ASTORIA FINANCIAL CORP LAKE SUCCESS, N.Y., July 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 $15.8 million, or $0.16 diluted earnings per common share ("diluted EPS"), for the quarter ended June 30, 2017, compared to net income available to common shareholders of $16.1 million, or $0.16 diluted EPS, for the quarter ended June 30, 2016. For the six months ended June 30, 2017, net income available to common shareholders totaled $28.0 million, or $0.28 diluted EPS compared to $32.5 million, or $0.32 diluted EPS, for the comparable 2016 period. Included in the 2017 six month results is a $4.0 million charge ($2.6 million, or $0.03 per common share, after tax) related to the recognition of settlement costs related to lease obligations in connection with the residential lending team being relocated to other Astoria office space.
Board Declares Quarterly Cash Dividend of $0.04 Per Share
On July 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 August 21, 2017 to shareholders of record as of August 7, 2017. This is the eighty-ninth consecutive quarterly cash dividend declared by the Company.
Second Quarter and Six Months Earnings Summary
Net interest income for the quarter ended June 30, 2017 totaled $78.5 million compared to $80.1 million for the previous quarter and $83.1 million for the 2016 second quarter. The net interest margin for the quarter ended June 30, 2017 was 2.35%, compared to 2.37% for the previous quarter and 2.36% for the 2016 second quarter. For the six months ended June 30, 2017, net interest income totaled $158.7 million, compared to $166.3 million for the comparable 2016 period, and the net interest margin was 2.36% for the six months ended June 30, 2017, unchanged from the six months ended June 30, 2016.
For the quarter ended June 30, 2017, a $2.5 million loan loss release was recorded compared to a $2.5 million release in the prior quarter and a $3.0 million release recorded in the 2016 second quarter. For the six months ended June 30, 2017, we recorded a loan loss release of $4.9 million compared to a $6.1 million loan loss release for the comparable 2016 period.
Non-interest income for the quarter ended June 30, 2017 totaled $11.8 million, compared to $11.9 million for the previous quarter and $11.9 million for the 2016 second quarter. Non-interest income for the six months ended June 30, 2017 totaled $23.7 million compared to $23.3 million for the comparable 2016 period.
General and administrative ("G&A") expense for the quarter ended June 30, 2017 totaled $64.7 million compared to $72.0 million for the previous quarter and $70.0 million for the 2016 second quarter. For the six months ended June 30, 2017, G&A expense totaled $136.7 million, down from $139.6 million for the 2016 comparable period. Included in the 2017 six month results is the $4.0 million pre-tax charge related to the recognition of settlement costs of certain lease obligations.
Balance Sheet Summary
Total assets at June 30, 2017 were $14.1 billion, a decrease of $410.3 million from December 31, 2016. The decrease was primarily due to a decline in the loan portfolio, which decreased $517.6 million from December 31, 2016.
The multi-family/commercial real estate ("MF/CRE") mortgage loan portfolio totaled $4.7 billion at June 30, 2017 compared to $4.8 billion at December 31, 2016 and represents 47% of the total loan portfolio. For the quarter and six months ended June 30, 2017, MF/CRE loan originations totaled $127.3 million and $222.3 million, respectively, compared to $193.6 million and $411.0 million, for the 2016 comparable periods. The MF/CRE loan production for the 2017 second quarter and six months ended June 30, 2017 were originated with weighted average loan-to-value ratios of approximately 34% and 36%, respectively, and weighted average debt coverage ratios of approximately 1.63 and 1.52, respectively. MF/CRE loan prepayments for the quarter and six months ended June 30, 2017 totaled $163.5 million and $272.5 million, respectively, compared to $135.9 million and $272.2 million for the 2016 comparable periods. At June 30, 2017, the MF/CRE pipeline totaled $123.9 million.
The residential mortgage loan portfolio totaled $5.0 billion at June 30, 2017, compared to $5.4 billion at December 31, 2016. For the quarter and six months ended June 30, 2017, residential loan originations for portfolio totaled $86.3 million and $222.1 million, respectively, compared to $173.2 million and $262.7 million for the comparable 2016 periods. The weighted average loan-to-value ratio of the residential loan production for portfolio at origination was approximately 57% for both the quarter and six months ended June 30, 2017. Residential loan prepayments for the quarter and six months ended June 30, 2017 totaled $241.7 million and $452.5 million, respectively, compared to $289.4 million and $501.5 million for the comparable 2016 periods. At June 30, 2017, the residential mortgage pipeline totaled approximately $80.9 million.
Deposits totaled $8.9 billion at June 30, 2017, an increase of $12.5 million from December 31, 2016. Core deposits totaled $7.4 billion, or 83% of total deposits, and had a weighted average rate of 13 basis points at June 30, 2017.
As we previously announced, during the second quarter, Astoria completed its public offering of $200 million aggregate principal amount of 3.500% Senior Notes due 2020 (the "Offering"). The Company used the net proceeds of the Offering, along with cash on hand, to repay at maturity its 5.000% Senior Notes due June 19, 2017.
Stockholders' equity totaled $1.74 billion, or 12.29% of total assets at June 30, 2017, an increase of $25.0 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 June 30, 2017, Tier 1 leverage, Common Equity Tier 1 risk based, Tier 1 risk-based and Total risk-based capital ratios were 12.28%, 22.28%, 22.28% and 23.32%, respectively for Astoria Bank, and 11.34%, 19.03%, 20.68% and 21.71%, respectively for Astoria Financial Corporation. At June 30, 2017, Astoria Financial Corporation's tangible common equity ratio was 10.20%.
Asset Quality
Non-performing loans ("NPLs"), totaled $140.0 million, or 1.41% of total loans, at June 30, 2017, compared to $148.2 million, or 1.42% of total loans, at December 31, 2016. Included in the NPLs at June 30, 2017 is $32.1 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 June 30, 2017 were $212.6 million compared to $241.7 million at December 31, 2016. Net charge-offs for the quarter ended June 30, 2017 totaled $545,000 compared to net charge-offs of $1.1 million for the previous quarter and net charge-offs of $1.2 million for the 2016 second quarter. For the six months ended June 30, 2017, net charge-offs totaled $1.7 million compared to $1.9 million for the 2016 comparable period. Other real estate owned declined to $14.8 million at June 30, 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 ("Sterling"), which has been overwhelmingly approved by the respective shareholders of both Astoria and Sterling at their shareholder meetings. 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 $14.1 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 in New York State, the District of Columbia and eight other states through its banking and loan production offices in New York.
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.
Tables Follow
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
(In Thousands, Except Share Data)
(Unaudited)
At June 30, At December 31,
2017 2016
ASSETS
------
Cash and due from banks $105,764 $129,944
Securities available-for-sale 254,980 280,045
Securities held-to-maturity
2,915,465 2,740,132
(fair value of $2,874,880 and $2,690,546, respectively)
Federal Home Loan Bank of New York stock, at cost 105,958 124,807
Loans held-for-sale, net 7,920 11,584
Loans receivable:
9,670,834 10,177,295
Mortgage loans, net
228,798 239,892
Consumer and other loans, net
9,899,632 10,417,187
(79,500) (86,100)
Allowance for loan losses
Total loans receivable, net 9,820,132 10,331,087
Mortgage servicing rights, net 10,168 10,130
Accrued interest receivable 34,017 34,994
Premises and equipment, net 96,005 101,021
Goodwill 185,151 185,151
Bank owned life insurance 442,388 441,064
Real estate owned, net 14,807 15,144
Other assets 155,585 153,549
TOTAL ASSETS $14,148,340 $14,558,652
LIABILITIES
-----------
Deposits $8,889,556 $8,877,055
Federal funds purchased 170,000 195,000
Securities sold under 1,100,000 1,100,000
agreements to repurchase
Federal Home Loan Bank of New York advances 1,710,000 2,090,000
Other borrowings, net 197,945 249,752
Mortgage escrow funds 124,708 112,975
Accrued expenses and other liabilities 217,095 219,797
TOTAL LIABILITIES 12,409,304 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
129,796 129,796
and outstanding)
Common stock, $0.01 par value (200,000,000 shares authorized;
166,494,888 shares issued; and 101,717,818 and 101,210,478 shares
outstanding, respectively) 1,665 1,665
Additional paid-in capital 824,451 830,417
Retained earnings 2,175,308 2,155,785
Treasury stock (64,777,070 and 65,284,410 shares, at cost, respectively) (1,336,244) (1,346,709)
Accumulated other comprehensive loss (55,940) (56,881)
TOTAL STOCKHOLDERS' EQUITY 1,739,036 1,714,073
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $14,148,340 $14,558,652
=========== ===========
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
---------------------------------------------
(In Thousands, Except Share Data)
For the Three Months For the Six Months
Ended Ended
June 30, June 30,
-------- --------
2017 2016 2017 2016
Interest income:
Residential mortgage loans $42,560 $45,683 $86,620 $93,058
Multi-family and commercial real
estate mortgage loans 43,423 46,607 86,829 93,412
Consumer and other loans 2,382 2,435 4,674 4,807
Mortgage-backed and other
securities 18,615 17,400 36,615 34,304
Interest-earning cash accounts 180 116 341 236
Federal Home Loan Bank of New York
stock 1,440 1,487 3,234 2,908
Total interest income 108,600 113,728 218,313 228,725
Interest expense:
Deposits 6,617 6,557 12,976 14,019
Borrowings 23,446 24,085 46,685 48,368
Total interest expense 30,063 30,642 59,661 62,387
Net interest income 78,537 83,086 158,652 166,338
Provision for loan losses credited to operations (2,455) (3,006) (4,941) (6,133)
Net interest income after provision for loan losses 80,992 86,092 163,593 172,471
Non-interest income:
Customer service fees 6,853 7,542 13,462 14,530
Other loan fees 497 567 1,092 1,101
Gain on sales of securities - - - 86
Mortgage banking income, net 993 155 2,287 118
Income from bank owned life
insurance 2,277 2,336 4,429 4,625
Other 1,222 1,316 2,446 2,857
Total non-interest income 11,842 11,916 23,716 23,317
Non-interest expense:
General and administrative:
36,064 36,708 73,061 74,961
Compensation and benefits
19,616 18,840 39,828 38,231
Occupancy, equipment and systems
1,375 3,031 3,673 6,561
Federal deposit insurance premium
559 3,018 1,148 4,471
Advertising
7,121 8,452 18,989 15,347
Other
Total non-interest expense 64,735 70,049 136,699 139,571
------
Income before income tax expense 28,099 27,959 50,610 56,217
Income tax expense 10,116 9,623 18,220 19,316
------ ----- ------ ------
Net income 17,983 18,336 32,390 36,901
Preferred stock dividends 2,194 2,194 4,388 4,388
----- ----- ----- -----
Net income available to common shareholders $15,789 $16,142 $28,002 $32,513
Basic and diluted earnings per common share $0.16 $0.16 $0.28 $0.32
Basic and diluted weighted average common shares outstanding 100,595,630 100,380,937 100,590,645 100,374,934
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
----------------------
(Dollars in Thousands)
For the Three Months Ended June 30,
2017 2016
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
(Annualized) (Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential $5,148,348 $42,560 3.31% $5,765,172 $45,683 3.17
Multi-family and commercial real estate 4,683,775 43,423 3.71 4,919,210 46,607 3.79
Consumer and other loans (1) 229,691 2,382 4.15 259,680 2,435 3.75
------- ----- ------- -----
Total loans 10,061,814 88,365 3.51 10,944,062 94,725 3.46
Mortgage-backed and other securities
(2) 3,081,095 18,615 2.42 2,884,084 17,400 2.41
Interest-earning cash accounts 119,558 180 0.60 111,036 116 0.42
Federal Home Loan Bank stock 104,114 1,440 5.53 129,290 1,487 4.60
------- ----- ------- -----
Total interest-earning assets 13,366,581 108,600 3.25 14,068,472 113,728 3.23
------- -------
Goodwill 185,151 185,151
Other non-interest-earning assets 737,814 765,655
------- -------
Total assets $14,289,546 $15,019,278
Liabilities and stockholders' equity:
Interest-bearing liabilities:
NOW and demand deposit $2,533,929 209 0.03 $2,465,516 203 0.03
Money market 2,787,082 1,970 0.28 2,642,778 1,805 0.27
Savings 2,041,756 255 0.05 2,121,019 264 0.05
--------- --- --------- ---
Total core deposits 7,362,767 2,434 0.13 7,229,313 2,272 0.13
Certificates of deposit 1,556,219 4,183 1.08 1,742,512 4,285 0.98
--------- ----- --------- -----
Total deposits 8,918,986 6,617 0.30 8,971,825 6,557 0.29
Borrowings 3,213,737 23,446 2.92 3,914,205 24,085 2.46
--------- ------ --------- ------
Total interest-bearing liabilities 12,132,723 30,063 0.99 12,886,030 30,642 0.95
------ ------
Non-interest-bearing liabilities 425,722 446,130
------- -------
Total liabilities 12,558,445 13,332,160
Stockholders' equity 1,731,101 1,687,118
Total liabilities and stockholders' equity $14,289,546 $15,019,278
Net interest income/
net interest rate spread (3) $78,537 2.26% $83,086 2.28
======= ==== ======= ====
Net interest-earning assets/
net interest margin (4) $1,233,858 2.35% $1,182,442 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
AVERAGE BALANCE SHEETS
----------------------
(Dollars in Thousands)
For the Six Months Ended June 30,
2017 2016
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
(Annualized) (Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential $5,241,578 $86,620 3.31% $5,863,516 $93,058 3.17%
Multi-family and commercial real estate 4,714,306 86,829 3.68 4,898,823 93,412 3.81
Consumer and other loans (1) 231,357 4,674 4.04 256,599 4,807 3.75
------- ----- ------- -----
Total loans 10,187,241 178,123 3.50 11,018,938 191,277 3.47
Mortgage-backed and other securities
(2) 3,035,716 36,615 2.41 2,806,702 34,304 2.44
Interest-earning cash accounts 119,298 341 0.57 136,634 236 0.35
Federal Home Loan Bank stock 110,427 3,234 5.86 131,093 2,908 4.44
------- ----- ------- -----
Total interest-earning assets 13,452,682 218,313 3.25 14,093,367 228,725 3.25
------- -------
Goodwill 185,151 185,151
Other non-interest-earning assets 725,913 754,232
------- -------
Total assets $14,363,746 $15,032,750
Liabilities and stockholders' equity:
Interest-bearing liabilities:
NOW and demand deposit $2,517,250 410 0.03 $2,420,400 398 0.03
Money market 2,770,633 3,857 0.28 2,625,394 3,570 0.27
Savings 2,045,318 507 0.05 2,123,439 529 0.05
--------- --- --------- ---
Total core deposits 7,333,201 4,774 0.13 7,169,233 4,497 0.13
Certificates of deposit 1,570,784 8,202 1.04 1,823,429 9,522 1.04
--------- ----- --------- -----
Total deposits 8,903,985 12,976 0.29 8,992,662 14,019 0.31
Borrowings 3,335,429 46,685 2.80 3,938,457 48,368 2.46
--------- ------ --------- ------
Total interest-bearing liabilities 12,239,414 59,661 0.97 12,931,119 62,387 0.96
------ ------
Non-interest-bearing liabilities 399,092 422,154
------- -------
Total liabilities 12,638,506 13,353,273
Stockholders' equity 1,725,240 1,679,477
Total liabilities and stockholders' equity $14,363,746 $15,032,750
Net interest income/
net interest rate spread (3) $158,652 2.28% $166,338 2.29%
======== ==== ======== ====
Net interest-earning assets/
net interest margin (4) $1,213,268 2.36% $1,162,248 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.
Securities
available-
for-sale
are
included
at average
amortized
(2) 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.
Net
interest
margin
represents
net
interest
income
divided by
average
interest-
earning
(4) assets.
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,
--------
2017 2016 2017 2016
---- ---- ---- ----
Selected Returns and Financial Ratios (annualized)
-------------------------------------------------
Return on average common
stockholders' equity (1) 3.94% 4.15% 3.51% 4.20%
Return on average tangible common
stockholders' equity (1) (2) 4.46 4.71 3.97 4.77
Return on average assets (1) 0.50 0.49 0.45 0.49
General and administrative expense
to average assets 1.81 1.87 1.90 1.86
Efficiency ratio (3) 71.63 73.73 74.96 73.59
Net interest rate spread 2.26 2.28 2.28 2.29
Net interest margin 2.35 2.36 2.36 2.36
Asset Quality Data (dollars in thousands)
----------------------------------------
Non-performing loans:
$25,016 $40,839
Current
4,904 3,308
30-59 days delinquent
2,196 4,315
60-89 days delinquent
107,863 106,729
90 days or more delinquent
Non-performing loans 139,979 155,191
Real estate owned 14,807 14,940
Non-performing assets $154,786 $170,131
Net loan charge-offs $545 $1,194 $1,659 $1,867
Non-performing loans/total loans 1.41% 1.43%
Non-performing loans/total assets 0.99 1.03
Non-performing assets/total assets 1.09 1.13
Allowance for loan losses/non-
performing loans 56.79 57.99
Allowance for loan losses/total
loans 0.80 0.83
Net loan charge-offs to average
loans outstanding (annualized) 0.02% 0.04% 0.03 0.03
Regulatory Capital Ratios
-------------------------
Astoria Bank:
12.28% 11.54%
Tier 1 leverage
22.28 20.22
Common equity tier 1 risk-based
22.28 20.22
Tier 1 risk-based
23.32 21.30
Total risk-based
Astoria Financial Corporation:
11.34% 10.46
Tier 1 leverage
19.03 16.93
Common equity tier 1 risk-based
20.68 18.41
Tier 1 risk-based
21.71 19.48
Total risk-based
Other Data
----------
Cash dividends paid per common
share $0.04 $0.04 $0.08 $0.08
Book value per common share 15.82 15.45
Tangible book value per common
share 14.00 13.62
Tangible common stockholders'
equity/tangible assets (2) (4) 10.20% 9.31%
Mortgage loans serviced for others
(in thousands) $1,332,060 $1,372,601
Full time equivalent employees 1,364 1,450
(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.
Tangible
common
stockholders'
equity
represents
common
stockholders'
equity less
(2) goodwill.
(3) Efficiency
ratio
represents
general and
administrative
expense
divided by
the sum of
net interest
income plus
non-
interest
income.
Tangible
assets
represent
assets less
(4) goodwill.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
END OF PERIOD BALANCES AND RATES
--------------------------------
(Dollars in Thousands)
At June 30, 2017 At March 31, 2017 At June 30, 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 $4,882,832 3.50% $5,115,791 3.46% $5,537,322 3.37%
Multi-family and commercial real estate 4,645,744 3.57 4,714,339 3.58 4,898,430 3.62
Mortgage-backed and other securities (3) 3,170,445 2.59 3,035,275 2.60 3,034,277 2.65
Interest-bearing liabilities:
NOW and demand deposit 2,549,323 0.03 2,577,459 0.03 2,463,702 0.03
Money market 2,776,313 0.28 2,781,555 0.27 2,674,935 0.27
Savings 2,026,585 0.05 2,057,651 0.05 2,104,975 0.05
--------- --------- ---------
Total core deposits 7,352,221 0.13 7,416,665 0.13 7,243,612 0.12
Certificates of deposit 1,537,335 1.11 1,573,582 1.06 1,707,518 0.98
--------- --------- ---------
Total deposits 8,889,556 0.30 8,990,247 0.29 8,951,130 0.28
Borrowings, net 3,177,945 2.79 3,244,885 2.82 4,018,487 2.38
(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.
View original content:http://www.prnewswire.com/news-releases/astoria-financial-corporation-reports-2017-second-quarter-earnings-per-common-share-of-016-300494776.html
SOURCE Astoria Financial Corporation
