Exhibit 99.1
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
LONG ISLAND’S PREMIER COMMUNITY BANK
www.astoriafederal.com
| INVESTOR PRESENTATION |
| FIRST QUARTER ENDED |
| MARCH 31, 2006 |
[LOGO OF ASTORIA FINANCIAL CORPORATION]
This presentation may contain forward-looking statements that 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 it believes 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 securities markets or the banking industry may be less favorable than we currently anticipate; legislation or regulatory changes may adversely affect our business; 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 delay occurrence or non-occurrence of events longer than we anticipate. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.
2
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Corporate Profile | NYSE: AF |
• | $22.2 billion in assets | |
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• | $13.0 billion in deposits | |
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| |
• | 8.3% deposit market share in Long Island market | |
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| – | Largest thrift depository |
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• | Insider & ESOP stock ownership: 21% | |
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| |
• | $3.1 billion market cap | |
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| |
• | 12+ years as a public company – enhancing shareholder value |
All figures in this presentation are as of March 31, 2006 and all market data is as of April 24, 2006, except as noted.
3
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Dividend Growth |
CAGR = 27% |
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[CHART APPEARS HERE] |
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* 1Q06 annualized |
4
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Cumulative Cash Returned to Shareholders |
Over $2.0 billion returned to shareholders in the past 9+ years |
(In Millions) |
|
[CHART APPEARS HERE] |
Shares Repurchased: |
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| 6.7M |
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| 1.0M |
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| 12.8M |
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| 7.8M |
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| 15.5M |
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| 10.9M |
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| 10.6M |
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| 9.1M |
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| 6.6M |
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| 2.5M |
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Average Price: |
| $ | 12.85 |
| $ | 16.31 |
| $ | 12.48 |
| $ | 10.81 |
| $ | 18.70 |
| $ | 19.32 |
| $ | 18.42 |
| $ | 24.82 |
| $ | 27.49 |
| $ | 29.27 |
|
5
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Stock Performance - Comparative Ten Year Total Return |
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[CHART APPEARS HERE] |
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Comparative returns from March 31, 1996 – March 31, 2006 |
6
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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A Simple Formula for Enhancing Shareholder Value |
MORTGAGE LENDING | RETAIL BANKING | ||
• | Portfolio lender, not a mtge. banker | • | Premier community bank on Long Island |
• | 1-4 Family, Multi-Family and Commercial R.E. expertise | • | Dominant deposit market share |
• | Superior asset quality | • | #1 thrift depository in core market |
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EFFICIENCY | |||
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SOLID RETURNS |
7
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Focus on Core Business |
(In Billions) |
Assets | Liabilities |
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[CHART APPEARS HERE] | [CHART APPEARS HERE] |
8
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Improving Balance Sheet Quality |
At December 31, 1999 | At March 31, 2006 |
Assets | Assets |
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[CHART APPEARS HERE] | [CHART APPEARS HERE] |
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Liabilities & Shareholders’ Equity | Liabilities & Shareholders’ Equity |
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[CHART APPEARS HERE] | [CHART APPEARS HERE] |
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Total Assets: $22,696,536 | Total Assets: 22,237,930 |
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9
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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1Q06 Financial Highlights |
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| 1Q06* |
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• |
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| Diluted earnings per share |
| $ | 0.53 |
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• |
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| Return on average assets |
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| 0.95 | % |
• |
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| Return on average equity |
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| 15.86 | % |
• |
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| Return on average tangible equity(1) |
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| 18.44 | % |
• | 10th stock repurchase program completed, 11th program commenced, 1Q06 | |
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| • | Shares repurchased – 2.5 million shares during 1Q06 |
| • | 7.8 million common shares remain available for repurchase |
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• | Annualized dividend yield – 3.22% | |
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• | AF credit rating upgraded by Standard & Poor’s to BBB, April 2006 |
* | The information presented for 2006 represents pro forma calculations which are not in conformity with U.S. generally accepted accounting principles, or GAAP. The 2006 information excludes the $3.6 million, after tax, ($5.5 million, before tax) charge for the termination of our interest rate swap agreements recorded in the 2006 first quarter. See page 42 for a reconciliation of GAAP net income to non-GAAP earnings for the three months ended March 31, 2006. |
10
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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1-4 Family Mortgage Lending |
• | Primarily short-term, 3/1 & 5/1 hybrid ARMs for portfolio | |
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| – | Minimizes interest rate risk |
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• | Multiple delivery channels provide flexibility & efficiency | |
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| – | Retail* |
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| – | Commissioned brokers covering 24 states* |
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| – | Third party originators – correspondents covering 44 states* |
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• | Secondary marketing capability | |
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| – | Sale of 15 year and 30 year fixed rate loans reduces interest rate risk |
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• | Geographically diversified portfolio | |
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| – | Reduces lending concentrations |
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* All loans underwritten to Astoria’s stringent standards. Broker and correspondent networks also include D.C. |
11
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Geographic Composition of 1-4 Family Loan Portfolio |
At March 31, 2006 |
[CHART APPEARS HERE]
Total 1-4 Family Loan Portfolio
$9.8 Billion
12
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
|
1-4 Family Mortgage Loan Originations |
(In Billions) |
By Product Type
[CHART APPEARS HERE]
Net portfolio growth: |
| $ | +254.7 | M | $ | (895.7 | )M | $ | (238.3 | )M | $ | +83.7 | M | $ | +703.2 | M |
| +88.6 |
|
Weighted Avg. Portfolio |
|
| 7.01 | % |
| 6.33 | % |
| 5.26 | % |
| 5.05 | % |
| 5.19 | % |
| 5.25 | % |
13
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Multifamily/Commercial Real Estate Lending |
• | Solid and growing Multifamily/CRE portfolio | ||
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| • | $4.0 billion in portfolio | |
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| — | Weighted Average Coupon at March 31, 2006: 5.81% |
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| • | Conservative underwriting – Average LTV < 65% | |
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| • | Average loan in portfolio < $1 million | |
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| • | Approximately 85% of multifamily portfolio is subject to rent control or rent stabilization | |
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| • | 11% annualized growth in 1Q06 |
Note: LTV is based on current principal balances and original appraised values.
14
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Multifamily/CRE Portfolio Growth |
(In Billions) |
[CHART APPEARS HERE]
% of total loans |
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| 14 | % |
| 20 | % |
| 25 | % |
| 27 | % |
| 27 | % |
| 28 | % |
Average loan balance outstanding is < $1 million.
15
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Asset Quality Focus |
• | Minimal credit risk | ||
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| • | Conservative underwriting, top quality loans, low LTVs | |
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| — | Net charge-offs of one basis point or less for each of the last 5 years |
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| • | No sub-prime or option ARM lending | |
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| • | 99+% of all loans secured by real estate | |
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• | Strong reserves | ||
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| • | Non-performing assets: 0.23% of total assets | |
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| • | Allowance for loan losses/non-performing loans: 162% | |
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• | Top quality MBS portfolio | ||
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| • | Primarily GSE, agency or ‘AAA’ rated |
16
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Low Credit Risk Loan Portfolio Composition |
At March 31, 2006 |
[CHART APPEARS HERE]
Total Portfolio: $14.6 billion*
Average LTV: 64%
Excludes loans held for sale; LTV based on current principal balance and original appraised value. |
* Includes net unamortized premium and net deferred loan costs. |
17
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Low Credit Risk MBS Portfolio |
At March 31, 2006 |
[CHART APPEARS HERE]
Total MBS Portfolio Classification |
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Available-for-sale |
| $ | 1.6B |
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Held-to-maturity |
| $ | 4.5B |
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Total |
| $ | 6.1B |
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Average Life: |
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| 4.0 years |
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18
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Interest Rate Risk Management |
• | One year gap: -11.6% | ||
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• | Key balance sheet components | ||
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| • | Short-term hybrid adjustable-rate mortgage loan portfolio | |
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| • | Short weighted average life MBS portfolio | |
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| Offset by: | ||
| • | Large core deposit(2) base – provides natural hedge against rising rates | |
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| • | Longer-term CDs | |
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| — | Over the past twelve months, $1.6 billion of non-callable CDs with maturities of 12 months or greater were issued or repriced with a weighted average rate of 4.07% and a weighted average original maturity of 22 months |
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| • | Borrowings – as needed |
19
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Retail Banking |
• | Acquisition vs. de-novo branching | |
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• | Differentiating from competition | |
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| – | Maintain pricing discipline |
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| – | Pro-active sales culture |
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| – | Focus on customer service |
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• | Importance of deposits in interest rate risk management (CDs vs. core) |
20
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Leading Retail Banking Franchise |
$ 13.0 billion in deposits, 86 banking office network | ||
Serving the Long Island market since 1888 | ||
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• | Low cost/stable source of funds – average cost: 2.57%* | |
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| — | Lost cost core deposits total $5.4 billion, at an average cost of 0.84%* |
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| — | Checking accounts total $1.6 billion, or 29% of core deposits |
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• | Banking offices with high average deposits contribute to efficiency | |
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| — | Long Island Offices (83) – Nassau (29), Queens (17), Suffolk (25), Brooklyn (12) – Average Deposits of $151 Million |
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| — | Westchester Offices (3) – Average Deposits of $156 Million |
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• | Alternative delivery channels | |
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| — | ATM’s, telephone and Internet banking |
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* Average cost for the quarter ended March 31, 2006. |
21
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
|
Long Island Powerhouse |
Banking Offices and Deposit Share Ranking on Long Island |
Overall Deposit Share Ranking:
#1- all thrifts, #4- all financial institutions
[GRAPHIC APPEARS HERE]
22
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Well Positioned in Each of Our Key Markets |
Deposits |
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| Nassau |
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($ in millions) |
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Institution |
| Total |
| Share |
| Branches |
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1. Chase/Bank of NY |
| $ | 8,270 |
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| 18 | % |
| 78 |
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2. Capital One/North Fork |
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| 7,154 |
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| 15 |
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| 60 |
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3. Citigroup |
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| 5,971 |
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| 13 |
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| 54 |
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4. Astoria |
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| 4,711 |
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| 10 |
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| 29 |
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5. NY Community |
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| 4,329 |
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| 9 |
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| 40 |
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Total |
| $ | 46,692 |
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| 447 |
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Median household income: $85,608
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| Suffolk |
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($ in millions) |
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Institution |
| Total |
| Share |
| Branches |
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1. Chase/Bank of NY |
| $ | 9,349 |
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| 28 | % |
| 66 |
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2. Capital One/North Fork |
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| 6,310 |
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| 19 |
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| 79 |
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3. Astoria |
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| 2,837 |
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| 9 |
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| 25 |
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4. WaMu |
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| 2,528 |
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| 8 |
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| 35 |
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5. Citigroup |
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| 2,310 |
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| 7 |
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| 28 |
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Total |
| $ | 32,984 |
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| 415 |
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Median household income: $76,730
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| Queens |
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($ in millions) |
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Institution |
| Total |
| Share |
| Branches |
| |||
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1. Chase/Bank of NY |
| $ | 6,096 |
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| 18 | % |
| 60 |
|
2. Capital One/North Fork |
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| 4,982 |
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| 14 |
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| 54 |
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3. Citigroup |
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| 4,426 |
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| 12 |
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| 29 |
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4. NY Community |
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| 3,401 |
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| 9 |
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| 34 |
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5. Astoria |
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| 3,177 |
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| 9 |
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| 17 |
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Total |
| $ | 36,687 |
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| 370 |
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Median household income: $49,781
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| Brooklyn |
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($ in millions) |
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Institution |
| Total |
| Share |
| Branches |
| |||
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1. Chase/Bank of NY |
| $ | 6,186 |
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| 20 | % |
| 41 |
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2. Citigroup |
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| 3,660 |
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| 12 |
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| 25 |
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3. WaMu |
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| 3,527 |
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| 11 |
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| 24 |
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4. HSBC |
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| 3,478 |
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| 11 |
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| 26 |
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5. Independence |
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| 3,410 |
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| 11 |
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| 21 |
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Astoria (#7) |
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| 1,608 |
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| 5 |
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| 12 |
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Total |
| $ | 31,683 |
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| 275 |
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Median household income: $38,080
U.S. Median HHI: $49,747/NY State Median HHI: $51,187
Source: FDIC Summary of Deposits. Includes pending and completed transactions..
* Astorias deposits highlighted above are comprised of retail community deposits. Astoria does not utilize broker or municipal deposits. |
23
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Strong Position in Core Market |
Brooklyn, Queens, Nassau and Suffolk |
The combined population of these four counties (7.6 million) exceeds the population of 38 individual U.S. states
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(Dollars in millions) |
| Deposits |
| June 05/04 |
| Market |
| Branches |
| Average |
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1. Chase/Bank of NY |
| $ | 27,456 |
| $ | (283 | ) |
| 18.6 | % |
| 258 |
| $ | 106 |
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2. Capital One/North Fork |
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| 24,489 |
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| 2,5829 |
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| 16.5 |
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| 207 |
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| 118 |
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3. Citibank |
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| 16,367 |
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| 510 |
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| 11.1 |
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| 136 |
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| 120 |
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4. ASTORIA* |
|
| 12,333 |
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| 692 |
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| 8.3 |
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| 83 |
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| 149 |
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5. Washington Mutual |
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| 10,713 |
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| 540 |
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| 7.2 |
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| 112 |
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| 96 |
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6. NY Community |
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| 10,339 |
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| 1,733 |
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| 7.0 |
|
| 125 |
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| 83 |
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7. HSBC |
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| 9,389 |
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| 374 |
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| 6.3 |
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| 90 |
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| 104 |
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8. Bank of America |
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| 5,473 |
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| (1,545 | ) |
| 3.7 |
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| 110 |
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| 50 |
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9. Independence/Sovereign |
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| 4,702 |
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| 831 |
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| 3.2 |
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| 37 |
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| 127 |
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10. Commerce |
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| 3,114 |
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| 1,187 |
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| 2.1 |
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| 34 |
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| 92 |
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Total – Top 10 |
| $ | 124,375 |
| $ | 6,621 |
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| 84.0 | % |
| 1,192 |
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| 105 |
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Total - Core Market |
| $ | 148,045 |
| $ | 7,454 |
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| 1,507 |
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| 98 |
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* Astorias deposits highlighted above are comprised of retail community deposits. Astoria does not utilize broker or municipal deposits. |
Source: FDIC Summary of Deposits. Data as of June 30, 2005. Includes pending and completed transactions.
24
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Market Share Trend – 1999 - 2005 |
Brooklyn, Queens, Nassau and Suffolk |
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(Dollars in millions) |
| Deposits |
| June 99-05 |
| Market |
| Market Share |
| Change in # of |
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1. Chase/Bank of NY |
| $ | 27,456 |
| $ | 8,526 |
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| 18.6 | % |
| 1.6 | % |
| -22 |
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2. Capital One/North Fork |
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| 24,489 |
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| 7,112 |
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| 16.5 |
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| 0.9 |
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| + 12 |
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3. ASTORIA* |
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| 12,333 |
|
| 3,139 |
|
| 8.3 |
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| 0.0 |
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| - 1 |
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4. Commerce |
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| 3,114 |
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| 3,114 |
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| 2.1 |
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| 2.1 |
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| +34 |
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5. Citibank |
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| 16,367 |
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| 2,526 |
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| 11.1 |
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| (1.3 | ) |
| - 21 |
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6. NY Community |
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| 10,339 |
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| 2,297 |
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| 7.0 |
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| (0.2 | ) |
| + 25 |
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7. Independence/Sovereign |
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| 4,702 |
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| 1,527 |
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| 3.2 |
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| 0.3 |
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| + 8 |
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8. Washington Mutual |
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| 10,713 |
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| 1,523 |
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| 7.2 |
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| (1.1 | ) |
| + 34 |
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9. HSBC |
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| 9,389 |
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| 858 |
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| 6.3 |
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| (1.4 | ) |
| - 10 |
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10. Bank of America |
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| 5,473 |
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| (2,465 | ) |
| 3.7 |
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| (3.4 | ) |
| - 14 |
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Total - Top 10 |
| $ | 124,375 |
| $ | 28,157 |
|
| 84.0 | % |
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| +45 |
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Total - Core Market |
| $ | 148,045 |
| $ | 36,702 |
|
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| + 123 |
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* Astorias deposits highlighted above are comprised of retail community deposits. Astoria does not utilize broker or municipal deposits. |
Source: FDIC Summary of Deposits. Data as of June 30, 2005. Includes pending and completed transactions.
25
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Sales Initiatives – PEAK Process |
Performance based on Enthusiasm, Actions and Knowledge |
• | A “needs” based approach to sales rather than “product” based approach |
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• | Highly interactive program – daily and weekly meetings create a focus that is shared throughout the branch network |
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• | Incentives for strong performance, both individual and team |
26
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Customer Satisfaction Survey |
Key Findings: Favorably Positioned Against Competitors |
• | 71% of Astoria customers are highly satisfied | |
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• | 71% of Astoria customers are highly likely to recommend Astoria to friend/family member | |
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• | Astoria customers are 22% more likely to net increase their deposit relationship than are competitor customers. | |
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• | Satisfaction with the branch is by far the strongest driver of overall satisfaction | |
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| – | 86% of Astoria customers are highly satisfied with quality of branch service |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Deposit Growth - Core |
TOTAL BUSINESS DEPOSITS | TOTAL CHECKING DEPOSITS | LIQUID CDs |
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[CHART APPEARS HERE] | [CHART APPEARS HERE] | [CHART APPEARS HERE] |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Core Retail Community Deposits |
At March 31, 2006 |
|
[CHART APPEARS HERE] |
Total - $13.0 Billion
* Note: | More than 50% of the households that have a retail CD or Liquid CD account also have a low cost, checking, money market or passbook relationship. |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
|
G&A Expense Ratio(3) |
[CHART APPEARS HERE]
* | Most recent data available for All US Thrifts and NY Thrifts is for the year ended December 31, 2005. AF is annualized for the quarter ended March 31, 2006. |
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Source: SNL Financial – Median Ratios |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Goodwill Claim Update |
• | One of the industry’s largest goodwill litigation claims | |
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| – | $785 million of original supervisory goodwill created (LISB = $625 million, Fidelity NY = $160 million) |
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| – | $635 million of supervisory goodwill written off (LISB = $500 million, Fidelity NY = $135 million) |
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• | U.S. Court of Federal Claims awarded AF damages of $436 million on September 15, 2005 in the LISB case | |
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| – | Appeal filed by the government |
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| – | Timing and outcome of appellate decision unpredictable |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Outlook – Remainder of 2006 |
Challenges | |||
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• | Flat yield curve | ||
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| • | Continued margin compression within core business | |
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| • | Continued decline in wholesale spreads | |
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Strategies | |||
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• | Remain focused | ||
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| • | Grow loans and deposits | |
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| – | Maintain credit standards |
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| – | Maintain pricing discipline |
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| • | Reduce non-core business activities through normal cash flow | |
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| – | Further reduce securities $750 million - $1.0 billion |
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| – | Further reduce borrowings $750 million to $1.0 billion |
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| – | Further reduce earning assets $500 million to $750 million |
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• | Maintain superior operating efficiency | ||
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• | Continue buying back AF stock | ||
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Objective: Produce solid returns |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Investment Merits |
• | Strong balance sheet – superior asset quality | |
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• | Attractive banking franchise | |
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| • | Dominant deposit market share in core market |
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• | Superior operating efficiency | |
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• | Well capitalized | |
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• | Proactive Capital Management | |
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| • | Stock repurchase program in place |
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| • | 27% compounded annual growth in dividend* |
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| • | Over $2.0 billion returned to shareholders in the past 9+ years |
* CAGR from 1995, commencement of quarterly dividend, to 1Q06 annualized |
33
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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AF: A Record of Enhancing Shareholder Value |
|
Addendum |
34
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Ownership Profile |
March 31, 2006 |
[CHART APPEARS HERE]
Shares Outstanding: 102,872,427
35
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Acquisition History |
Year |
| Thrift |
| # Branches |
| Assets |
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| (in millions) |
|
1973 |
| Metropolitan Federal |
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| 2 |
| $ | 50 |
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1979 |
| Citizens Savings (FSLIC) |
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| 5 |
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| 130 |
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1982 |
| Hastings-on-Hudson Federal |
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| 3 |
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| 100 |
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1984 |
| Chenango Federal |
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| 1 |
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| 25 |
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1987 |
| Oneonta Federal |
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| 4 |
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| 205 |
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1990 |
| Whitestone Savings (RTC) |
|
| 4 |
|
| 280 |
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1995 |
| Fidelity New York |
|
| 18 |
|
| 1,800 |
|
1997 |
| The Greater NY Savings Bank |
|
| 14 |
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| 2,400 |
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1998 |
| Long Island Bancorp, Inc. |
|
| 35 |
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| 6,600 |
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| Total |
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| 86 |
| $ | 11,590 |
|
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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1-4 Family Delinquency Ratios: AF vs. MBA |
[CHART APPEARS HERE]
Source: MBA National Delinquency Survey. Beginning with 3Q02, MBA statistics for conventional loans excludes sub-prime loans.
37
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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1- 4 Family Mortgage Loan Originations |
(In Billions) |
|
By Delivery Channel |
|
[CHART APPEARS HERE] |
38
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Geographic Composition of 1- 4 Family Loan Originations |
For the quarter ended March 31, 2006 |
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[CHART APPEARS HERE] |
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Total 1-4 Family Originations: $522.0 Million |
Excludes home equity
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Geographic Composition of Multifamily/CRE Loan Originations |
At March 31, 2006 |
|
[CHART APPEARS HERE] |
|
Total Multifamily/CRE |
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[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Interest Rate Risk Management |
|
| CDs Issued |
| Weighted Average |
| Weighted Average |
| |||
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2Q05 |
| $ | 424.4 Million |
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| 3.47 | % |
| 28 months |
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3Q05 |
| $ | 202.0 Million |
|
| 3.79 | % |
| 24 months |
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4Q05 |
| $ | 437.9 Million |
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| 4.11 | % |
| 21 months |
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1Q05 |
| $ | 564.7 Million |
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| 4.58 | % |
| 18 months |
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TOTAL |
| $ | 1.6 Billion |
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| 4.07 | % |
| 22 months |
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* Non-callable CDs issued or repriced during the period with an original maturity of 12 months or greater |
41
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Reconciliation of GAAP Net Income to Non-GAAP Earnings |
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| For the Three Months Ended |
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(In Thousands, Except Per Share Data) |
| GAAP |
| Adjustments |
| Non-GAAP |
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Net interest income after provision for loan losses |
| $ | 111,546 |
| $ | — |
| $ | 111,546 |
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Non-interest income |
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| 18,897 |
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| 5,456 |
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| 24,353 |
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Non-interest expense |
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| 56,309 |
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| — |
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| 56,309 |
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Income before income tax expense |
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| 74,134 |
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| 5,456 |
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| 79,590 |
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Income tax expense |
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| 25,200 |
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| 1,855 |
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| 27,055 |
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Net income |
| $ | 48,934 |
| $ | 3,601 |
| $ | 52,535 |
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Basic earnings per common share |
| $ | 0.50 |
| $ | 0.04 |
| $ | 0.54 |
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Diluted earnings per common share |
| $ | 0.49 |
| $ | 0.04 |
| $ | 0.53 |
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The above adjustments relate to the $5.5 million charge for the termination of our interest rate swap agreements and the related tax effects.
42
[LOGO OF ASTORIA FINANCIAL CORPORATION] |
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Footnotes/Glossary |
(1) | Average tangible equity represents average equity less average goodwill. |
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(2) | Core deposits include savings, money market, checking and Liquid CD accounts. |
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(3) | G&A expense ratio represents general and administrative expense divided by average assets. |
NPA | – | Non-Performing Assets | CAGR | – | Compounded Annual Growth Rate |
MBS | – | Mortgage-Backed Securities | CRE | – | Commercial Real Estate |
LTV | – | Loan-To-Value ratio | GSE | – | Government Sponsored Enterprise |
ESOP | – | Employee Stock Ownership Plan | ARM | – | Adjustable Rate Mortgage |
GAAP | – | Generally Accepted Accounting Principles | EPS | – | Diluted Earnings Per Share |
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
LONG ISLAND’S PREMIER COMMUNITY BANK
www.astoriafederal.com