Quarterly Cash Dividend of $0.25 Per Common Share Declared
LAKE SUCCESS, N.Y, Oct. 21 /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
$58.1 million, or $0.80 diluted earnings per common share, for the quarter
ended September 30, 2004, representing an increase of 40% and 51%,
respectively, from net income of $41.6 million, or $0.53 diluted earnings per
common share, for the 2003 third quarter. For the nine months ended September
30, 2004, net income totaled $169.0 million, or $2.28 diluted earnings per
common share, up 14% and 23%, respectively, from $148.9 million, or $1.85
diluted earnings per common share for the comparable 2003 period. Net income
and diluted earnings per common share for the quarter and nine month periods
ended September 30, 2004 include an after-tax charge of $2.2 million, or $0.03
per diluted common share, pursuant to a previously announced arbitration award
settlement in the third quarter.
Third Quarter Financial Highlights:
-- Diluted EPS: $0.80, up 51% from comparable period last year
-- Net interest income: $121.9 million, up 53% from comparable period
last year
-- Net interest margin: 2.25%, up 73 basis points from comparable period
last year
-- Return on average assets: 1.02%, up 38% from comparable period last
year
-- Return on average equity: 16.82%, up 48% from comparable period last
year
-- Return on average tangible equity: 19.42%, up 49% from comparable
period last year
-- Total deposits increased $983.3 million to $12.2 billion, or 12%
annualized from December 31, 2003
-- Total loans increased $117.2 million to $12.8 billion, or 1%
annualized from December 31, 2003
-- Multifamily/Commercial Real Estate ("CRE") loan portfolio increased
$334.4 million to $3.4 billion, or 14% annualized from December 31,
2003 and currently represents 27% of total loans
-- Non-performing assets to total assets: 0.12%, an improvement of 20%
from September 30, 2003
Commenting on the third quarter results, George L. Engelke, Jr., Chairman,
President and Chief Executive Officer of Astoria, noted, "We are pleased to
report another double-digit year-over-year increase in quarterly net income,
earnings per share and returns on equity and tangible equity, due primarily to
a 73 basis point increase in the net interest margin. Importantly, the
combination of solid loan originations and lower mortgage refinance activity
has resulted in a resumption of loan portfolio growth."
Board Declares Quarterly Cash Dividend
The Board of Directors of the Company, at their October 20, 2004 meeting,
declared a quarterly cash dividend of $0.25 per common share. The dividend is
payable on December 1, 2004 to shareholders of record as of November 15, 2004.
This is the thirty-eighth consecutive quarterly cash dividend declared by the
Company.
Tenth Stock Repurchase Program Continues
During the third quarter, Astoria repurchased 2.0 million shares of its
common stock at an average cost of $35.61 per share. For the nine months
ended September 30, 2004, Astoria repurchased 4.6 million shares at an average
cost of $36.61 per share. The tenth repurchase program, which commenced
during the third quarter and authorizes the repurchase of eight million
shares, has approximately six million shares remaining.
Moody's Upgrades Astoria Financial Corporation's Senior Debt
On October 14, 2004, Moody's Investors Service announced that it upgraded
the senior debt of Astoria Financial Corporation to Baa1 from Baa3. At the
same time, the deposits of Astoria Federal were upgraded as follows: long-
term deposits to A3 from Baa1 and short-term deposits to Prime-1 from Prime-2.
According to Moody's, the upgrade is based on, among other things, Astoria's
demonstrated ability to continue to enhance its healthy low-cost core deposit
franchise in Long Island, Brooklyn and Queens, a particularly competitive
market.
Balance Sheet Summary
Total assets increased to $22.8 billion at September 30, 2004 from $22.3
billion at June 30, 2004 and $22.5 billion at December 31, 2003. Total loans
increased to $12.8 billion at September 30, 2004 from $12.6 billion at June
30, 2004 and $12.7 billion at December 31, 2003. Mortgage loan originations
and purchases for the quarter ended September 30, 2004 totaled $1.0 billion
compared to $2.3 billion for the 2003 third quarter, of which $635.3 million
and $1.7 billion, respectively, were one-to-four family loans, predominately
3/1 and 5/1 adjustable rate loans. For the nine months ended September 30,
2004, mortgage loan originations and purchases totaled $3.1 billion compared
to $5.8 billion for the comparable 2003 period of which $2.2 billion and $4.6
billion, respectively, were one-to-four family loans. The decrease in
mortgage loan volume was due to reduced mortgage loan refinance activity due
to higher interest rates in 2004 as compared to 2003. Mortgage loan
prepayments for the quarter and nine months ended September 30, 2004 totaled
$691.1 million and $2.4 billion, respectively, compared to $1.5 billion and
$4.3 billion for the respective 2003 periods.
For the quarter ended September 30, 2004, multifamily and CRE loan
originations totaled $349.8 million compared to $556.6 million for the 2003
third quarter. For the nine month period ended September 30, 2004,
multifamily and CRE loan originations totaled $863.8 million compared to $1.2
billion for the 2003 nine month period. The multifamily and CRE loan
portfolio grew $138.1 million, or 17% on an annualized basis, from June 30,
2004 and $334.4 million, or 14% on an annualized basis, from December 31,
2003, and totals $3.4 billion, or 27% of total loans, at September 30, 2004.
The average loan-to-value ratio of the combined multifamily and CRE loan
portfolios 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.
The Company's strong multifamily and CRE lending capabilities are
reflected in the growth of these portfolios since 1999:
(Dollars in millions) 12/31/99 12/31/00 12/31/01 12/31/02
Multifamily/CRE
Loans $1,014 $1,282 $1,693 $2,345
% of Total Loans 10% 11% 14% 20%
Change
(Dollars in millions) 12/31/03 9/30/04 12/31/99-9/30/04
Multifamily/CRE
Loans $3,111 $3,445 +240%
% of Total Loans 25% 27% +170%
At September 30, 2004, non-performing loans totaled $27.0 million, or
0.12% of total assets compared to $33.3 million, or 0.15% of total assets, at
September 30, 2003. Net charge-offs for the quarter and nine months ended
September 30, 2004 totaled $15,000 and $318,000, respectively, or an
annualized rate of less than one basis point of average total loans
outstanding. The ratio of the allowance for loan losses to non-performing
loans at September 30, 2004 was 307%.
Mortgage-backed securities ("MBS") increased $318.5 million from the
previous quarter and $278.7 million from December 31, 2003 and total $8.5
billion, or 37% of total assets, at September 30, 2004. Of the total, $2.3
billion, equal to 10% of total assets, are categorized as available-for-sale.
The increase in MBS was primarily due to slower than expected cash flow.
A detailed profile of the premium/discount associated with our fixed rate
CMO/REMIC MBS portfolio at September 30, 2004 follows:
(Dollars in Unamortized
millions) Book Premium/ MBS Collateral Weighted
Value (Discount) Coupon Coupon Avg Life
Premium
CMO/REMIC MBS $ 1,655 $ 14.7 4.96% 6.02% 2.4 yrs
Discount/Par
CMO/REMIC MBS $ 6,751 $ ( 25.8) 4.20% 5.76% 3.5 yrs
Total $ 8,406 $ ( 11.1) 4.35% 5.81% 3.3 yrs
Deposits increased $274.2 million, or 9% on an annualized basis, from
June 30, 2004 and $983.3 million, or 12% annualized from December 31, 2003 to
$12.2 billion at September 30, 2004. The increases for the quarter and nine
months were primarily due to increases of $393.2 million and $1.2 billion,
respectively, in CD accounts which total $6.7 billion at September 30, 2004.
The growth reflects the continued success of a marketing campaign that has
focused on attracting medium and long-term deposits. During the third quarter
of 2004, $706.5 million of CDs with a weighted average rate of 1.88% and an
average original term of 15 months matured and $1.0 billion of CDs were issued
or repriced at a weighted average rate of 2.67% for an average term of 19
months. For the nine months ended September 30, 2004, $2.9 billion of CDs,
with a weighted average rate of 2.21% and an average original term of 14
months matured and $3.9 billion of CDs were issued or repriced at a weighted
average rate of 2.62% for an average term of 20 months. "The CD marketing
campaign, in addition to providing the funding to help manage interest rate
risk, continues to produce new customers from our communities, creating
relationship development opportunities," Mr. Engelke noted. Checking account
deposits totaled $1.5 billion at September 30, 2004 for 2002 and increased
$40.5 million, or 4% annualized from December 31, 2003. Additionally, our
small business banking initiatives continue to result in solid growth of
business deposits. Business deposits, including savings and checking
accounts, totaled $281.3 million at September 30, 2004 and increased
$44.2 million, or 25% annualized from December 31, 2003.
Borrowings totaled $8.9 billion at September 30, 2004, or 39% of total
assets, an increase of $116.2 million from the previous quarter and a decrease
of $712.1 million from December 31, 2003.
Stockholders' equity was $1.4 billion, or 6.09% of total assets at
September 30, 2004. Astoria Federal continues to maintain capital ratios in
excess of regulatory requirements with core, tangible and risk-based capital
ratios of 6.85%, 6.85% and 14.16%, respectively, at September 30, 2004.
Third Quarter and Nine Month Earnings Summary
Net interest income for the quarter ended September 30, 2004 increased 53%
to $121.9 million from $79.6 million for the 2003 third quarter and for the
nine months ended September 30, 2004 increased 23% to $349.7 million from
$284.9 million for the comparable 2003 nine-month period.
Astoria's net interest margin for the quarter ended September 30, 2004 was
2.25% compared to 2.13% on a linked quarter basis and 1.52% for the prior year
quarter. The linked quarter and year over year increases in the net interest
margin are primarily attributable to lower premium amortization expense. Net
premium amortization expense decreased 55% to $5.7 million for the 2004 third
quarter from $12.7 million in the prior quarter and declined $29.0 million, or
84%, from the year ago third quarter. For the nine months ended September 30,
2004, net premium amortization expense declined 71%, or $66.9 million, to
$26.7 million from $93.6 million for the comparable 2003 nine month period.
Details are highlighted in the following chart:
MBS and Mortgage Loan Net Premium Amortization Trends
(Dollars in Year Over Year Linked Quarter
millions) 3Q03 2Q04 3Q04 $ Change % Change $ Change % Change
MBS $22.6 $4.0 $0.9 $(21.7) (96%) $(3.1) (78%)
Mortgage Loans $12.1 $8.7 $4.8 $( 7.3) (60%) $(3.9) (45%)
Total $34.7 $12.7 $5.7 $(29.0) (84%) $(7.0) (55%)
Nine Months Ended September 30,
(Dollars in millions) 2003 2004
MBS $58.2 $7.8
Mortgage Loans $35.4 $18.9
Total $93.6 $26.7
Non-interest income for the quarter and nine months ended September 30,
2004 totaled $24.0 million and $74.0 million, respectively, compared to $33.9
million and $91.3 million, respectively, for the comparable 2003 periods. The
decreases for the three and nine month periods were primarily due to lower
mortgage banking income, net, and lower net gain on sales of securities. Net
gain on sales of securities for the quarter and nine months ended September
30, 2004 totaled $2.3 million and $4.7 million, respectively, compared to $4.5
million and $14.7 million, respectively, for the comparable 2003 periods.
Customer service fees for the quarter and nine months ended September 30, 2004
totaled $15.3 million and $43.6 million, respectively, compared to $15.1
million and $45.7 million, respectively, for the comparable 2003 periods.
Mortgage banking income, net, which is included in non-interest income
decreased as compared to the respective 2003 periods as detailed in the table
below:
(Dollars in millions) 3Q04 3Q03 9Mos04 9Mos03
Loan servicing fees $ 1.4 $ 1.8 $ 4.4 $6.2
Amortization of MSR* (1.4) (3.0) (5.2) (10.6)
MSR valuation adjustments (1.9) 2.9 1.9 0.2
Net gain on sale of loans 0.7 4.3 2.8 10.2
Mortgage banking (loss)
income, net $ (1.2) $ 6.0 $3.9 $6.0
*Mortgage servicing rights
General and administrative expense ("G&A") for the quarter and nine months
ended September 30, 2004 totaled $59.2 million and $171.6 million,
respectively, compared to $51.4 million and $155.2 million, respectively, for
the comparable 2003 periods. The increases for the 2004 third quarter and
nine month period are primarily due to increased compensation and benefits
expense, increased occupancy, equipment and systems expense, due to, among
other things, systems enhancements over the past year and a previously
announced third quarter $3.2 million, pre-tax, arbitration award settlement.
Future Outlook
Commenting on the outlook for the remainder of 2004, Mr. Engelke stated,
"In the current environment of low long-term interest rates, purchase mortgage
activity continues to remain strong and represented 61% of our third quarter
residential mortgage loan applications. With continued mortgage loan
origination activity, we should experience good core business balance sheet
and net interest income growth. The continued flattening of the U.S. Treasury
yield curve, however, will temper near-term margin expansion. We will remain
focused on building our core businesses, with particular emphasis on growing
our deposits and increasing the 1-4 family, multifamily and CRE loan
portfolios."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association, with assets of $22.8 billion is the fifth
largest thrift institution in the United States. Established in 1888,
Astoria Federal is the largest thrift depository headquartered in New York
with deposits of $12.2 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 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 originates mortgage loans through its banking
offices and loan production offices in New York, an extensive broker network
in nineteen states, primarily the East Coast, and through correspondent
relationships in forty-four states.
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; 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.
Earnings Conference Call October 21, 2004 at 3:30 p.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host
an earnings conference call Thursday afternoon, October 21, 2004 at 3:30 p.m.
(ET). The toll-free dial-in number is (800) 967-7140. A replay will be
available on October 21, 2004 from 7:00 p.m. (ET) through October 29, 2004,
11:59 p.m. (ET). The replay number is (888) 203-1112, passcode: 838648. The
conference call will also be simultaneously webcast on the Company's website
http://www.astoriafederal.com and archived for one year.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
At At
September 30, December 31,
2004 2003
ASSETS
Cash and due from banks $127,517 $173,828
Federal funds sold and repurchase agreements 126,535 65,926
Mortgage-backed securities
available-for-sale 2,329,953 2,498,315
Other securities available-for-sale 128,231 156,677
Mortgage-backed securities
held-to-maturity (fair value
of $6,199,790 and
$5,761,666, respectively) 6,192,781 5,745,706
Other securities held-to-maturity
(fair value of $42,522
and $47,451, respectively) 41,980 47,021
Federal Home Loan Bank of New York
stock, at cost 144,950 213,450
Loans held-for-sale, net 17,132 23,023
Loans receivable:
Mortgage loans, net 12,308,297 12,248,772
Consumer and other loans, net 495,841 438,215
12,804,138 12,686,987
Allowance for loan losses (82,803) (83,121)
Total loans receivable, net 12,721,335 12,603,866
Mortgage servicing rights, net 17,375 17,952
Accrued interest receivable 80,319 77,956
Premises and equipment, net 157,427 160,089
Goodwill 185,151 185,151
Bank owned life insurance 374,706 370,310
Other assets 129,471 122,324
TOTAL ASSETS $22,774,863 $22,461,594
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $12,169,869 $11,186,594
Reverse repurchase agreements 6,884,592 7,235,000
Federal Home Loan Bank of New York
advances 1,577,000 1,924,000
Other borrowings, net 458,384 473,037
Mortgage escrow funds 149,271 108,635
Accrued expenses and other liabilities 149,737 137,797
TOTAL LIABILITIES 21,388,853 21,065,063
Stockholders' equity:
Preferred stock, $1.00 par value;
5,000,000 shares authorized:
Series A (1,225,000 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;
110,996,592 shares issued; and
74,960,208 and 78,670,254 shares
outstanding, respectively) 1,110 1,110
Additional paid-in capital 810,170 798,583
Retained earnings 1,591,452 1,481,546
Treasury stock (36,036,384 and
32,326,338 shares, at cost,
respectively) (957,154) (811,993)
Accumulated other comprehensive
loss (34,510) (46,489)
Unallocated common stock held by
ESOP (4,559,470 and 4,760,054 shares,
respectively) (25,058) (26,226)
TOTAL STOCKHOLDERS' EQUITY 1,386,010 1,396,531
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $22,774,863 $22,461,594
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
Interest income:
Mortgage loans:
One-to-four family $105,299 $110,340 $320,854 $355,135
Multi-family,
commercial real
estate and
construction 56,617 53,419 164,882 149,084
Consumer and other loans 5,385 4,736 15,073 14,468
Mortgage-backed
securities 92,677 71,276 264,430 253,537
Other securities 3,777 7,265 11,797 25,394
Federal funds sold
and repurchase
agreements 325 219 701 1,436
Total interest income 264,080 247,255 777,737 799,054
Interest expense:
Deposits 62,116 55,176 173,248 170,606
Borrowed funds 80,106 112,447 254,802 343,557
Total interest expense 142,222 167,623 428,050 514,163
Net interest income 121,858 79,632 349,687 284,891
Provision for loan
losses -- -- -- --
Net interest income
after provision for
loan losses 121,858 79,632 349,687 284,891
Non-interest income:
Customer service fees 15,316 15,086 43,619 45,678
Other loan fees 1,186 2,001 3,636 5,868
Net gain on sales of
securities 2,279 4,500 4,651 14,665
Mortgage banking
(loss) income, net (1,229) 5,954 3,904 6,014
Income from bank
owned life
insurance 4,208 4,929 12,886 15,177
Other 2,276 1,410 5,345 3,916
Total non-interest
income 24,036 33,880 74,041 91,318
Non-interest expense:
General and
administrative:
Compensation and
benefits 30,500 27,211 91,546 83,579
Occupancy,
equipment and
systems 15,943 15,094 48,434 44,868
Federal deposit
insurance
premiums 439 480 1,329 1,440
Advertising 1,652 1,501 5,062 4,743
Other 10,634 7,122 25,200 20,584
Total non-interest
expense 59,168 51,408 171,571 155,214
Income before income
tax expense 86,726 62,104 252,157 220,995
Income tax expense 28,619 20,503 83,136 72,108
Net income 58,107 41,601 169,021 148,887
Preferred dividends
declared -- (1,500) -- (4,500)
Net income available
to common
shareholders $58,107 $40,101 $169,021 $144,387
Basic earnings per
common share $0.81 $0.53 $2.32 $1.87
Diluted earnings per
common share $0.80 $0.53 $2.28 $1.85
Basic weighted average
common shares 71,381,938 75,376,835 72,745,430 77,079,828
Diluted weighted
average common and
common equivalent
shares 72,485,580 76,352,144 73,980,086 77,854,686
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,
2004 2003 2004 2003
Selected Returns and
Financial Ratios
(annualized)
Return on average
stockholders' equity 16.82 % 11.35 % 16.15 % 13.13 %
Return on average
tangible stockholders'
equity (1) 19.42 12.99 18.62 14.96
Return on average assets 1.02 0.74 1.00 0.88
General and
administrative expense
to average assets 1.04 0.92 1.02 0.91
Efficiency ratio (2) 40.56 45.29 40.49 41.26
Net interest rate spread
(3) 2.17 1.48 2.09 1.74
Net interest margin (4) 2.25 1.52 2.17 1.79
Asset Quality Data
(dollars in thousands)
Non-performing
loans/total loans 0.21 % 0.27 %
Non-performing
loans/total assets 0.12 0.15
Non-performing
assets/total assets 0.12 0.15
Allowance for loan
losses/non-performing
loans 306.78 250.11
Allowance for loan
losses/non-accrual
loans 310.82 254.96
Allowance for loan
losses/total loans 0.65 0.68
Net charge-offs to
average loans
outstanding
(annualized) 0.00 % 0.01 % 0.00 0.00
Non-performing assets $27,369 $33,839
Non-performing loans 26,991 33,267
Loans 90 days past
maturity but still
accruing interest 351 633
Non-accrual loans 26,640 32,634
Net charge-offs $15 $185 318 341
Capital Ratios
(Astoria Federal)
Tangible 6.85 % 7.52 %
Core 6.85 7.52
Risk-based 14.16 15.66
Other Data
Cash dividends paid per
common share $0.25 $0.22 $0.75 $0.64
Dividend payout ratio 31.25 % 41.51 % 32.89 % 34.59 %
Stockholders' equity
(in thousands) $1,386,010 $1,475,217
Common stockholders'
equity (in thousands) 1,386,010 1,425,217
Book value per common
share (5) 19.69 19.04
Tangible book value per
common share (6) 17.06 16.57
Average equity/average
assets 6.08 % 6.54 % 6.20 % 6.68 %
Mortgage loans serviced
for others
(in thousands) $1,713,683 $1,984,363
Full time equivalent
employees 1,863 1,979
(1) Average tangible stockholders' equity represents average
stockholders' equity less average goodwill.
(2) The efficiency ratio represents general and administrative expense
divided by the sum of net interest income plus non-interest income.
(3) Net interest rate spread represents the difference between the
average yield on average interest-earning assets and the average
cost of average interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by
average interest-earning assets.
(5) Book value per common share represents common stockholders' equity
divided by outstanding common shares, excluding unallocated Employee
Stock Ownership Plan, or ESOP, shares.
(6) Tangible book value per common share represents common stockholders'
equity less goodwill divided by outstanding common shares, excluding
unallocated ESOP shares.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended
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 securities (2) 8,578,352 92,677 4.32
Other securities (2) (3) 335,381 3,777 4.50
Federal funds sold and
repurchase agreements 94,472 325 1.38
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
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
For the Three Months Ended
September 30, 2003
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $8,944,114 $110,340 4.93 %
Multi-family, commercial
real estate and construction 2,857,110 53,419 7.48
Consumer and other loans (1) 413,519 4,736 4.58
Total loans 12,214,743 168,495 5.52
Mortgage-backed securities (2) 8,179,267 71,276 3.49
Other securities (2) (3) 477,432 7,265 6.09
Federal funds sold and
repurchase agreements 90,642 219 0.97
Total interest-earning assets 20,962,084 247,255 4.72
Goodwill 185,151
Other non-interest-earning assets 1,297,335
Total assets $22,444,570
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,940,389 3,127 0.43
Money market 1,348,441 1,986 0.59
NOW and demand deposit 1,529,299 292 0.08
Certificates of deposit 5,425,815 49,771 3.67
Total deposits 11,243,944 55,176 1.96
Borrowed funds 9,427,655 112,447 4.77
Total interest-bearing
liabilities 20,671,599 167,623 3.24
Non-interest-bearing liabilities 306,355
Total liabilities 20,977,954
Stockholders' equity 1,466,616
Total liabilities and
stockholders' equity $22,444,570
Net interest income/net interest
rate spread $79,632 1.48 %
Net interest-earning assets/net
interest margin $290,485 1.52 %
Ratio of interest-earning assets
to interest-bearing liabilities 1.01x
(1) Mortgage and consumer and other loans include non-performing
loans and exclude the allowance for loan losses.
(2) Securities available-for-sale are reported at average
amortized cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
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 securities
(2) 8,297,090 264,430 4.25
Other securities (2) (3) 370,374 11,797 4.25
Federal funds sold and
repurchase agreements 84,662 701 1.10
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
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
For the Nine Months Ended
September 30, 2003
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $8,994,985 $355,135 5.26 %
Multi-family, commercial
real estate and construction 2,634,045 149,084 7.55
Consumer and other loans (1) 403,689 14,468 4.78
Total loans 12,032,719 518,687 5.75
Mortgage-backed securities (2) 8,423,400 253,537 4.01
Other securities (2) (3) 550,399 25,394 6.15
Federal funds sold and
repurchase agreements 167,965 1,436 1.14
Total interest-earning assets 21,174,483 799,054 5.03
Goodwill 185,151
Other non-interest-earning
assets 1,266,594
Total assets $22,626,228
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
Savings $2,897,358 10,243 0.47
Money market 1,450,089 8,198 0.75
NOW and demand deposit 1,469,279 1,304 0.12
Certificates of deposit 5,389,094 150,861 3.73
Total deposits 11,205,820 170,606 2.03
Borrowed funds 9,607,802 343,557 4.77
Total interest-bearing liabilities 20,813,622 514,163 3.29
Non-interest-bearing liabilities 300,859
Total liabilities 21,114,481
Stockholders' equity 1,511,747
Total liabilities and
stockholders' equity $22,626,228
Net interest income/net interest
rate spread $284,891 1.74 %
Net interest-earning assets/net
interest margin $360,861 1.79 %
Ratio of interest-earning assets
to interest-bearing
liabilities 1.02x
(1) Mortgage and consumer and other loans include non-performing
loans and exclude the allowance for loan losses.
(2) Securities available-for-sale are reported at average
amortized cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
SOURCE Astoria Financial Corporation
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Related links:
http://www.astoriafederal.com
http://ir.astoriafederal.com
Company News On-Call:
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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