The Company, as previously announced, indicated that Monte N. Redman, President & CEO will host an earnings conference call Thursday morning, October 16, 2014 at 10:00 a.m. (ET). The toll-free dial-in number is (877) 709-8150. A telephone replay will be available on October 16, 2014 from 1:00 p.m. (ET) through midnight Saturday, October 25, 2014 (ET). The replay number is (877) 660-6853, ID# 13591493. The conference call will also be simultaneously webcast on the Company's website www.astoriabank.com and archived for one year.
About Astoria Financial Corporation
Astoria Financial Corporation, with assets of $15.5 billion, is the holding company for Astoria Bank. Established in 1888, Astoria Bank, with deposits in New York totaling $9.6 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 86 convenient banking branch locations, one business banking office, and multiple delivery channels, including its enhanced website, www.astoriabank.com. 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 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 and 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.
Forward Looking Statements
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 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 real estate values may adversely affect our business; changes in accounting principles, policies or guidelines may cause our financial condition to be perceived differently; general economic conditions, either nationally or locally in some or all 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, including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and any actions regarding foreclosures, may adversely affect our business; enhanced 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; 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 other 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 have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
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(In Thousands, Except Share Data) |
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| At |
| At |
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| September 30, |
| December 31, |
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| 2014 |
| 2013 |
ASSETS |
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Cash and due from banks | $ | 148,427 | $ | 121,950 |
Securities available-for-sale |
| 366,026 |
| 401,690 |
Securities held-to-maturity |
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| (fair value of $2,035,378 and $1,811,122, respectively) |
| 2,053,337 |
| 1,849,526 |
Federal Home Loan Bank of New York stock, at cost |
| 133,398 |
| 152,207 |
Loans held-for-sale, net |
| 7,629 |
| 7,375 |
Loans receivable: |
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| Mortgage loans, net |
| 11,670,630 |
| 12,201,920 |
| Consumer and other loans, net |
| 245,305 |
| 240,146 |
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| 11,915,935 |
| 12,442,066 |
| Allowance for loan losses |
| (113,600) |
| (139,000) |
Total loans receivable, net |
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| 11,802,335 |
| 12,303,066 |
Mortgage servicing rights, net |
| 11,905 |
| 12,800 |
Accrued interest receivable |
| 37,636 |
| 37,926 |
Premises and equipment, net |
| 110,586 |
| 112,530 |
Goodwill |
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| 185,151 |
| 185,151 |
Bank owned life insurance |
| 428,570 |
| 423,375 |
Real estate owned, net |
| 42,458 |
| 42,636 |
Other assets |
| 132,823 |
| 143,490 |
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TOTAL ASSETS | $ | 15,460,281 | $ | 15,793,722 |
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LIABILITIES |
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Deposits |
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| $ | 9,612,761 | $ | 9,855,310 |
Federal funds purchased |
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| 338,000 |
| 335,000 |
Reverse repurchase agreements |
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| 1,100,000 |
| 1,100,000 |
Federal Home Loan Bank of New York advances |
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| 2,225,000 |
| 2,454,000 |
Other borrowings, net |
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| 248,559 |
| 248,161 |
Mortgage escrow funds |
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| 138,343 |
| 109,458 |
Accrued expenses and other liabilities |
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| 203,612 |
| 172,280 |
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TOTAL LIABILITIES |
| 13,866,275 |
| 14,274,209 |
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STOCKHOLDERS' EQUITY |
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Preferred stock, $1.00 par value; 5,000,000 shares authorized: |
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| Series C (150,000 shares authorized; and 135,000 shares issued |
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| and outstanding) |
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| 129,796 |
| 129,796 |
Common stock, $0.01 par value (200,000,000 shares authorized; |
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| 166,494,888 shares issued; and 99,707,552 and 98,841,960 shares |
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| outstanding, respectively) |
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| 1,665 |
| 1,665 |
Additional paid-in capital |
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| 895,684 |
| 894,297 |
Retained earnings |
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| 1,977,529 |
| 1,930,026 |
Treasury stock (66,787,336 and 67,652,928 shares, at cost, respectively) |
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| (1,380,134) |
| (1,398,021) |
Accumulated other comprehensive loss |
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| (30,534) |
| (38,250) |
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TOTAL STOCKHOLDERS' EQUITY |
| 1,594,006 |
| 1,519,513 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,460,281 | $ | 15,793,722 |
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ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF INCOME |
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(In Thousands, Except Share Data) |
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| For the Three Months Ended |
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| For the Nine Months Ended |
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| September 30, |
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| September 30, |
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| 2014 |
| 2013 |
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| 2014 |
| 2013 |
Interest income: |
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| Residential mortgage loans | $ | 58,268 | $ | 69,158 |
| $ | 185,516 | $ | 222,994 |
| Multi-family and commercial real estate mortgage loans |
| 45,693 |
| 41,450 |
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| 132,430 |
| 120,463 |
| Consumer and other loans |
| 2,157 |
| 2,175 |
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| 6,328 |
| 6,611 |
| Mortgage-backed and other securities |
| 14,528 |
| 13,247 |
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| 42,321 |
| 36,003 |
| Interest-earning cash accounts |
| 83 |
| 67 |
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| 232 |
| 192 |
| Federal Home Loan Bank of New York stock |
| 1,486 |
| 1,498 |
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| 4,777 |
| 5,147 |
Total interest income |
| 122,215 |
| 127,595 |
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| 371,604 |
| 391,410 |
Interest expense: |
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| Deposits |
| 12,804 |
| 15,156 |
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| 38,856 |
| 48,166 |
| Borrowings |
| 24,791 |
| 26,235 |
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| 74,384 |
| 88,107 |
Total interest expense |
| 37,595 |
| 41,391 |
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| 113,240 |
| 136,273 |
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Net interest income |
| 84,620 |
| 86,204 |
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| 258,364 |
| 255,137 |
Provision for loan losses (credited) charged to operations |
| (3,042) |
| 2,541 |
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| (7,153) |
| 16,193 |
Net interest income after provision for loan losses |
| 87,662 |
| 83,663 |
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| 265,517 |
| 238,944 |
Non-interest income: |
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| Customer service fees |
| 9,183 |
| 9,550 |
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| 27,233 |
| 27,718 |
| Other loan fees |
| 591 |
| 598 |
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| 1,846 |
| 1,588 |
| Gain on sales of securities |
| 141 |
| - |
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| 141 |
| 2,057 |
| Mortgage banking income, net |
| 1,252 |
| 1,888 |
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| 2,662 |
| 10,060 |
| Income from bank owned life insurance |
| 2,150 |
| 1,972 |
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| 6,278 |
| 6,211 |
| Other |
| 436 |
| 1,301 |
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| 3,107 |
| 4,535 |
Total non-interest income |
| 13,753 |
| 15,309 |
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| 41,267 |
| 52,169 |
Non-interest expense: |
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| General and administrative: |
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| Compensation and benefits |
| 34,191 |
| 33,879 |
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| 101,994 |
| 99,262 |
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| Occupancy, equipment and systems |
| 18,048 |
| 17,022 |
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| 54,015 |
| 53,669 |
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| Federal deposit insurance premium |
| 6,558 |
| 9,166 |
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| 22,404 |
| 28,359 |
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| Advertising |
| 5,023 |
| 2,074 |
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| 9,173 |
| 6,225 |
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| Extinguishment of debt |
| - |
| - |
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| - |
| 4,266 |
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| Other |
| 8,531 |
| 10,393 |
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| 26,581 |
| 26,701 |
Total non-interest expense |
| 72,351 |
| 72,534 |
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| 214,167 |
| 218,482 |
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Income before income tax expense |
| 29,064 |
| 26,438 |
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| 92,617 |
| 72,631 |
Income tax expense |
| 10,256 |
| 9,514 |
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| 19,960 |
| 26,190 |
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Net income |
| 18,808 |
| 16,924 |
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| 72,657 |
| 46,441 |
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Preferred stock dividends |
| 2,194 |
| 2,194 |
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| 6,582 |
| 5,021 |
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Net income available to common shareholders | $ | 16,614 | $ | 14,730 |
| $ | 66,075 | $ | 41,420 |
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Basic earnings per common share | $ | 0.17 | $ | 0.15 |
| $ | 0.66 | $ | 0.42 |
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Diluted earnings per common share | $ | 0.17 | $ | 0.15 |
| $ | 0.66 | $ | 0.42 |
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Basic weighted average common shares outstanding | 98,453,265 | 97,199,329 |
| 98,279,671 | 96,967,052 |
Diluted weighted average common shares outstanding | 98,453,265 | 97,199,329 |
| 98,279,671 | 96,967,052 |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
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AVERAGE BALANCE SHEETS |
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|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended September 30, |
|
|
|
|
|
|
|
| 2014 |
|
|
|
|
|
| 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
| Average |
|
|
|
|
|
| Average |
|
|
|
|
|
|
| Average |
|
|
| Yield/ |
|
| Average |
|
|
| Yield/ |
|
|
|
|
|
|
| Balance |
| Interest |
| Cost |
|
| Balance |
| Interest |
| Cost |
|
|
|
|
|
|
|
|
|
|
| (Annualized) |
|
|
|
|
|
| (Annualized) |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential | $ | 7,308,943 | $ | 58,268 |
| 3.19 | % | $ | 8,499,231 | $ | 69,158 |
| 3.25 | % |
|
|
|
| Multi-family and commercial real estate |
| 4,493,537 |
| 45,693 |
| 4.07 |
|
| 3,829,065 |
| 41,450 |
| 4.33 |
|
|
|
| Consumer and other loans (1) |
| 241,107 |
| 2,157 |
| 3.58 |
|
| 248,529 |
| 2,175 |
| 3.50 |
|
|
|
| Total loans |
| 12,043,587 |
| 106,118 |
| 3.52 |
|
| 12,576,825 |
| 112,783 |
| 3.59 |
|
|
|
| Mortgage-backed and other securities (2) |
| 2,380,251 |
| 14,528 |
| 2.44 |
|
| 2,320,896 |
| 13,247 |
| 2.28 |
|
|
|
| Interest-earning cash accounts |
| 109,766 |
| 83 |
| 0.30 |
|
| 87,258 |
| 67 |
| 0.31 |
|
|
|
| Federal Home Loan Bank stock |
| 141,265 |
| 1,486 |
| 4.21 |
|
| 150,504 |
| 1,498 |
| 3.98 |
|
|
| Total interest-earning assets |
| 14,674,869 |
| 122,215 |
| 3.33 |
|
| 15,135,483 |
| 127,595 |
| 3.37 |
|
|
| Goodwill |
| 185,151 |
|
|
|
|
|
| 185,151 |
|
|
|
|
|
|
| Other non-interest-earning assets |
| 707,949 |
|
|
|
|
|
| 738,821 |
|
|
|
|
|
| Total assets | $ | 15,567,969 |
|
|
|
|
| $ | 16,059,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings | $ | 2,327,037 |
| 293 |
| 0.05 |
| $ | 2,619,798 |
| 330 |
| 0.05 |
|
|
|
| Money market |
| 2,268,405 |
| 1,475 |
| 0.26 |
|
| 1,864,235 |
| 1,179 |
| 0.25 |
|
|
|
| NOW and demand deposit |
| 2,145,803 |
| 182 |
| 0.03 |
|
| 2,103,436 |
| 172 |
| 0.03 |
|
|
|
| Total core deposits |
| 6,741,245 |
| 1,950 |
| 0.12 |
|
| 6,587,469 |
| 1,681 |
| 0.10 |
|
|
|
| Certificates of deposit |
| 2,892,094 |
| 10,854 |
| 1.50 |
|
| 3,513,212 |
| 13,475 |
| 1.53 |
|
|
|
| Total deposits |
| 9,633,339 |
| 12,804 |
| 0.53 |
|
| 10,100,681 |
| 15,156 |
| 0.60 |
|
|
|
| Borrowings |
| 4,012,018 |
| 24,791 |
| 2.47 |
|
| 4,100,528 |
| 26,235 |
| 2.56 |
|
|
| Total interest-bearing liabilities |
| 13,645,357 |
| 37,595 |
| 1.10 |
|
| 14,201,209 |
| 41,391 |
| 1.17 |
|
|
| Non-interest-bearing liabilities |
| 337,887 |
|
|
|
|
|
| 409,510 |
|
|
|
|
|
| Total liabilities |
| 13,983,244 |
|
|
|
|
|
| 14,610,719 |
|
|
|
|
|
| Stockholders' equity | 1,584,725 |
|
|
|
|
|
| 1,448,736 |
|
|
|
|
|
| Total liabilities and stockholders' equity | $ | 15,567,969 |
|
|
|
|
| $ | 16,059,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| net interest rate spread (3) |
|
| $ | 84,620 |
| 2.23 | % |
|
| $ | 86,204 |
| 2.20 | % |
| Net interest-earning assets/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| net interest margin (4) | $ | 1,029,512 |
|
|
| 2.31 | % | $ | 934,274 |
|
|
| 2.28 | % |
| Ratio of interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| interest-bearing liabilities |
| 1.08x |
|
|
|
|
|
| 1.07x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
|
|
|
|
|
| 2014 |
|
|
|
|
|
| 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
| Average |
|
|
|
|
|
| Average |
|
|
|
|
|
|
| Average |
|
|
| Yield/ |
|
| Average |
|
|
| Yield/ |
|
|
|
|
|
|
| Balance |
| Interest |
| Cost |
|
| Balance |
| Interest |
| Cost |
|
|
|
|
|
|
|
|
|
|
| (Annualized) |
|
|
|
|
|
| (Annualized) |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential | $ | 7,672,504 | $ | 185,516 |
| 3.22 | % | $ | 9,007,869 | $ | 222,994 |
| 3.30 | % |
|
|
|
| Multi-family and commercial real estate |
| 4,315,675 |
| 132,430 |
| 4.09 |
|
| 3,558,759 |
| 120,463 |
| 4.51 |
|
|
|
| Consumer and other loans (1) |
| 239,419 |
| 6,328 |
| 3.52 |
|
| 256,866 |
| 6,611 |
| 3.43 |
|
|
|
| Total loans |
| 12,227,598 |
| 324,274 |
| 3.54 |
|
| 12,823,494 |
| 350,068 |
| 3.64 |
|
|
|
| Mortgage-backed and other securities (2) |
| 2,323,096 |
| 42,321 |
| 2.43 |
|
| 2,190,480 |
| 36,003 |
| 2.19 |
|
|
|
| Interest-earning cash accounts |
| 103,489 |
| 232 |
| 0.30 |
|
| 93,327 |
| 192 |
| 0.27 |
|
|
|
| Federal Home Loan Bank stock |
| 146,659 |
| 4,777 |
| 4.34 |
|
| 154,942 |
| 5,147 |
| 4.43 |
|
|
| Total interest-earning assets |
| 14,800,842 |
| 371,604 |
| 3.35 |
|
| 15,262,243 |
| 391,410 |
| 3.42 |
|
|
| Goodwill |
| 185,151 |
|
|
|
|
|
| 185,151 |
|
|
|
|
|
|
| Other non-interest-earning assets |
| 679,814 |
|
|
|
|
|
| 767,235 |
|
|
|
|
|
| Total assets | $ | 15,665,807 |
|
|
|
|
| $ | 16,214,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings | $ | 2,402,031 |
| 898 |
| 0.05 |
| $ | 2,705,411 |
| 1,011 |
| 0.05 |
|
|
|
| Money market |
| 2,134,118 |
| 3,895 |
| 0.24 |
|
| 1,786,764 |
| 4,409 |
| 0.33 |
|
|
|
| NOW and demand deposit |
| 2,121,511 |
| 522 |
| 0.03 |
|
| 2,095,285 |
| 518 |
| 0.03 |
|
|
|
| Total core deposits |
| 6,657,660 |
| 5,315 |
| 0.11 |
|
| 6,587,460 |
| 5,938 |
| 0.12 |
|
|
|
| Certificates of deposit |
| 3,019,343 |
| 33,541 |
| 1.48 |
|
| 3,677,032 |
| 42,228 |
| 1.53 |
|
|
|
| Total deposits |
| 9,677,003 |
| 38,856 |
| 0.54 |
|
| 10,264,492 |
| 48,166 |
| 0.63 |
|
|
|
| Borrowings |
| 4,096,522 |
| 74,384 |
| 2.42 |
|
| 4,113,661 |
| 88,107 |
| 2.86 |
|
|
| Total interest-bearing liabilities |
| 13,773,525 |
| 113,240 |
| 1.10 |
|
| 14,378,153 |
| 136,273 |
| 1.26 |
|
|
| Non-interest-bearing liabilities |
| 332,878 |
|
|
|
|
|
| 436,554 |
|
|
|
|
|
| Total liabilities |
| 14,106,403 |
|
|
|
|
|
| 14,814,707 |
|
|
|
|
|
| Stockholders' equity |
| 1,559,404 |
|
|
|
|
|
| 1,399,922 |
|
|
|
|
|
| Total liabilities and stockholders' equity | $ | 15,665,807 |
|
|
|
|
| $ | 16,214,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| net interest rate spread (3) |
|
| $ | 258,364 |
| 2.25 | % |
|
| $ | 255,137 |
| 2.16 | % |
| Net interest-earning assets/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| net interest margin (4) | $ | 1,027,317 |
|
|
| 2.33 | % | $ | 884,090 |
|
|
| 2.23 | % |
| Ratio of interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| interest-bearing liabilities |
| 1.07x |
|
|
|
|
|
| 1.06x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
|
|
| 2014 |
| 2013 |
|
| 2014 |
| 2013 |
Selected Returns and Financial Ratios (annualized) |
|
|
|
|
|
|
|
|
|
| Return on average common stockholders' equity (1) |
| 4.57 | % |
| 4.47 | % |
|
| 6.16 | % |
| 4.22 | % |
| Return on average tangible common stockholders' equity (1) (2) |
| 5.23 |
|
| 5.20 |
|
|
| 7.08 |
|
| 4.91 |
|
| Return on average assets (1) |
|
| 0.48 |
|
| 0.42 |
|
|
| 0.62 |
|
| 0.38 |
|
| General and administrative expense to average assets |
|
| 1.86 |
|
| 1.81 |
|
|
| 1.82 |
|
| 1.80 |
|
| Efficiency ratio (3) |
|
| 73.55 |
|
| 71.45 |
|
|
| 71.48 |
|
| 71.10 |
|
| Net interest rate spread |
|
| 2.23 |
|
| 2.20 |
|
|
| 2.25 |
|
| 2.16 |
|
| Net interest margin |
|
| 2.31 |
|
| 2.28 |
|
|
| 2.33 |
|
| 2.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Non-GAAP Returns and Financial Ratios (annualized) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP return on average common stockholders' equity (1) |
|
| 4.57 | % |
| 4.47 | % |
|
| 5.09 | % |
| 4.22 | % |
| Non-GAAP return on average tangible common stockholders' equity (1) (2) |
|
| 5.23 |
|
| 5.20 |
|
|
| 5.85 |
|
| 4.91 |
|
| Non-GAAP return on average assets (1) |
|
| 0.48 |
|
| 0.42 |
|
|
| 0.52 |
|
| 0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
| $ | 58,794 |
| $ | 76,851 |
|
|
| 30-59 days delinquent |
|
|
|
|
|
|
|
|
| 9,201 |
|
| 7,900 |
|
|
| 60-89 days delinquent |
|
|
|
|
|
|
|
|
| 2,239 |
|
| 3,147 |
|
|
| 90 days or more delinquent |
|
|
|
|
|
|
|
|
| 44,833 |
|
| 263,355 |
|
| Non-performing loans |
|
|
|
|
|
|
|
|
| 115,067 |
|
| 351,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real estate owned |
|
|
|
|
|
|
|
|
| 42,458 |
|
| 34,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing assets |
|
|
|
|
|
|
|
| $ | 157,525 |
| $ | 386,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loan charge-offs |
| $ | 1,958 |
| $ | 3,441 |
|
| $ | 18,247 |
| $ | 18,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans/total loans |
|
|
|
|
|
|
|
|
| 0.97 | % |
| 2.80 | % |
| Non-performing loans/total assets |
|
|
|
|
|
|
|
|
| 0.74 |
|
| 2.19 |
|
| Non-performing assets/total assets |
|
|
|
|
|
|
|
|
| 1.02 |
|
| 2.41 |
|
| Allowance for loan losses/non-performing loans |
|
|
|
|
|
|
|
|
| 98.73 |
|
| 40.71 |
|
| Allowance for loan losses/total loans |
|
|
|
|
|
|
|
|
| 0.95 |
|
| 1.14 |
|
| Net loan charge-offs to average loans outstanding (annualized) |
|
| 0.07 | % |
| 0.11 | % |
|
| 0.20 |
|
| 0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (Astoria Bank) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible |
|
|
|
|
|
|
|
|
| 10.56 | % |
| 9.61 | % |
| Tier 1 leverage |
|
|
|
|
|
|
|
|
| 10.56 |
|
| 9.61 |
|
| Total risk-based |
|
|
|
|
|
|
|
|
| 19.20 |
|
| 16.87 |
|
| Tier 1 risk-based |
|
|
|
|
|
|
|
|
| 17.94 |
|
| 15.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends paid per common share |
| $ | 0.04 |
| $ | 0.04 |
|
| $ | 0.12 |
| $ | 0.12 |
|
| Book value per common share (5) |
|
|
|
|
|
|
|
|
| 14.69 |
|
| 13.46 |
|
| Tangible book value per common share (6) |
|
|
|
|
|
|
|
|
| 12.83 |
|
| 11.59 |
|
| Tangible common stockholders' equity/tangible assets (2) (7) |
|
|
|
|
|
|
|
|
| 8.37 | % |
| 7.22 | % |
| Mortgage loans serviced for others (in thousands) |
|
|
|
|
|
|
|
| $ | 1,461,997 |
| $ | 1,520,389 |
|
| Full time equivalent employees |
|
|
|
|
|
|
|
| 1,570 |
|
| 1,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
| (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) | 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, 2014. |
| (5) | Book value per common share represents common stockholders' equity divided by outstanding common shares, excluding unallocated Employee Stock Ownership Plan, or ESOP, shares at September 30, 2013. |
| (6) | Tangible book value per common share represents tangible common stockholders' equity divided by outstanding common shares, excluding unallocated ESOP shares at September 30, 2013. |
| (7) | Tangible assets represent assets less goodwill. |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
|
|
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|
END OF PERIOD BALANCES AND RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At September 30, 2014 |
|
| At June 30, 2014 |
|
| At September 30, 2013 |
|
|
|
|
| Weighted |
|
|
| Weighted |
|
|
| Weighted |
|
|
|
| Average |
|
|
| Average |
|
|
| Average |
|
| Balance |
| Rate (1) |
| Balance |
| Rate (1) |
| Balance |
| Rate (1) |
Selected interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, gross (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential | $ | 7,050,355 |
| 3.38 | % | $ | 7,302,951 |
| 3.41 | % | $ | 8,053,827 |
| 3.54 | % |
Multi-family and commercial real estate |
| 4,523,597 |
| 3.86 |
|
| 4,424,804 |
| 3.90 |
|
| 3,914,505 |
| 4.09 |
|
Mortgage-backed and other securities (3) |
| 2,419,363 |
| 2.83 |
|
| 2,353,369 |
| 2.84 |
|
| 2,331,211 |
| 2.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
| 2,286,347 |
| 0.05 |
|
| 2,371,896 |
| 0.05 |
|
| 2,562,927 |
| 0.05 |
|
Money market |
| 2,331,869 |
| 0.24 |
|
| 2,172,452 |
| 0.23 |
|
| 1,913,607 |
| 0.25 |
|
NOW and demand deposit |
| 2,146,405 |
| 0.03 |
|
| 2,151,980 |
| 0.03 |
|
| 2,133,062 |
| 0.03 |
|
Total core deposits |
| 6,764,621 |
| 0.11 |
|
| 6,696,328 |
| 0.10 |
|
| 6,609,596 |
| 0.10 |
|
Certificates of deposit |
| 2,848,140 |
| 1.50 |
|
| 2,963,043 |
| 1.50 |
|
| 3,450,778 |
| 1.52 |
|
Total deposits |
| 9,612,761 |
| 0.52 |
|
| 9,659,371 |
| 0.53 |
|
| 10,060,374 |
| 0.59 |
|
Borrowings, net |
| 3,911,559 |
| 2.45 |
|
| 4,200,426 |
| 2.34 |
|
| 4,109,028 |
| 2.46 |
|
|
|
|
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|
(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. |
|
|
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|
|
|
|
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|
|
(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 US generally accepted accounting principles (GAAP or GAAP measures) excluding the adjustment detailed in the following table (non-GAAP measures) provides a meaningful comparison for effectively evaluating Astoria's operating results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Nine Months Ended |
|
| September 30, 2014 |
|
|
| GAAP |
| Adjustment (1) |
| Non-GAAP |
|
|
|
|
|
|
|
|
Income before income tax expense | $ | 92,617 | $ | - | $ | 92,617 |
Income tax expense |
| 19,960 |
| 11,487 |
| 31,447 |
|
|
|
|
|
|
|
|
Net income |
| 72,657 |
| (11,487) |
| 61,170 |
|
|
|
|
|
|
|
|
Preferred stock dividends |
| 6,582 |
| - |
| 6,582 |
|
|
|
|
|
|
|
|
Net income available to common shareholders | $ | 66,075 | $ | (11,487) | $ | 54,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share | $ | 0.66 | $ | (0.11) | $ | 0.55 |
|
|
|
|
|
|
|
|
Diluted earnings per common share | $ | 0.66 | $ | (0.11) | $ | 0.55 |
|
|
|
|
|
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|
|
|
|
|
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|
|
|
Non-GAAP returns and earnings per common share are calculated substituting non-GAAP net income and non-GAAP net income available to common shareholders for net income and net income available to common shareholders in the corresponding calculation. |
|
|
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|
(1) | The adjustment represents the effects of the New York State income tax legislation signed into law on March 31, 2014, which, in accordance with GAAP, was reflected in our net deferred tax asset in the statement of financial condition with a corresponding adjustment to income tax expense in the period of enactment. |
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|
CONTACT: Theodore S. Ayvas, Vice President, Investor Relations, 516-327-7877, ir@astoriabank.com
