Exhibit 99.1
ASTORIA FINANCIAL CORPORATION ANNOUNCES 6% INCREASE IN SECOND QUARTER EPS
TO $0.55
QUARTERLY CASH DIVIDEND OF $0.20 PER COMMON SHARE DECLARED
LAKE SUCCESS, N.Y., July 21 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE: AF) ("Astoria"), the holding company for Astoria Federal
Savings and Loan Association ("Astoria Federal"), today reported diluted
earnings per share ("EPS") for the quarter ended June 30, 2005 of $0.55, a 6%
increase from $0.52 EPS for the 2004 second quarter. Net income for the 2005
second quarter totaled $57.4 million compared to $57.5 million for the quarter
ended June 30, 2004. Included in 2005 net income and EPS is a mortgage servicing
rights ("MSR") impairment charge of $2.5 million ($1.7 million after-tax, or
$0.02 per share) compared to a recovery of $5.2 million ($3.5 million after-tax,
or $0.03 per share) in the 2004 second quarter. (Excluding the MSR adjustments
in the 2005 and 2004 second quarters, EPS would have been $0.57 and $0.49,
respectively.) For the 2005 second quarter, annualized returns on average
equity, average tangible equity and average assets were 16.66%, 19.24% and
1.00%, respectively, compared to 16.55%, 19.09% and 1.03%, respectively, for the
comparable 2004 period.
For the six months ended June 30, 2005, net income totaled $116.9 million,
or $1.12 EPS, up 5% and 13%, respectively, from $110.9 million, or $0.99 EPS for
the comparable 2004 period. For the six months ended June 30, 2005, annualized
returns on average equity, average tangible equity and average assets increased
to 17.02%, 19.68%, and 1.01%, respectively, from 15.85%, 18.27% and 0.99%,
respectively, for the comparable 2004 period.
Second Quarter 2005 Highlights:
- Net interest margin: 2.21%, up 8 basis points from comparable period
last year
- Return on average equity: 16.66%, up 11 basis points from comparable
period last year
- Return on average tangible equity: 19.24%, up 15 basis points from
comparable period last year
- Loan portfolio increased $190 million, or 6% annualized
-- Multifamily/Commercial Real Estate ("CRE") loan portfolios increased
$131 million, or 14% annualized, and represent 27% of total loans
-- One-to-Four Family loan portfolio increased $35 million, or 2%
annualized
- Securities portfolio declined $553 million, or 27% annualized
- Borrowings declined $413 million, or 18% annualized
- Assets declined $424 million, or 7% annualized
- Repurchased 1.5 million common shares
- Non-performing assets: $30.1 million, or 0.13% of total assets
Commenting on the 2005 second quarter results, George L. Engelke, Jr.,
Chairman, President and Chief Executive Officer of Astoria, noted, "While our
financial results were solid, they were tempered by a $2.5 million ($1.7 million
after-tax, or $0.02 per share) MSR impairment charge due to the decline in long
term interest rates at the end of the second quarter. Overall, the operating
environment continued to be challenging as the yield curve flattened, with short
term interest rates increasing and long term interest rates decreasing. In light
of this, we continued our strategy of reducing the securities portfolio and
borrowings while growing the total loan portfolio even as increased refinance
activity during the quarter restrained growth in the one-to-four family loan
portfolio. While deposits grew modestly, we are pleased with the continued
growth in our Liquid CD accounts as well as our success in increasing and
extending medium-term retail CDs in anticipation of increasing interest rates."
Board Declares Quarterly Cash Dividend of $0.20 Per Share
The Board of Directors of the Company, at their July 20, 2005 meeting,
declared a quarterly cash dividend of $0.20 per common share. The dividend is
payable on September 1, 2005 to shareholders of record as of August 15, 2005.
This is the forty-first consecutive quarterly cash dividend declared by the
Company.
Tenth Stock Repurchase Program Continues
During the second quarter, Astoria repurchased 1.5 million shares of its
common stock at an average cost of $27.14 per share.
For the six month period ended June 30, 2005 Astoria repurchased 2.6 million
shares. To date, under the tenth program that commenced during the 2004 third
quarter, Astoria has repurchased 7.8 million shares of the 12 million shares
authorized.
Second Quarter 2005 Earnings Summary
Net interest income for the quarter ended June 30, 2005 increased 7% to
$121.3 million from $113.3 million a year ago. For the six months ended June 30,
2005, net interest income increased 8% to $246.6 million from $227.8 million in
the 2004 six month period.
Astoria's net interest margin for the quarter ended June 30, 2005 increased
eight basis points from a year ago to 2.21%, primarily due to an increase in the
yield on average earning assets resulting from lower premium amortization
expense in the 2005 second quarter. On a linked quarter basis, the net interest
margin decreased three basis points primarily due to one extra day of interest
expense in the second quarter. Commenting on the net interest margin, Mr.
Engelke noted, "Clearly, continuing to reduce the lower yielding securities
portfolio and borrowings has helped mitigate margin compression in the current
yield curve environment."
Non-interest income for the quarter ended June 30, 2005 totaled $22.5
million compared to $27.9 million for the 2004 second quarter. The decline is
primarily due to a $7.9 million decrease in mortgage banking income, net, offset
by a $1.8 million increase in customer service fees.
For the six months ended June 30, 2005, non-interest income totaled $47.3
million compared to $50.0 million for the comparable 2004 period. The decline
was primarily due to decreases in mortgage banking income, net, of $3.7 million
and gains on sale of securities of $2.4 million, offset by a $2.9 million
increase in customer service fees.
The components of mortgage banking income, net, which is included in non-
interest income, are detailed below:
(Dollars in millions) 2Q05 2Q04 1H05 1H04
- ------------------------ ---------- ---------- ---------- ----------
Loan servicing fees $ 1.3 $ 1.5 $ 2.6 $ 3.0
Amortization of MSR (1.3) (1.8) (2.7) (3.8)
MSR valuation
adjustments (2.5) 5.2 (0.1) 3.8
Net gain on sale of
loans 0.9 1.4 1.6 2.1
Mortgage banking income,
net $ (1.6) $ 6.3 $ 1.4 $ 5.1
General and administrative expense ("G&A") for the quarter ended June 30,
2005 totaled $57.6 million compared to $55.4 million for the comparable 2004
period. The increase is primarily due to an increase in goodwill litigation
expense to $2.0 million from $874,000 in last year's second quarter. On a linked
quarter basis, G&A declined $2.9 million, primarily due to reduced advertising
expense and lower compensation and benefits expense.
For the six months ended June 30, 2005, G&A totaled $118.1 million compared
to $112.4 million for the comparable six months ended June 30, 2004. The
increase was primarily due to an increase in goodwill litigation expense to $4.7
million from $1.7 million in the 2004 six month period and increased advertising
expense.
Balance Sheet Summary
Due to the current flattening yield curve environment and lower spread
availability, we continued to reduce our non-core business activities during the
second quarter of 2005. Total securities for the quarter ended June 30, 2005
declined $552.8 million, or 27% annualized, to $7.8 billion at June 30, 2005,
representing 34% of total assets, of which $2.1 billion, or 9% of total assets,
are categorized as available-for-sale. Borrowings declined in the second quarter
of 2005 by $412.6 million, or 18% annualized, to $8.6 billion at June 30, 2005,
representing 38% of total assets.
For the six months ended June 30, 2005 total securities declined $940.4
million, or 22% annualized. and borrowings declined $901.0 million, or 19%
annualized. Total assets declined $424.4 million from March 31, 2005 and $589.8
million from December 31, 2004 and total $22.8 billion at June 30, 2005.
Key balance sheet highlights, reflecting the improvement in the quality of
the Company's balance sheet since December 31, 1999, follow:
(Dollars in millions)
Change
12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 6/30/05 12/31/99-6/30/05
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------------
Assets $ 22,700 $ 22,341 $ 22,672 $ 21,702 $ 22,462 $ 23,416 $ 22,826 + 1%
Loans $ 10,286 $ 11,422 $ 12,167 $ 12,059 $ 12,687 $ 13,263 $ 13,750 + 34%
MBS &
Other Sec. $ 10,763 $ 9,415 $ 8,013 $ 7,834 $ 8,448 $ 8,710 $ 7,769 - 28%
Deposits $ 9,555 $ 10,072 $ 10,904 $ 11,067 $ 11,187 $ 12,323 $ 12,585 + 32%
Core
Deposits (1) $ 4,625 $ 4,922 $ 5,743 $ 5,914 $ 5,685 $ 5,475 $ 5,495 + 19%
Borrowings $ 11,528 $ 10,324 $ 9,826 $ 8,825 $ 9,632 $ 9,470 $ 8,569 - 26%
(1) Includes savings, money market, checking and Liquid CD accounts
During the 2005 second quarter, the 1-4 family mortgage loan portfolio
increased $34.7 million, or 2% annualized, to $9.3 billion at June 30, 2005.
Originations and purchases totaled $707.1 million for the 2005 second quarter
compared to $933.7 million in the year-ago second quarter. 78% of the 2005
second quarter production consisted of 3/1 and 5/1 hybrid adjustable rate
mortgage loans.
For the six months ended June 30, 2005, the 1-4 family mortgage loan
portfolio increased $212.3 million, or 5% annualized. Originations and purchases
for the 2005 six month period totaled $1.4 billion compared to $1.6 billion in
the year-ago six month period.
During the 2005 second quarter, the multifamily and CRE loan portfolio
increased $130.5 million, or 14% annualized, to $3.7 billion at June 30, 2005.
Originations totaled $241.9 million for the 2005 second quarter compared to
$274.0 million for the comparable 2004 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 2005 six month period, the multifamily and CRE loan portfolio
increased $240.8 million, or 14% annualized. Originations totaled $498.5 million
for the 2005 six month period compared to $514.1 million for the comparable 2004
period.
At June 30, 2005, non-performing loans declined to $28.7 million, or 0.13%
of total assets, from $29.7 million, or 0.13% of total assets, at March 31,
2005. Net charge-offs for the 2005 second quarter totaled $211,000.
For the six months ended June 30, 2005, net charge-offs totaled $239,000, or
an annualized rate of less than one basis point of the average total loans
outstanding. The ratio of the allowance for loan losses to non-performing loans
at June 30, 2005 was 288%.
Deposits for the quarter ended June 30, 2005 increased slightly and totaled
$12.6 billion at June 30, 2005. During the second quarter, we continued to grow
our medium-term CD deposits at a significant discount to alternative funding
sources that, in addition to contributing to the management of interest rate
risk, permit us to reduce our borrowing levels and continue to produce new
customers from our communities, creating relationship development opportunities.
During the 2005 second quarter, $804.4 million of non-Liquid CDs, with an
average rate of 2.54% and an average original maturity of 17 months, matured and
$839.4 million of non-Liquid CDs were issued or repriced at an average rate of
3.09% and an average maturity of 16 months.
For the six months ended June 30, 2005, deposits increased $262.0 million,
or 4% annualized. The increase was due, in part, to an increase in Liquid CD
accounts and medium term CD accounts. At June 30, 2005 core deposits totaled
$5.5 billion with an average cost of just 50 basis points for the second
quarter. For the six months ended June 30, 2005, $1.8 billion of non-Liquid CDs,
with an average rate of 2.85% and an average original maturity of 21 months
matured and $1.9 billion of non-Liquid CDs were issued or repriced at an average
rate of 3.04% and an average maturity of 18 months.
Stockholders' equity was $1.4 billion, or 6.10% of total assets at June 30,
2005. Astoria Federal continues to maintain capital ratios in excess of
regulatory requirements with core, tangible and risk-based capital ratios of
6.71%, 6.71% and 13.33%, respectively, at June 30, 2005.
Future Outlook
Commenting on the outlook for the second half of 2005, Mr. Engelke stated,
"The operating environment continues to remain challenging as a result of rising
short term interest rates and a continuing flattening of the yield curve.
Accordingly, we will continue our strategy of shrinking 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 the balance sheet
and earnings and will help maintain the margin at current to slightly lower
levels in the second half of 2005. 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 $22.8 billion is the fifth largest
thrift institution in the United States. Established in 1888, Astoria Federal is
the largest thrift depository headquartered in New York with deposits of $12.6
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, http://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 39 individual states. Astoria Federal originates
mortgage loans through its banking offices and loan production offices in New
York, an extensive broker network in twenty-three states, primarily the East
Coast and the District of Columbia, and through correspondent relationships in
forty-four states and the District of Columbia.
Earnings Conference Call July 21, 2005 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host
an earnings conference call Thursday afternoon, July 21, 2005 at 3:30 p.m.
(ET). The toll-free dial-in number is (800) 967-7140.
A telephone replay will be available on July 21, 2005 from 7:00 p.m. (ET)
through July 29, 2005, 11:59 p.m. (ET). The replay number is (888) 203-1112,
passcode: 6447378. The conference call will also be simultaneously webcast on
the Company's website http://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.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
At At
June 30, December 31,
2005 2004
------------ ------------
ASSETS
Cash and due from banks $ 142,796 $ 138,809
Repurchase agreements 154,264 267,578
Mortgage-backed and other securities
available-for-sale 2,146,528 2,406,883
Mortgage-backed and other securities
held-to-maturity (fair value of
$5,602,104 and $6,306,760, respectively) 5,622,868 6,302,936
Federal Home Loan Bank of New York
stock, at cost 123,145 163,700
Loans held-for-sale, net 31,080 23,802
Loans receivable:
Mortgage loans, net 13,218,349 12,746,134
Consumer and other loans, net 531,766 517,145
13,750,115 13,263,279
Allowance for loan losses (82,519) (82,758)
Total loans receivable, net 13,667,596 13,180,521
Mortgage servicing rights, net 15,415 16,799
Accrued interest receivable 80,032 79,144
Premises and equipment, net 153,313 157,107
Goodwill 185,151 185,151
Bank owned life insurance 374,532 374,719
Other assets 129,329 118,720
TOTAL ASSETS $ 22,826,049 $ 23,415,869
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 12,585,227 $ 12,323,257
Reverse repurchase agreements 6,980,000 7,080,000
Federal Home Loan Bank of New York
advances 1,129,000 1,934,000
Other borrowings, net 459,796 455,835
Mortgage escrow funds 139,359 122,088
Accrued expenses and other
liabilities 140,026 130,925
TOTAL LIABILITIES 21,433,408 22,046,105
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
108,208,696 and 110,304,669
shares outstanding, respectively) 1,665 1,665
Additional paid-in capital 817,964 811,777
Retained earnings 1,697,453 1,623,571
Treasury stock (58,286,192 and
56,190,219 shares, at cost,
respectively) (1,073,435) (1,013,726)
Accumulated other comprehensive
loss (26,795) (28,592)
Unallocated common stock held by
ESOP (6,608,064 and 6,802,146 shares,
respectively) (24,211) (24,931)
TOTAL STOCKHOLDERS' EQUITY 1,392,641 1,369,764
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 22,826,049 $ 23,415,869
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
------------------------------ -----------------------------
2005 2004 2005 2004
------------- ------------- ------------- -------------
Interest income:
Mortgage loans:
One-to-four family $ 112,898 $ 104,205 $ 224,480 $ 215,555
Multi-family,
commercial real
estate and
construction 58,300 54,634 116,496 108,265
Consumer and other
loans 7,475 4,798 14,256 9,688
Mortgage-backed and
other securities 88,526 87,809 182,448 177,940
Federal funds sold
and repurchase
agreements 1,361 222 2,810 376
Federal Home Loan
Bank of New York
stock 1,650 895 2,823 1,833
Total interest income 270,210 252,563 543,313 513,657
Interest expense:
Deposits 67,065 56,902 132,025 111,132
Borrowed funds 81,798 82,345 164,728 174,696
Total interest expense 148,863 139,247 296,753 285,828
Net interest income 121,347 113,316 246,560 227,829
Provision for loan
losses - - - -
Net interest income
after provision for
loan losses 121,347 113,316 246,560 227,829
Non-interest income:
Customer service
fees 16,305 14,554 31,251 28,303
Other loan fees 1,082 1,188 2,246 2,450
Net gain on sales of
securities - - - 2,372
Mortgage banking
(loss) income, net (1,582) 6,251 1,364 5,133
Income from bank
owned life
insurance 4,190 4,228 8,365 8,678
Other 2,531 1,645 4,042 3,069
Total non-interest
income 22,526 27,866 47,268 50,005
Non-interest expense:
General and
administrative:
Compensation and
benefits 29,967 29,582 60,757 61,046
Occupancy,
equipment and
systems 15,787 15,774 31,812 32,491
Federal deposit
insurance
premiums 447 441 895 890
Advertising 1,870 1,701 5,775 3,410
Other 9,492 7,862 18,836 14,566
Total non-interest
expense 57,563 55,360 118,075 112,403
Income before income
tax expense 86,310 85,822 175,753 165,431
Income tax expense 28,914 28,321 58,878 54,517
Net income $ 57,396 $ 57,501 $ 116,875 $ 110,914
Basic earnings per
common share $ 0.56 $ 0.53 $ 1.14 $ 1.01
Diluted earnings per
common share $ 0.55 $ 0.52 $ 1.12 $ 0.99
Basic weighted average
common shares 102,253,984 109,429,328 102,704,734 110,152,001
Diluted weighted
average common and
common equivalent
shares 104,184,538 111,189,914 104,568,500 112,102,245
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
At or For the At or For the
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------------
2005 2004 2005 2004
-------- -------- ------------ ------------
Selected Returns and Financial Ratios (annualized)
Return on average
stockholders' equity 16.66% 16.55% 17.02% 15.85%
Return on average tangible
stockholders' equity (1) 19.24 19.09 19.68 18.27
Return on average assets 1.00 1.03 1.01 0.99
General and administrative
expense to average assets 1.00 0.99 1.02 1.00
Efficiency ratio (2) 40.01 39.21 40.19 40.46
Net interest rate
spread (3) 2.12 2.06 2.14 2.06
Net interest margin (4) 2.21 2.13 2.22 2.14
Asset Quality Data (dollars
in thousands)
Non-performing loans/total
loans 0.21% 0.21%
Non-performing loans/total
assets 0.13 0.12
Non-performing
assets/total assets 0.13 0.12
Allowance for loan
losses/non-performing
loans 287.86 313.02
Allowance for loan
losses/non-accrual loans 308.11 319.43
Allowance for loan
losses/total loans 0.60 0.66
Net charge-offs to average
loans outstanding
(annualized) 0.01% 0.00% 0.00 0.00
Non-performing assets $ 30,080 $ 27,133
Non-performing loans 28,666 26,458
Loans 90 days past
maturity but still
accruing interest 1,884 531
Non-accrual loans 26,782 25,927
Net charge-offs $ 211 $ 148 239 303
Capital Ratios (Astoria
Federal)
Tangible 6.71% 7.11%
Core 6.71 7.11
Risk-based 13.33 14.69
Other Data
Cash dividends paid per
common share $ 0.20 $ 0.17 $ 0.40 $ 0.33
Dividend payout ratio 36.36% 32.69% 35.71% 33.33%
Book value per common
share (5) $ 13.71 $ 12.67
Tangible book value per
common share (6) 11.88 10.96
Average equity/average
assets 5.98% 6.21% 5.91% 6.25%
Mortgage loans serviced
for others (in thousands) $ 1,605,071 $ 1,759,085
Full time equivalent
employees 1,864 1,926
(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 June 30, 2005
-------------------------------------------------
Average
Yield/
Average Cost
Balance Interest (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
Federal funds sold and
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
Borrowed funds 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 1.03x
For the Three Months Ended June 30, 2004
-------------------------------------------------
Average
Yield/
Average Cost
Balance Interest (Annualized)
-------------- -------------- --------------
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 8,862,057 $ 104,205 4.70%
Multi-family, commercial real
estate and construction 3,350,010 54,634 6.52
Consumer and other loans (1) 466,745 4,798 4.11
Total loans 12,678,812 163,637 5.16
Mortgage-backed and other
securities (2) 8,337,650 87,809 4.21
Federal funds sold and
repurchase agreements 94,515 222 0.94
Federal Home Loan Bank stock 155,471 895 2.30
Total interest-earning assets 21,266,448 252,563 4.75
Goodwill 185,151
Other non-interest-earning assets 938,614
Total assets $ 22,390,213
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $ 3,003,085 2,988 0.40
Money market 1,119,810 1,510 0.54
NOW and demand deposit 1,556,821 230 0.06
Liquid certificates of deposit - - -
Total core deposits 5,679,716 4,728 0.33
Certificates of deposit 6,018,057 52,174 3.47
Total deposits 11,697,773 56,902 1.95
Borrowed funds 8,989,389 82,345 3.66
Total interest-bearing liabilities 20,687,162 139,247 2.69
Non-interest-bearing liabilities 312,905
Total liabilities 21,000,067
Stockholders' equity 1,390,146
Total liabilities and stockholders'
equity $ 22,390,213
Net interest income/net interest
rate spread $ 113,316 2.06%
Net interest-earning assets/net
interest margin $ 579,286 2.13%
Ratio of interest-earning assets
to interest-bearing
liabilities 1.03x
(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 reported at average amortized cost.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Six Months Ended June 30, 2005
-------------------------------------------------
Average
Yield/
Average Cost
Balance Interest (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
Federal funds sold and
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
Borrowed funds 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 1.03x
For the Six Months Ended June 30, 2004
-------------------------------------------------
Average
Yield/
Average Cost
Balance Interest (Annualized)
-------------- -------------- --------------
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 8,951,550 $ 215,555 4.82%
Multi-family, commercial real
estate and construction 3,301,619 108,265 6.56
Consumer and other loans (1) 458,421 9,688 4.23
Total loans 12,711,590 333,508 5.25
Mortgage-backed and other
securities (2) 8,351,335 177,940 4.26
Federal funds sold and
repurchase agreements 79,704 376 0.94
Federal Home Loan Bank stock 191,641 1,833 1.91
Total interest-earning assets 21,334,270 513,657 4.82
Goodwill 185,151
Other non-interest-earning assets 891,331
Total assets $ 22,410,752
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $ 2,981,642 5,933 0.40
Money market 1,153,993 3,118 0.54
NOW and demand deposit 1,511,777 451 0.06
Liquid certificates of deposit - - -
Total core deposits 5,647,412 9,502 0.34
Certificates of deposit 5,831,038 101,630 3.49
Total deposits 11,478,450 111,132 1.94
Borrowed funds 9,230,800 174,696 3.79
Total interest-bearing liabilities 20,709,250 285,828 2.76
Non-interest-bearing liabilities 301,887
Total liabilities 21,011,137
Stockholders' equity 1,399,615
Total liabilities and stockholders'
equity $ 22,410,752
Net interest income/net interest
rate spread $ 227,829 2.06%
Net interest-earning assets/net
interest margin $ 625,020 2.14%
Ratio of interest-earning assets
to interest-bearing
liabilities 1.03x
(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 reported at average amortized cost.
SOURCE Astoria Financial Corporation
-0- 07/21/2005
/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
http://ir.astoriafederal.com