Exhibit 99.1
ASTORIA FINANCIAL CORPORATION ANNOUNCES 8% INCREASE IN
THIRD QUARTER EPS TO $0.57
QUARTERLY CASH DIVIDEND OF $0.20 PER COMMON SHARE DECLARED
LAKE SUCCESS, N.Y., Oct. 20 /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 September 30, 2005 of $0.57, an
8% increase from $0.53 EPS for the 2004 third quarter. Net income for the 2005
third quarter increased to $59.2 million from $58.1 million for the quarter
ended September 30, 2004. For the 2005 third quarter, annualized returns on
average equity, average tangible equity and average assets were 17.09%, 19.73 %
and 1.05%, respectively, compared to 16.82%, 19.42% and 1.02%, respectively, for
the comparable 2004 period.
For the nine months ended September 30, 2005, net income increased to
$176.1 million, or $1.69 EPS, up 4% and 11%, respectively, from $169.0 million,
or $1.52 EPS for the comparable 2004 period. For the nine months ended September
30, 2005, annualized returns on average equity, average tangible equity and
average assets increased to 17.06%, 19.71%, and 1.02%, respectively, from
16.15%, 18.62% and 1.00%, respectively, for the comparable 2004 period.
Third Quarter 2005 Highlights:
-- Return on average equity: 17.09%*, up 27 basis points from comparable
period last year
-- Return on average tangible equity: 19.73%*, up 31 basis points from
comparable period last year
-- Deposits increased $220 million, or 7% annualized
-- Loan portfolio increased $357 million, or 10% annualized
- Multifamily/Commercial Real Estate ("CRE") loan portfolios
increased $113 million, or 12% annualized, and represent 28% of
total loans
- One-to-Four Family loan portfolio increased $243 million, or 10%
annualized
-- Securities portfolio declined $681 million, or 35% annualized
-- Borrowings declined $469 million, or 22% annualized
-- Repurchased 1.5 million common shares
* On an annualized basis
Commenting on the 2005 third quarter results, George L. Engelke, Jr.,
Chairman, President and Chief Executive Officer of Astoria, noted, "The
operating environment continued to be challenging during the third quarter with
the two-to-five year portion of the yield curve remaining relatively flat.
Nevertheless, we continued our strategy of improving the quality of the balance
sheet by producing solid deposit and loan growth while significantly reducing
securities and borrowings through normal cash flow. These efforts resulted in
solid increases in earnings, earnings per share and related returns for the
third quarter."
Board Declares Quarterly Cash Dividend of $0.20 Per Share
The Board of Directors of the Company, at their October 19, 2005 meeting,
declared a quarterly cash dividend of $0.20 per common share. The dividend is
payable on December 1, 2005 to shareholders of record as of November 15, 2005.
This is the forty-second consecutive quarterly cash dividend declared by the
Company.
Tenth Stock Repurchase Program Continues
During the third quarter, Astoria repurchased 1.5 million shares of its
common stock at an average cost of $27.83 per share. For the nine month period
ended September 30, 2005 Astoria repurchased 4.1 million shares at an average
cost of $26.95 per share. To date, under the tenth program that commenced during
the 2004 third quarter, Astoria has repurchased 9.5 million shares of the 12
million shares authorized.
Hurricane Katrina Disaster Relief Donation
Astoria has pledged to donate $341,000 to the American Red Cross Disaster
Relief Fund to benefit the Gulf Coast victims of Hurricane Katrina. The
donation, which is reflected in 2005 third quarter general and administrative
expense, includes a $250,000 corporate leadership donation and related double
matching funds of $91,000 in support of director, officer and employee
contributions totaling $45,500.
Third Quarter and Nine Month 2005 Earnings Summary
Net interest income for the quarter ended September 30, 2005 totaled $118.5
million compared to $121.9 million a year ago. For the nine months ended
September 30, 2005, net interest income increased 4% to $365.1 million from
$349.7 million in the 2004 nine month period.
Astoria's net interest margin for the quarter ended September 30, 2005
declined five basis points from the same period a year ago to 2.20%. On a linked
quarter basis, the net interest margin decreased just one basis point.
Commenting on the net interest margin, Mr. Engelke noted, "Clearly, continuing
to reduce the lower yielding securities portfolio and borrowings while growing
loans and deposits has helped mitigate margin compression in the current yield
curve environment."
Non-interest income for the quarter ended September 30, 2005 increased 18%
to $28.4 million from $24.0 million for the 2004 third quarter. The increase is
primarily due to a $4.9 million increase in mortgage banking income, net, and
$2.5 million in customer service fees, primarily offset by the absence of gains
on sales of securities and lower other operating income.
For the nine months ended September 30, 2005, non-interest income increased
to $75.6 million from $74.0 million for the comparable 2004 period. The increase
was primarily due to a $5.4 million increase in customer service fees and a $1.2
million increase in mortgage banking income, net, primarily offset by a $4.7
million decline in gains on sales of securities in the 2005 nine month period.
The components of mortgage banking income, net, which is included in
non-interest income, are detailed below:
(Dollars in millions) 3Q05 3Q04 9 Mos05 9 Mos04
--------------------------- -------- -------- -------- --------
Loan servicing fees $ 1.2 $ 1.4 $ 3.8 $ 4.4
Amortization of MSR* (1.3) (1.4) (4.0) (5.2)
MSR valuation adjustments 2.7 (1.9) 2.6 1.9
Net gain on sale of loans 1.1 0.7 2.7 2.8
Mortgage banking income
(loss), net $ 3.7 $ (1.2) $ 5.1 $ 3.9
* Mortgage servicing rights
General and administrative expense ("G&A") for the quarter ended September
30, 2005 declined to $57.9 million from $59.2 million for the comparable 2004
period. The decrease is primarily due to a $3.2 million arbitration award
settlement in the 2004 third quarter, partially offset by a $1.9 million
increase in the 2005 third quarter G&A related to the previously announced
decision to outsource mortgage servicing and additional one-time expenses
related to other company-wide cost saving initiatives undertaken to improve
future operating efficiency. The one-time expenses incurred in the 2005 third
quarter are expected to result in annual net expense savings of approximately $5
million commencing in 2006.
For the nine months ended September 30, 2005, G&A totaled $176.0 million
compared to $171.6 million for the nine months ended September 30, 2004. The
increase is primarily due to an increase in advertising expense and other non-
interest expense including charitable contributions and cost-saving initiatives.
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
third quarter of 2005. Total securities for the quarter ended September 30, 2005
declined $680.9 million, or 35% annualized, to $7.1 billion at September 30,
2005, or 31% of total assets, of which $2.0 billion, or 9% of total assets, are
categorized as available-for-sale. Borrowings declined $469.3 million in the
third quarter of 2005, or 22% annualized, to $8.1 billion at September 30, 2005,
representing 36% of total assets.
For the nine months ended September 30, 2005 total securities declined $1.6
billion, or 25% annualized, and borrowings declined $1.4 billion, or 19%
annualized. Total assets declined $195.4 million from June 30, 2005 and $785.2
million from December 31, 2004 and total $22.6 billion at September 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) 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03
----------------------------------- ---------- ---------- ---------- ---------- ----------
Assets $ 22,700 $ 22,341 $ 22,672 $ 21,702 $ 22,462
Loans $ 10,286 $ 11,422 $ 12,167 $ 12,059 $ 12,687
Securities $ 10,763 $ 9,415 $ 8,013 $ 7,834 $ 8,448
Deposits $ 9,555 $ 10,072 $ 10,904 $ 11,067 $ 11,187
Borrowings $ 11,528 $ 10,324 $ 9,826 $ 8,825 $ 9,632
Change
(Dollars in millions) 12/31/04 9/30/05 12/31/99-9/30/05
----------------------------------- ---------- ---------- -----------------------
Assets $ 23,416 $ 22,631 + --%
Loans $ 13,263 $ 14,107 + 37%
Securities $ 8,710 $ 7,089 - 34%
Deposits $ 12,323 $ 12,806 + 34%
Borrowings $ 9,470 $ 8,099 - 30%
During the 2005 third quarter, the 1-4 family mortgage loan portfolio
increased $242.5 million, or 10% annualized, to $9.5 billion at September 30,
2005. Originations and purchases totaled $983.4 million for the 2005 third
quarter compared to $635.3 million in the year-ago third quarter of which 79%
and 77%, respectively, consisted of 3/1 and 5/1 hybrid adjustable rate mortgage
loans.
For the nine months ended September 30, 2005, the 1-4 family mortgage loan
portfolio increased $454.8 million, or 7% annualized. Originations and purchases
for the 2005 nine month period totaled $2.4 billion compared to $2.2 billion for
the comparable 2004 period of which 78% and 73%, respectively, consisted of 3/1
and 5/1 hybrid adjustable rate mortgage loans.
During the 2005 third quarter, the multifamily and CRE loan portfolio
increased $113.0 million, or 12% annualized, to $3.9 billion at September 30,
2005, or 28% of total loans outstanding. Multifamily and CRE originations
totaled $270.6 million for the 2005 third quarter compared to $349.8 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 nine month period, the multifamily and CRE loan portfolio
increased $353.8 million, or 13% annualized. Originations totaled $769.0 million
for the 2005 nine month period compared to $863.8 million for the comparable
2004 period.
At September 30, 2005, non-performing assets increased to $39.2 million, or
0.17% of total assets, from $30.1 million, or 0.13% of total assets, at June 30,
2005. The increase is due to increases in non-performing multifamily loans. The
average LTV of the non-performing multifamily loans at September 30, 2005 is
63.7% with an average debt coverage ratio of 1.60. Subsequent to September 30,
2005, $6.8 million of non-performing mortgage loans have become current or have
been paid off.
Deposits increased $220.4 million from June 30, 2005, or 7% annualized, and
total $12.8 billion at September 30, 2005. For the nine months ended September
30, 2005, deposits increased $482.4 million, or 5% annualized. These increases
are primarily due to increases in medium-term and Liquid CD accounts. During
2005, we have grown our medium-term CD deposits at a significant discount to
alternative funding sources which, in addition to contributing to the management
of interest rate risk, permits us to reduce our borrowing levels and continues
to produce new customers from our communities, creating relationship development
opportunities. For the nine months ended September 30, 2005, $2.5 billion of
non-Liquid CDs, with an average rate of 2.70% and an average original maturity
of 19 months matured and $2.9 billion of non-Liquid CDs were issued or repriced
at an average rate of 3.23% and an average maturity of 15 months. Since the
introduction of our Liquid CD account in the 2005 first quarter, balances have
grown to $479.4 million at September 30, 2005. Core deposits, including Liquid
CDs, at September 30, 2005 total $5.4 billion, with an average rate of just 58
basis points for the 2005 third quarter.
Stockholders' equity was $1.4 billion, or 6.13% of total assets at
September 30, 2005. Astoria Federal continues to maintain capital ratios in
excess of regulatory requirements with core, tangible and risk-based capital
ratios of 6.20%, 6.20% and 12.11%, respectively, at September 30, 2005.
Future Outlook
Commenting on the outlook for the remainder of 2005 and 2006, 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. 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 $22.6 billion is the sixth largest
thrift institution in the United States. Established in 1888, Astoria Federal is
the largest thrift depository headquartered in New York with deposits of $12.8
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 October 20, 2005 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host
an earnings conference call Thursday afternoon, October 20, 2005 at 3:30 p.m.
(ET). The toll-free dial-in number is (800) 967-7140.
A telephone replay will be available on October 20, 2005 from 7:00 p.m.
(ET) through October 28, 2005, 11:59 p.m. (ET). The replay number is (888)
203-1112, passcode: 6615654. 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.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
At At
September 30, December 31,
2005 2004
--------------- ---------------
ASSETS
Cash and due from banks $ 149,443 $ 138,809
Repurchase agreements 272,505 267,578
Mortgage-backed and other securities
available-for-sale 1,976,614 2,406,883
Mortgage-backed and other securities
held-to-maturity
(fair value of $5,040,661 and
$6,306,760, respectively) 5,111,901 6,302,936
Federal Home Loan Bank of New York
stock, at cost 123,145 163,700
Loans held-for-sale, net 28,120 23,802
Loans receivable:
Mortgage loans, net 13,579,487 12,746,134
Consumer and other loans, net 527,433 517,145
14,106,920 13,263,279
Allowance for loan losses (82,047) (82,758)
Total loans receivable, net 14,024,873 13,180,521
Mortgage servicing rights, net 17,214 16,799
Accrued interest receivable 80,251 79,144
Premises and equipment, net 151,183 157,107
Goodwill 185,151 185,151
Bank owned life insurance 378,601 374,719
Other assets 131,677 118,720
TOTAL ASSETS $ 22,630,678 $ 23,415,869
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 12,805,650 $ 12,323,257
Reverse repurchase agreements 6,280,000 7,080,000
Federal Home Loan Bank of New York
advances 1,381,000 1,934,000
Other borrowings, net 438,498 455,835
Mortgage escrow funds 164,441 122,088
Accrued expenses and other
liabilities 174,345 130,925
TOTAL LIABILITIES 21,243,934 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
106,929,850 and 110,304,669
shares outstanding, respectively) 1,665 1,665
Additional paid-in capital 821,265 811,777
Retained earnings 1,735,962 1,623,571
Treasury stock ( 59,565,038 and
56,190,219 shares, at cost,
respectively) (1,110,830) (1,013,726)
Accumulated other comprehensive
loss (37,452) (28,592)
Unallocated common stock held by
ESOP (6,513,854 and 6,802,146 shares,
respectively) (23,866) (24,931)
TOTAL STOCKHOLDERS' EQUITY 1,386,744 1,369,764
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 22,630,678 $ 23,415,869
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
------------------------------- -------------------------------
2005 2004 2005 2004
-------------- -------------- -------------- --------------
Interest income:
Mortgage loans:
One-to-four family $ 115,118 $ 105,299 $ 339,598 $ 320,854
Multi-family,
commercial real
estate and
construction 60,951 56,617 177,447 164,882
Consumer and other
loans 8,199 5,385 22,455 15,073
Mortgage-backed and
other securities 82,072 95,650 264,520 273,590
Federal funds sold
and repurchase
agreements 1,056 325 3,866 701
Federal Home Loan
Bank of New York
stock 1,577 804 4,400 2,637
Total interest income 268,973 264,080 812,286 777,737
Interest expense:
Deposits 71,903 62,116 203,928 173,248
Borrowed funds 78,534 80,106 243,262 254,802
Total interest expense 150,437 142,222 447,190 428,050
Net interest income 118,536 121,858 365,096 349,687
Provision for loan
losses - - - -
Net interest income
after provision for
loan losses 118,536 121,858 365,096 349,687
Non-interest income:
Customer service
fees 17,798 15,316 49,049 43,619
Other loan fees 1,397 1,186 3,643 3,636
Net gain on sales of
securities - 2,279 - 4,651
Mortgage banking
income (loss), net 3,703 (1,229) 5,067 3,904
Income from bank
owned life
insurance 4,070 4,208 12,435 12,886
Other 1,404 2,276 5,446 5,345
Total non-interest
income 28,372 24,036 75,640 74,041
Non-interest expense:
General and
administrative:
Compensation and
benefits 31,060 30,500 91,817 91,546
Occupancy,
equipment and
systems 15,978 15,943 47,790 48,434
Federal deposit
insurance
premiums 432 439 1,327 1,329
Advertising 1,765 1,652 7,540 5,062
Other 8,680 10,634 27,516 25,200
Total non-interest
expense 57,915 59,168 175,990 171,571
Income before income
tax expense 88,993 86,726 264,746 252,157
Income tax expense 29,814 28,619 88,692 83,136
Net income $ 59,179 $ 58,107 $ 176,054 $ 169,021
Basic earnings per
common share $ 0.59 $ 0.54 $ 1.72 $ 1.55
Diluted earnings per
common share $ 0.57 $ 0.53 $ 1.69 $ 1.52
Basic weighted average
common shares 101,058,022 107,072,907 102,149,797 109,118,145
Diluted weighted
average common and
common equivalent
shares 103,088,233 108,728,370 104,069,045 110,970,129
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,
------------------------------- -------------------------------
2005 2004 2005 2004
-------------- -------------- -------------- --------------
Selected Returns and
Financial Ratios (annualized)
Return on average
stockholders' equity 17.09% 16.82% 17.06% 16.15%
Return on average tangible
stockholders' equity (1) 19.73 19.42 19.71 18.62
Return on average assets 1.05 1.02 1.02 1.00
General and administrative
expense to average assets 1.02 1.04 1.02 1.02
Efficiency ratio (2) 39.42 40.56 39.93 40.49
Net interest rate
spread (3) 2.11 2.17 2.13 2.09
Net interest margin (4) 2.20 2.25 2.21 2.17
Asset Quality Data (dollars
in thousands)
Non-performing loans/total
loans 0.27% 0.21%
Non-performing loans/total
assets 0.17 0.12
Non-performing
assets/total assets 0.17 0.12
Allowance for loan
losses/non-performing
loans 216.39 306.78
Allowance for loan
losses/non-accrual loans 219.22 310.82
Allowance for loan
losses/total loans 0.58 0.65
Net charge-offs to average
loans outstanding
(annualized) 0.01% 0.00% 0.01 0.00
Non-performing assets $ 39,213 $ 27,369
Non-performing loans 37,916 26,991
Loans 90 days past
maturity but still
accruing interest 490 351
Non-accrual loans 37,426 26,640
Net charge-offs $ 472 $ 15 711 318
Capital Ratios (Astoria
Federal)
Tangible 6.20% 6.85%
Core 6.20 6.85
Risk-based 12.11 14.16
Other Data
Cash dividends paid per
common share $ 0.20 $ 0.17 $ 0.60 $ 0.50
Dividend payout ratio 35.09% 32.08% 35.50% 32.89%
Book value per share (5) $ 13.81 $ 13.12
Tangible book value per
share (6) 11.97 11.37
Average equity/average
assets 6.12% 6.08% 5.97% 6.20%
Mortgage loans serviced
for others (in thousands) $ 1,548,991 $ 1,713,683
Full time equivalent
employees 1,760 1,863
(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 share represents stockholders' equity divided by outstanding
shares, excluding unallocated Employee Stock Ownership Plan, or ESOP,
shares.
(6) Tangible book value per share represents stockholders' equity less goodwill
divided by outstanding shares, excluding unallocated ESOP shares.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended September 30, 2005
------------------------------------------------
Average
Average Yield/
Balance Interest Cost
-------------- -------------- --------------
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 9,471,378 $ 115,118 4.86%
Multi-family, commercial
real estate and
construction 3,930,711 60,951 6.20
Consumer and other loans (1) 529,622 8,199 6.19
Total loans 13,931,711 184,268 5.29
Mortgage-backed and other
securities (2) 7,378,492 82,072 4.45
Federal funds sold and
repurchase agreements 122,585 1,056 3.45
Federal Home Loan Bank stock 123,199 1,577 5.12
Total interest-earning assets 21,555,987 268,973 4.99
Goodwill 185,151
Other non-interest-earning
assets 878,590
Total assets $ 22,619,728
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $ 2,710,873 2,744 0.40
Money market 767,711 1,866 0.97
NOW and demand deposit 1,565,633 233 0.06
Liquid certificates of
deposit 393,735 3,053 3.10
Total core deposits 5,437,952 7,896 0.58
Certificates of deposit 7,222,728 64,007 3.54
Total deposits 12,660,680 71,903 2.27
Borrowed funds 8,247,037 78,534 3.81
Total interest-bearing
liabilities 20,907,717 150,437 2.88
Non-interest-bearing liabilities 326,857
Total liabilities 21,234,574
Stockholders' equity 1,385,154
Total liabilities and
stockholders' equity $ 22,619,728
Net interest income/net interest
rate spread $ 118,536 2.11%
Net interest-earning assets/net
interest margin $ 648,270 2.20%
Ratio of interest-earning assets
to interest-bearing
liabilities 1.03x
For the Three Months Ended September 30, 2004
------------------------------------------------
Average
Average Yield/
Balance Interest Cost
-------------- -------------- --------------
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 8,717,579 $ 105,299 4.83%
Multi-family, commercial
real estate and
construction 3,490,790 56,617 6.49
Consumer and other loans (1) 487,294 5,385 4.42
Total loans 12,695,663 167,301 5.27
Mortgage-backed and other
securities (2) 8,763,907 95,650 4.37
Federal funds sold and
repurchase agreements 94,472 325 1.38
Federal Home Loan Bank stock 149,826 804 2.15
Total interest-earning assets 21,703,868 264,080 4.87
Goodwill 185,151
Other non-interest-earning
assets 837,763
Total assets $ 22,726,782
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $ 2,990,457 3,017 0.40
Money market 1,058,120 1,473 0.56
NOW and demand deposit 1,545,845 233 0.06
Liquid certificates of
deposit - - -
Total core deposits 5,594,422 4,723 0.34
Certificates of deposit 6,449,625 57,393 3.56
Total deposits 12,044,047 62,116 2.06
Borrowed funds 8,997,278 80,106 3.56
Total interest-bearing
liabilities 21,041,325 142,222 2.70
Non-interest-bearing liabilities 303,582
Total liabilities 21,344,907
Stockholders' equity 1,381,875
Total liabilities and
stockholders' equity $ 22,726,782
Net interest income/net interest
rate spread $ 121,858 2.17%
Net interest-earning assets/net
interest margin $ 662,543 2.25%
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 Nine Months Ended September 30, 2005
------------------------------------------------
Average
Average Yield/
Balance Interest Cost
-------------- -------------- --------------
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 9,362,018 $ 339,598 4.84%
Multi-family, commercial
real estate and
construction 3,813,944 177,447 6.20
Consumer and other loans (1) 527,298 22,455 5.68
Total loans 13,703,260 539,500 5.25
Mortgage-backed and other
securities (2) 7,962,719 264,520 4.43
Federal funds sold and
repurchase agreements 184,637 3,866 2.79
Federal Home Loan Bank stock 130,618 4,400 4.49
Total interest-earning assets 21,981,234 812,286 4.93
Goodwill 185,151
Other non-interest-earning
assets 863,831
Total assets $ 23,030,216
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $ 2,802,298 8,417 0.40
Money market 843,232 5,825 0.92
NOW and demand deposit 1,574,350 698 0.06
Liquid certificates of
deposit 288,023 5,998 2.78
Total core deposits 5,507,903 20,938 0.51
Certificates of deposit 7,054,729 182,990 3.46
Total deposits 12,562,632 203,928 2.16
Borrowed funds 8,757,579 243,262 3.70
Total interest-bearing
liabilities 21,320,211 447,190 2.80
Non-interest-bearing liabilities 334,032
Total liabilities 21,654,243
Stockholders' equity 1,375,973
Total liabilities and
stockholders' equity $ 23,030,216
Net interest income/net interest
rate spread $ 365,096 2.13%
Net interest-earning assets/net
interest margin $ 661,023 2.21%
Ratio of interest-earning assets
to interest-bearing
liabilities 1.03x
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Nine Months Ended September 30, 2004
------------------------------------------------
Average
Average Yield/
Balance Interest Cost
-------------- -------------- --------------
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $ 8,872,991 $ 320,854 4.82%
Multi-family, commercial
real estate and
construction 3,365,136 164,882 6.53
Consumer and other loans (1) 468,116 15,073 4.29
Total loans 12,706,243 500,809 5.26
Mortgage-backed and other
securities (2) 8,489,863 273,590 4.30
Federal funds sold and
repurchase agreements 84,662 701 1.10
Federal Home Loan Bank stock 177,601 2,637 1.98
Total interest-earning assets 21,458,369 777,737 4.83
Goodwill 185,151
Other non-interest-earning
assets 874,952
Total assets $ 22,518,472
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $ 2,984,602 8,950 0.40
Money market 1,121,802 4,591 0.55
NOW and demand deposit 1,523,215 684 0.06
Liquid certificates of
deposit - - -
Total core deposits 5,629,619 14,225 0.34
Certificates of deposit 6,038,738 159,023 3.51
Total deposits 11,668,357 173,248 1.98
Borrowed funds 9,152,391 254,802 3.71
Total interest-bearing
liabilities 20,820,748 428,050 2.74
Non-interest-bearing liabilities 302,456
Total liabilities 21,123,204
Stockholders' equity 1,395,268
Total liabilities and
stockholders' equity $ 22,518,472
Net interest income/net interest
rate spread $ 349,687 2.09%
Net interest-earning assets/net
interest margin $ 637,621 2.17%
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- 10/20/2005
/CONTACT: Peter J. Cunningham, First Vice President, Investor Relations
of Astoria Financial Corporation, +1-516-327-7877, ir@astoriafederal.com/
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