(Results Include Charge for Termination of Interest Rate Swap Agreements of
$0.04 Per Share)
Quarterly Cash Dividend of $0.24 Per Common Share Declared
LAKE SUCCESS, N.Y., April 20 /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 $48.9 million, or $0.49 diluted earnings per share ("EPS"), for the
quarter ended March 31, 2006, compared to $59.5 million, or $0.57 EPS, for
the 2005 first quarter. Included in the 2006 first quarter results is a
$5.5 million ($3.6 million after-tax), or $0.04 per diluted share, charge
associated with the termination of interest rate swap agreements.
For the quarter ended March 31, 2006, returns on average equity,
average tangible equity and average assets were 14.77%, 17.17% and 0.88%,
respectively, compared to 17.42%, 20.15% and 1.02%, respectively, for the
comparable 2005 period. Excluding the charge for terminating the interest
rate swap agreements, the returns on average equity, average tangible
equity and average assets were 15.86%, 18.44% and 0.95% for the quarter
ended March 31, 2006.
2006 First Quarter Financial Highlights:
-- Deposits increased $179 million, or 6% annualized
-- Loan portfolio increased $198 million, or 5% annualized
- Multifamily/Commercial Real Estate ("CRE") loan portfolio
increased $112 million, or 11% annualized
- One-to-Four Family loan portfolio increased $89 million, or 4%
annualized
-- Securities portfolio decreased $345 million, or 21% annualized
-- Borrowings decreased $343 million, or 17% annualized
-- Assets decreased $142 million, or 3% annualized
-- Net interest margin decreased two basis points from the linked quarter
to 2.10%
-- Repurchased 2.5 million shares
Commenting on the first quarter results, George L. Engelke, Jr.,
Chairman, President and Chief Executive Officer of Astoria, noted, "While
the interest rate environment remained very challenging throughout the
first quarter, with rising interest rates and the continuation of a flat
yield curve exerting downward pressure on the net interest margin, our
strategy of reducing securities and borrowings while increasing loans and
deposits limited the decline in the margin."
Board Declares Quarterly Cash Dividend of $0.24 Per Share
The Board of Directors of the Company, at their April 19, 2006 meeting,
declared a quarterly cash dividend of $0.24 per common share. The dividend
is payable on June 1, 2006 to shareholders of record as of May 15, 2006.
This is the forty-fourth consecutive quarterly cash dividend declared by
the Company.
Eleventh Stock Repurchase Program Continues
During the first quarter, Astoria completed its tenth stock repurchase
program and commenced its eleventh stock repurchase program, repurchasing
2.5 million shares at an average cost of $29.27 per share.
First Quarter 2006 Earnings Summary
Net interest income for the quarter ended March 31, 2006 totaled $111.5
million compared to $113.7 million for the 2005 fourth quarter and $125.2
million for the 2005 first quarter.
Astoria's net interest margin for the quarter ended March 31, 2006
decreased just two basis points on a linked quarter basis and fourteen
basis points from the comparable period a year ago to 2.10%, primarily due
to the cost of liabilities rising more rapidly than the yield on earning
assets. The Company's core interest rate spread (the difference between the
yield on loans and the cost of deposits) for the 2006 first quarter
declined seven basis points on a linked quarter basis and 31 basis points
from the comparable period a year ago to 2.84%.
Commenting on the net interest margin, Mr. Engelke noted, "If the yield
curve remains flat, as we anticipate it will, we expect modest margin
compression to continue throughout 2006 and the margin declining to an
average of slightly below 2% for the full year."
Non-interest income for the quarter ended March 31, 2006 totaled $18.9
million compared to $24.7 million for the 2005 first quarter. The decrease
is due primarily to the $5.5 million, pre-tax, charge incurred for the
termination of the aforementioned interest rate swap agreements and lower
mortgage banking income, net, partially offset by an 11%, or $1.7 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) 1Q06 1Q05
Loan servicing fees $ 1.2 $ 1.3
Amortization of MSR* (1.0) (1.5)
MSR* valuation adjustments 0.7 2.4
Net gain on sale of loans 0.6 0.7
Mortgage banking income, net $ 1.5 $ 2.9
*Mortgage servicing rights
General and administrative expense ("G&A") for the quarter ended March
31, 2006 decreased to $56.3 million from $60.5 million for the comparable
2005 period. The decrease is primarily due to a $2.0 million decrease in
advertising expense and a $2.5 million decrease in goodwill litigation
expense. Compensation and benefits expense declined to $30.3 million for
the 2006 first quarter from $30.8 million for the 2005 first quarter,
despite a $1.2 million increase in stock-based compensation expense
primarily due to the implementation of accounting pronouncement SFAS 123R
in the 2006 first quarter.
Balance Sheet Summary
Due to the continued flat yield curve environment and lower spread
availability, we continued to reduce non-core business activities during
the 2006 first quarter. Total securities declined $345.1 million, or 21%
annualized, to $6.2 billion, representing 28% of total assets at March 31,
2006. Borrowings also declined in the first quarter by $343.1 million, or
17% annualized, to $7.6 billion, representing 34% of total assets at March
31, 2006. Total assets declined $142.3 million from December 31, 2005 to
$22.2 billion at March 31, 2006.
Key balance sheet highlights, reflecting the improvement in the quality
of the Company's balance sheet since December 31, 1999, follow:
Change
(Dollars in millions)
12/31/99 12/31/01 12/31/03 12/31/05 3/31/06 12/31/99-3/31/06
Assets $22,700 $22,672 $22,462 $22,380 $22,238 -2%
Loans $10,286 $12,167 $12,687 $14,392$14,590 +42%
Securities $10,763 $8,013 $8,448 $6,572 $6,227 -42%
Deposits $9,555 $10,904 $11,187 $12,810 $12,989 +36%
Borrowings $11,528 $9,826 $9,632 $7,938 $7,594 -34%
During the 2006 first quarter, the 1-4 family mortgage loan portfolio
increased $88.6 million, or 4% annualized, and totaled $9.8 billion at
March 31, 2006. 1-4 family loan originations and purchases totaled $522.0
million for the 2006 first quarter compared to $726.8 million in the
year-ago first quarter. Of the 2006 first quarter production, 78% consisted
of 3/1 and 5/1 adjustable rate mortgage loans.
During the 2006 first quarter, the multifamily and CRE loan portfolio
increased $111.9 million, or 11% annualized, to $4.0 billion at March 31,
2006. Multifamily/CRE loan originations totaled $217.4 million for the 2006
first quarter compared to $256.6 million for the comparable 2005 period.
The average loan-to-value ("LTV") ratio of the combined 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.
At March 31, 2006, non-performing loans declined to $50.0 million, or
0.23% of total assets, from $65.0 million, or 0.29% of total assets, at
December 31, 2005. As of March 31, 2006, 1-4 family non-performing loans
totaled $34.0 million and had an average LTV of 64% (based on current
principal balance and original appraised value) and multifamily/CRE non-
performing loans totaled $15.6 million and had an average LTV of 69% (based
on current principal balance and original appraised value).
Net charge-offs for the 2006 first quarter totaled just $16,000, 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 March 31, 2006 was 162%.
Deposits for the quarter ended March 31, 2006 increased $178.5 million,
or 6% on an annualized basis, to $13.0 billion from $12.8 billion at
December 31, 2005. This increase was primarily due to increases in
medium-term CD and Liquid CD accounts. During the 2006 first quarter, the
CDs that were issued or repriced that had a maturity of twelve months or
longer totaled $564.7 million and had an average rate of 4.58 % and an
average maturity of 18 months, significantly below alternative funding
costs. During the twelve month period ended March 31, 2006, the CDs that
were issued or repriced that had a maturity of twelve months or longer
totaled $1.6 billion and had an average rate of 4.07 % and an average
maturity of 22 months, also significantly below alternative funding costs.
In addition, since the introduction of our Liquid CD account in the 2005
first quarter, balances have grown to $843.1 million at March 31, 2006.
Core deposits, which exclude non- Liquid CD accounts, total $5.4 billion at
March 31, 2006, with an average rate of 0.84% for the quarter.
Stockholders' equity was $1.3 billion, or 5.89% of total assets, at
March 31, 2006. Astoria Federal continues to maintain capital ratios in
excess of regulatory requirements with core, tangible and risk-based
capital ratios of 6.19%, 6.19% and 11.75 %, respectively, at March 31,
2006.
Future Outlook
Commenting on the outlook for the balance of 2006, Mr. Engelke stated,
"We expect the operating environment to remain challenging as rising
interest rates, coupled with a flat to inverted yield curve, exert further
pressure on the net interest margin. As a result, we expect to continue our
strategy of shrinking the balance sheet through reductions in the
securities portfolio and borrowings of between $750 million and $1.0
billion each through normal cash flow, while we emphasize deposit and loan
growth, all of which will continue to improve both the quality of the
balance sheet and earnings. Overall, these activities should result in a
further reduction in the balance sheet of between $500 million and $750
million, and a continued modest compression of the net interest margin
throughout the year. As we continue to reduce the size of the balance
sheet, we will continue to focus on the repurchase of our stock as a very
desirable use of capital. 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 $22.2 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 $13.0 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-four states, primarily the East
Coast, and the District of Columbia, and through correspondent
relationships covering forty- four states and the District of Columbia.
Earnings Conference Call April 20, 2006 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will
host an earnings conference call Thursday afternoon, April 20, 2006 at 3:30
p.m. (ET). The toll-free dial-in number is (800) 967-7140. A telephone
replay will be available on April 20, 2006 from 7:00 p.m. (ET) through
April 28, 2006, 11:59 p.m. (ET). The replay number is (888) 203-1112,
passcode: 6449179. 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
March 31, December 31,
2006 2005
ASSETS
Cash and due from banks $118,316 $169,234
Repurchase agreements 241,912 182,803
Securities available-for-sale 1,746,385 1,841,351
Securities held-to-maturity
(fair value of $4,339,590 and
$4,627,013, respectively) 4,480,866 4,730,953
Federal Home Loan Bank of New York
stock, at cost 143,341 145,247
Loans held-for-sale, net 22,779 23,651
Loans receivable:
Mortgage loans, net 14,094,510 13,879,804
Consumer and other loans, net 495,434 512,489
14,589,944 14,392,293
Allowance for loan losses (81,143) (81,159)
Total loans receivable, net 14,508,801 14,311,134
Mortgage servicing rights, net 16,468 16,502
Accrued interest receivable 76,007 80,318
Premises and equipment, net 150,348 151,494
Goodwill 185,151 185,151
Bank owned life insurance 378,145 382,613
Other assets 169,411 159,820
TOTAL ASSETS $22,237,930 $22,380,271
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $12,988,938 $12,810,455
Reverse repurchase agreements 5,480,000 5,780,000
Federal Home Loan Bank of New York
advances 1,679,000 1,724,000
Other borrowings, net 435,475 433,526
Mortgage escrow funds 169,762 124,929
Accrued expenses and other liabilities 175,335 157,134
TOTAL LIABILITIES 20,928,510 21,030,044
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
102,872,427 and 104,967,280 shares
outstanding, respectively) 1,665 1,665
Additional paid-in capital 829,661 824,102
Retained earnings 1,797,162 1,774,924
Treasury stock (63,622,461 and
61,527,608 shares, at cost,
respectively) (1,236,746) (1,171,604)
Accumulated other comprehensive loss (58,926) (49,536)
Unallocated common stock held by ESOP
(6,385,675 and 6,465,273 shares,
respectively) (23,396) (23,688)
Deferred compensation - (5,636)
TOTAL STOCKHOLDERS' EQUITY 1,309,420 1,350,227
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $22,237,930 $22,380,271
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months Ended
March 31,
2006 2005
Interest income:
Mortgage loans:
One-to-four family $124,885 $111,582
Multi-family, commercial real estate
and construction 62,259 58,196
Consumer and other loans 8,847 6,781
Mortgage-backed and other securities 71,895 93,922
Repurchase agreements 1,643 1,449
Federal Home Loan Bank of New York stock 1,689 1,173
Total interest income 271,218 273,103
Interest expense:
Deposits 82,705 64,960
Borrowings 76,967 82,930
Total interest expense 159,672 147,890
Net interest income 111,546 125,213
Provision for loan losses - -
Net interest income after provision
for loan losses 111,546 125,213
Non-interest income:
Customer service fees 16,598 14,946
Other loan fees 810 1,164
Mortgage banking income, net 1,482 2,946
Income from bank owned life insurance 4,075 4,175
Other (4,068) 1,511
Total non-interest income 18,897 24,742
Non-interest expense:
General and administrative:
Compensation and benefits 30,311 30,790
Occupancy, equipment and systems 16,808 16,025
Federal deposit insurance premiums 434 448
Advertising 1,927 3,905
Other 6,829 9,344
Total non-interest expense 56,309 60,512
Income before income tax expense 74,134 89,443
Income tax expense 25,200 29,964
Net income $48,934 $59,479
Basic earnings per common share $0.50 $0.58
Diluted earnings per common share $0.49 $0.57
Basic weighted average common shares 97,306,058 103,160,491
Diluted weighted average common and
common equivalent shares 99,899,188 104,957,469
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
At or For the
Three Months Ended
March 31,
2006 2005
Selected Returns and Financial Ratios
(annualized)
Return on average stockholders' equity 14.77 % 17.42 %
Return on average tangible
stockholders' equity (1) 17.17 20.15
Return on average assets 0.88 1.02
General and administrative expense
to average assets 1.01 1.03
Efficiency ratio (2) 43.17 40.35
Net interest rate spread (3) 2.01 2.16
Net interest margin (4) 2.10 2.24
Selected Non-GAAP Returns and
Financial Ratios (annualized) (5)
Non-GAAP return on average
stockholders' equity 15.86 % 17.42 %
Non-GAAP return on average tangible
stockholders' equity (1) 18.44 20.15
Non-GAAP return on average assets 0.95 1.02
Non-GAAP efficiency ratio (2) 41.43 40.35
Asset Quality Data (dollars in thousands)
Non-performing loans/total loans 0.34 % 0.22 %
Non-performing loans/total assets 0.23 0.13
Non-performing assets/total assets 0.23 0.13
Allowance for loan losses/
non-performing loans 162.13 278.74
Allowance for loan losses/
non-accrual loans 162.47 301.21
Allowance for loan losses/total loans 0.56 0.61
Net charge-offs to average loans
outstanding (annualized) 0.00 0.00
Non-performing assets $51,250 $30,132
Non-performing loans 50,048 29,680
Loans 90 days past maturity but
still accruing interest 104 2,214
Non-accrual loans 49,944 27,466
Net charge-offs 16 28
Capital Ratios (Astoria Federal)
Tangible 6.19 % 6.31 %
Core 6.19 6.31
Risk-based 11.75 12.82
Other Data
Cash dividends paid per common share $0.24 $0.20
Dividend payout ratio 48.98 % 35.09 %
Book value per share (6) $13.57 $13.30
Tangible book value per share (7) 11.65 11.50
Average equity/average assets 5.97 % 5.83 %
Mortgage loans serviced for others
(in thousands) $1,464,700 $1,644,742
Full time equivalent employees 1,631 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) 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.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended March 31,
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
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
For the Three Months Ended March 31,
2005
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $9,270,153 $111,582 4.81 %
Multi-family, commercial
real estate and
construction 3,680,918 58,196 6.32
Consumer and other loans (1) 522,515 6,781 5.19
Total loans 13,473,586 176,559 5.24
Mortgage-backed and other
securities (2) 8,524,571 93,922 4.41
Repurchase agreements 243,598 1,449 2.38
Federal Home Loan Bank stock 142,347 1,173 3.30
Total interest-earning assets 22,384,102 273,103 4.88
Goodwill 185,151
Other non-interest-earning
assets 863,209
Total assets $23,432,462
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,870,120 2,842 0.40
Money market 915,147 1,922 0.84
NOW and demand deposit 1,560,087 230 0.06
Liquid certificates of deposit 176,275 1,073 2.43
Total core deposits 5,521,629 6,067 0.44
Certificates of deposit 6,933,248 58,893 3.40
Total deposits 12,454,877 64,960 2.09
Borrowings 9,279,580 82,930 3.57
Total interest-bearing
liabilities 21,734,457 147,890 2.72
Non-interest-bearing
liabilities 331,872
Total liabilities 22,066,329
Stockholders' equity 1,366,133
Total liabilities and
stockholders' equity $23,432,462
Net interest income/net interest
rate spread $125,213 2.16 %
Net interest-earning assets/net
interest margin $649,645 2.24 %
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
END OF PERIOD BALANCES AND RATES
(Dollars in Thousands)
At March 31, 2006 At December 31, 2005 At March 31, 2005
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 $9,846,475 5.25% $9,757,920 5.19% $9,232,357 5.05%
Multi-family,
commercial
real estate
and
construction 4,163,563 5.91 4,039,733 5.88 3,734,355 5.86
Mortgage-backed
and other
securities (3) 6,227,251 4.34 6,572,304 4.35 8,322,213 4.35
Interest-bearing
liabilities:
Savings 2,438,090 0.40 2,510,897 0.40 2,848,135 0.40
Money market 598,766 0.97 648,730 0.95 885,278 0.96
NOW and demand
deposit 1,562,612 0.06 1,569,859 0.06 1,575,204 0.06
Liquid
certificates
of deposit 843,131 4.09 619,784 3.66 265,720 2.47
Total core
deposits 5,442,599 0.94 5,349,270 0.74 5,574,337 0.49
Certificates of
deposit 7,546,339 3.92 7,461,185 3.73 6,995,032 3.44
Total deposits 12,988,938 2.67 12,810,455 2.48 12,569,369 2.13
Borrowings, net 7,594,475 4.13 7,937,526 3.97 8,981,441 3.68
(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 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
The above 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://www.astoriafederal.com
http://www.prnewswire.com/comp/104529.html /
CONTACT:
Peter J. Cunningham, First Vice President,
Investor Relations of Astoria Financial Corporation,
+1-516-327-7877, ir@astoriafederal.com
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