Margin Increases 24 Basis Points from First Quarter
Quarterly Cash Dividend of $0.26 Per Share Declared
LAKE SUCCESS, N.Y., July 16 /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 $33.5 million, or $0.37 diluted earnings per share
("EPS"), for the quarter ended June 30, 2008, compared to $34.1 million, or
$0.37 EPS, for the 2007 second quarter. For the six months ended June 30,
2008, net income totaled $62.4 million, or $0.69 EPS, compared to $69.8
million, or $0.75 EPS, for the comparable 2007 period.
Second Quarter 2008 Financial Highlights:
-- Diluted earnings per share of $0.37, up 16% from the 2008 first quarter
-- Margin increased 24 basis points from the linked quarter to 1.81%
-- Deposits increased $86 million, or 3% annualized
-- Loan portfolio increased $479 million, or 12% annualized
- One-to-four family loan portfolio increased $550 million, or 20%
annualized
-- Mortgage loan production increased $892 million from the 2008 first
quarter and totaled $1.6 billion
- One-to-four family loan production increased $833 million from the
2008 first quarter and totaled $1.5 billion
Commenting on the 2008 second quarter results, George L. Engelke, Jr.,
Chairman and Chief Executive Officer of Astoria, noted, "We are pleased to
report solid second quarter results which reflect double-digit increases in
both earnings and earnings per share over the 2008 first quarter. As
anticipated, these very positive results were achieved due to a significant
improvement in the net interest margin, resulting primarily from lower
liability costs, solid loan and deposit growth and lower premium
amortization expense. We expect continued expansion in the net interest
margin, as well as loan and deposit growth."
Board Declares Quarterly Cash Dividend of $0.26 Per Share
The Board of Directors of the Company, at their July 16, 2008 meeting,
declared a quarterly cash dividend of $0.26 per common share. The dividend
is payable on September 2, 2008 to shareholders of record as of August 15,
2008. This is the fifty-third consecutive quarterly cash dividend declared
by the Company.
Second Quarter and Six Month Earnings Summary
Net interest income for the quarter ended June 30, 2008 increased $11.8
million, or 15%, from the 2008 first quarter and $9.7 million, or 12%, from
the 2007 second quarter to $92.6 million. For the six months ended June 30,
2008, net interest income increased $2.9 million, compared to the six
months ended June 30, 2007, to $173.4 million.
Astoria's net interest margin for the quarter ended June 30, 2008
increased 24 basis points from the 2008 first quarter and 19 basis points
from the 2007 second quarter to 1.81%. The increases were primarily due to
a decrease in the cost of interest bearing-liabilities. "We expect that the
net interest margin will continue to expand this year, as we realize the
repricing benefit of deposit and borrowing liabilities which have rates
that are considerably above current market rates. Over the next six months,
CDs (excluding Liquid CDs) totaling $3.7 billion, with a weighted average
rate of 4.29%, and medium and long-term borrowings totaling $1.3 billion,
with a weighted average rate of 4.95%, are scheduled to mature," Mr.
Engelke noted.
For the quarter ended June 30, 2008, a $7.0 million provision for loan
losses was recorded compared to $4.0 million for the previous quarter. For
the six months ended June 30, 2008, provision for loan losses totaled $11.0
million. No provision for loan losses was recorded in the comparable 2007
periods. Quarterly provisions for the remainder of 2008 are expected to
remain at or increase somewhat from the second quarter level.
General and administrative expense ("G&A") for the quarter ended June
30, 2008 increased $1.8 million, to $60.0 million, from the 2008 first
quarter and $1.3 million from the 2007 second quarter. The linked quarter
increase is primarily due to increases in advertising and goodwill
litigation expense. The year over year increase is due primarily to
increases in compensation and benefits and real estate owned (REO) expense,
partially offset by lower goodwill litigation expense.
For the six months ended June 30, 2008, G&A expense increased $2.4
million, compared to the six months ended June 30, 2007, to $118.2 million.
The increase was primarily due to an increase in compensation and benefits
expense, partially offset by a decrease in advertising expense.
Balance Sheet Summary
For the quarter and six months ended June 30, 2008, the total loan
portfolio increased $478.8 million and $25.4 million, respectively, to
$16.2 billion. The loan growth was funded primarily with excess liquidity
and, to a lesser extent, retail deposits and wholesale borrowings. Total
loan production for the quarter and six months ended June 30, 2008
increased to $1.6 billion and $2.4 billion, respectively, from $1.4 billion
and $2.3 billion, respectively, for the comparable 2007 periods.
For the quarter and six months ended June 30, 2008, the one-to-four
family mortgage loan portfolio increased $550.4 million and $197.7 million,
respectively, to $11.8 billion. One-to-four family loan originations and
purchases for the quarter and six months ended June 30, 2008 increased to
$1.5 billion and $2.2 billion, respectively, from $1.3 billion and $2.0
billion, respectively, for the comparable 2007 periods. One-to-four family
loan prepayments for the quarter and six months ended June 30, 2008 totaled
$821.3 million and $1.7 billion, respectively, compared to $583.1 million
and $1.1 billion, respectively, for the comparable 2007 periods.
Indicative of Astoria's conservative underwriting standards, the
loan-to-value ("LTV") ratio of the 2008 second quarter and six month
one-to- four family loan production for portfolio averaged approximately
57% for each period and the loan amounts averaged approximately $690,000
and $675,000, respectively. "It is important to note that the double-digit
linked quarter loan growth attained in the second quarter has been achieved
without sacrificing asset quality, as reflected in the very low average LTV
ratio on second quarter loan production," Mr. Engelke noted.
For the quarter and six months ended June 30, 2008, the multi-family
and commercial real estate ("CRE") loan portfolio decreased $60.1 million
and $132.0 million, respectively. Multi-family/CRE loan originations
totaled $126.6 million and $193.8 million, for the respective three and six
month periods ended June 30, 2008. At June 30, 2008, the combined
multi-family and CRE loan portfolio totaled $3.8 billion, or 24% of total
loans. The loan-to- value ratio of the 2008 second quarter and six-month
multi-family/CRE loan production averaged approximately 62% for each period
and the loan amounts averaged approximately $2.0 million and $1.8 million,
respectively.
Asset Quality
Asset quality continued to remain strong during the 2008 second
quarter. Non-performing loans ("NPL") totaled $128.6 million at June 30,
2008, an increase of $22.0 million from the previous quarter, and represent
just 0.59% of total assets. At June 30, 2008, one-to-four family
non-performing loans totaled $101.0 million and multi-family/CRE
non-performing loans totaled $24.5 million, compared to $88.4 million and
$14.9 million, respectively, at March 31, 2008.
The comparative table below illustrates loan migration from 30 days
delinquent to 90+ days delinquent:
Total 30 +
30-59 Days 60-89 Days 90 + Days Days
Past Due Past Due Past Due (NPL) Past Due
(In millions)
At December 31, 2007 $144.4 $39.1 $68.1 $251.6
At March 31, 2008 $136.3 $48.8 $106.6 $291.7
At June 30, 2008 $134.5 $51.0 $128.6 $314.1
The table below details, as of June 30, 2008, the states with a total
of 1% or more of our one-to-four-family loan portfolio and the respective
non-performing loan totals in those states:
(In millions) Total 1-4 % of 1-4 Family Total 1-4 NPLs as % of
State Family Loans Loan Portfolio Family NPLs State Total
New York Metro* $4,947.8 42% $33.3 0.67%
California $1,420.8 12% $ 8.9 0.63%
Illinois $1,248.2 11% $10.3 0.83%
Virginia $955.3 8% $13.4 1.40%
Maryland $859.4 7% $13.2 1.54%
Massachusetts $798.9 7% $4.7 0.59%
Florida $333.9 3% $8.5 2.55%
Washington $208.7 2% $0.0 0.00%
Georgia $170.1 1% $0.6 0.35%
Washington D.C. $129.4 1% $2.5 1.93%
Pennsylvania $129.3 1% $1.5 1.16%
Total States 1% or
More $11,201.8 95% $96.9 0.87%
Other States 624.2 5% $4.1 0.66%
Total 1-4 Family
Portfolio $11,826.0 100% $101.0 0.85%
* NY, NJ, CT
Net loan charge-offs for the quarter and six months ended June 30, 2008
totaled $5.2 million and $8.1 million, respectively, compared to net loan
charge-offs of $698,000 and $543,000, respectively, for the 2007 comparable
periods. For the quarter and six months ended June 30, 2008, one-to-four
family net loan charge-offs totaled $3.7 million and $4.9 million,
respectively.
Commenting on asset quality, Mr. Engelke noted, "Although we have never
actively participated in high-risk sub-prime residential lending, as a
geographically diversified residential lender, we are not immune to the
negative consequences arising from overall economic weakness and, in
particular, a sharp downturn in the housing industry nationally. As
expected, non-performing loans and charge-offs increased somewhat in the
second quarter. However, the growth in non-performing loans has slowed from
the previous quarter and importantly the trend in 30-59 day loan
delinquencies has been relatively stable and down slightly over the past
two quarters, as reflected in the delinquency chart on the previous page.
Our overall asset quality remains strong, with non-performing loans
representing just 59 basis points of total assets."
Balance Sheet Summary (Continued)
Deposits increased $85.5 and $39.6 million for the quarter and six
months ended June 30, 2008 and totaled $13.1 billion. Total assets
increased $165.9 million from the previous quarter to $21.6 billion at June
30, 2008.
Key balance sheet highlights, reflecting the improvement in the quality
of the Company's balance sheet since December 31, 1999, follow:
Cumu-
($ in lative
millions) 12/31/99 12/31/01 12/31/03 12/31/05 12/31/07 6/30/08 % Change
Assets $22,700 $22,672 $22,462 $22,380 $21,719 $21,620 (5%)
Loans $10,286 $12,167 $12,687 $14,392 $16,155 $16,180 +57%
Securities $10,763 $8,013 $8,448 $6,572 $4,371 $4,204 (61%)
Deposits $9,555 $10,904 $11,187 $12,810 $13,049 $13,089 +37%
Borrowings $11,528 $9,826 $9,632 $7,938 $7,185 $6,938 (40%)
The following table illustrates the above improvement on an outstanding
per share basis:
Amount
per %
share 12/31/99 12/31/01 12/31/03 12/31/05 12/31/07 6/30/08 Change CAGR
Loans $66.28 $89.36 $107.51 $137.11 $168.76 $168.66 154% 12%
Deposits $61.57 $80.09 $94.80 $122.04 $136.32 $136.44 122% 10%
Twelfth Stock Repurchase Program Continues
During the 2008 second quarter, Astoria repurchased 300,000 shares of
its common stock at an average cost of $23.96 per share. During the six
month period ended June 30, 2008, Astoria repurchased a total of 590,000
shares at an average cost of $24.74. Under the current stock repurchase
program, 8.3 million shares remain available for repurchase as of June 30,
2008.
Stockholders' equity was $1.2 billion, or 5.66% of total assets at June
30, 2008. Astoria Federal continues to maintain capital ratios in excess of
regulatory requirements with core, tangible and risk-based capital ratios
of 6.63%, 6.63% and 12.17%, respectively, at June 30, 2008.
Future Outlook
Commenting on the outlook for the remainder of 2008, Mr. Engelke
stated, "We continue to anticipate a positively sloped yield curve
throughout the year which will provide opportunities for significant
earnings growth and the continued expansion of our net interest margin. In
addition, we expect both loan and deposit growth will continue,
particularly since we are experiencing more rational deposit pricing in our
market. Although we expect our credit costs will continue to trend somewhat
higher, such increases will be more than offset by margin expansion. The
Company's tangible capital ratio target remains between 4.50% and 4.75%."
Astoria Financial Corporation, with assets of $21.6 billion, is the
holding company for Astoria Federal Savings and Loan Association.
Established in 1888, Astoria Federal, with deposits in New York totaling
$13.1 billion, is the largest thrift depository headquartered in New York
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 and loan
production offices in New York, an extensive broker network covering
twenty-two states, primarily the East Coast, and the District of Columbia,
and through correspondent relationships covering twenty-nine states and the
District of Columbia.
Earnings Conference Call July 17, 2008 at 10:00 a.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will
host an earnings conference call Thursday morning, July 17, 2008 at 10:00
a.m. (ET). The toll-free dial-in number is (888) 562-3356, conference ID #
50458495. A telephone replay will be available on July 17, 2008 from 1:00
p.m. (ET) through Friday, July 25, 2008, 11:59 p.m. (ET). The replay number
is (800) 642-1687, ID # 50458495. 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 real estate or 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
June 30, December 31,
2008 2007
ASSETS
Cash and due from banks $82,224 $93,972
Repurchase agreements 42,130 24,218
Securities available-for-sale 1,305,274 1,313,306
Securities held-to-maturity
(fair value of $2,861,882, and
$3,013,014, respectively) 2,898,255 3,057,544
Federal Home Loan Bank of New York
stock, at cost 200,260 201,490
Loans held-for-sale, net 10,465 6,306
Loans receivable:
Mortgage loans, net 15,840,358 15,791,962
Consumer and other loans, net 340,018 363,052
16,180,376 16,155,014
Allowance for loan losses (81,843) (78,946)
Total loans receivable, net 16,098,533 16,076,068
Mortgage servicing rights, net 12,816 12,910
Accrued interest receivable 78,651 79,132
Premises and equipment, net 140,161 139,563
Goodwill 185,151 185,151
Bank owned life insurance 397,170 398,280
Other assets 168,981 131,428
TOTAL ASSETS $21,620,071 $21,719,368
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $13,089,046 $13,049,438
Reverse repurchase agreements 3,450,000 3,730,000
Federal Home Loan Bank of New York
advances 3,091,000 3,058,000
Other borrowings, net 396,975 396,658
Mortgage escrow funds 141,566 129,412
Accrued expenses and other
liabilities 227,636 144,516
TOTAL LIABILITIES 20,396,223 20,508,024
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
95,935,535, and 95,728,562
shares outstanding, respectively) 1,665 1,665
Additional paid-in capital 846,343 846,227
Retained earnings 1,898,799 1,883,902
Treasury stock (70,559,353 and
70,766,326 shares, at cost,
respectively) (1,458,008) (1,459,865)
Accumulated other comprehensive loss (44,683) (39,476)
Unallocated common stock held by ESOP
(5,531,986 and 5,761,391 shares,
respectively) (20,268) (21,109)
TOTAL STOCKHOLDERS' EQUITY 1,223,848 1,211,344
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $21,620,071 $21,719,368
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
2008 2007 2008 2007
Interest income:
Mortgage loans:
One-to-four family $152,247 $141,568 $305,845 $278,084
Multi-family,
commercial real
estate and
construction 58,686 64,438 119,001 129,108
Consumer and other loans 4,177 7,812 9,609 16,006
Mortgage-backed and
other securities 46,708 55,885 94,601 114,900
Federal funds sold
and repurchase
agreements 1,018 499 1,654 1,475
Federal Home Loan
Bank of New York stock 3,803 2,749 8,025 5,347
Total interest income 266,639 272,951 538,735 544,920
Interest expense:
Deposits 97,851 114,096 208,054 224,454
Borrowings 76,208 75,964 157,315 150,048
Total interest expense 174,059 190,060 365,369 374,502
Net interest income 92,580 82,891 173,366 170,418
Provision for loan losses 7,000 - 11,000 -
Net interest income
after provision for
loan losses 85,580 82,891 162,366 170,418
Non-interest income:
Customer service fees 16,775 16,159 31,909 31,328
Other loan fees 1,090 1,110 2,129 2,328
Mortgage banking
income, net 1,575 1,224 2,025 1,840
Income from bank
owned life insurance 4,008 4,287 8,397 8,490
Other 1,385 3,500 2,810 4,891
Total non-interest
income 24,833 26,280 47,270 48,877
Non-interest expense:
General and
administrative:
Compensation and
benefits 32,375 30,046 64,366 61,170
Occupancy,
equipment and
systems 16,847 16,494 33,751 33,015
Federal deposit
insurance
premiums 548 407 1,119 814
Advertising 1,550 1,977 2,623 3,892
Other 8,662 9,783 16,352 16,936
Total non-interest
expense 59,982 58,707 118,211 115,827
Income before income tax
expense 50,431 50,464 91,425 103,468
Income tax expense 16,981 16,400 29,072 33,627
Net income $33,450 $34,064 $62,353 $69,841
Basic earnings per
common share $0.37 $0.38 $0.70 $0.77
Diluted earnings per
common share $0.37 $0.37 $0.69 $0.75
Basic weighted average
common shares 89,550,934 90,704,749 89,511,918 91,062,161
Diluted weighted
average common and
common equivalent
shares 90,859,457 92,166,978 90,914,571 92,864,131
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
For the At or For the
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Selected Returns and
Financial Ratios (annualized)
Return on average
stockholders' equity 10.96% 11.35% 10.22% 11.59%
Return on average
tangible stockholders'
equity (1) 12.92 13.42 12.05 13.70
Return on average assets 0.62 0.63 0.58 0.65
General and administrative
expense to average assets 1.12 1.09 1.10 1.08
Efficiency ratio (2) 51.09 53.78 53.58 52.82
Net interest rate
spread (3) 1.70 1.50 1.58 1.55
Net interest margin (4) 1.81 1.62 1.69 1.66
Asset Quality Data (dollars
in thousands) (5)
Non-performing assets $146,852 $51,178
Non-performing loans 128,603 49,253
Loans delinquent
90 days or more
and still
accruing interest 122 625
Non-accrual loans 128,481 48,628
Loans 60-89 days
delinquent 51,035 15,669
Loans 30-59 days
delinquent 134,493 109,395
Net charge-offs $5,240 $698 8,103 543
Non-performing
loans/total loans 0.79% 0.32%
Non-performing
loans/total assets 0.59 0.23
Non-performing
assets/total assets 0.68 0.24
Allowance for loan
losses/non-performing
loans 63.64 161.21
Allowance for loan
losses/non-accrual loans 63.70 163.28
Allowance for loan
losses/total loans 0.51 0.51
Net charge-offs to
average loans
outstanding (annualized) 0.13% 0.02% 0.10 0.01
Capital Ratios (Astoria
Federal)
Tangible 6.63% 6.65%
Core 6.63 6.65
Risk-based 12.17 12.19
Other Data
Cash dividends paid per
common share $0.26 $0.26 $0.52 $0.52
Dividend payout ratio 70.27% 70.27% 75.36% 69.33%
Book value per share (6) $13.54 $13.15
Tangible book value per
share (7) $11.49 $11.11
Tangible stockholders'
equity/tangible assets
(1) (8) 4.85% 4.70%
Mortgage loans serviced
for others (in
thousands) $1,239,745 $1,305,916
Full time equivalent
employees 1,643 1,628
(1) Tangible stockholders' equity represents stockholders' equity less
goodwill.
(2) 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) Loans totaling $14.7 million have been reclassified from non-accrual
to 60-89 days delinquent as of June 30, 2007 to conform the June 30,
2007 information to the current year presentation. The related June
30, 2007 asset quality ratios have been revised as necessary.
(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
June 30, 2008
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $11,558,547 $152,247 5.27%
Multi-family, commercial
real estate and
construction 3,941,587 58,686 5.96
Consumer and other loans (1) 345,242 4,177 4.84
Total loans 15,845,376 215,110 5.43
Mortgage-backed and other
securities (2) 4,234,398 46,708 4.41
Federal funds sold and
repurchase agreements 183,413 1,018 2.22
Federal Home Loan Bank stock 194,783 3,803 7.81
Total interest-earning assets 20,457,970 266,639 5.21
Goodwill 185,151
Other non-interest-earning assets 844,802
Total assets $21,487,923
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $1,884,583 1,899 0.40
Money market 317,185 799 1.01
NOW and demand deposit 1,508,664 319 0.08
Liquid certificates of deposit 1,302,494 8,894 2.73
Total core deposits 5,012,926 11,911 0.95
Certificates of deposit 8,008,650 85,940 4.29
Total deposits 13,021,576 97,851 3.01
Borrowings 6,802,152 76,208 4.48
Total interest-bearing
liabilities 19,823,728 174,059 3.51
Non-interest-bearing liabilities 443,235
Total liabilities 20,266,963
Stockholders' equity 1,220,960
Total liabilities and stockholders'
equity $21,487,923
Net interest income/net interest
rate spread $92,580 1.70%
Net interest-earning assets/net
interest margin $634,242 1.81%
Ratio of interest-earning assets
to interest-bearing liabilities 1.03x
For the Three Months Ended
June 30, 2007
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $10,749,335 $141,568 5.27%
Multi-family, commercial
real estate and
construction 4,200,044 64,438 6.14
Consumer and other loans (1) 406,437 7,812 7.69
Total loans 15,355,816 213,818 5.57
Mortgage-backed and other
securities (2) 4,964,564 55,885 4.50
Federal funds sold and
repurchase agreements 37,742 499 5.29
Federal Home Loan Bank stock 155,056 2,749 7.09
Total interest-earning assets 20,513,178 272,951 5.32
Goodwill 185,151
Other non-interest-earning assets 763,554
Total assets $21,461,883
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $2,061,648 2,074 0.40
Money market 391,139 970 0.99
NOW and demand deposit 1,495,582 214 0.06
Liquid certificates of deposit 1,659,796 20,241 4.88
Total core deposits 5,608,165 23,499 1.68
Certificates of deposit 7,724,775 90,597 4.69
Total deposits 13,332,940 114,096 3.42
Borrowings 6,562,399 75,964 4.63
Total interest-bearing
liabilities 19,895,339 190,060 3.82
Non-interest-bearing liabilities 365,877
Total liabilities 20,261,216
Stockholders' equity 1,200,667
Total liabilities and stockholders'
equity $21,461,883
Net interest income/net interest
rate spread $82,891 1.50%
Net interest-earning assets/net
interest margin $617,839 1.62%
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
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Six Months Ended
June 30, 2008
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $11,590,151 $305,845 5.28%
Multi-family, commercial
real estate
and construction 3,973,630 119,001 5.99
Consumer and other loans (1) 350,650 9,609 5.48
Total loans 15,914,431 434,455 5.46
Mortgage-backed and other
securities (2) 4,265,655 94,601 4.44
Federal funds sold and
repurchase agreements 138,790 1,654 2.38
Federal Home Loan Bank stock 195,449 8,025 8.21
Total interest-earning assets 20,514,325 538,735 5.25
Goodwill 185,151
Other non-interest-earning assets 813,624
Total assets $21,513,100
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $1,879,370 3,787 0.40
Money market 320,568 1,603 1.00
NOW and demand deposit 1,477,578 631 0.09
Liquid certificates of deposit 1,363,500 23,387 3.43
Total core deposits 5,041,016 29,408 1.17
Certificates of deposit 7,950,661 178,646 4.49
Total deposits 12,991,677 208,054 3.20
Borrowings 6,904,989 157,315 4.56
Total interest-bearing
liabilities 19,896,666 365,369 3.67
Non-interest-bearing liabilities 395,973
Total liabilities 20,292,639
Stockholders' equity 1,220,461
Total liabilities and stockholders'
equity $21,513,100
Net interest income/net interest
rate spread $173,366 1.58%
Net interest-earning assets/net
interest margin $617,659 1.69%
Ratio of interest-earning assets
to interest-bearing liabilities 1.03x
For the Six Months Ended
June 30, 2007
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $10,568,690 $278,084 5.26%
Multi-family, commercial
real
estate and construction 4,214,404 129,108 6.13
Consumer and other loans (1) 418,631 16,006 7.65
Total loans 15,201,725 423,198 5.57
Mortgage-backed and other
securities (2) 5,096,922 114,900 4.51
Federal funds sold and
repurchase agreements 56,009 1,475 5.27
Federal Home Loan Bank stock 151,880 5,347 7.04
Total interest-earning assets 20,506,536 544,920 5.31
Goodwill 185,151
Other non-interest-earning assets 760,102
Total assets $21,451,789
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,080,553 4,161 0.40
Money market 406,441 2,007 0.99
NOW and demand deposit 1,480,253 425 0.06
Liquid certificates of deposit 1,592,477 38,777 4.87
Total core deposits 5,559,724 45,370 1.63
Certificates of deposit 7,712,371 179,084 4.64
Total deposits 13,272,095 224,454 3.38
Borrowings 6,623,738 150,048 4.53
Total interest-bearing
liabilities 19,895,833 374,502 3.76
Non-interest-bearing liabilities 351,122
Total liabilities 20,246,955
Stockholders' equity 1,204,834
Total liabilities and stockholders'
equity $21,451,789
Net interest income/net interest
rate spread $170,418 1.55%
Net interest-earning assets/net
interest margin $610,703 1.66%
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 June 30, 2008 At March 31, 2008
Weighted Weighted
Average Average
Balance Rate(1) Balance Rate(1)
Selected interest-earning
assets:
Mortgage loans, gross (2):
One-to-four family $11,825,962 5.64% $11,275,550 5.69%
Multi-family, commercial real
estate and construction 3,905,610 5.90 3,973,315 5.89
Mortgage-backed and other
securities (3) 4,203,529 4.32 4,256,230 4.32
Interest-bearing liabilities:
Savings 1,886,470 0.40 1,878,444 0.40
Money market 316,607 1.02 321,039 1.00
NOW and demand deposit 1,506,549 0.06 1,495,023 0.06
Liquid certificates of deposit 1,246,359 2.47 1,390,368 3.42
Total core deposits 4,955,985 0.86 5,084,874 1.16
Certificates of deposit 8,133,061 4.10 7,918,668 4.58
Total deposits 13,089,046 2.87 13,003,542 3.24
Borrowings, net 6,937,975 4.28 6,851,816 4.55
At June 30, 2007
Weighted
Average
Balance Rate(1)
Selected interest-earning
assets:
Mortgage loans, gross (2):
One-to-four family $10,909,568 5.58%
Multi-family, commercial real estate
and construction 4,179,772 5.94
Mortgage-backed and other securities (3) 4,787,635 4.34
Interest-bearing liabilities:
Savings 2,025,132 0.40
Money market 377,455 1.00
NOW and demand deposit 1,489,624 0.06
Liquid certificates of deposit 1,664,176 4.83
Total core deposits 5,556,387 1.68
Certificates of deposit 7,891,469 4.76
Total deposits 13,447,856 3.49
Borrowings, net 6,698,342 4.62
(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.
SOURCE Astoria Financial Corporation
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Related links:
http://ir.astoriafederal.com
http://www.astoriafederal.com
http://www.prnewswire.com/comp/104529.html/
CONTACT:
Peter J. Cunningham, First Vice President,
Investor Relations, +1-516-327-7877, ir@astoriafederal.com
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