ASTORIA FINANCIAL CORP LAKE SUCCESS, N.Y., Jan. 25, 2017 /PRNewswire/ -- Astoria Financial Corporation (NYSE: AF) ("Astoria", or the "Company"), the holding company for Astoria Bank (the "Bank") today reported net income available to common shareholders of $13.7 million, or $0.14 diluted earnings per common share ("diluted EPS"), for the quarter ended December 31, 2016, compared to net income available to common shareholders of $16.2 million, or $0.16 diluted EPS, for the quarter ended December 31, 2015. For the year ended December 31, 2016, net income available to common shareholders totaled $62.8 million, or $0.62 diluted EPS compared to $79.3 million, or $0.79 diluted EPS, for the comparable 2015 period. Included in the 2015 full year results is a reduction in income tax expense of $11.4 million ($0.12 per common share) related to the impact of income tax legislation enacted in the second quarter of 2015, primarily related to New York City.
Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the results stated, "During 2016, we continued our emphasis on growing core deposits which grew by $164.3 million and now represent 82% of total deposits, up from 78% at year end 2015."
Board Declares Quarterly Cash Dividend of $0.04 Per Share; Sets Annual Shareholder Meeting Date
The Board of Directors of the Company, at its January 25, 2017 meeting, declared a quarterly cash dividend of $0.04 per common share. The dividend is payable on March 1, 2017 to shareholders of record as of February 15, 2017. This is the eighty seventh consecutive quarterly cash dividend declared by the Company. In addition, the Board established June 7, 2017 as the date for the Annual Meeting of Shareholders, and set April 14, 2017 as the voting record date.
Fourth Quarter and Full Year Earnings Summary
Net interest income for the quarter ended December 31, 2016 totaled $81.6 million compared to $83.6 million for the previous quarter and $84.7 million for the 2015 fourth quarter. The net interest margin for the quarter ended December 31, 2016 was 2.37%, down slightly from 2.39% for both the previous and year ago quarters. For the year ended December 31, 2016, net interest income totaled $331.6 million, compared to $340.3 million for the comparable 2015 period, and the net interest margin was 2.37% for the year ended December 31, 2016, up slightly from 2.36% for the year ended December 31, 2015.
For the quarter ended December 31, 2016, a $2.0 million loan loss release was recorded compared to a $1.0 million release in the prior quarter and a $4.3 million loan loss release recorded in the 2015 fourth quarter. For the year ended December 31, 2016, we recorded a loan loss release of $9.2 million compared to a $12.1 million loan loss release for the comparable 2015 period. Mr. Redman stated, "The current quarter's loan loss release reflects the continued contraction in the overall loan portfolio, the positive impact of reductions in the balances of some of our higher risk asset classes and our overall strong credit metrics."
Non-interest income for the quarter ended December 31, 2016 totaled $14.9 million, compared to $12.8 million for the previous quarter and $13.5 million for the 2015 fourth quarter. These increases are primarily due to an increase in mortgage banking income, net. Non-interest income for the year ended December 31, 2016 totaled $51.0 million compared to $54.6 million for the comparable 2015 period. This decrease is primarily due to decreases in both customer service fees and mortgage banking income, net.
General and administrative ("G&A") expense for the quarter ended December 31, 2016 totaled $71.2 million compared to $68.7 million for the previous quarter and $74.5 million for the 2015 fourth quarter. For the year ended December 31, 2016, G&A expense totaled $279.5 million, down from $289.1 million for the 2015 comparable period. The decrease for the twelve month period ended December 31, 2016 was primarily attributable to decreases in FDIC insurance premiums and advertising expense. Included in the 2016 fourth quarter and full year results are merger related expenses of $1.8 million and $2.7 million, respectively, compared to $4.1 million in both the 2015 fourth quarter and full-year results.
Balance Sheet Summary
Total assets at December 31, 2016 were $14.6 billion, a decrease of $517.6 million from December 31, 2015. The decrease was primarily due to a decline in the loan portfolio which decreased $735.9 million from December 31, 2015 and totaled $10.4 billion at December 31, 2016, partially offset by an increase in the securities portfolio of $306.6 million over the same time period.
The MF/CRE mortgage loan portfolio totaled $4.8 billion at December 31, 2016, a decrease of $67.7 million from December 31, 2015 and represents 46% of the total loan portfolio. For the quarter and year ended December 31, 2016, MF/CRE loan originations totaled $97.5 million and $717.7 million, respectively, compared to $300.4 million and $890.7 million, for the 2015 comparable periods. The MF/CRE loan production for the quarter and year ended December 31, 2016 were originated with weighted average loan-to-value ratios of approximately 34% and 43%, respectively, and weighted average debt coverage ratios of approximately 2.17 and 1.65, respectively. MF/CRE loan prepayments for the quarter and year ended December 31, 2016 totaled $133.0 million and $638.9 million, respectively, compared to $156.8 million and $689.4 million for the comparable 2015 periods. At December 31, 2016, the MF/CRE pipeline totaled approximately $142.7 million.
The residential mortgage loan portfolio totaled $5.4 billion at December 31, 2016 compared to $6.0 billion at December 31, 2015. For the quarter and year ended December 31, 2016, residential loan originations for portfolio totaled $239.7 million and $763.9 million, respectively, compared to $102.9 million and $616.9 million for the 2015 comparable periods. The weighted average loan-to-value ratio of the residential loan production for portfolio at origination was approximately 58% and 60%, respectively, for the quarter and year ended December 31, 2016. Residential loan prepayments for the quarter and year ended December 31, 2016 totaled $306.1 million and $1.1 billion, respectively, compared to $243.9 million and $1.2 billion for the comparable 2015 periods. At December 31, 2016, the residential mortgage pipeline totaled approximately $251.4 million.
Total deposits were $8.9 billion at December 31, 2016, a decrease of $229.0 million since year end 2015. Core deposits increased to $7.3 billion at December 31, 2016 from $7.1 billion at December 31, 2015. At December 31, 2016, core deposits represented 82% of total deposits and had a weighted average rate of 12 basis points. Certificates of deposit decreased by $393.3 million over the same time period and had a weighted average rate of 101 basis points at December 31, 2016.
Stockholders' equity totaled $1.71 billion, or 11.77% of total assets at December 31, 2016, an increase of $50.6 million from December 31, 2015. Astoria's capital levels continue to exceed the minimum levels required to be designated as "well-capitalized" for bank regulatory purposes. At December 31, 2016, Tier 1 leverage, Common Equity Tier 1 risk based, Tier 1 risk-based and Total risk-based capital ratios were 12.09%, 20.85%, 20.85% and 21.88%, respectively for Astoria Bank, and 10.85%,17.29%, 18.78% and 19.81%, respectively for Astoria Financial Corporation. At December 31, 2016, Astoria Financial Corporation's tangible common equity ratio was 9.73%.
Asset Quality
Non-performing loans ("NPLs"), totaled $148.2 million, or 1.42% of total loans, at December 31, 2016, compared to $138.2 million, or 1.24% of total loans, at December 31, 2015. Included in the NPLs at December 31, 2016 is $40.9 million of loans which are current or less than 90 days past due compared to $54.3 million at December 31, 2015. Total delinquent loans and NPLs at December 31, 2016 were $241.7 million compared to $243.7 million at December 31, 2015. Net recoveries for the quarter ended December 31, 2016 totaled $423,000 compared to net charge-offs of $1.3 million in the previous quarter and $1.2 million in the 2015 fourth quarter. For the year ended December 31, 2016, net charge-offs totaled $2.7 million compared to $1.5 million for the 2015 comparable period. Other real estate owned declined to $15.1 million at December 31, 2016, compared to $19.8 million at December 31, 2015.
About Astoria Financial Corporation
Astoria Financial Corporation, with assets of $14.6 billion, is the holding company for Astoria Bank. Established in 1888, Astoria Bank, with deposits in New York totaling $8.9 billion, is the second largest thrift depository in New York and provides its retail and business customers and local communities it serves with quality financial products and services through 88 convenient banking branch locations, a business banking office in Manhattan, and multiple delivery channels, including its flexible mobile banking app. Astoria Bank commands a significant 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 Bank originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings, located in New York City and the surrounding metropolitan area and originates residential mortgage loans through its banking and loan production offices in New York, a broker network in four states, primarily along the East Coast, and correspondent relationships covering 13 states and the District of Columbia.
Forward Looking Statements
This press release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, 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," "may," "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 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 that may be subject to circumstances beyond our control; the impact of the termination of the merger agreement with NYCB, including and resulting changes in our operations; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment; changes in deposit flows, loan demand or collateral values; changes in accounting principles, policies or guidelines; changes in general economic conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate or securities markets or the banking industry; legislative or regulatory changes, including those that may be implemented by the new administration in Washington, D.C; supervision and examination by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; effects of changes in existing U.S. government or government-sponsored mortgage programs; our ability to successfully implement technological changes; our ability to successfully consummate new business initiatives; litigation or other matters before regulatory agencies, whether currently existing or commencing in the future; or our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations. We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
(In Thousands, Except Share Data)
(Unaudited)
At December 31, At December 31,
2016 2015
ASSETS
------
Cash and due from banks $129,944 $200,538
Securities available-for-sale 280,045 416,798
Securities held-to-maturity
(fair value of $2,690,546 and $2,286,092, respectively) 2,740,132 2,296,799
Federal Home Loan Bank of New York stock, at cost 124,807 131,137
Loans held-for-sale, net 11,584 8,960
Loans receivable:
Mortgage loans, net 10,177,295 10,899,776
Consumer and other loans, net 239,892 253,305
10,417,187 11,153,081
Allowance for loan losses (86,100) (98,000)
Total loans receivable, net 10,331,087 11,055,081
Mortgage servicing rights, net 10,130 11,014
Accrued interest receivable 34,994 34,996
Premises and equipment, net 101,021 109,758
Goodwill 185,151 185,151
Bank owned life insurance 441,064 439,646
Real estate owned, net 15,144 19,798
Other assets 153,549 166,535
TOTAL ASSETS $14,558,652 $15,076,211
LIABILITIES
-----------
Deposits $8,877,055 $9,106,027
Federal funds purchased 195,000 435,000
Reverse repurchase agreements 1,100,000 1,100,000
Federal Home Loan Bank of New York advances 2,090,000 2,180,000
Other borrowings, net 249,752 249,222
Mortgage escrow funds 112,975 115,435
Accrued expenses and other liabilities 219,797 227,079
TOTAL LIABILITIES 12,844,579 13,412,763
STOCKHOLDERS' EQUITY
--------------------
Preferred stock, $1.00 par value; 5,000,000 shares authorized:
Series C (150,000 shares authorized; and 135,000 shares
issued
and outstanding) 129,796 129,796
Common stock, $0.01 par value (200,000,000 shares authorized;
166,494,888 shares issued; and 101,210,478 and 100,721,358
shares
outstanding, respectively) 1,665 1,665
Additional paid-in capital 830,417 902,349
Retained earnings 2,155,785 2,045,391
Treasury stock (65,284,410 and 65,773,530 shares, at cost, respectively) (1,346,709) (1,357,136)
Accumulated other comprehensive loss (56,881) (58,617)
TOTAL STOCKHOLDERS' EQUITY 1,714,073 1,663,448
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $14,558,652 $15,076,211
=========== ===========
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
---------------------------------------------
(In Thousands, Except Share Data)
For the Three Months For the Twelve Months
Ended Ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
Interest income:
Residential mortgage loans $44,148 $48,714 $181,788 $203,950
Multi-family and commercial real estate
mortgage loans 45,703 47,561 186,910 191,643
Consumer and other loans 2,351 2,230 9,614 8,870
Mortgage-backed and other securities 17,789 16,630 69,966 62,754
Interest-earning cash accounts 123 113 469 418
Federal Home Loan Bank of New York stock 1,692 1,391 6,126 5,781
Total interest income 111,806 116,639 454,873 473,416
Interest expense:
Deposits 6,417 8,093 26,899 37,343
Borrowings 23,754 23,862 96,360 95,784
Total interest expense 30,171 31,955 123,259 133,127
Net interest income 81,635 84,684 331,614 340,289
Provision for loan losses credited to operations (2,023) (4,323) (9,151) (12,072)
Net interest income after provision for loan losses 83,658 89,007 340,765 352,361
Non-interest income:
Customer service fees 6,957 7,429 28,594 32,833
Other loan fees 564 541 2,231 2,284
Gain on sales of securities - - 86 72
Mortgage banking income, net 2,692 1,687 3,726 4,222
Income from bank owned life insurance 2,263 2,280 9,182 8,878
Other 2,403 1,532 7,143 6,307
Total non-interest income 14,879 13,469 50,962 54,596
Non-interest expense:
General and administrative:
Compensation and benefits 38,134 40,632 150,820 152,924
Occupancy, equipment and systems 19,474 19,201 77,418 76,801
Federal deposit insurance premium 2,480 3,722 12,192 16,421
Advertising 1,282 2,203 6,495 10,052
Other 9,821 8,748 32,545 32,885
----- ----- ------ ------
Total non-interest expense 71,191 74,506 279,470 289,083
Income before income tax expense 27,346 27,970 112,257 117,874
Income tax expense 11,409 9,539 40,728 29,799
------ ----- ------ ------
Net income 15,937 18,431 71,529 88,075
Preferred stock dividends 2,193 2,193 8,775 8,775
----- ----- ----- -----
Net income available to common shareholders $13,744 $16,238 $62,754 $79,300
Basic earnings per common share $0.14 $0.16 $0.62 $0.79
Diluted earnings per common share $0.14 $0.16 $0.62 $0.79
Basic weighted average common shares outstanding 100,422,113 99,825,387 100,388,802 99,612,473
Diluted weighted average common shares outstanding 100,422,113 100,155,944 100,388,802 99,969,838
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
----------------------
(Dollars in Thousands)
For the Three Months Ended December 31,
2016 2015
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
(Annualized) (Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential $5,476,352 $44,148 3.22% $6,171,474 $48,714 3.16%
Multi-family and commercial real estate 4,811,183 45,703 3.80 4,770,535 47,561 3.99
Consumer and other loans (1) 244,173 2,351 3.85 253,177 2,230 3.52
------- ----- ------- -----
Total loans 10,531,708 92,202 3.50 11,195,186 98,505 3.52
Mortgage-backed and other securities
(2) 3,009,250 17,789 2.36 2,681,389 16,630 2.48
Interest-earning cash accounts 114,622 123 0.43 167,837 113 0.27
Federal Home Loan Bank stock 126,319 1,692 5.36 121,211 1,391 4.59
------- ----- ------- -----
Total interest-earning assets 13,781,899 111,806 3.25 14,165,623 116,639 3.29
------- -------
Goodwill 185,151 185,151
Other non-interest-earning assets 729,236 753,487
------- -------
Total assets $14,696,286 $15,104,261
Liabilities and stockholders' equity:
Interest-bearing liabilities:
NOW and demand deposit $2,477,701 206 0.03 $2,316,122 197 0.03
Money market 2,726,977 1,917 0.28 2,546,099 1,697 0.27
Savings 2,059,212 259 0.05 2,134,709 269 0.05
--------- --- --------- ---
Total core deposits 7,263,890 2,382 0.13 6,996,930 2,163 0.12
Certificates of deposit 1,622,880 4,035 0.99 2,046,763 5,930 1.16
--------- ----- --------- -----
Total deposits 8,886,770 6,417 0.29 9,043,693 8,093 0.36
Borrowings 3,699,757 23,754 2.57 3,962,702 23,862 2.41
--------- ------ --------- ------
Total interest-bearing liabilities 12,586,527 30,171 0.96 13,006,395 31,955 0.98
------ ------
Non-interest-bearing liabilities 398,612 445,118
------- -------
Total liabilities 12,985,139 13,451,513
Stockholders' equity 1,711,147 1,652,748
Total liabilities and stockholders' equity $14,696,286 $15,104,261
Net interest income/
net interest rate spread (3) $81,635 2.29% $84,684 2.31%
======= ==== ======= ====
Net interest-earning assets/
net interest margin (4) $1,195,372 2.37% $1,159,228 2.39%
========== ==== ========== ====
Ratio of interest-earning assets to
interest-bearing liabilities 1.09x 1.09x
===== =====
(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.
(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.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
----------------------
(Dollars in Thousands)
For the Twelve Months Ended December 31,
2016 2015
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential $5,699,839 $181,788 3.19% $6,481,319 $203,950 3.15%
Multi-family and commercial real estate 4,872,076 186,910 3.84 4,800,044 191,643 3.99
Consumer and other loans
(1) 251,328 9,614 3.83 251,181 8,870 3.53
------- ----- ------- -----
Total loans 10,823,243 378,312 3.50 11,532,544 404,463 3.51
Mortgage-backed and other
securities (2) 2,912,329 69,966 2.40 2,586,882 62,754 2.43
Interest-earning cash
accounts 123,871 469 0.38 148,359 418 0.28
Federal Home Loan Bank
stock 130,763 6,126 4.68 134,434 5,781 4.30
------- ----- ------- -----
Total interest-earning assets 13,990,206 454,873 3.25 14,402,219 473,416 3.29
------- -------
Goodwill 185,151 185,151
Other non-interest-earning
assets 748,362 732,611
------- -------
Total assets $14,923,719 $15,319,981
Liabilities and stockholders'
equity:
Interest-bearing liabilities:
NOW and demand deposit $2,446,009 808 0.03 $2,270,980 778 0.03
Money market 2,667,905 7,398 0.28 2,459,170 6,496 0.26
Savings 2,099,651 1,052 0.05 2,186,704 1,093 0.05
--------- ----- --------- -----
Total core deposits 7,213,565 9,258 0.13 6,916,854 8,367 0.12
Certificates of deposit 1,736,168 17,641 1.02 2,282,038 28,976 1.27
--------- ------ --------- ------
Total deposits 8,949,733 26,899 0.30 9,198,892 37,343 0.41
Borrowings 3,872,958 96,360 2.49 4,081,488 95,784 2.35
--------- ------ --------- ------
Total interest-bearing
liabilities 12,822,691 123,259 0.96 13,280,380 133,127 1.00
------- -------
Non-interest-bearing
liabilities 408,533 417,480
------- -------
Total liabilities 13,231,224 13,697,860
Stockholders' equity 1,692,495 1,622,121
Total liabilities and
stockholders' equity $14,923,719 $15,319,981
Net interest income/
net interest rate spread (3) $331,614 2.29% $340,289 2.29%
======== ==== ======== ====
Net interest-earning assets/
net interest margin (4) $1,167,515 2.37% $1,121,839 2.36%
========== ==== ========== ====
Ratio of interest-earning assets
to
interest-bearing liabilities 1.09x 1.08x
===== =====
(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.
(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.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
----------------------------------------
For the At or For the
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Selected Returns and Financial Ratios (Annualized)
-------------------------------------
Return on average common stockholders' equity
(1) 3.48% 4.26% 4.02% 5.31%
Return on average tangible common
stockholders' equity (1) (2) 3.94 4.85 4.56 6.07
Return on average assets (1) 0.43 0.49 0.48 0.57
General and administrative expense to average
assets 1.94 1.97 1.87 1.89
Efficiency ratio (3) 73.76 75.91 73.05 73.21
Net interest rate spread 2.29 2.31 2.29 2.29
Net interest margin 2.37 2.39 2.37 2.36
Selected Non-GAAP Returns and Financial Ratios (4)
--------------------------------------------------
Non-GAAP return on average common
stockholders' equity (1) 3.48% 4.26% 4.02% 4.55%
Non-GAAP return on average tangible common
stockholders' equity (1) (2) 3.94 4.85 4.56 5.19
Non-GAAP return on average assets (1) 0.43 0.49 0.48 0.50
Asset Quality Data (dollars in thousands)
----------------------------------------
Non-performing loans:
Current $34,671 $43,870
30-59 days delinquent 4,630 8,222
60-89 days delinquent 1,603 2,170
90 days or more delinquent 107,332 83,954
------- ------
Non-performing loans 148,236 138,216
Real estate owned 15,144 19,798
------ ------
Non-performing assets $163,380 $158,014
======== ========
Net loan (recoveries) charge-offs $(423) $1,177 $2,749 $1,528
Non-performing loans/total loans 1.42% 1.24%
Non-performing loans/total assets 1.02 0.92
Non-performing assets/total assets 1.12 1.05
Allowance for loan losses/non-
performing loans 58.08 70.90
Allowance for loan losses/total loans 0.83 0.88
Net loan (recoveries) charge-offs to
average loans outstanding (0.02)% 0.04% 0.03 0.01
Regulatory Capital Ratios
-------------------------
Astoria Bank:
Tier 1 leverage 12.09% 11.29%
Common equity tier 1 risk-based 20.85 19.12
Tier 1 risk-based 20.85 19.12
Total risk-based 21.88 20.25
Astoria Financial Corporation:
Tier 1 leverage 10.85% 10.21
Common equity tier 1 risk-based 17.29 16.00
Tier 1 risk-based 18.78 17.37
Total risk-based 19.81 18.51
Other Data
----------
Cash dividends paid per common share $0.04 $0.04 $0.16 $0.16
Book value per common share 15.65 15.23
Tangible book value per common share 13.82 13.39
Tangible common stockholders' equity/
tangible assets (2) (5) 9.73% 9.06%
Mortgage loans serviced for others (in
thousands) $1,346,647 $1,404,480
Full time equivalent employees 1,377 1,551
(1) Returns on
average
common
stockholders'
equity and
average
tangible
common
stockholders'
equity are
calculated
using net
income
available to
common
shareholders.
Returns on
average
assets are
calculated
using net
income.
(2) Tangible
common
stockholders'
equity
represents
common
stockholders'
equity less
goodwill.
(3) Efficiency
ratio
represents
general and
administrative
expense
divided by
the sum of
net interest
income plus
non-interest
income.
(4) See the
"Reconciliation
of GAAP
Measures to
Non-GAAP
Measures"
table
included in
this release
for a
reconciliation
of GAAP
measures to
non-GAAP
measures for
the twelve
months ended
December 31,
2015. There
were no non-
GAAP
adjustments
to the
selected
ratios for
the 2016
periods.
(5) Tangible
assets
represent
assets less
goodwill.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
END OF PERIOD BALANCES AND RATES
--------------------------------
(Dollars in Thousands)
At December 31, 2016 At September 30, 2016 At December 31, 2015
-------------------- --------------------- --------------------
Weighted Weighted Weighted
Average Average Average
Balance Rate (1) Balance Rate (1) Balance Rate (1)
------- ------- ------- ------- ------- -------
Selected interest-earning assets:
Mortgage loans, gross (2):
Residential $5,263,800 3.43% $5,403,477 3.40% $5,941,914 3.33%
Multi-family and commercial real estate 4,766,164 3.58 4,839,325 3.60 4,832,847 3.67
Mortgage-backed and other securities (3) 3,020,177 2.61 3,059,406 2.62 2,713,597 2.74
Interest-bearing liabilities:
NOW and demand deposit 2,521,094 0.03 2,478,959 0.03 2,413,823 0.03
Money market 2,706,895 0.26 2,719,547 0.27 2,560,204 0.26
Savings 2,048,202 0.05 2,079,553 0.05 2,137,818 0.05
--------- --------- ---------
Total core deposits 7,276,191 0.12 7,278,059 0.13 7,111,845 0.12
Certificates of deposit 1,600,864 1.01 1,649,585 0.98 1,994,182 1.16
--------- --------- ---------
Total deposits 8,877,055 0.28 8,927,644 0.29 9,106,027 0.35
Borrowings, net 3,634,752 2.56 3,814,620 2.45 3,964,222 2.40
(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 non-performing loans, except non-performing residential mortgage
loans which are current or less than 90 days past due.
(3) Securities available-for-sale are reported at fair value and securities held-to-maturity are reported at amortized cost.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
----------------------------------------------------
(In Thousands, Except Per Share Data)
Income and expense and related financial ratios determined in accordance with US generally accepted accounting principles (GAAP or GAAP measures) excluding the adjustment detailed in the following table (non-GAAP
measures) provides a meaningful comparison for effectively evaluating Astoria's operating results.
For the Twelve Months Ended
---------------------------
December 31, 2015
-----------------
GAAP Adjustment (1) Non-GAAP
---- ------------- --------
Income before income tax expense $117,874 $ - $117,874
Income tax expense 29,799 11,404 41,203
------ ------ ------
Net income 88,075 (11,404) 76,671
Preferred stock dividends 8,775 - 8,775
----- --- -----
Net income available to common shareholders $79,300 $(11,404) $67,896
======= ======== =======
Basic earnings per common share $0.79 $(0.11) $0.68
===== ====== =====
Diluted earnings per common share $0.79 $(0.12) $0.67
===== ====== =====
Non-GAAP returns and earnings per common share are calculated substituting non-GAAP net income and non-GAAP net income available to common shareholders for net income and net income available to common
shareholders in the corresponding calculation.
(1) The 2015
adjustment
represents
the effects
of income tax
legislation
enacted in
the 2015
second
quarter,
primarily
related to
New York
City, which
was reflected
in our net
deferred tax
asset in the
statement of
financial
condition
with a
corresponding
adjustment to
income tax
expense in
the period of
enactment.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/astoria-financial-corporation-reports-2016-fourth-quarter-and-full-year-earnings-per-common-share-of-014-and-062-respectively-300396928.html
SOURCE Astoria Financial Corporation
