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
|
|
|
|
(fair
value of $2,721,723 and $2,690,546, respectively)
|
2,769,376
|
|
2,740,132
|
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:
|
|
|
|
Mortgage
loans, net
|
9,974,306
|
|
10,177,295
|
Consumer
and other loans, net
|
226,660
|
|
239,892
|
|
|
|
|
10,200,966
|
|
10,417,187
|
Allowance for loan losses
|
(82,500)
|
|
(86,100)
|
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:
|
|
|
|
|
|
Compensation and benefits
|
|
36,997
|
|
38,253
|
|
Occupancy, equipment and systems
|
|
20,212
|
|
19,391
|
|
Federal deposit insurance premium
|
|
2,298
|
|
3,530
|
|
Advertising
|
|
589
|
|
1,453
|
|
Other
|
|
11,868
|
|
6,895
|
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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/astoria-financial-corporation-reports-2017-first-quarter-earnings-per-common-share-of-012-300446649.html
SOURCE Astoria Financial Corporation