Exhibit 99.1
Astoria Financial Corporation Announces Third Quarter EPS of $0.53
Quarterly Cash Dividend of $0.22 Per Common Share Declared
LAKE SUCCESS, N.Y., Oct. 16 /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
$41.6 million, or $0.53 diluted earnings per common share, for the quarter
ended September 30, 2003, compared to $62.2 million, or $0.72 diluted earnings
per common share, for the quarter ended September 30, 2002. For the nine
months ended September 30, 2003, net income totaled $148.9 million, or $1.85
diluted earnings per common share, compared to net income of $187.4 million,
or $2.13 diluted earnings per common share for the comparable 2002 period.
For the 2003 third quarter, returns on average equity and average assets were
11.35% and 0.74%, respectively, compared to 15.72% and 1.14%, respectively,
for the comparable 2002 period. For the nine months ended September 30, 2003,
returns on average equity and average assets were 13.13% and 0.88%,
respectively, compared to 15.92% and 1.13%, respectively, for the comparable
2002 period.
Commenting on the third quarter results, George L. Engelke, Jr., Chairman,
President and Chief Executive Officer of Astoria, said, "As anticipated, third
quarter results were negatively impacted by the continued very high level of
cash flow from mortgage refinance activity and accelerated premium
amortization. However, based on lower mortgage refinance applications
received in August, September and into October, refinance lending activity and
related cash flows should slow in the fourth quarter."
Board Declares Quarterly Cash Dividend
The Board of Directors of the Company, at their October 15, 2003 meeting,
declared a quarterly cash dividend of $0.22 per common share. The dividend is
payable on December 1, 2003 to shareholders of record as of November 17, 2003.
This is the thirty-fourth consecutive quarterly cash dividend declared by the
Company. The annualized dividend yield, based on the share price as of
October 15, 2003, is 2.69%.
Ninth Stock Repurchase Program Continues
During the third quarter, Astoria repurchased 1.3 million shares of its
common stock at an average cost of $29.82 per share. For the nine months
ended September 30, 2003, 6.0 million shares were repurchased at an average
cost of $26.34 per share. To date, under the ninth program that commenced in
November 2002, Astoria has repurchased 6.4 million shares of the 10 million
shares authorized.
Redemption of 12% Preferred Stock, Series B
On October 1, 2003, the Company completed the redemption of all 2,000,000
outstanding shares of its 12% Noncumulative Perpetual Preferred Stock, Series
B (the "Preferred Shares"), at a redemption price of $27.25 per share, plus
$1.00 in accrued and unpaid dividends, for an aggregate redemption price of
$28.25 per Preferred Share (the "Redemption Price").
Balance Sheet Summary
Key balance sheet highlights outlining the cumulative effect of the
Company's balance sheet repositioning since December 31, 1999 follow:
(Dollars in millions)
Change
12/31/99 12/31/00 12/31/01 12/31/02 9/30/03 12/31/99-9/30/03
Assets $22,697 $22,337 $22,668 $21,698 $22,069 - 3%
Loans $10,286 $11,422 $12,167 $12,059 $12,311 + 20%
MBS $ 9,287 $ 7,875 $ 7,074 $ 7,380 $ 8,155 - 12%
Deposits $ 9,555 $10,072 $10,904 $11,067 $11,213 + 17%
Core
Deposits* $ 4,625 $ 4,922 $ 5,743 $ 5,914 $ 5,727 + 24%
Checking $ 878 $ 1,005 $ 1,200 $ 1,383 $ 1,480 + 69%
Borrowings $11,524 $10,320 $ 9,822 $ 8,821 $ 9,074 - 21%
* Excludes time deposits
Mortgage loan production for the quarter ended September 30, 2003, fueled
by high refinance activity, totaled $2.3 billion, compared to $1.3 billion for
the comparable 2002 period. For the nine months ended September 30, 2003,
loan production increased 46% to $5.8 billion from $4.0 billion for the
comparable 2002 period. Included in the 2003 third quarter and nine month
loan production were one-to-four family loan originations totaling $1.7
billion and $4.6 billion, respectively, predominantly 3/1 and 5/1 adjustable
rate mortgage ("ARM") loans.
Mortgage loan prepayments for the quarter and nine months ended September
30, 2003 totaled $1.5 billion and $4.3 billion, respectively, compared to $1.2
billion and $3.0 billion for the respective 2002 periods.
For the quarter and nine months ended September 30, 2003, multifamily and
commercial real estate ("CRE") loan originations increased to $556.6 million
and $1.2 billion, respectively, up 77% and 58%, respectively, over the 2002
comparable periods. At September 30, 2003, the combined multifamily and
CRE loan portfolios totaled $2.9 billion, up 33% from September 30, 2002,
representing 24% of total loans. The average loan-to-value ratio of the
multifamily and CRE loan portfolio is less than 65%, based on current
principal balance and original appraised value. The average loan outstanding
remains under $1 million.
The Company's strong multifamily and CRE lending efforts are reflected in
the growth of this portfolio since 1999:
(Dollars in Change
millions) 12/31/99 12/31/00 12/31/01 12/31/02 9/30/03 12/31/99-9/30/03
Multifamily/
CRE Loans $1,014 $1,282 $1,693 $2,345 $2,916 +188%
% of Total Loans 10% 11% 14% 20% 24% +140%
Commenting on these solid lending results, Mr. Engelke said, "Our
multifamily and CRE lending continues to exhibit strong growth. We have
achieved great success in building a high quality multifamily and CRE loan
portfolio and expect to continue to produce strong, double-digit growth in the
future."
At September 30, 2003, non-performing loans totaled $33.3 million, or
0.15% of total assets compared to $36.0 million, or 0.16% of total assets, at
June 30, 2003 and $34.5 million, or 0.16% of total assets, at December 31,
2002. Net charge-offs for the quarter and nine months ended September 30,
2003 were $185,000 and $341,000, respectively. The ratio of the allowance for
loan losses to non-performing loans was 250% at September 30, 2003.
Mortgage-backed securities ("MBS") decreased by $442.2 million from June
30, 2003 and totaled $8.2 billion at September 30, 2003. The decrease was
attributable to repayments of $2.5 billion, offset by purchases of $2.1
billion.
Deposits were down slightly from June 30, 2003 and totaled $11.2 billion
at September 30, 2003. Core deposits, which exclude certificate of deposit
accounts, totaled $5.7 billion, representing 51% of total deposits at
September 30, 2003.
Borrowings at September 30, 2003 totaled $9.1 billion. The following
table details future borrowing maturities and weighted average rates:
Contractual Total Amount Weighted
Maturity Maturing Average Rate
4Q03(1) $ 1.7 Billion 3.41%
1Q04 $ 2.8 Billion 4.97%
2Q04 $ 500 Million 5.80%
3Q04 $ -- 0 -- --
Total next 12 months $ 5.0 Billion 4.53%
Beyond 3Q04(2) $ 4.1 Billion 5.01%
Total $ 9.1 Billion 4.75%
We entered into forward borrowing commitments for $900 million in the
third quarter, the effect of which will be to extend borrowings with a
weighted average rate of 5.29%, scheduled to mature in the 2003 fourth
quarter, for an average term of 2.7 years, with a weighted average rate of
2.63%. The remaining high cost borrowings scheduled to mature within the next
twelve months are expected to either be repaid or repriced at substantially
lower rates which should result in a significant decline in the cost of funds.
In addition to the above borrowing maturities, over the next twelve months
approximately $2.7 billion of CDs with an average rate of 2.55% will mature.
During the third quarter of 2003, $780.7 million of CDs, with an average rate
of 2.01% and an average maturity of 12 months, matured and $731.5 million of
CDs were issued or repriced with an average rate of 1.60% and an average
maturity of 15 months. The following table details retail CDs maturing over
the next twelve months along with weighted average rates:
CDs Maturing Amount Weighted Average Rate
4Q03 $ 778 Million 2.45%
1Q04 $ 943 Million 2.45%
2Q04 $ 581 Million 2.73%
3Q04 $ 356 Million 2.77%
Total $ 2.7 Billion 2.55%
Stockholders' equity was $1.5 billion, or 6.68% of total assets, at
September 30, 2003. Astoria Federal continues to maintain capital ratios in
excess of applicable regulatory requirements. At September 30, 2003, core,
tangible and risk-based capital ratios of Astoria Federal were 7.52%, 7.52%
and 15.66%, respectively.
Third Quarter and Nine-Month Earnings Summary
Net interest income for the three and nine month periods ended September
30, 2003 totaled $79.6 million and $284.9 million, respectively, compared to
$116.1 million and $353.4 million, respectively, for the comparable 2002
periods.
Astoria's net interest margin for the quarter ended September 30, 2003 was
1.52% compared to 1.78% on a linked quarter basis and 2.25% for the comparable
2002 period. For the nine months ended September 30, 2003, the net interest
margin was 1.79% compared to 2.25% for the comparable 2002 period. The
decline in the net interest margin was due, in part, to the repurchase of 9.1
million common shares over the past twelve months and the more rapid decline
in the yield on interest earning assets than the cost of interest bearing
liabilities. The decrease in the yield on interest earning assets was
exacerbated by the effect of accelerated net premium amortization expense on
mortgage loans and MBS. Net premium amortization expense on mortgage loans
and MBS totaled $34.7 million for the 2003 third quarter compared to $13.4
million for the year ago third quarter. For the nine months ended September
30, 2003, net premium amortization totaled $93.6 million compared to $32.8
million for the comparable 2002 period. The accelerated level of net premium
amortization is due to the unprecedented high level of mortgage refinance
activity and should recede as interest rates rise and as mortgage loan and MBS
refinance activity subsides.
Non-interest income for the quarter ended September 30, 2003 totaled $33.9
million compared to $25.2 million for the quarter ended September 30, 2002.
The increase is due to an increase in mortgage banking income, net, partially
offset by lower gain on sales of securities in the 2003 third quarter. For
the nine months ended September 30, 2003, non-interest income totaled $91.3
million compared to $76.5 million for the comparable 2002 period. The
increase is due to increased mortgage banking income, net and increased gain
on sales of securities. Gain on sales of securities for the quarter and nine
months ended September 30, 2003 were $4.5 million and $14.7 million,
respectively, compared to $8.5 million for both the comparable quarter and
nine months of 2002.
The components of mortgage banking income, net, which is included in non-
interest income, are detailed below:
(Dollars in millions) 3Q03 3Q02 2003 Nine Months 2002 Nine Months
Loan servicing fees $ 1.8 $ 3.1 $ 6.2 $ 9.5
Amortization of MSR $(3.0) $(2.7) $(10.6) $ (6.7)
MSR valuation adjustments $ 2.9 $(9.1) $ 0.2 $(10.2)
Net gain on sale of loans $ 4.3 $ 1.1 $ 10.2 $ 3.9
Mortgage banking
income, net $ 6.0 $(7.6) $ 6.0 $( 3.5)
General and administrative expense ("G&A") for the quarter and nine months
ended September 30, 2003 totaled $51.4 million and $155.2 million,
respectively, compared to $48.6 million and $147.0 million, respectively, for
the comparable 2002 periods. The G&A expense to average assets ratio for the
2003 third quarter was 0.92% compared to 0.89% a year ago. For the nine
months ended September 30, 2003 the G&A expense to average assets ratio was
0.91% compared to 0.88% a year ago.
Future Outlook
Commenting on the outlook for next twelve months, Mr. Engelke stated, "We
agree with the consensus for a gradual economic recovery in 2004. Real estate
markets should remain fairly strong despite a substantial slowing of refinance
activity. With refinance activity slowing, we can expect to realize a very
significant earnings benefit as net premium amortization returns to more
normal levels. Earnings will also benefit from the repricing of our
borrowings at lower rates and the resumption of mortgage loan portfolio
growth. Accordingly, we now expect earnings and the net interest margin in
the fourth quarter to resemble the third quarter and to increase robustly
during 2004."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association, with assets of $22.1 billion, is the second
largest thrift institution headquartered in New York and fifth largest in the
United States. Astoria Federal embraces its philosophy of Putting people
first by providing its 700,000 customers and the 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 commands the third 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 originates mortgage loans through its banking
offices and loan production offices in New York, an extensive broker network
in nineteen states, primarily the East Coast, and through correspondent
relationships in forty-four states.
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; 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.
Earnings Conference Call October 17, 2003 at 9:30 a.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host
an earnings conference call Friday morning, October 17, 2003 at 9:30 a.m.
(ET). The toll-free dial-in number is (800) 967-7140. A replay will be
available on October 17, 2003 from 1:00 p.m. (ET) through October 24, 2003,
11:59 p.m. (ET). The replay number is (888) 203-1112, passcode: 683375. The
conference call will also be simultaneously webcast on the Company's website
www.astoriafederal.com and archived through October 24, 2003.
(1) Includes $900 million of borrowings with a weighted average rate of
5.29%, scheduled to mature in the fourth quarter, which were
effectively extended through forward borrowing commitments entered
into in the third quarter for an average term of 2.7 years, with a
weighted average rate of 2.63%.
(2) Includes $2.3 billion of borrowings that have a maturity date greater
than one year but can be called prior to September 30, 2004.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
At At
September 30, December 31,
2003 2002
ASSETS
Cash and due from banks $212,997 $167,605
Federal funds sold and repurchase
agreements 71,354 510,252
Mortgage-backed securities available-
for-sale 3,293,320 2,453,633
Other securities available-for-sale 159,237 338,948
Mortgage-backed securities held-to-
maturity
(fair value of $4,919,583 and
$4,985,562, respectively) 4,861,216 4,925,891
Other securities held-to-maturity
(fair value of $47,895
and $115,003, respectively) 47,370 115,366
Federal Home Loan Bank of New York
stock 230,450 247,550
Loans held-for-sale, net 56,434 62,669
Loans receivable:
Mortgage loans, net 11,894,172 11,680,160
Consumer and other loans, net 417,243 379,201
12,311,415 12,059,361
Allowance for loan losses (83,205) (83,546)
Total loans receivable, net 12,228,210 11,975,815
Mortgage servicing rights, net 15,941 20,411
Accrued interest receivable 80,855 88,908
Premises and equipment, net 158,593 157,297
Goodwill 185,151 185,151
Bank owned life insurance 365,508 358,898
Other assets 102,452 89,435
TOTAL ASSETS $22,069,088 $21,697,829
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $11,212,887 $11,067,196
Reverse repurchase agreements 6,635,000 6,285,000
Federal Home Loan Bank of New York
advances 1,964,000 2,064,000
Other borrowings, net 474,877 472,180
Mortgage escrow funds 138,576 104,353
Accrued expenses and other
liabilities 168,531 151,102
TOTAL LIABILITIES 20,593,871 20,143,831
Stockholders' equity:
Preferred stock, $1.00 par value;
5,000,000 shares authorized:
Series A (1,225,000 shares
authorized and - 0 - shares issued
and outstanding) - -
Series B (2,000,000 shares
authorized, issued and
outstanding) 2,000 2,000
Common stock, $.01 par value;
(200,000,000 shares authorized;
110,996,592 shares issued; and
79,651,565 and 84,805,817 shares
outstanding, respectively) 1,110 1,110
Additional paid-in capital 849,201 840,186
Retained earnings 1,450,778 1,368,062
Treasury stock (31,345,027 and
26,190,775 shares, at cost,
respectively) (776,832) (639,579)
Accumulated other comprehensive
(loss) income (24,610) 9,800
Unallocated common stock held by
ESOP
(4,809,080 and 5,018,500 shares,
respectively) (26,430) (27,581)
TOTAL STOCKHOLDERS' EQUITY 1,475,217 1,553,998
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $22,069,088 $21,697,829
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months For the Nine Months
Ended Ended
September 30, September 30,
2003 2002 2003 2002
Interest income:
Mortgage loans:
One-to-four family $110,340 $154,192 $355,135 $484,150
Multi-family,
commercial real
estate and
construction 53,419 42,644 149,084 117,714
Consumer and other loans 4,736 4,792 14,468 12,711
Mortgage-backed
securities 71,276 91,552 253,537 289,273
Other securities 7,265 16,629 25,394 55,734
Federal funds sold and
repurchase agreements 219 3,571 1,436 10,963
Total interest income 247,255 313,380 799,054 970,545
Interest expense:
Deposits 55,176 71,702 170,606 225,472
Borrowed funds 112,447 125,554 343,557 391,653
Total interest expense 167,623 197,256 514,163 617,125
Net interest income 79,632 116,124 284,891 353,420
Provision for loan losses - 301 - 2,307
Net interest income after
provision for loan losses 79,632 115,823 284,891 351,113
Non-interest income:
Customer service fees 15,086 15,640 45,678 44,918
Other loan fees 2,001 2,242 5,868 5,922
Net gain on sales of
securities 4,500 8,489 14,665 8,489
Mortgage banking
income, net 5,954 (7,571) 6,014 (3,543)
Income from bank owned
life insurance 4,929 5,683 15,177 15,927
Other 1,410 729 3,916 4,787
Total non-interest
income 33,880 25,212 91,318 76,500
Non-interest expense:
General and
administrative:
Compensation and
benefits 27,211 26,645 83,579 79,002
Occupancy, equipment
and systems 15,094 13,373 44,868 39,600
Federal deposit
insurance premiums 480 492 1,440 1,496
Advertising 1,501 997 4,743 3,555
Other 7,122 7,075 20,584 23,333
Total non-interest expense 51,408 48,582 155,214 146,986
Income before income tax
expense 62,104 92,453 220,995 280,627
Income tax expense 20,503 30,237 72,108 93,262
Net income 41,601 62,216 148,887 187,365
Preferred dividends
declared (1,500) (1,500) (4,500) (4,500)
Net income available to
common shareholders $40,101 $60,716 $144,387 $182,865
Basic earnings per
common share $0.53 $0.73 $1.87 $2.17
Diluted earnings per
common share $0.53 $0.72 $1.85 $2.13
Basic weighted average
common shares 75,376,835 83,329,044 77,079,828 84,333,207
Diluted weighted average
common and common
equivalent shares 76,352,144 84,795,336 77,854,686 85,920,019
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
At or For the At or For the
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Selected Returns and
Financial Ratios (annualized)
Return on average
stockholders' equity 11.35 % 15.72 % 13.13 % 15.92 %
Return on average
tangible stockholders'
equity (1) 12.99 17.81 14.96 18.05
Return on average assets 0.74 1.14 0.88 1.13
General and administrative
expense to average
assets 0.92 0.89 0.91 0.88
Efficiency ratio (2) 45.29 34.37 41.26 34.19
Net interest rate
spread (3) 1.48 2.12 1.74 2.11
Net interest margin (4) 1.52 2.25 1.79 2.25
Asset Quality Data (dollars
in thousands)
Non-performing
loans/total loans 0.27 % 0.26 %
Non-performing
loans/total assets 0.15 0.15
Non-performing
assets/total assets 0.15 0.15
Allowance for
loan losses/ non-
performing loans 250.11 259.20
Allowance for loan
losses/non-accrual
loans 254.96 268.43
Allowance for loan losses/
total loans 0.68 0.67
Net charge-offs to average
loans outstanding
(annualized) 0.01 % 0.01 % 0.00 0.01
Non-performing assets $33,839 $33,149
Non-performing loans 33,267 32,271
Loans 90 days past maturity
but still accruing interest 633 1,109
Non-accrual loans 32,634 31,162
Net charge-offs $185 $258 341 944
Capital Ratios (Astoria
Federal)
Tangible 7.52 % 7.04 %
Core 7.52 7.04
Risk-based 15.66 15.14
Other Data
Cash dividends paid per
common share $0.22 $0.20 $0.64 $0.57
Dividend payout ratio 41.51 % 27.78 % 34.59 % 26.76 %
Stockholders' equity (in
thousands) $1,475,217 $1,584,734
Common stockholders'
equity (in thousands) 1,425,217 1,534,734
Book value per common
share (5) 19.04 18.59
Tangible book value per
common share (6) 16.57 16.35
Average equity/average
assets 6.54 % 7.22 % 6.68 % 7.08 %
Mortgage loans serviced
for others (in
thousands) $1,984,363 $2,916,842
Full time equivalent
employees 1,979 1,952
(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) Book value per common share represents common stockholders' equity
divided by outstanding common shares, excluding unallocated
Employee Stock Ownership Plan, or ESOP, shares.
(6) Tangible book value per common share represents common
stockholders' equity less goodwill divided by outstanding common
shares, excluding unallocated ESOP shares.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended September 30,
2003
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $8,944,114 $110,340 4.93%
Multi-family,
commercial real
estate and
construction 2,857,110 53,419 7.48
Consumer and other
loans (1) 413,519 4,736 4.58
Total loans 12,214,743 168,495 5.52
Mortgage-backed
securities (2) 8,179,267 71,276 3.49
Other securities (2)(3) 477,432 7,265 6.09
Federal funds sold and
repurchase agreements 90,642 219 0.97
Total interest-earning
assets 20,962,084 247,255 4.72
Goodwill 185,151
Other non-interest
-earning assets 1,293,372
Total assets $22,440,607
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,940,389 3,127 0.43
Money market 1,348,441 1,986 0.59
NOW and demand
deposit 1,529,299 292 0.08
Certificates of
deposit 5,425,815 49,771 3.67
Total deposits 11,243,944 55,176 1.96
Borrowed funds 9,423,789 112,447 4.77
Total interest-bearing
liabilities 20,667,733 167,623 3.24
Non-interest-bearing
liabilities 306,258
Total liabilities 20,973,991
Stockholders' equity 1,466,616
Total liabilities and
stockholders' equity $22,440,607
Net interest income/net interest
rate spread $79,632 1.48
Net interest-earning assets/net
interest margin $294,351 1.52
Ratio of interest-earning
assets to interest-bearing
liabilities 1.01x
(1)Mortgage 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 reported at average amortized cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
For the Three Months Ended September 30,
2002
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $10,012,425 $154,192 6.16%
Multi-family,
commercial real estate
and construction 2,166,118 42,644 7.87
Consumer and other
loans (1) 323,195 4,792 5.93
Total loans 12,501,738 201,628 6.45
Mortgage-backed
securities (2) 6,376,544 91,552 5.74
Other securities (2) (3) 927,940 16,629 7.17
Federal funds sold and
repurchase agreements 827,857 3,571 1.73
Total interest-earning
assets 20,634,079 313,380 6.07
Goodwill 185,151
Other non-interest-earning
assets 1,101,604
Total assets $21,920,834
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,810,974 7,938 1.13
Money market 1,870,756 7,777 1.66
NOW and demand
deposit 1,273,066 931 0.29
Certificates of
deposit 5,253,760 55,056 4.19
Total deposits 11,208,556 71,702 2.56
Borrowed funds 8,771,982 125,554 5.73
Total interest-bearing
liabilities 19,980,538 197,256 3.95
Non-interest-bearing
liabilities 357,532
Total liabilities 20,338,070
Stockholders' equity 1,582,764
Total liabilities and
stockholders' equity $21,920,834
Net interest income/net interest
rate spread $116,124 2.12%
Net interest-earning assets/net
interest margin $653,541 2.25%
Ratio of interest-earning assets
to interest-bearing
liabilities 1.03x
(1)Mortgage 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 reported at average amortized cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Nine Months Ended September 30,
2003
Average
Average Yield/
Balance Interest Cost
Assets: (Annualized)
Interest-earning assets:
Mortgage loans(1):
One-to-four family $ 8,994,985 $ 355,135 5.26%
Multi-family, commercial
real estate
and construction 2,634,045 149,084 7.55
Consumer and other loans(1) 403,689 14,468 4.78
Total loans 12,032,719 518,687 5.75
Mortgage-backed securities(2) 8,423,400 253,537 4.01
Other securities (2) (3) 550,399 25,394 6.15
Federal funds sold and
repurchase agreements 167,965 1,436 1.14
Total interest-earning assets 21,174,483 799,054 5.03
Goodwill 185,151
Other non-interest-earning
assets 1,262,642
Total assets $ 22,622,276
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $ 2,897,358 10,243 0.47
Money market 1,450,089 8,198 0.75
NOW and demand deposit 1,469,279 1,304 0.12
Certificates of deposit 5,389,094 150,861 3.73
Total deposits 11,205,820 170,606 2.03
Borrowed funds 9,603,936 343,557 4.77
Total interest-bearing
liabilities 20,809,756 514,163 3.29
Non-interest-bearing
liabilities 300,773
Total liabilities 21,110,529
Stockholders' equity 1,511,747
Total liabilities
and stockholders' equity $ 22,622,276
Net interest income/net interest
rate spread $ 284,891 1.74%
Net interest-earning assets/net
interest margin $ 364,727 1.79%
Ratio of interest-earning assets
to interest-bearing liabilities 1.02x
(1) Mortgage 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 reported at average amortized
cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
For the Nine Months Ended September 30,
2002
Average
Average Yield/
Balance Interest Cost
Assets: (Annualized)
Interest-earning assets:
Mortgage loans(1):
One-to-four family $ 10,221,945 $ 484,150 6.32%
Multi-family, commercial
real estate
and construction 1,982,618 117,714 7.92
Consumer and other loans(1) 287,169 12,711 5.90
Total loans 12,491,732 614,575 6.56
Mortgage-backed
securities(2) 6,503,436 289,273 5.93
Other securities (2) (3) 1,092,241 55,734 6.80
Federal funds sold and
repurchase agreements 857,510 10,963 1.70
Total interest-earning
assets 20,944,919 970,545 6.18
Goodwill 185,151
Other non-interest-earning
assets 1,043,406
Total assets $ 22,173,476
Liabilities and
stockholders' equity:
Interest-bearing liabilities:
Savings $ 2,732,395 24,607 1.20
Money market 1,920,586 27,632 1.92
NOW and demand deposit 1,239,817 2,650 0.28
Certificates of deposit 5,209,688 170,583 4.37
Total deposits 11,102,486 225,472 2.71
Borrowed funds 9,130,247 391,653 5.72
Total interest-bearing
liabilities 20,232,733 617,125 4.07
Non-interest-bearing
liabilities 371,810
Total liabilities 20,604,543
Stockholders' equity 1,568,933
Total liabilities
and stockholders' equity $ 22,173,476
Net interest
income/net interest
rate spread $ 353,420 2.11%
Net interest-earning
assets/net interest margin $ 712,186 2.25%
Ratio of interest-earning assets
to interest-bearing liabilities 1.04x
(1) Mortgage 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 reported at average amortized
cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
SOURCE Astoria Financial Corporation
-0- 10/16/2003
/CONTACT: Peter J. Cunningham, First Vice President, Investor Relations
of Astoria Financial Corporation, +1-516-327-7877, ir@astoriafederal.com/
/Company News On-Call: http://www.prnewswire.com/comp/104529.html/
/Web site: http://ir.astoriafederal.com/
(AF)
CO: Astoria Financial Corporation
ST: New York
IN: FIN
SU: ERN CCA