Exhibit 99.1
Astoria Financial Corporation Announces Second Quarter EPS of $0.49
Quarterly Cash Dividend of $0.24 Per Common Share Declared
LAKE SUCCESS, N.Y., July 20 /PRNewswire-FirstCall/ -- Astoria Financial Corporation (NYSE: AF) (“Astoria”), the holding company for Astoria Federal Savings and Loan Association (“Astoria Federal”), today reported net income of $47.8 million, or $0.49 diluted earnings per share (“EPS”), for the quarter ended June 30, 2006, compared to $57.4 million, or $0.55 EPS, for the 2005 second quarter. For the 2006 second quarter, annualized returns on average equity, average tangible equity and average assets were 14.94%, 17.48% and 0.87%, respectively, compared to 16.66%, 19.24% and 1.00%, respectively, for the comparable 2005 period.
For the six months ended June 30, 2006, net income totaled $96.7 million, or $0.98 EPS, compared to $116.9 million, or $1.12 EPS, for the comparable 2005 period. For the six months ended June 30, 2006, annualized returns on average equity, average tangible equity and average assets were 14.87%, 17.34% and 0.87%, respectively, compared to 17.02%, 19.68% and 1.01%, respectively, for the comparable 2005 period.
| First Half 2006 Balance Sheet Highlights: | ||
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| - | Deposits increased $282 million, or 4% annualized | |
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|
|
|
| -- | Core deposits(1) increased $195 million, or 7% annualized |
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| - | Loan portfolio increased $241 million, or 3% annualized | |
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|
|
| -- | Multifamily/Commercial Real Estate (“CRE”) loan portfolio increased $184 million, or 9% annualized |
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|
|
| - | Securities portfolio decreased $701 million, or 21% annualized | |
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|
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| - | Borrowings decreased $735 million, or 19% annualized | |
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| - | Repurchased 4.7 million shares |
Commenting on the 2006 second quarter results, George L. Engelke, Jr., Chairman, President and Chief Executive Officer of Astoria, noted, “The effect of seventeen interest rate increases by the Federal Reserve over the past two years has resulted in a prolonged flat to inverted yield curve environment which, in addition to putting pressure on our net interest margin and earnings, continues to limit profitable growth opportunities. While we have been somewhat successful in mitigating the negative impact on our margin through reductions of our securities and borrowings, a sustained flat to inverted yield curve will continue to exert downward pressure on our margin and earnings. During this challenging period we will continue our strategy of shrinking the balance sheet by reducing the securities portfolio and borrowings, growing loans and deposits and repurchasing our stock.”
Board Declares Quarterly Cash Dividend of $0.24 Per Share
The Board of Directors of the Company, at their July 19, 2006 meeting, declared a quarterly cash dividend of $0.24 per common share. The dividend is payable on September 1, 2006 to shareholders of record as of August 15, 2006. This is the forty-fifth consecutive quarterly cash dividend declared by the Company.
Eleventh Stock Repurchase Program Continues
During the second quarter, Astoria repurchased 2.2 million shares of its common stock at an average cost of $30.58 per share. During the six month period ended June 30, 2006 Astoria repurchased a total of 4.7 million shares, completing its tenth stock repurchase program and commencing its eleventh stock repurchase program in the first quarter. Under the current stock repurchase program, 5.6 million shares of the 10 million shares authorized remain available for repurchase.
Second Quarter and Six Month Earnings Summary
Net interest income for the quarter ended June 30, 2006 totaled $101.3 million compared to $111.5 million for the 2006 first quarter and $121.3 million for the second quarter a year ago. For the six months ended June 30, 2006, net interest income totaled $212.9 million compared to $246.6 million for the comparable 2005 six month period.
Astoria’s net interest margin for the quarter ended June 30, 2006 declined to 1.92% from 2.10% for the previous quarter and 2.21% for the quarter ended June 30, 2005, primarily due to the cost of interest-bearing liabilities rising more rapidly than the yield on interest-earning assets. The Company’s core interest rate spread (the difference between the yield on loans and the cost of deposits) for the 2006 second quarter declined to 2.63% from 2.84% for the 2006 first quarter and 3.09% for the second quarter a year ago.
Non-interest income for the quarter ended June 30, 2006 increased $3.2 million to $25.7 million from $22.5 million for the 2005 second quarter. The increase is primarily due to an increase in mortgage banking income, net, primarily due to a $1.3 million recovery in the mortgage servicing rights (“MSR”) valuation allowance in the 2006 second quarter compared to a $2.5 million MSR impairment charge in the 2005 second quarter.
For the six months ended June 30, 2006, non-interest income totaled $44.6 million compared to $47.3 million for the comparable 2005 period. The decline was primarily due to a $5.5 million, pre-tax, charge related to the termination of interest rate swap agreements in the 2006 first quarter, partially offset by increases in mortgage banking income, net, of $2.2 million and customer service and other loan fees of $1.3 million.
The components of mortgage banking income (loss), net, which is included in non-interest income, are detailed below:
(Dollars in millions) |
| 2Q06 |
| 2Q05 |
| 1H06 |
| 1H05 |
| ||||
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|
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| |||||||||
Loan servicing fees |
| $ | 1.1 |
| $ | 1.3 |
| $ | 2.3 |
| $ | 2.6 |
|
Amortization of MSR |
|
| (0.9 | ) |
| (1.3 | ) |
| (1.9 | ) |
| (2.7 | ) |
MSR valuation adjustments |
|
| 1.3 |
|
| (2.5 | ) |
| 2.0 |
|
| (0.1 | ) |
Net gain on sale of loans |
|
| 0.6 |
|
| 0.9 |
|
| 1.2 |
|
| 1.6 |
|
Mortgage banking income (loss), net |
| $ | 2.1 |
| $ | (1.6 | ) | $ | 3.6 |
| $ | 1.4 |
|
General and administrative expense (“G&A”) for the quarter ended June 30, 2006 declined $2.4 million to $55.2 million from $57.6 million for the comparable 2005 period due primarily to lower compensation and benefit expenses and lower goodwill litigation expense (included in other G&A expense). On a linked quarter basis, G&A declined $1.1 million, primarily due to reduced pension and incentive compensation accruals.
For the six months ended June 30, 2006, G&A declined $6.6 million to $111.5 million from $118.1 million for the comparable 2005 period. The decrease was primarily due to a $4.3 million decrease in goodwill litigation expense, a $1.9 million decrease in advertising expense, a $1.9 million decrease in compensation and benefits expense, partially offset by a $1.3 million increase in occupancy, equipment and systems expense.
Balance Sheet Summary
Due to the continued flat to inverted yield curve during the second quarter, spread availability continued to narrow. Accordingly, we continued to reduce our balance sheet through the reduction of non-core business activities. Total securities for the quarter ended June 30, 2006 declined $356.5 million, or 23% annualized, to $5.9 billion at June 30, 2006, representing 27% of total assets, of which $1.6 billion, or 8% of total assets, are categorized as available-for-sale. Borrowings declined in the second quarter of 2006 by $391.8 million, or 21% annualized, to $7.2 billion at June 30, 2006, representing 33% of total assets.
For the six months ended June 30, 2006 total securities declined $701.6 million, or 21% annualized, and borrowings declined $734.9 million, or 19% annualized. Total assets declined $376.5 million from March 31, 2006 and $518.8 million from December 31, 2005 and total $21.9 billion at June 30, 2006.
Key balance sheet highlights, reflecting the improvement in the quality of the Company’s balance sheet since December 31, 1999, follow:
(Dollars in millions) |
| 12/31/99 |
| 12/31/01 |
| 12/31/03 |
| 12/31/05 |
| 06/30/06 |
| % Change |
| ||||||
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Assets |
| $ | 22,700 |
| $ | 22,672 |
| $ | 22,462 |
| $ | 22,380 |
| $ | 21,861 |
|
| . 4 | % |
Loans |
| $ | 10,286 |
| $ | 12,167 |
| $ | 12,687 |
| $ | 14,392 |
| $ | 14,633 |
|
| + 42 | % |
Securities |
| $ | 10,763 |
| $ | 8,013 |
| $ | 8,448 |
| $ | 6,572 |
| $ | 5,871 |
|
| . 45 | % |
Deposits |
| $ | 9,555 |
| $ | 10,904 |
| $ | 11,187 |
| $ | 12,810 |
| $ | 13,092 |
|
| + 37 | % |
Borrowings |
| $ | 11,528 |
| $ | 9,826 |
| $ | 9,632 |
| $ | 7,938 |
| $ | 7,203 |
|
| . 38 | % |
The following table illustrates this improvement on an outstanding per share basis:
Amount per share |
| 12/31/99 |
| 12/31/01 |
| 12/31/03 |
| 12/31/05 |
| 06/30/06 |
| % Change |
| CAGR |
| |||||||
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Loans |
| $ | 66.28 |
| $ | 89.36 |
| $ | 107.51 |
| $ | 137.11 |
| $ | 144.80 |
|
| 118 | % |
| 13 | % |
Deposits |
| $ | 61.57 |
| $ | 80.09 |
| $ | 94.80 |
| $ | 122.04 |
| $ | 129.55 |
|
| 110 | % |
| 12 | % |
During the 2006 second quarter, the 1-4 family mortgage loan portfolio decreased slightly and totaled $9.8 billion at June 30, 2006. For the quarter ended June 30, 2006, 1-4 family loan originations and purchases totaled $554.3 million compared to $707.1 million for the 2005 second quarter. Of the 2006 second quarter production, 78% consisted of 3/1 and 5/1 adjustable rate mortgage loans.
For the six months ended June 30, 2006, the 1-4 family mortgage loan portfolio increased $66.1 million. For the six month period ended June 30, 2006, 1-4 family loan originations and purchases totaled $1.1 billion compared to $1.4 billion in the year-ago six month period.
During the 2006 second quarter, the multifamily and CRE loan portfolio increased $72.5 million, or 7% annualized, to $4.1 billion, or 28% of total loans, at June 30, 2006. Multifamily and CRE loan originations totaled $183.7 million for the 2006 second quarter compared to $241.9 million for the comparable 2005 period. The average loan-to-value ratio of the multifamily and CRE loan portfolio continues to be less than 65%, based on current principal balance and original appraised value, and the average loan balance is less than $1 million.
For the six month period ended June 30, 2006, the multifamily and CRE loan portfolio increased $184.4 million, or 9% annualized. Multifamily and CRE loan originations totaled $401.1 million for the 2006 six month period compared to $498.5 million in the year-ago six month period.
At June 30, 2006, non-performing loans totaled $54.3 million, or 0.25% of total assets, compared to $50.0 million, or 0.23% of total assets, at March 31, 2006. Net charge-offs for the quarter and six months ended June 30, 2006 totaled $80,000 and $96,000, respectively, or an annualized rate of less than one basis point of the average total loans outstanding for each period. The ratio of the allowance for loan losses to non-performing loans at June 30, 2006 was 149%.
Deposits for the second quarter increased $103.3 million to $13.1 billion at June 30, 2006, primarily due to an increase in Liquid CD accounts, which increased core deposits $101.2 million to $5.5 billion with an average cost of 1.05%. During the 2006 second quarter, our efforts to extend deposit liabilities resulted in $1.8 billion of non-Liquid CDs issued or repriced at a weighted average rate of 4.83% with a weighted average maturity of 13 months.
For the six months ended June 30, 2006, deposits increased $281.8 million, or 4% annualized, due primarily to an increase in core deposits, primarily Liquid CD accounts. In addition, for the six months ended June 30, 2006, $3.2 billion of non-Liquid CDs were issued or repriced at a weighted average rate of 4.65% with a weighted average maturity of 12 months.
Stockholders’ equity was $1.3 billion, or 5.80% of total assets at June 30, 2006. Astoria Federal continues to maintain capital ratios in excess of regulatory requirements with core, tangible and risk-based capital ratios of 6.53%, 6.53% and 12.22%, respectively, at June 30, 2006.
Future Outlook
Commenting on the outlook for the second half of 2006, Mr. Engelke stated, “The operating environment continues to remain challenging as a result of rising short term interest rates and a continued flat to inverted yield curve which will result in a slightly lower net interest margin for the year than previously forecast. We expect to continue our strategy of shrinking the balance sheet through reductions in the securities portfolio and borrowings through normal cash flow, while we emphasize deposit and loan growth, all of which will continue to improve the quality of both the balance sheet and earnings. As we reduce the size of the balance sheet, we will continue to focus on the repurchase of our stock as a very desirable use of capital. This strategy should better position us to take advantage of more profitable asset growth opportunities when the yield curve steepens.”
Astoria Financial Corporation, the holding company for Astoria Federal Savings and Loan Association, with assets of $21.9 billion is the sixth largest thrift institution in the United States. Established in 1888, Astoria Federal is the largest thrift depository headquartered in New York with deposits of $13.1 billion and embraces its philosophy of Putting people first by providing the customers and local communities it serves with quality financial products and services through 86 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates mortgage loans through its banking offices and loan production offices in New York, an extensive broker network covering twenty-four states, primarily the East Coast, and the District of Columbia, and through correspondent relationships covering forty- four states and the District of Columbia.
Earnings Conference Call July 20, 2006 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host an earnings conference call Thursday afternoon, July 20, 2006 at 3:30 p.m. (ET). The toll-free dial-in number is (800) 967-7140.
A telephone replay will be available on July 20, 2006 from 7:00 p.m. (ET) through Friday, July 28, 2006, 11:59 p.m. (ET). The replay number is (888) 203-1112, passcode: 4153753. The conference call will also be simultaneously webcast on the Company’s website www.astoriafederal.com and archived for one year.
Forward Looking Statements
This document contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar terms and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and analyses made by us in light of our management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond our control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, without limitation, the following: the timing and occurrence or non- occurrence of events may be subject to circumstances beyond our control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins or affect the value of our investments; changes in deposit flows, loan demand or 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 of the areas in which we do business, or conditions in the securities markets or the banking industry may be less favorable than we currently anticipate; legislative or regulatory changes may adversely affect our business; applicable technological changes may be more difficult or expensive than we anticipate; success or consummation of new business initiatives may be more difficult or expensive than we anticipate; or litigation or matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than we anticipate. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.
(1) | Core deposits include savings, money market, checking and Liquid CD accounts. |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
|
| At |
| At |
| ||
|
|
|
| ||||
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
| $ | 139,330 |
| $ | 169,234 |
|
Repurchase agreements |
|
| 148,570 |
|
| 182,803 |
|
Securities available-for-sale |
|
| 1,646,866 |
|
| 1,841,351 |
|
Securities held-to-maturity (fair value of $4,059,226 and $4,627,013, respectively) |
|
| 4,223,867 |
|
| 4,730,953 |
|
Federal Home Loan Bank of New York stock, at cost |
|
| 137,355 |
|
| 145,247 |
|
Loans held-for-sale, net |
|
| 16,549 |
|
| 23,651 |
|
Loans receivable: |
|
|
|
|
|
|
|
Mortgage loans, net |
|
| 14,154,518 |
|
| 13,879,804 |
|
Consumer and other loans, net |
|
| 478,094 |
|
| 512,489 |
|
|
|
| 14,632,612 |
|
| 14,392,293 |
|
Allowance for loan losses |
|
| (81,063 | ) |
| (81,159 | ) |
Total loans receivable, net |
|
| 14,551,549 |
|
| 14,311,134 |
|
Mortgage servicing rights, net |
|
| 17,246 |
|
| 16,502 |
|
Accrued interest receivable |
|
| 76,973 |
|
| 80,318 |
|
Premises and equipment, net |
|
| 148,511 |
|
| 151,494 |
|
Goodwill |
|
| 185,151 |
|
| 185,151 |
|
Bank owned life insurance |
|
| 382,176 |
|
| 382,613 |
|
Other assets |
|
| 187,332 |
|
| 159,820 |
|
TOTAL ASSETS |
| $ | 21,861,475 |
| $ | 22,380,271 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Deposits |
| $ | 13,092,232 |
| $ | 12,810,455 |
|
Reverse repurchase agreements |
|
| 5,180,000 |
|
| 5,780,000 |
|
Federal Home Loan Bank of New York advances |
|
| 1,587,000 |
|
| 1,724,000 |
|
Other borrowings, net |
|
| 435,662 |
|
| 433,526 |
|
Mortgage escrow funds |
|
| 143,056 |
|
| 124,929 |
|
Accrued expenses and other liabilities |
|
| 155,390 |
|
| 157,134 |
|
TOTAL LIABILITIES |
|
| 20,593,340 |
|
| 21,030,044 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, $1.00 par value; 5,000,000 shares authorized: |
|
|
|
|
|
|
|
Series A (1,800,000 shares authorized and - 0 - shares issued and outstanding) |
|
| — |
|
| — |
|
Series B (2,000,000 shares authorized and - 0 - shares issued and outstanding) |
|
| — |
|
| — |
|
Common stock, $.01 par value; (200,000,000 shares authorized; 166,494,888 shares issued; and 101,055,435 and 104,967,280 shares outstanding, respectively) |
|
| 1,665 |
|
| 1,665 |
|
Additional paid-in capital |
|
| 834,794 |
|
| 824,102 |
|
Retained earnings |
|
| 1,820,876 |
|
| 1,774,924 |
|
Treasury stock (65,439,453 and 61,527,608 shares, at cost, respectively) |
|
| (1,296,676 | ) |
| (1,171,604 | ) |
Accumulated other comprehensive loss |
|
| (69,418 | ) |
| (49,536 | ) |
Unallocated common stock held by ESOP (6,306,603 and 6,465,273 shares, respectively) |
|
| (23,106 | ) |
| (23,688 | ) |
Deferred compensation |
|
| — |
|
| (5,636 | ) |
TOTAL STOCKHOLDERS’ EQUITY |
|
| 1,268,135 |
|
| 1,350,227 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 21,861,475 |
| $ | 22,380,271 |
|
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
|
| For the Three |
| For the Six |
| ||||||||
|
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| ||||||||||
|
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
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| ||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 125,606 |
| $ | 112,898 |
| $ | 250,491 |
| $ | 224,480 |
|
Multi-family, commercial real estate and construction |
|
| 63,986 |
|
| 58,300 |
|
| 126,245 |
|
| 116,496 |
|
Consumer and other loans |
|
| 8,972 |
|
| 7,475 |
|
| 17,819 |
|
| 14,256 |
|
Mortgage-backed and other securities |
|
| 68,532 |
|
| 88,526 |
|
| 140,427 |
|
| 182,448 |
|
Repurchase agreements |
|
| 2,296 |
|
| 1,361 |
|
| 3,939 |
|
| 2,810 |
|
Federal Home Loan Bank of New York stock |
|
| 1,797 |
|
| 1,650 |
|
| 3,486 |
|
| 2,823 |
|
Total interest income |
|
| 271,189 |
|
| 270,210 |
|
| 542,407 |
|
| 543,313 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 90,549 |
|
| 67,065 |
|
| 173,254 |
|
| 132,025 |
|
Borrowings |
|
| 79,324 |
|
| 81,798 |
|
| 156,291 |
|
| 164,728 |
|
Total interest expense |
|
| 169,873 |
|
| 148,863 |
|
| 329,545 |
|
| 296,753 |
|
Net interest income |
|
| 101,316 |
|
| 121,347 |
|
| 212,862 |
|
| 246,560 |
|
Provision for loan losses |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net interest income after provision for loan losses |
|
| 101,316 |
|
| 121,347 |
|
| 212,862 |
|
| 246,560 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
| 16,440 |
|
| 16,305 |
|
| 33,038 |
|
| 31,251 |
|
Other loan fees |
|
| 962 |
|
| 1,082 |
|
| 1,772 |
|
| 2,246 |
|
Mortgage banking income (loss), net |
|
| 2,147 |
|
| (1,582 | ) |
| 3,629 |
|
| 1,364 |
|
Income from bank owned life insurance |
|
| 4,031 |
|
| 4,190 |
|
| 8,106 |
|
| 8,365 |
|
Other |
|
| 2,147 |
|
| 2,531 |
|
| (1,921 | ) |
| 4,042 |
|
Total non-interest income |
|
| 25,727 |
|
| 22,526 |
|
| 44,624 |
|
| 47,268 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
| 28,528 |
|
| 29,967 |
|
| 58,839 |
|
| 60,757 |
|
Occupancy, equipment and systems |
|
| 16,297 |
|
| 15,787 |
|
| 33,105 |
|
| 31,812 |
|
Federal deposit insurance premiums |
|
| 415 |
|
| 447 |
|
| 849 |
|
| 895 |
|
Advertising |
|
| 1,902 |
|
| 1,870 |
|
| 3,829 |
|
| 5,775 |
|
Other |
|
| 8,077 |
|
| 9,492 |
|
| 14,906 |
|
| 18,836 |
|
Total non-interest expense |
|
| 55,219 |
|
| 57,563 |
|
| 111,528 |
|
| 118,075 |
|
Income before income tax expense |
|
| 71,824 |
|
| 86,310 |
|
| 145,958 |
|
| 175,753 |
|
Income tax expense |
|
| 24,061 |
|
| 28,914 |
|
| 49,261 |
|
| 58,878 |
|
Net income |
| $ | 47,763 |
| $ | 57,396 |
| $ | 96,697 |
| $ | 116,875 |
|
Basic earnings per common share |
| $ | 0.50 |
| $ | 0.56 |
| $ | 1.00 |
| $ | 1.14 |
|
Diluted earnings per common share |
| $ | 0.49 |
| $ | 0.55 |
| $ | 0.98 |
| $ | 1.12 |
|
Basic weighted average common shares |
|
| 95,477,528 |
|
| 102,253,984 |
|
| 96,386,742 |
|
| 102,704,734 |
|
Diluted weighted average common and common equivalent shares |
|
| 98,059,723 |
|
| 104,184,538 |
|
| 98,974,405 |
|
| 104,568,500 |
|
SELECTED FINANCIAL RATIOS AND OTHER DATA
|
| For the |
| At or For the |
| ||||||||
|
|
|
| ||||||||||
|
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
|
|
|
|
|
| ||||||||
Selected Returns and Financial Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders’ equity |
|
| 14.94 | % |
| 16.66 | % |
| 14.87 | % |
| 17.02 | % |
Return on average tangible stockholders’ equity(1) |
|
| 17.48 |
|
| 19.24 |
|
| 17.34 |
|
| 19.68 |
|
Return on average assets |
|
| 0.87 |
|
| 1.00 |
|
| 0.87 |
|
| 1.01 |
|
General and administrative expense to average assets |
|
| 1.00 |
|
| 1.00 |
|
| 1.01 |
|
| 1.02 |
|
Efficiency ratio (2) |
|
| 43.46 |
|
| 40.01 |
|
| 43.31 |
|
| 40.19 |
|
Net interest rate spread (3) |
|
| 1.82 |
|
| 2.12 |
|
| 1.91 |
|
| 2.14 |
|
Net interest margin (4) |
|
| 1.92 |
|
| 2.21 |
|
| 2.01 |
|
| 2.22 |
|
Selected Non-GAAP Returns and Financial Ratios (annualized) (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP return on average stockholders’ equity |
|
|
|
|
|
|
|
| 15.43 | % |
| 17.02 | % |
Non-GAAP return on average tangible stockholders’ equity (1) |
|
|
|
|
|
|
|
| 17.99 |
|
| 19.68 |
|
Non-GAAP return on average assets |
|
|
|
|
|
|
|
| 0.91 |
|
| 1.01 |
|
Non-GAAP efficiency ratio (2) |
|
|
|
|
|
|
|
| 42.42 |
|
| 40.19 |
|
Asset Quality Data (dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/ total loans |
|
|
|
|
|
|
|
| 0.37 | % |
| 0.21 | % |
Non-performing loans/ total assets |
|
|
|
|
|
|
|
| 0.25 |
|
| 0.13 |
|
Non-performing assets/ total assets |
|
|
|
|
|
|
|
| 0.25 |
|
| 0.13 |
|
Allowance for loan losses/ non-performing loans |
|
|
|
|
|
|
|
| 149.31 |
|
| 287.86 |
|
Allowance for loan losses/ non-accrual loans |
|
|
|
|
|
|
|
| 150.81 |
|
| 308.11 |
|
Allowance for loan losses/ total loans |
|
|
|
|
|
|
|
| 0.55 |
|
| 0.60 |
|
Net charge-offs to average loans outstanding (annualized) |
|
| 0.00 | % |
| 0.01 | % |
| 0.00 |
|
| 0.00 |
|
Non-performing assets |
|
|
|
|
|
|
| $ | 55,361 |
| $ | 30,080 |
|
Non-performing loans |
|
|
|
|
|
|
|
| 54,290 |
|
| 28,666 |
|
Loans 90 days past maturity but still accruing interest |
|
|
|
|
|
|
|
| 537 |
|
| 1,884 |
|
Non-accrual loans |
|
|
|
|
|
|
|
| 53,753 |
|
| 26,782 |
|
Net charge-offs |
| $ | 80 |
| $ | 211 |
|
| 96 |
|
| 239 |
|
Capital Ratios (Astoria Federal) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible |
|
|
|
|
|
|
|
| 6.53 | % |
| 6.71 | % |
Core |
|
|
|
|
|
|
|
| 6.53 |
|
| 6.71 |
|
Risk-based |
|
|
|
|
|
|
|
| 12.22 |
|
| 13.33 |
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per common share |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.48 |
| $ | 0.40 |
|
Dividend payout ratio |
|
| 48.98 | % |
| 36.36 | % |
| 48.98 | % |
| 35.71 | % |
Book value per share (6) |
|
|
|
|
|
|
| $ | 13.38 |
| $ | 13.71 |
|
Tangible book value per share (7) |
|
|
|
|
|
|
|
| 11.43 |
|
| 11.88 |
|
Average equity/average assets |
|
| 5.81 | % |
| 5.98 | % |
| 5.88 | % |
| 5.91 | % |
Mortgage loans serviced for others (in thousands) |
|
|
|
|
|
|
| $ | 1,430,746 |
| $ | 1,605,071 |
|
Full time equivalent employees |
|
|
|
|
|
|
|
| 1,635 |
|
| 1,864 |
|
(1) | Average tangible stockholders’ equity represents average stockholders’ equity less average goodwill. |
(2) | The efficiency ratio represents general and administrative expense divided by the sum of net interest income plus non-interest income. |
(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. |
(5) | The information presented for the six months ended June 30, 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 12 for a reconciliation of GAAP net income to non-GAAP earnings for the six months ended June 30, 2006. |
(6) | Book value per share represents stockholders’ equity divided by outstanding shares, excluding unallocated Employee Stock Ownership Plan, or ESOP, shares. |
(7) | Tangible book value per share represents stockholders’ equity less goodwill divided by outstanding shares, excluding unallocated ESOP shares. |
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
|
| For the Three Months Ended June 30, |
| |||||||
|
|
| ||||||||
|
| Average |
| Interest |
| Average |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| (Annualized) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,920,003 |
| $ | 125,606 |
|
| 5.06 | % |
Multi-family, commercial real estate and construction |
|
| 4,214,459 |
|
| 63,986 |
|
| 6.07 |
|
Consumer and other loans (1) |
|
| 490,463 |
|
| 8,972 |
|
| 7.32 |
|
Total loans |
|
| 14,624,925 |
|
| 198,564 |
|
| 5.43 |
|
Mortgage-backed and other securities (2) |
|
| 6,099,829 |
|
| 68,532 |
|
| 4.49 |
|
Repurchase agreements |
|
| 189,049 |
|
| 2,296 |
|
| 4.86 |
|
Federal Home Loan Bank stock |
|
| 142,884 |
|
| 1,797 |
|
| 5.03 |
|
Total interest-earning assets |
|
| 21,056,687 |
|
| 271,189 |
|
| 5.15 |
|
Goodwill |
|
| 185,151 |
|
|
|
|
|
|
|
Other non-interest-earning assets |
|
| 778,676 |
|
|
|
|
|
|
|
Total assets |
| $ | 22,020,514 |
|
|
|
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Savings |
| $ | 2,396,537 |
|
| 2,405 |
|
| 0.40 |
|
Money market |
|
| 563,782 |
|
| 1,381 |
|
| 0.98 |
|
NOW and demand deposit |
|
| 1,540,556 |
|
| 224 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 966,457 |
|
| 10,397 |
|
| 4.30 |
|
Total core deposits |
|
| 5,467,332 |
|
| 14,407 |
|
| 1.05 |
|
Certificates of deposit |
|
| 7,485,159 |
|
| 76,142 |
|
| 4.07 |
|
Total deposits |
|
| 12,952,491 |
|
| 90,549 |
|
| 2.80 |
|
Borrowings |
|
| 7,433,642 |
|
| 79,324 |
|
| 4.27 |
|
Total interest-bearing liabilities |
|
| 20,386,133 |
|
| 169,873 |
|
| 3.33 |
|
Non-interest-bearing liabilities |
|
| 355,948 |
|
|
|
|
|
|
|
Total liabilities |
|
| 20,742,081 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
| 1,278,433 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
| $ | 22,020,514 |
|
|
|
|
|
|
|
Net interest income/net interest rate spread |
|
|
|
| $ | 101,316 |
|
| 1.82 | % |
Net interest-earning assets/net interest margin |
| $ | 670,554 |
|
|
|
|
| 1.92 | % |
Ratio of interest-earning assets to interest-bearing liabilities |
|
| 1.03 | x |
|
|
|
|
|
|
|
| For the Three Months Ended June 30, |
| |||||||
|
|
| ||||||||
|
| Average |
| Interest |
| Average |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| (Annualized) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,342,312 |
| $ | 112,898 |
|
| 4.83 | % |
Multi-family, commercial real estate and construction |
|
| 3,827,458 |
|
| 58,300 |
|
| 6.09 |
|
Consumer and other loans (1) |
|
| 529,679 |
|
| 7,475 |
|
| 5.64 |
|
Total loans |
|
| 13,699,449 |
|
| 178,673 |
|
| 5.22 |
|
Mortgage-backed and other securities (2) |
|
| 7,997,687 |
|
| 88,526 |
|
| 4.43 |
|
Repurchase agreements |
|
| 189,058 |
|
| 1,361 |
|
| 2.88 |
|
Federal Home Loan Bank stock |
|
| 126,518 |
|
| 1,650 |
|
| 5.22 |
|
Total interest-earning assets |
|
| 22,012,712 |
|
| 270,210 |
|
| 4.91 |
|
Goodwill |
|
| 185,151 |
|
|
|
|
|
|
|
Other non-interest-earning assets |
|
| 851,531 |
|
|
|
|
|
|
|
Total assets |
| $ | 23,049,394 |
|
|
|
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Savings |
| $ | 2,827,699 |
|
| 2,831 |
|
| 0.40 |
|
Money market |
|
| 848,457 |
|
| 2,037 |
|
| 0.96 |
|
NOW and demand deposit |
|
| 1,597,270 |
|
| 235 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 291,669 |
|
| 1,872 |
|
| 2.57 |
|
Total core deposits |
|
| 5,565,095 |
|
| 6,975 |
|
| 0.50 |
|
Certificates of deposit |
|
| 7,004,979 |
|
| 60,090 |
|
| 3.43 |
|
Total deposits |
|
| 12,570,074 |
|
| 67,065 |
|
| 2.13 |
|
Borrowings |
|
| 8,757,467 |
|
| 81,798 |
|
| 3.74 |
|
Total interest-bearing liabilities |
|
| 21,327,541 |
|
| 148,863 |
|
| 2.79 |
|
Non-interest-bearing liabilities |
|
| 343,422 |
|
|
|
|
|
|
|
Total liabilities |
|
| 21,670,963 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
| 1,378,431 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
| $ | 23,049,394 |
|
|
|
|
|
|
|
Net interest income/net interest rate spread |
|
|
|
| $ | 121,347 |
|
| 2.12 | % |
Net interest-earning assets/net interest margin |
| $ | 685,171 |
|
|
|
|
| 2.21 | % |
Ratio of interest-earning assets to interest-bearing liabilities |
|
| 1.03 | x |
|
|
|
|
|
|
(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. |
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
|
| For the Six Months Ended June 30, |
| |||||||
|
|
| ||||||||
|
| Average |
| Interest |
| Average |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| (Annualized) |
| |
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,905,279 |
| $ | 250,491 |
|
| 5.06 | % |
Multi-family, commercial real estate and construction |
|
| 4,153,353 |
|
| 126,245 |
|
| 6.08 |
|
Consumer and other loans (1) |
|
| 498,280 |
|
| 17,819 |
|
| 7.15 |
|
Total loans |
|
| 14,556,912 |
|
| 394,555 |
|
| 5.42 |
|
Mortgage-backed and other securities (2) |
|
| 6,263,198 |
|
| 140,427 |
|
| 4.48 |
|
Repurchase agreements |
|
| 170,104 |
|
| 3,939 |
|
| 4.63 |
|
Federal Home Loan Bank stock |
|
| 140,855 |
|
| 3,486 |
|
| 4.95 |
|
Total interest-earning assets |
|
| 21,131,069 |
|
| 542,407 |
|
| 5.13 |
|
Goodwill |
|
| 185,151 |
|
|
|
|
|
|
|
Other non-interest-earning assets |
|
| 792,174 |
|
|
|
|
|
|
|
Total assets |
| $ | 22,108,394 |
|
|
|
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Savings |
| $ | 2,432,131 |
|
| 4,855 |
|
| 0.40 |
|
Money market |
|
| 592,217 |
|
| 2,854 |
|
| 0.96 |
|
NOW and demand deposit |
|
| 1,528,357 |
|
| 444 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 848,717 |
|
| 17,452 |
|
| 4.11 |
|
Total core deposits |
|
| 5,401,422 |
|
| 25,605 |
|
| 0.95 |
|
Certificates of deposit |
|
| 7,517,750 |
|
| 147,649 |
|
| 3.93 |
|
Total deposits |
|
| 12,919,172 |
|
| 173,254 |
|
| 2.68 |
|
Borrowings |
|
| 7,542,721 |
|
| 156,291 |
|
| 4.14 |
|
Total interest-bearing liabilities |
|
| 20,461,893 |
|
| 329,545 |
|
| 3.22 |
|
Non-interest-bearing liabilities |
|
| 345,909 |
|
|
|
|
|
|
|
Total liabilities |
|
| 20,807,802 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
| 1,300,592 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
| $ | 22,108,394 |
|
|
|
|
|
|
|
Net interest income/net interest rate spread |
|
|
|
| $ | 212,862 |
|
| 1.91 | % |
Net interest-earning assets/net interest margin |
| $ | 669,176 |
|
|
|
|
| 2.01 | % |
Ratio of interest-earning assets to interest-bearing liabilities |
|
| 1.03 | x |
|
|
|
|
|
|
|
| For the Six Months Ended June 30, |
| |||||||
|
|
| ||||||||
|
| Average |
| Interest |
| Average |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| (Annualized) |
| |
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Mortgage loans (1): |
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,306,432 |
| $ | 224,480 |
|
| 4.82 | % |
Multi-family, commercial real estate and construction |
|
| 3,754,593 |
|
| 116,496 |
|
| 6.21 |
|
Consumer and other loans (1) |
|
| 526,117 |
|
| 14,256 |
|
| 5.42 |
|
Total loans |
|
| 13,587,142 |
|
| 355,232 |
|
| 5.23 |
|
Mortgage-backed and other securities (2) |
|
| 8,259,673 |
|
| 182,448 |
|
| 4.42 |
|
Repurchase agreements |
|
| 216,177 |
|
| 2,810 |
|
| 2.60 |
|
Federal Home Loan Bank stock |
|
| 134,388 |
|
| 2,823 |
|
| 4.20 |
|
Total interest-earning assets |
|
| 22,197,380 |
|
| 543,313 |
|
| 4.90 |
|
Goodwill |
|
| 185,151 |
|
|
|
|
|
|
|
Other non-interest-earning assets |
|
| 858,133 |
|
|
|
|
|
|
|
Total assets |
| $ | 23,240,664 |
|
|
|
|
|
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Savings |
| $ | 2,848,793 |
|
| 5,673 |
|
| 0.40 |
|
Money market |
|
| 881,618 |
|
| 3,959 |
|
| 0.90 |
|
NOW and demand deposit |
|
| 1,578,781 |
|
| 465 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 234,291 |
|
| 2,945 |
|
| 2.51 |
|
Total core deposits |
|
| 5,543,483 |
|
| 13,042 |
|
| 0.47 |
|
Certificates of deposit |
|
| 6,969,312 |
|
| 118,983 |
|
| 3.41 |
|
Total deposits |
|
| 12,512,795 |
|
| 132,025 |
|
| 2.11 |
|
Borrowings |
|
| 9,017,082 |
|
| 164,728 |
|
| 3.65 |
|
Total interest-bearing liabilities |
|
| 21,529,877 |
|
| 296,753 |
|
| 2.76 |
|
Non-interest-bearing liabilities |
|
| 337,679 |
|
|
|
|
|
|
|
Total liabilities |
|
| 21,867,556 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
| 1,373,108 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
| $ | 23,240,664 |
|
|
|
|
|
|
|
Net interest income/net interest rate spread |
|
|
|
| $ | 246,560 |
|
| 2.14 | % |
Net interest-earning assets/net interest margin |
| $ | 667,503 |
|
|
|
|
| 2.22 | % |
Ratio of interest-earning assets to interest-bearing liabilities |
|
| 1.03 | x |
|
|
|
|
|
|
(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. |
END OF PERIOD BALANCES AND RATES
(Dollars in Thousands)
|
| At June 30, 2006 |
| At March 31, 2006 |
| ||||||||
|
|
|
| ||||||||||
|
| Balance |
| Weighted |
| Balance |
| Weighted |
| ||||
|
|
|
|
|
| ||||||||
Selected interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, gross (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,824,066 |
|
| 5.32 | % | $ | 9,846,475 |
|
| 5.25 | % |
Multi-family, commercial real estate and construction |
|
| 4,245,697 |
|
| 5.95 |
|
| 4,163,563 |
|
| 5.91 |
|
Mortgage-backed and other securities (3) |
|
| 5,870,733 |
|
| 4.34 |
|
| 6,227,251 |
|
| 4.34 |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
| 2,352,923 |
|
| 0.40 |
|
| 2,438,090 |
|
| 0.40 |
|
Money market |
|
| 537,602 |
|
| 1.01 |
|
| 598,766 |
|
| 0.97 |
|
NOW and demand deposit |
|
| 1,535,833 |
|
| 0.06 |
|
| 1,562,612 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 1,117,478 |
|
| 4.54 |
|
| 843,131 |
|
| 4.09 |
|
Total core deposits |
|
| 5,543,836 |
|
| 1.20 |
|
| 5,442,599 |
|
| 0.94 |
|
Certificates of deposit |
|
| 7,548,396 |
|
| 4.26 |
|
| 7,546,339 |
|
| 3.92 |
|
Total deposits |
|
| 13,092,232 |
|
| 2.96 |
|
| 12,988,938 |
|
| 2.67 |
|
Borrowings, net |
|
| 7,202,662 |
|
| 4.29 |
|
| 7,594,475 |
|
| 4.13 |
|
|
| At June 30, 2005 |
| ||||
|
|
| |||||
|
| Balance |
| Weighted |
| ||
|
|
|
| ||||
Selected interest-earning assets: |
|
|
|
|
|
|
|
Mortgage loans, gross(2): |
|
|
|
|
|
|
|
One-to-four family |
| $ | 9,267,038 |
|
| 5.08 | % |
Multi-family, commercial real estate and construction |
|
| 3,877,208 |
|
| 5.86 |
|
Mortgage-backed and other securities (3) |
|
| 7,769,396 |
|
| 4.35 |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Savings |
|
| 2,779,265 |
|
| 0.40 |
|
Money market |
|
| 811,836 |
|
| 0.97 |
|
NOW and demand deposit |
|
| 1,571,911 |
|
| 0.06 |
|
Liquid certificates of deposit |
|
| 331,746 |
|
| 2.70 |
|
Total core deposits |
|
| 5,494,758 |
|
| 0.53 |
|
Certificates of deposit |
|
| 7,090,469 |
|
| 3.48 |
|
Total deposits |
|
| 12,585,227 |
|
| 2.19 |
|
Borrowings, net |
|
| 8,568,796 |
|
| 3.70 |
|
(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 include non-performing loans. |
(3) | Securities available-for-sale are reported at fair value and securities held-to-maturity are reported at amortized cost. |
RECONCILIATION OF 2006 GAAP NET INCOME TO NON-GAAP EARNINGS
(In Thousands, Except Per Share Data)
|
| For the Six Months Ended |
| |||||||
|
|
| ||||||||
|
| GAAP |
| Adjustments(4) |
| Non-GAAP |
| |||
|
|
|
|
| ||||||
Net interest income after provision for loan losses |
| $ | 212,862 |
| $ | — |
| $ | 212,862 |
|
Non-interest income |
|
| 44,624 |
|
| 5,456 |
|
| 50,080 |
|
Non-interest expense |
|
| 111,528 |
|
| — |
|
| 111,528 |
|
Income before income tax expense |
|
| 145,958 |
|
| 5,456 |
|
| 151,414 |
|
Income tax expense |
|
| 49,261 |
|
| 1,841 |
|
| 51,102 |
|
Net income |
| $ | 96,697 |
| $ | 3,615 |
| $ | 100,312 |
|
Basic earnings per common share |
| $ | 1.00 |
| $ | 0.04 |
| $ | 1.04 |
|
Diluted earnings per common share |
| $ | 0.98 |
| $ | 0.04 |
| $ | 1.01 | (5) |
(4) | Adjustments relate to the $5.5 million charge for the termination of our interest rate swap agreements and the related tax effects. |
(5) | Figures do not cross foot due to rounding. |
SOURCE Astoria Financial Corporation
-0- 07/20/2006
/CONTACT: Peter J. Cunningham, First Vice President, Investor Relations,
+1-516-327-7877, ir@astoriafederal.com /
/Company News On-Call: http://www.prnewswire.com/comp/104529.html /
/Web site: http://www.astoriafederal.com /
(AF)