Quarterly Cash Dividend of $0.26 Per Share Declared; 10% Stock Repurchase
Program Authorized
LAKE SUCCESS, N.Y., April 19 /PRNewswire-FirstCall/ -- Astoria
Financial Corporation (NYSE: AF) ("Astoria", the "Company"), the holding
company for Astoria Federal Savings and Loan Association ("Astoria
Federal"), today reported net income of $35.8 million, or $0.38 diluted
earnings per share ("EPS"), for the quarter ended March 31, 2007, compared
to $48.9 million, or $0.49 EPS, for the 2006 first quarter.
For the quarter ended March 31, 2007, returns on average equity,
average tangible equity and average assets were 11.81%, 13.93% and 0.67%,
respectively, compared to 14.77%, 17.17% and 0.88%, respectively, for the
comparable 2006 period.
2007 First Quarter Financial Highlights:
* Deposits increased $198 million, or 6% annualized
* Loan portfolio increased $124 million, or 3% annualized
* One-to-four family loan portfolio increased $156 million, or 6%
annualized
* Securities portfolio decreased $252 million, or 19% annualized
* Borrowings decreased $440 million, or 26% annualized
* Repurchased 1.0 million shares
Commenting on the first quarter results, George L. Engelke, Jr.,
Chairman, President and Chief Executive Officer of Astoria, noted, "While
the operating environment remained difficult during the first quarter,
characterized by an inverted yield curve and limited opportunities for
profitable asset growth, we continued to increase loans and deposits and
reduce securities and borrowings, resulting in an improvement in the
quality of both the balance sheet and earnings."
Board Declares Quarterly Cash Dividend of $0.26 Per Share
The Board of Directors of the Company, at their April 18, 2007 meeting,
declared a quarterly cash dividend of $0.26 per common share. The dividend
is payable on June 1, 2007 to shareholders of record as of May 15, 2007.
This is the forty-eighth consecutive quarterly cash dividend declared by
the Company.
Eleventh Stock Repurchase Program Continues; Twelfth Stock Repurchase
Program Authorized
During the 2007 first quarter, Astoria repurchased 1.0 million shares
of its common stock at an average cost of $28.35 per share. Under the
current stock repurchase program, 867,300 shares of the 10 million shares
authorized remain available for repurchase.
Astoria also announced that the Board of Directors of the Company, at
their April 18, 2007 meeting, approved its twelfth stock repurchase program
which authorizes the purchase of ten million shares, or approximately 10%
of its outstanding common stock, in open-market or privately negotiated
transactions. Mr. Engelke commented, "The authorization of this new stock
repurchase program provides us with continued flexibility in capital
management and demonstrates our ongoing commitment to enhancing shareholder
value." The newly approved stock repurchase program will commence
immediately upon completion of the current program.
First Quarter 2007 Earnings Summary
Net interest income for the quarter ended March 31, 2007 totaled $87.5
million compared to $86.9 million for the 2006 fourth quarter and $111.5
million for the 2006 first quarter.
Astoria's net interest margin for the quarter ended March 31, 2007
increased two basis points on a linked quarter basis and declined
thirty-nine basis points from the comparable period a year ago to 1.71%.
The linked quarter increase was due primarily to the impact of two less
days of interest expense in the 2007 first quarter, or approximately eight
basis points, partially offset by the 2006 fourth quarter margin benefit of
four basis points attributable to a $2.0 million prepayment penalty from a
single CRE loan. The year over year decline in the net interest margin was
primarily due to the cost of liabilities rising more rapidly than the yield
on earning assets.
Non-interest income for the quarter ended March 31, 2007 totaled $22.6
million compared to $18.9 million for the 2006 first quarter. The increase
is due primarily to a $5.5 million, pre-tax, charge incurred in the 2006
first quarter for the termination of interest rate swap agreements,
partially offset by lower customer service fees and mortgage banking
income, net, in the 2007 first quarter.
The components of mortgage banking income, net, which is included in
non- interest income, are detailed below:
(Dollars in millions) 1Q07 1Q06
Loan servicing fees $1.0 $1.2
Amortization of MSR* (0.9) (1.0)
MSR* valuation adjustments 0.1 0.7
Net gain on sale of loans 0.4 0.6
Mortgage banking income, net $0.6 $1.5
* Mortgage servicing rights
General and administrative expense ("G&A") for the quarter ended March
31, 2007 totaled $57.1 million compared to $57.0 million for the 2006
fourth quarter and $56.3 million for the 2006 first quarter. The year over
year increase is due primarily to a 2.7% increase in compensation and
benefits expense.
Balance Sheet Summary
For the 2007 first quarter, total loans increased $124.0 million to
$15.1 billion at March 31, 2007. Total loan production for the 2007 first
quarter was $896.0 million compared to $750.4 million for the comparable
2006 period. The loan pipeline at March 31, 2007 totaled $1.4 billion, an
increase of $332 million from December 31, 2006.
For the 2007 first quarter, the one-to-four family mortgage loan
portfolio increased $156.2 million, or 6% annualized, and totaled $10.4
billion at March 31, 2007. One-to-four family loan originations and
purchases totaled $760.0 million for the 2007 first quarter compared to
$522.0 million in the year-ago first quarter. Of the 2007 first quarter
production, 73% consisted of 3/1 and 5/1 hybrid adjustable rate mortgage
loans.
For the 2007 first quarter, the multi-family and CRE loan portfolio
increased slightly and totaled $4.1 billion at March 31, 2007. Multi-
family/CRE loan originations totaled $134.0 million for the 2007 first
quarter compared to $217.4 million for the comparable 2006 period. The
average loan- to-value ("LTV") ratio of the combined multi-family 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.
At March 31, 2007, non-performing loans totaled $67.9 million, or 0.32%
of total assets, compared to $59.4 million, or 0.28% of total assets, at
December 31, 2006. Net loan recoveries for the quarter ended March 31, 2007
totaled $155,000 compared to net loan recoveries of $12,000 for the 2006
fourth quarter. The increase in non-performing loans was due primarily to a
$7.2 million increase in one-to-four family non-performing loans. As of
March 31, 2007, one-to-four family non-performing loans totaled $48.4
million and multi- family/CRE non-performing loans totaled $17.7 million.
The ratio of the allowance for loan losses to non-performing loans at March
31, 2007 was 118%.
Deposits increased $198.0 million for the 2007 first quarter, or 6% on
an annualized basis, and total $13.4 billion at March 31, 2007.
Due to the continued yield curve inversion and lower spread
availability, we continued to reduce non-core business activities during
the 2007 first quarter. Total securities declined $252.0 million, or 19%
annualized, to $5.1 billion, representing 24% of total assets at March 31,
2007. Borrowings declined in the 2007 first quarter by $439.8 million, or
26% annualized, to $6.4 billion, representing 30% of total assets at March
31, 2007. Total assets declined $160.7 million from December 31, 2006 to
$21.4 billion at March 31, 2007.
Key balance sheet highlights, reflecting the improvement in the quality
of the Company's balance sheet since December 31, 1999, follow:
% Change
(Dollars in 12/31/99-
millions) 12/31/99 12/31/01 12/31/03 12/31/05 12/31/06 3/31/07 3/31/07
Assets $22,700 $22,672 $22,462 $22,380 $21,555 $21,394 . 6%
Loans $10,286 $12,167 $12,687 $14,392 $14,972 $15,096 + 47%
Securities $10,763 $8,013 $8,448 $6,572 $5,340 $5,088 . 53%
Deposits $9,555 $10,904 $11,187 $12,810 $13,224 $13,422 + 40%
Borrowings $11,528 $9,826 $9,632 $7,938 $6,836 $6,396 . 45%
The following table illustrates this improvement on an outstanding per
share basis:
Amount
per %
share 12/31/99 12/31/01 12/31/03 12/31/05 12/31/06 3/31/07 Change CAGR
Loans $66.28 $89.36 $107.51 $137.11 $152.44 $154.86 134% 12%
Deposits $61.57 $ 80.09 $ 94.80 $122.04 $134.65 $137.69 124% 12%
Stockholders' equity was $1.2 billion, or 5.69% of total assets, at
March 31, 2007. Astoria Federal continues to maintain capital ratios in
excess of regulatory requirements with core, tangible and risk-based
capital ratios of 6.88%, 6.88% and 12.66%, respectively, at March 31, 2007.
Future Outlook
Commenting on the outlook for 2007, Mr. Engelke stated, "The interest
rate environment continues to remain very challenging, characterized by a
prolonged inversion of the yield curve. We continue to expect a gradual
flattening of the yield curve to occur during the latter half of 2007 and
into 2008 and a relatively stable net interest margin for 2007, similar to
the adjusted 2007 first quarter margin, or approximately 1.63%. We will,
therefore, maintain our strategy of reducing the securities portfolio while
we emphasize deposit and loan growth, all of which will continue to improve
the quality of both the balance sheet and earnings. We will also focus on
the repurchase of our stock as a very desirable use of capital, maintaining
the Company's tangible capital levels at or near 4.75%. This strategy
should better position us to take advantage of more profitable asset growth
opportunities when the yield curve steepens."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association, with assets of $21.4 billion is the sixth
largest thrift institution in the United States. Established in 1888,
Astoria Federal is the largest thrift depository headquartered in New York
with deposits of $13.4 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 38 individual states. Astoria Federal originates mortgage
loans through its banking offices and loan production offices in New York,
an extensive broker network covering twenty-six states, primarily the East
Coast, and the District of Columbia, and through correspondent
relationships covering forty-three states and the District of Columbia.
Earnings Conference Call April 19, 2007 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will
host an earnings conference call Thursday afternoon, April 19, 2007 at 3:30
p.m. (ET). The toll-free dial-in number is (800) 967-7140.
A telephone replay will be available on April 19, 2007 from 7:00 p.m.
(ET) through April 27, 2007, 11:59 p.m. (ET). The replay number is (888)
203-1112, passcode: 8144008. 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 be determined adverse
to us or 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
March 31, December 31,
2007 2006
ASSETS
Cash and due from banks $140,809 $134,016
Repurchase agreements 23,187 71,694
Securities available-for-sale 1,494,791 1,560,325
Securities held-to-maturity
(fair value of $3,516,966 and
$3,681,514, respectively) 3,592,936 3,779,356
Federal Home Loan Bank of New York
stock, at cost 147,625 153,640
Loans held-for-sale, net 26,549 16,542
Loans receivable:
Mortgage loans, net 14,679,590 14,532,503
Consumer and other loans, net 416,114 439,188
15,095,704 14,971,691
Allowance for loan losses (80,097) (79,942)
Total loans receivable, net 15,015,607 14,891,749
Mortgage servicing rights, net 15,434 15,944
Accrued interest receivable 77,556 78,761
Premises and equipment, net 144,216 145,231
Goodwill 185,151 185,151
Bank owned life insurance 389,646 385,952
Other assets 140,360 136,158
TOTAL ASSETS $21,393,867 $21,554,519
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $13,422,006 $13,224,024
Reverse repurchase agreements 4,180,000 4,480,000
Federal Home Loan Bank of New York
advances 1,800,000 1,940,000
Other borrowings, net 416,172 416,002
Mortgage escrow funds 172,988 132,080
Accrued expenses and other
liabilities 185,027 146,659
TOTAL LIABILITIES 20,176,193 20,338,765
Stockholders' equity:
Preferred stock, $1.00 par value;
(5,000,000 shares authorized;
none issued and outstanding) - -
Common stock, $.01 par value;
(200,000,000 shares authorized;
166,494,888 shares issued; and
97,477,001 and 98,211,827
shares outstanding, respectively) 1,665 1,665
Additional paid-in capital 834,514 828,940
Retained earnings 1,867,104 1,856,528
Treasury stock (69,017,887 and
68,283,061 shares, at cost,
respectively) (1,413,433) (1,390,495)
Accumulated other comprehensive loss (49,956) (58,330)
Unallocated common stock held by
ESOP
(6,064,835 and 6,155,918 shares,
respectively) (22,220) (22,554)
TOTAL STOCKHOLDERS' EQUITY 1,217,674 1,215,754
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $21,393,867 $21,554,519
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months Ended
March 31,
2007 2006
Interest income:
Mortgage loans:
One-to-four family $136,516 $124,885
Multi-family, commercial real
estate and construction 64,670 62,259
Consumer and other loans 8,194 8,847
Mortgage-backed and other securities 59,015 71,895
Federal funds sold and repurchase
agreements 976 1,643
Federal Home Loan Bank of New York stock 2,598 1,689
Total interest income 271,969 271,218
Interest expense:
Deposits 110,358 82,705
Borrowings 74,084 76,967
Total interest expense 184,442 159,672
Net interest income 87,527 111,546
Provision for loan losses - -
Net interest income after provision for
loan losses 87,527 111,546
Non-interest income:
Customer service fees 15,169 16,598
Other loan fees 1,218 810
Mortgage banking income, net 616 1,482
Income from bank owned life insurance 4,203 4,075
Other 1,391 (4,068)
Total non-interest income 22,597 18,897
Non-interest expense:
General and administrative:
Compensation and benefits 31,124 30,311
Occupancy, equipment and systems 16,521 16,808
Federal deposit insurance premiums 407 434
Advertising 1,915 1,927
Other 7,153 6,829
Total non-interest expense 57,120 56,309
Income before income tax expense 53,004 74,134
Income tax expense 17,227 25,200
Net income $35,777 $48,934
Basic earnings per common share $0.39 $0.50
Diluted earnings per common share $0.38 $0.49
Basic weighted average common shares 91,423,546 97,306,058
Diluted weighted average common and
common equivalent shares 93,565,256 99,899,188
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
At or For the
Three Months Ended
March 31,
2007 2006
Selected Returns and Financial Ratios
(annualized)
Return on average stockholders' equity 11.81 % 14.77 %
Return on average tangible
stockholders' equity (1) 13.93 17.17
Return on average assets 0.67 0.88
General and administrative expense
to average assets 1.07 1.01
Efficiency ratio (2) 51.87 43.17
Net interest rate spread (3) 1.60 2.01
Net interest margin (4) 1.71 2.10
Selected Non-GAAP Returns and Financial
Ratios (annualized) (5)
Non-GAAP return on average
stockholders' equity 11.81 % 15.86 %
Non-GAAP return on average tangible
stockholders' equity (1) 13.93 18.44
Non-GAAP return on average assets 0.67 0.95
Non-GAAP efficiency ratio (2) 51.87 41.43
Asset Quality Data (dollars in thousands)
Non-performing loans/total loans 0.45 % 0.34 %
Non-performing loans/total assets 0.32 0.23
Non-performing assets/total assets 0.32 0.23
Allowance for loan losses/non-performing
loans 117.90 162.13
Allowance for loan losses/non-accrual
loans 118.72 162.47
Allowance for loan losses/total loans 0.53 0.56
Net charge-offs to average loans
outstanding (annualized) 0.00 0.00
Non-performing assets $68,397 $51,250
Non-performing loans 67,939 50,048
Loans 90 days past maturity but
still accruing interest 473 104
Non-accrual loans 67,466 49,944
Net (recoveries) charge-offs (155) 16
Capital Ratios (Astoria Federal)
Tangible 6.88 % 6.19 %
Core 6.88 6.19
Risk-based 12.66 11.75
Other Data
Cash dividends paid per common share $0.26 $0.24
Dividend payout ratio 68.42 % 48.98 %
Book value per share (6) $13.32 $13.57
Tangible book value per share (7) $11.30 $11.65
Tangible stockholders'
equity/tangible assets (1) (8) 4.87 % 5.10 %
Mortgage loans serviced for others
(in thousands) $1,334,523 $1,464,700
Full time equivalent employees 1,612 1,631
(1) Tangible stockholders' equity represents stockholders' equity less
goodwill.
(2) The efficiency ratio represents general and administrative expense
divided by the sum of net interest income plus non-interest income.
(3) Net interest rate spread represents the difference between the average
yield on average interest-earning assets and the average cost of
average interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average
interest-earning assets.
(5) The information presented for 2006 represents pro forma calculations
which are not in conformity with U.S. generally accepted accounting
principles, or GAAP. The 2006 information excludes the $3.6 million,
after tax, ($5.5 million, before tax) charge for the termination of
our interest rate swap agreements recorded in the 2006 first quarter.
See page 10 for a reconciliation of GAAP net income to non-GAAP
earnings for the three months ended March 31, 2006.
(6) Book value per share represents stockholders' equity divided by
outstanding shares, excluding unallocated Employee Stock Ownership
Plan, or ESOP, shares.
(7) Tangible book value per share represents stockholders' equity less
goodwill divided by outstanding shares, excluding unallocated ESOP
shares.
(8) Tangible assets represent assets less goodwill.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended March 31,
2007
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $10,386,038 $136,516 5.26 %
Multi-family, commercial
real estate and
construction 4,228,924 64,670 6.12
Consumer and other loans (1) 430,961 8,194 7.61
Total loans 15,045,923 209,380 5.57
Mortgage-backed and other
securities (2) 5,230,750 59,015 4.51
Federal funds sold and
repurchase agreements 74,480 976 5.24
Federal Home Loan Bank stock 148,670 2,598 6.99
Total interest-earning assets 20,499,823 271,969 5.31
Goodwill 185,151
Other non-interest-earning assets 759,771
Total assets $21,444,745
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $2,099,668 2,087 0.40
Money market 421,912 1,037 0.98
NOW and demand deposit 1,464,753 211 0.06
Liquid certificates of deposit 1,524,410 18,536 4.86
Total core deposits 5,510,743 21,871 1.59
Certificates of deposit 7,699,828 88,487 4.60
Total deposits 13,210,571 110,358 3.34
Borrowings 6,685,759 74,084 4.43
Total interest-bearing
liabilities 19,896,330 184,442 3.71
Non-interest-bearing liabilities 336,204
Total liabilities 20,232,534
Stockholders' equity 1,212,211
Total liabilities and
stockholders' equity $21,444,745
Net interest income/net interest
rate spread $87,527 1.60 %
Net interest-earning assets/net
interest margin $603,493 1.71 %
Ratio of interest-earning assets
to interest-bearing liabilities 1.03x
2006
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $9,890,392 $124,885 5.05 %
Multi-family, commercial
real estate and construction 4,091,568 62,259 6.09
Consumer and other loans (1) 506,184 8,847 6.99
Total loans 14,488,144 195,991 5.41
Mortgage-backed and other
securities (2) 6,428,383 71,895 4.47
Federal funds sold and
repurchase agreements 150,950 1,643 4.35
Federal Home Loan Bank stock 138,804 1,689 4.87
Total interest-earning assets 21,206,281 271,218 5.12
Goodwill 185,151
Other non-interest-earning assets 807,781
Total assets $22,199,213
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,468,120 2,450 0.40
Money market 620,969 1,473 0.95
NOW and demand deposit 1,516,024 220 0.06
Liquid certificates of deposit 729,669 7,055 3.87
Total core deposits 5,334,782 11,198 0.84
Certificates of deposit 7,550,703 71,507 3.79
Total deposits 12,885,485 82,705 2.57
Borrowings 7,653,012 76,967 4.02
Total interest-bearing
liabilities 20,538,497 159,672 3.11
Non-interest-bearing liabilities 335,757
Total liabilities 20,874,254
Stockholders' equity 1,324,959
Total liabilities and
stockholders' equity $22,199,213
Net interest income/net interest
rate spread $111,546 2.01 %
Net interest-earning assets/net
interest margin $667,784 2.10 %
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 included at average amortized
cost.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
END OF PERIOD BALANCES AND RATES
(Dollars in Thousands)
At March 31, At December 31, At March 31,
2007 2006 2006
Weighted Weighted Weighted
Average Average Average
Balance Rate(1) Balance Rate(1) Balance Rate(1)
Selected interest-
earning assets:
Mortgage loans,
gross (2):
One-to-four
family $10,370,347 5.51% $10,214,146 5.48% $9,846,475 5.25%
Multi-family,
commercial
real estate and
construction 4,216,228 5.94 4,227,931 5.96 4,163,563 5.91
Mortgage-backed
and other
securities (3) 5,087,727 4.34 5,339,681 4.35 6,227,251 4.34
Interest-bearing
liabilities:
Savings 2,084,922 0.40 2,129,416 0.40 2,438,090 0.40
Money market 411,337 1.00 435,657 0.98 598,766 0.97
NOW and demand
deposit 1,527,864 0.06 1,496,986 0.06 1,562,612 0.06
Liquid certifi-
cates of deposit 1,624,660 4.93 1,447,462 4.88 843,131 4.09
Total core
deposits 5,648,783 1.65 5,509,521 1.53 5,442,599 0.94
Certificates of
deposit 7,773,223 4.71 7,714,503 4.62 7,546,339 3.92
Total deposits 13,422,006 3.42 13,224,024 3.33 12,988,938 2.67
Borrowings, net 6,396,172 4.47 6,836,002 4.45 7,594,475 4.13
(1) Weighted average rates represent stated or coupon interest rates
excluding the effect of yield adjustments for premiums, discounts and
deferred loan origination fees and costs and the impact of prepayment
penalties.
(2) Mortgage loans exclude loans held-for-sale and include non-performing
loans.
(3) Securities available-for-sale are reported at fair value and
securities held-to-maturity are reported at amortized cost.
RECONCILIATION OF 2006 GAAP NET INCOME TO NON-GAAP EARNINGS
(In Thousands, Except Per Share Data)
For the Three Months Ended
March 31, 2006
GAAP Adjustments(4) Non-GAAP
Net interest income after provision
for loan losses $111,546 - $111,546
Non-interest income 18,897 5,456 24,353
Non-interest expense 56,309 - 56,309
Income before income tax expense 74,134 5,456 79,590
Income tax expense 25,200 1,855 27,055
Net income $48,934 $3,601 $52,535
Basic earnings per common share $0.50 $0.04 $0.54
Diluted earnings per common share $0.49 $0.04 $0.53
(4) Adjustments relate to the $5.5 million charge for the termination of
our interest rate swap agreements and the related tax effects.
SOURCE Astoria Financial Corporation
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Related links:
http://ir.astoriafederal.com
http://www.prnewswire.com/comp/104529.html /
CONTACT:
Peter J. Cunningham, First Vice President,
Investor Relations, Astoria Financial Corporation,
+1-516-327-7877, ir@astoriafederal.com
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