Exhibit 99.1
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
LONG ISLAND’S PREMIER COMMUNITY BANK
www.astoriafederal.com
| INVESTOR PRESENTATION |
| SECOND QUARTER ENDED |
| JUNE 30, 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]
Corporate Profile | NYSE: AF | ||
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• | $21.9 billion in assets | ||
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• | $13.1 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 June 30, 2006 and all market data is as of August 31, 2006, except as noted.
3
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Dividend Growth |
CAGR = 27%
[CHART APPEARS HERE]
* | 2Q06 annualized |
4
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Cumulative Cash Returned to Shareholders |
Over $2.1 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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| 4.7M |
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Average Price: |
| $ | 12.85 |
| $ | 16.31 |
| $ | 12.48 |
| $ | 10.81 |
| $ | 18.70 |
| $ | 19.32 |
| $ | 18.42 |
| $ | 24.82 |
| $ | 27.49 |
| $ | 29.89 |
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5
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Stock Performance - Comparative Ten Year Total Return |
AF CAGR = 16%
[CHART APPEARS HERE]
Comparative returns from June 30, 1996 – June 30, 2006
6
[LOGO OF ASTORIA FINANCIAL CORPORATION]
A Simple Formula for Enhancing Shareholder Value | |||
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MORTGAGE LENDING | RETAIL BANKING | ||
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• | 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]
Focus on Core Business |
(In Billions) |
Assets | Liabilities |
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Loans vs. Securities | Deposits vs. Borrowings |
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[CHART APPEARS HERE] | [CHART APPEARS HERE] |
8
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Improving Balance Sheet Quality |
At December 31, 1999 | At June 30, 2006 |
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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: 21,861,475 |
9
[LOGO OF ASTORIA FINANCIAL CORPORATION]
1H06 Financial Highlights | ||||||
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| 1H06* |
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• | Diluted earnings per share |
| $ | 1.01 |
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• | Return on average assets |
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| 0.91 | % | |
• | Return on average equity |
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| 15.43 | % | |
• | Return on average tangible equity(1) |
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| 17.99 | % |
• | Shares repurchased – 4.7 million shares during 1H06 | |||||
| • | 11th repurchase program underway – | ||||
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| 5.6 million common shares remain available for repurchase | ||||
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• | Annualized dividend yield – 3.13% | |||||
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* | The information presented for 2006 represents pro forma calculations which are not in conformity with 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 40 for a reconciliation of GAAP net income to non-GAAP earnings for the six months ended June 30, 2006. | |||||
10
[LOGO OF ASTORIA FINANCIAL CORPORATION]
1-4 Family Mortgage Lending | ||
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• | Primarily short-term, 3/1 & 5/1 hybrid ARMs for portfolio | |
| – | Minimizes interest rate risk |
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• | Multiple delivery channels provide flexibility & efficiency | |
| – | Retail* |
| – | Commissioned brokers covering 24 states* |
| – | Third party originators – correspondents covering 44 states* |
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• | Secondary marketing capability | |
| – | Sale of 15 year and 30 year fixed rate loans reduces interest rate risk |
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• | Geographically diversified portfolio | |
| – | 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]
Geographic Composition of 1-4 Family Loan Portfolio |
At June 30, 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 |
| +66.1 |
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Weighted Avg. Portfolio Coupon at Period End |
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| 7.01 | % |
| 6.33 | % |
| 5.26 | % |
| 5.05 | % |
| 5.19 | % |
| 5.32 | % |
13
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Multifamily/Commercial Real Estate Lending |
• | Solid and growing Multifamily/CRE portfolio | |
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| • | $4.1 billion in portfolio |
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| – Weighted Average Coupon at June 30, 2006: 5.82% |
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| • | Conservative underwriting |
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| – Weighted 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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| • | 9% annualized growth in 1H06 |
Note: LTV is based on current principal balances and original appraised values.
14
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Multifamily/CRE Portfolio Growth |
(In Billions) |
[CHART APPEARS HERE]
% of total loans |
| 14% |
| 20% |
| 25% |
| 27% |
| 27% |
| 28% |
Average loan balance outstanding is < $1 million.
15
[LOGO OF ASTORIA FINANCIAL CORPORATION]
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 payment option ARM lending |
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• | Strong reserves | |
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| • | Non-performing assets: 0.25% of total assets |
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| • | Allowance for loan losses/non-performing loans: 149% |
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• | Top quality MBS portfolio | |
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| • | Primarily GSE, agency or ‘AAA’ rated |
16
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Interest Rate Risk Management |
• | One year gap: -14.1% | ||
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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: | ||
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| • | Large, low-cost checking, savings and money market deposit base – provides natural hedge against rising rates | |
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| • | Longer-term CDs | |
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| – | Over the past twelve months, $1.1 billion of non-callable CDs with maturities of 18 months or greater were issued or repriced with a weighted average rate of 4.71% and a weighted average original maturity of 28 months |
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| • | Borrowings – as needed |
17
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Leading Retail Banking Franchise |
• | $13.1 billion in deposits, 86 banking office network | |
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| – | Serving the Long Island market since 1888 |
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• | Low cost/stable source of funds – average cost: 2.80%* | |
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• | $11.9 billion, or 91%, of total deposits emanate from within 5 miles of a branch | |
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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 $152 Million |
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| – | Westchester Offices (3) – Average Deposits of $162 Million |
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• | Alternative delivery channels | |
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| – | ATM’s, telephone and Internet banking |
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* Average cost for the quarter ended June 30, 2006. |
18
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Long Island Powerhouse |
Banking Offices and Deposit Share Ranking on Long Island |
Overall Deposit Share Ranking:
#1- all thrifts, #4- all financial institutions
[GRAPHIC APPEARS HERE]
19
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Well Positioned in Each of Our Key Markets |
Deposits |
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| Nassau |
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($ 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. Capital One/North Fork |
| $ | 9,349 |
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| 28 | % |
| 66 |
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2. Chase/Bank of NY |
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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 |
| $ | 6,690 |
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| 18 | % |
| 60 |
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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 |
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| 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/Sovereign |
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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.
* | Astoria’s deposits highlighted above are comprised of retail community deposits. Astoria does not utilize broker or municipal deposits. |
20
[LOGO OF ASTORIA FINANCIAL CORPORATION]
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
(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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| 2,582 |
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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* |
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| 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 |
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| 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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* | Astoria’s 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.
21
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Market Share Trend – 1999 - 2005 |
Brooklyn, Queens, Nassau and Suffolk |
(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 |
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| 3,139 |
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| 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 |
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| 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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* | Astoria’s 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.
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Retail Banking |
• | Acquisition with organic growth vs. de-novo branching | |
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• | Differentiation 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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| – | Strong support of local community-based organizations and activities |
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Sales – 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 |
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Customer Satisfaction |
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 – 86% of Astoria customers are highly satisfied with quality of branch service |
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Community Involvement |
Key Initiatives |
• | Education First | |
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| – | Supports lifelong learning, promotes savings and provides meaningful financial solutions to improve the way our customers live |
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• | Neighborhood Outreach | |
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| – | Supports local organizations that enrich the communities within our market area |
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| – | Nearly 1000 community-based organizations supported annually |
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• | Results/Recognition | |
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| – | Five consecutive “Outstanding” Community Reinvestment Act ratings by OTS |
Astoria Federal: An integral part of the fabric of the communities we serve
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Core Community Deposits |
At June 30, 2006 |
[CHART APPEARS HERE]
Total - $13.1 Billion
* Note: | 57% of the households that have a retail CD or Liquid CD account also have a low cost, checking, savings or money market account relationship. |
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
G&A Expense Ratio(2) |
[CHART APPEARS HERE]
* | Most recent data available for All US Thrifts and NY Thrifts is for the quarter ended March 31, 2006. AF is annualized for the six months ended June 30, 2006. |
Source: SNL Financial – Median Ratios
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[LOGO OF ASTORIA FINANCIAL CORPORATION]
Goodwill Claim Update |
• | One of the industry’s largest goodwill litigation claims | |
|
| |
| – | $785 million of original supervisory goodwill created (LISB = $625 million, Fidelity NY = $160 million) |
|
|
|
| – | $635 million of supervisory goodwill written off (LISB = $500 million, Fidelity NY = $135 million) |
|
|
|
• | U.S. Court of Federal Claims awarded AF damages of $436 million on September 15, 2005 in the LISB case | |
|
| |
| – | Appeal filed by the government |
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|
|
| – | Oral arguments scheduled for October 3, 2006 |
|
|
|
| – | Timing and outcome of appellate decision unpredictable |
29
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Outlook – Remainder of 2006 |
Challenges | |||
| |||
• | Flat to inverted yield curve | ||
|
| ||
| • | Continued margin compression within core business | |
|
|
|
|
| • | Continued decline in wholesale spreads | |
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|
Strategies | |||
|
|
|
|
• | Remain focused | ||
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| ||
| • | Grow loans and deposits | |
|
|
| |
|
| – | Maintain credit standards |
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|
|
|
| – | Maintain pricing discipline |
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|
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| • | Reduce non-core business activities (securities and borrowings) through normal cash flow | |
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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 |
30
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Investment Merits |
• | Strong balance sheet – superior asset quality | |
|
| |
• | Attractive banking franchise | |
|
| |
| • | Dominant deposit market share in core market |
|
|
|
• | Superior operating efficiency | |
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| |
• | Well capitalized | |
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| |
• | Proactive Capital Management | |
|
| |
| • | Stock repurchase program in place |
|
|
|
| • | 27% compounded annual growth in dividend* |
|
|
|
| • | Over $2.1 billion returned to shareholders in the past 9+ years |
* CAGR from 1995, commencement of quarterly dividend, to 2Q06 annualized |
31
[LOGO OF ASTORIA FINANCIAL CORPORATION]
AF: A Record of Enhancing Shareholder Value
Addendum
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Ownership Profile |
June 30, 2006 |
[CHART APPEARS HERE]
Shares Outstanding: 101,055,435
33
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Acquisition History |
|
Year |
| Thrift |
|
| # Branches |
|
| Assets |
|
|
|
|
| ||||||
|
|
|
|
|
| (in millions) |
| ||
1973 |
| Metropolitan Federal |
|
| 2 |
| $ | 50 |
|
1979 |
| Citizens Savings (FSLIC) |
|
| 5 |
|
| 130 |
|
1982 |
| Hastings-on-Hudson Federal |
|
| 3 |
|
| 100 |
|
1984 |
| Chenango Federal |
|
| 1 |
|
| 25 |
|
1987 |
| Oneonta Federal |
|
| 4 |
|
| 205 |
|
1990 |
| Whitestone Savings (RTC) |
|
| 4 |
|
| 280 |
|
1995 |
| Fidelity New York |
|
| 18 |
|
| 1,800 |
|
1997 |
| The Greater NY Savings Bank |
|
| 14 |
|
| 2,400 |
|
1998 |
| Long Island Bancorp, Inc. |
|
| 35 |
|
| 6,600 |
|
|
|
|
|
|
| ||||
|
| Total |
|
| 86 |
| $ | 11,590 |
|
34
[LOGO OF ASTORIA FINANCIAL CORPORATION]
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.
35
[LOGO OF ASTORIA FINANCIAL CORPORATION]
1- 4 Family Mortgage Loan Originations |
(In Billions) |
By Delivery Channel
[CHART APPEARS HERE]
36
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Geographic Composition of 1- 4 Family Loan Originations |
For the six months ended June 30, 2006 |
[CHART APPEARS HERE]
Total 1-4 Family Originations: $1.1 Billion
Excludes home equity
37
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Geographic Composition of Multifamily/CRE Loan Originations |
For the six months ended June 30, 2006 |
[CHART APPEARS HERE]
Total Multifamily/CRE
Loan Portfolio
$4.1 Billion
38
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Interest Rate Risk Management |
|
| CDs Issued or Repriced* |
| Weighted Average Rate |
| Weighted Average Original Term |
| |||
|
|
|
|
| ||||||
3Q05 |
|
| $150.1 Million |
|
| 4.19% |
|
| 28 months |
|
4Q05 |
|
| $208.5 Million |
|
| 4.37% |
|
| 29 months |
|
1Q06 |
|
| $331.8 Million |
|
| 4.73% |
|
| 23 months |
|
2Q06 |
|
| $384.0 Million |
|
| 5.07% |
|
| 31 months |
|
|
|
|
|
| ||||||
TOTAL |
|
| $ 1.1 Billion |
|
| 4.71% |
|
| 28 months |
|
* | Non-callable CDs issued or repriced during the period with an original maturity of 18 months or greater |
39
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Reconciliation of GAAP Net Income to Non-GAAP Earnings |
|
| For the Six Months Ended |
| |||||||
|
|
| ||||||||
(In Thousands, Except Per Share Data) |
| GAAP |
| Adjustments |
| 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 | * |
|
|
|
|
|
The above adjustments relate to the $5.5 million charge for the termination of our interest rate swap agreements and the related tax effects.
* | Figures do not cross foot due to rounding. |
40
[LOGO OF ASTORIA FINANCIAL CORPORATION]
Footnotes/Glossary |
(1) | Average tangible equity represents average equity less average goodwill. |
|
|
(2) | G&A expense ratio represents general and administrative expense divided by average assets. |
GAAP | – | Generally Accepted Accounting Principles |
| 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 |
OTS | – | Office of Thrift Supervision |
|
|
|
|
41
[LOGO OF ASTORIA FINANCIAL CORPORATION]
LONG ISLAND’S PREMIER COMMUNITY BANK
www.astoriafederal.com
42