ASTORIA FINANCIAL CORP LAKE SUCCESS, N.Y., April 26, 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 $12.2 million, or $0.12 diluted earnings per common share ("diluted EPS"), for the quarter ended March 31, 2017, compared to net income available to common shareholders of $16.4 million, or $0.16 diluted EPS, for the quarter ended March 31, 2016. Included in the 2017 first quarter results is a $4.0 million charge ($2.6 million, or $0.03 per common share, after tax) related to the recognition of anticipated settlement costs related to lease obligations in connection with the residential lending team being relocated to other Astoria office space.
Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the results stated, "During the first quarter, we continued our emphasis on growing core deposits which grew by $140.5 million and represent 82% of total deposits."
Board Declares Quarterly Cash Dividend of $0.04 Per Share
On April 26, 2017, the Board of Directors of the Company declared a quarterly cash dividend of $0.04 per common share. The dividend is payable on May 22, 2017 to shareholders of record as of May 8, 2017. This is the eighty-eighth consecutive quarterly cash dividend declared by the Company.
First Quarter Earnings Summary
Net interest income for the quarter ended March 31, 2017 totaled $80.1 million compared to $81.6 million for the previous quarter and $83.3 million for the 2016 first quarter. The net interest margin for the quarter ended March 31, 2017 was 2.37%, the same as the previous quarter and up slightly from 2.36% for the 2016 first quarter.
For the quarter ended March 31, 2017, a $2.5 million loan loss release was recorded compared to a $2.0 million release in the prior quarter and a $3.1 million release recorded in the 2016 first quarter. Mr. Redman stated, "The current quarter's loan loss release reflects the continued contraction in the overall loan portfolio, the positive impact of continued 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 March 31, 2017 totaled $11.9 million, compared to $14.9 million for the previous quarter and $11.4 million for the 2016 first quarter. The decrease from the prior quarter is primarily due to decreases in mortgage banking income, net and other operating income.
General and administrative ("G&A") expense for the quarter ended March 31, 2017 totaled $72.0 million compared to $71.2 million for the previous quarter and $69.5 million for the 2016 first quarter. Mr. Redman commented, "Included in the 2017 first quarter is the $4.0 million pre-tax charge related to the recognition of anticipated settlement costs of certain lease obligations. Without this charge, we would have reported a decrease in our G&A expense from the prior quarter that was largely the result of decreases in compensation and benefits and other expenses."
Balance Sheet Summary
Total assets at March 31, 2017 were $14.3 billion, a decrease of $216.0 million from December 31, 2016. The decrease was primarily due to a decline in the loan portfolio, which decreased $216.2 million from December 31, 2016.
The multi-family/commercial real estate ("MF/CRE") mortgage loan portfolio totaled $4.7 billion at March 31, 2017 compared to $4.8 billion at December 31, 2016 and represents 47% of the total loan portfolio. For the quarter ended March 31, 2017, MF/CRE loan originations totaled $95.0 million compared to $97.5 million for the prior quarter and $217.4 million for the 2016 first quarter. The MF/CRE loan production for the 2017 first quarter was originated with a weighted average loan-to-value ratio of approximately 38% and a weighted average debt coverage ratio of approximately 1.37. MF/CRE loan prepayments for the quarter ended March 31, 2017 totaled $109.0 million, down from $133.0 million for the previous quarter and $136.3 million for the 2016 first quarter. At March 31, 2017, the MF/CRE pipeline totaled $178.8 million.
The residential mortgage loan portfolio totaled $5.2 billion at March 31, 2017, compared to $5.4 billion at December 31, 2016. For the quarter ended March 31, 2017, residential loan originations for portfolio totaled $135.8 million compared to $239.7 million for the prior quarter and $89.5 million for the 2016 first quarter. The weighted average loan-to-value ratio of the residential loan production for portfolio was approximately 57% at origination for the quarter ended March 31, 2017. Residential loan prepayments for the quarter ended March 31, 2017 totaled $210.8 million, down from $306.1 million for the previous quarter and $212.1 million for the 2016 first quarter. At March 31, 2017, the residential mortgage pipeline totaled approximately $140.3 million.
Deposits totaled $9.0 billion at March 31, 2017, an increase of $113.2 million from December 31, 2016. This increase was primarily due to an increase in lower cost core deposits, particularly business and consumer checking accounts, which was partially offset by a decrease in higher cost certificates of deposit. Core deposits totaled $7.4 billion, or 82% of total deposits, and had a weighted average rate of 13 basis points at March 31, 2017.
Stockholders' equity totaled $1.72 billion, or 12.02% of total assets at March 31, 2017, an increase of $9.9 million from December 31, 2016. Astoria Bank's capital levels continue to be above the minimum levels required to be designated as "well-capitalized" for bank regulatory purposes. At March 31, 2017, Tier 1 leverage, Common Equity Tier 1 risk based, Tier 1 risk-based and Total risk-based capital ratios were 12.44%, 21.86%, 21.86% and 22.89%, respectively for Astoria Bank, and 11.12%, 18.02%, 19.60% and 20.62%, respectively for Astoria Financial Corporation. At March 31, 2017, Astoria Financial Corporation's tangible common equity ratio was 9.95%.
Asset Quality
Non-performing loans ("NPLs"), totaled $140.0 million, or 1.37% of total loans, at March 31, 2017, compared to $148.2 million, or 1.42% of total loans, at December 31, 2016. Included in the NPLs at March 31, 2017 is $34.1 million of loans which are current or less than 90 days past due compared to $40.9 million at December 31, 2016. Total delinquent loans and NPLs at March 31, 2017 were $223.1 million compared to $241.7 million at December 31, 2016. Net charge-offs for the quarter ended March 31, 2017 totaled $1.1 million compared to a net recovery of $423,000 for the previous quarter and net charge-offs of $673,000 for the 2016 first quarter. Other real estate owned declined to $13.5 million at March 31, 2017, compared to $15.1 million at December 31, 2016.
Future Outlook
Commenting on the Company's future outlook, Mr. Redman stated, "As we previously announced on March 7, 2017, we have entered into a definitive agreement to merge with Sterling Bancorp. We believe that combining our significant strengths will create a strong regional bank that will provide exceptional value for our investors while maintaining our strong commitment to our customers and the communities we serve."
About Astoria Financial Corporation
Astoria Financial Corporation, with assets of $14.3 billion, is the holding company for Astoria Bank. Established in 1888, Astoria Bank, with deposits in New York totaling $9.0 billion, is the second largest thrift depository in New York and provides the 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.
Cautionary Statements Regarding Forward-Looking Information
This press release 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," "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; 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.
This press release may also contain forward-looking statements about the benefits of the merger with Sterling Bancorp ("Sterling"), including future financial and operating results of Sterling, Astoria or the combined company following the merger, the combined company's plans, objectives, expectations and intentions, the expected timing of the completion of the merger, financing plans and the availability of capital, the likelihood of success and impact of litigation and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. The following factors, among others, could cause actual results to differ materially from forward-looking statements: the inability to close the merger in a timely manner; the failure to complete the merger due to the failure of Sterling or Astoria common stockholders to approve the Sterling or Astoria merger proposals; failure to obtain applicable regulatory approvals and meet other closing conditions to the merger on the expected terms and schedule; the potential impact of announcement or consummation of the proposed merger on relationships with third parties, including customers, employees, and competitors; business disruption following the merger; difficulties and delays in integrating the Sterling and Astoria businesses or fully realizing cost savings and other benefits; Sterling's potential exposure to unknown or contingent liabilities of Astoria; the challenges of integrating, retaining, and hiring key personnel; failure to attract new customers and retain existing customers in the manner anticipated; the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future, including litigation related to the merger; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; changes in Sterling's stock price before closing, including as a result of the financial performance of Astoria prior to closing; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which Sterling and Astoria are highly dependent; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act and other changes pertaining to banking, securities, taxation, rent regulation and housing, financial accounting and reporting, environmental protection, and insurance, and the ability to comply with such changes in a timely manner; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System; changes in interest rates, which may affect Sterling's or Astoria's net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of Sterling's or Astoria's assets, including its investment securities; changes in accounting principles, policies, practices, or guidelines; changes in Sterling's credit ratings or in Sterling's ability to access the capital markets; natural disasters, war, or terrorist activities; and other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting Sterling's or Astoria's operations, pricing, and services.
We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
Additional Information About the Proposed Transaction and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Sterling and Astoria. Sterling has filed a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC"), which includes a joint proxy statement of Astoria and Sterling and a prospectus of Sterling, and each party has and will file other documents regarding the proposed transaction with the SEC. A definitive joint proxy statement/prospectus will also be sent to the Astoria stockholders seeking any required stockholder approvals. Before making any voting or investment decision, investors and security holders of Astoria are urged to carefully read the entire registration statement and joint proxy statement/prospectus, when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Sterling and Astoria with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. In addition, the documents filed by Sterling may be obtained free of charge at Sterling's website at www.sterlingbancorp.com and the documents filed by Astoria may be obtained free of charge at Astoria's website at http://ir.astoriabank.com/. Alternatively, these documents, when available, can be obtained free of charge from Sterling upon written request to Sterling Bancorp, Attn: Investor Relations, 400 Rella Boulevard, Montebello, New York 10901 or by calling (845) 369-8040, or from Astoria upon written request to Astoria Financial Corporation, Attn: Investor Relations, One Astoria Bank Plaza, Lake Success, New York 11042 or by calling (516) 327-3000.
Sterling, Astoria, their directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from Sterling's and Astoria's stockholders in favor of the approval of the merger. Information about the directors and executive officers of Sterling and their ownership of Sterling common stock is set forth in the proxy statement for Sterling's 2017 annual meeting of stockholders, as previously filed with the SEC on April 13, 2017. Information about the directors and executive officers of Astoria and their ownership of Astoria common stock is set forth in Amendment No. 1 to Astoria's Annual Report on Form 10-K/A as previously filed with the SEC on April 13, 2017. Stockholders may obtain additional information regarding the interests of such participants in the merger by reading the registration statement and the proxy statement/prospectus when they become available.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
(In Thousands, Except Share Data)
(Unaudited)
At March 31, At December 31,
2017 2016
ASSETS
------
Cash and due from banks $139,272 $129,944
Securities available-for-sale 265,899 280,045
Securities held-to-maturity
2,769,376 2,740,132
(fair value of $2,721,723 and $2,690,546, respectively)
Federal Home Loan Bank of New York stock, at cost 107,166 124,807
Loans held-for-sale, net 6,236 11,584
Loans receivable:
9,974,306 10,177,295
Mortgage loans, net
226,660 239,892
Consumer and other loans, net
10,200,966 10,417,187
(82,500) (86,100)
Allowance for loan losses
Total loans receivable, net 10,118,466 10,331,087
Mortgage servicing rights, net 10,237 10,130
Accrued interest receivable 34,478 34,994
Premises and equipment, net 98,199 101,021
Goodwill 185,151 185,151
Bank owned life insurance 443,216 441,064
Real estate owned, net 13,500 15,144
Other assets 151,414 153,549
TOTAL ASSETS $14,342,610 $14,558,652
LIABILITIES
-----------
Deposits $8,990,247 $8,877,055
Federal funds purchased 195,000 195,000
Securities sold under agreements to repurchase 1,100,000 1,100,000
Federal Home Loan Bank of New York advances 1,700,000 2,090,000
Other borrowings, net 249,885 249,752
Mortgage escrow funds 160,472 112,975
Accrued expenses and other liabilities 223,042 219,797
TOTAL LIABILITIES 12,618,646 12,844,579
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 101,731,174 and 101,210,478 shares
outstanding, respectively) 1,665 1,665
Additional paid-in capital 821,856 830,417
Retained earnings 2,163,528 2,155,785
Treasury stock (64,763,714 and 65,284,410 shares, at cost, respectively) (1,335,968) (1,346,709)
Accumulated other comprehensive loss (56,913) (56,881)
TOTAL STOCKHOLDERS' EQUITY 1,723,964 1,714,073
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $14,342,610 $14,558,652
=========== ===========
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
---------------------------------
(In Thousands, Except Share Data)
For the Three Months
Ended
March 31,
---------
2017 2016
Interest income:
Residential mortgage loans $44,060 $47,375
Multi-family
and
commercial
real estate
mortgage
loans 43,406 46,805
Consumer and
other loans 2,292 2,372
Mortgage-
backed and
other
securities 18,000 16,904
Interest-earning cash
accounts 161 120
Federal Home
Loan Bank of
New York
stock 1,794 1,421
Total interest income 109,713 114,997
Interest expense:
Deposits 6,359 7,462
Borrowings 23,239 24,283
Total interest expense 29,598 31,745
Net interest income 80,115 83,252
Provision for loan losses credited to
operations (2,486) (3,127)
Net interest income after provision for
loan losses 82,601 86,379
Non-interest income:
Customer
service fees 6,609 6,988
Other loan
fees 595 534
Gain on sales
of securities - 86
Mortgage
banking
income
(loss), net 1,294 (37)
Income from
bank owned
life
insurance 2,152 2,289
Other 1,224 1,541
Total non-interest income 11,874 11,401
Non-interest expense:
General and
administrative:
36,997 38,253
Compensation
and benefits
20,212 19,391
Occupancy,
equipment and
systems
2,298 3,530
Federal
deposit
insurance
premium
589 1,453
Advertising
11,868 6,895
Other
Total non-interest expense 71,964 69,522
------
Income before income tax expense 22,511 28,258
Income tax expense 8,104 9,693
----- -----
Net income 14,407 18,565
Preferred stock dividends 2,194 2,194
----- -----
Net income available to
common shareholders $12,213 $16,371
Basic and diluted earnings
per common share $0.12 $0.16
Basic and diluted weighted
average common shares
outstanding 100,585,603 100,368,931
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
----------------------
(Dollars in Thousands)
For the Three Months Ended March 31,
2017 2016
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
(Annualized) (Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential $5,335,844 $44,060 3.30% $5,961,860 $47,375 3.18%
Multi-family and commercial real estate 4,745,176 43,406 3.66 4,878,436 46,805 3.84
Consumer and other loans (1) 233,042 2,292 3.93 253,518 2,372 3.74
------- ----- ------- -----
Total loans 10,314,062 89,758 3.48 11,093,814 96,552 3.48
Mortgage-backed and other securities
(2) 2,989,831 18,000 2.41 2,729,321 16,904 2.48
Interest-earning cash accounts 119,036 161 0.54 162,233 120 0.30
FHLB-NY stock 116,811 1,794 6.14 132,896 1,421 4.28
------- ----- ------- -----
Total interest-earning assets 13,539,740 109,713 3.24 14,118,264 114,997 3.26
------- -------
Goodwill 185,151 185,151
Other non-interest-earning assets 713,627 743,391
------- -------
Total assets $14,438,518 $15,046,806
Liabilities and stockholders' equity:
Interest-bearing liabilities:
NOW and demand deposit $2,500,385 201 0.03 $2,375,285 195 0.03
Money market 2,754,002 1,887 0.27 2,608,009 1,765 0.27
Savings 2,048,919 252 0.05 2,125,860 265 0.05
--------- --- --------- ---
Total core deposits 7,303,306 2,340 0.13 7,109,154 2,225 0.13
Certificates of deposit 1,585,512 4,019 1.01 1,904,346 5,237 1.10
--------- ----- --------- -----
Total deposits 8,888,818 6,359 0.29 9,013,500 7,462 0.33
Borrowings 3,458,473 23,239 2.69 3,962,709 24,283 2.45
--------- ------ --------- ------
Total interest-bearing liabilities 12,347,291 29,598 0.96 12,976,209 31,745 0.98
------ ------
Non-interest-bearing liabilities 372,167 398,179
------- -------
Total liabilities 12,719,458 13,374,388
Stockholders' equity 1,719,060 1,672,418
Total liabilities and stockholders' equity $14,438,518 $15,046,806
Net interest income/
net interest rate spread (3) $80,115 2.28% $83,252 2.28%
======= ==== ======= ====
Net interest-earning assets/
net interest margin (4) $1,192,449 2.37% $1,142,055 2.36%
========== ==== ========== ====
Ratio of interest-earning assets to
interest-bearing liabilities 1.10x 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
SELECTED FINANCIAL RATIOS AND OTHER DATA
----------------------------------------
At or For the
Three Months Ended
March 31,
---------
2017 2016
---- ----
Selected Returns and Financial Ratios (annualized)
-------------------------------------------------
Return on average common stockholders' equity (1) 3.07% 4.25%
Return on average tangible common stockholders' equity
(1) (2) 3.48 4.82
Return on average assets (1) 0.40 0.49
General and administrative expense to average assets 1.99 1.85
Efficiency ratio (3) 78.23 73.45
Net interest rate spread 2.28 2.28
Net interest margin 2.37 2.36
Asset Quality Data (dollars in thousands)
----------------------------------------
Non-performing loans:
Current $27,879 $39,012
30-59 days delinquent 4,399 7,935
60-89 days delinquent 1,778 2,308
90 days or more delinquent 105,974 100,967
------- -------
Non-performing loans 140,030 150,222
Real estate owned 13,500 12,691
Non-performing assets $153,530 $162,913
Net loan charge-offs $1,114 $673
Non-performing loans/total loans 1.37% 1.37%
Non-performing loans/total assets 0.98 1.00
Non-performing assets/total assets 1.07 1.08
Allowance for loan losses/non-performing loans 58.92 62.71
Allowance for loan losses/total loans 0.81 0.86
Net loan charge-offs to average loans outstanding
(annualized) 0.04 0.02
Regulatory Capital Ratios
-------------------------
Astoria Bank:
Tier 1 leverage 12.44% 11.37%
Common equity tier 1 risk-based 21.86 19.60
Tier 1 risk-based 21.86 19.60
Total risk-based 22.89 20.72
Astoria Financial Corporation:
Tier 1 leverage 11.12% 10.35
Common equity tier 1 risk-based 18.02 16.48
Tier 1 risk-based 19.60 17.93
Total risk-based 20.62 19.04
Other Data
----------
Cash dividends paid per common share $0.04 $0.04
Book value per common share 15.67 15.30
Tangible book value per common share 13.85 13.48
Tangible common stockholders' equity/tangible assets
(2) (4) 9.95% 9.21%
Mortgage loans serviced for others (in thousands) $1,345,458 $1,388,848
Full time equivalent employees 1,364 1,479
(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) Tangible assets represent assets less
goodwill.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
END OF PERIOD BALANCES AND RATES
--------------------------------
(Dollars in Thousands)
At March 31, 2017 At December 31, 2016 At March 31, 2016
----------------- -------------------- -----------------
Weighted Weighted Weighted
Average Average Average
Balance Rate (1) Balance Rate (1) Balance Rate (1)
------- ------- ------- ------- ------- -------
Selected interest-earning assets:
Mortgage loans, gross (2):
Residential $5,115,791 3.46% $5,263,800 3.43% $5,731,303 3.34%
Multi-family and commercial real estate 4,714,339 3.58 4,766,164 3.58 4,876,068 3.64
Mortgage-backed and other securities (3) 3,035,275 2.60 3,020,177 2.61 2,832,381 2.67
Interest-bearing liabilities:
NOW and demand deposit 2,577,459 0.03 2,521,094 0.03 2,482,665 0.03
Money market 2,781,555 0.27 2,706,895 0.26 2,635,057 0.27
Savings 2,057,651 0.05 2,048,202 0.05 2,136,721 0.05
--------- --------- ---------
Total core deposits 7,416,665 0.13 7,276,191 0.12 7,254,443 0.12
Certificates of deposit 1,573,582 1.06 1,600,864 1.01 1,797,096 1.03
--------- --------- ---------
Total deposits 8,990,247 0.29 8,877,055 0.28 9,051,539 0.30
Borrowings, net 3,244,885 2.82 3,634,752 2.56 3,899,354 2.45
(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.
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SOURCE Astoria Financial Corporation
