Astoria Financial Corporation Reports Second Quarter Earnings Per Common Share Of $0.20
PR Newswire Association LLC |
Six Month Financial Highlights
Non-Performing Loans ("NPLs"):
- Reduced non-performing residential mortgage loans by approximately
$195 million by designating them as held-for-sale; subsequently entered into an agreement to sell these loans in a bulk sale transaction expected to close on or aboutJuly 31, 2014 . - NPLs at
June 30, 2014 totaled$109.7 million , down from$332.0 million atDecember 31, 2013 .
Deposits:
- Business deposits increased
$151.2 million , or 23%, fromDecember 31, 2013 to$801.3 million atJune 30, 2014 .
Loan Portfolio Shift Continues:
- Multi-family/commercial real estate ("MF/CRE") mortgage loans continue to become a larger percentage of the loan portfolio, increasing to 37% of total loans at
June 30, 2014 from 33% atDecember 31, 2013 .
Board Declares Quarterly Cash Dividend of
The Board of Directors of the Company, at its
Non-Performing Loan Sale
On
On
Second Quarter and Six Month Earnings Summary
Net interest income for the quarter ended
For the quarter ended
Non-interest income for the quarter ended
General and administrative ("G&A") expense for the quarter ended
Balance Sheet Summary
Total assets increased
The MF/CRE mortgage loan portfolio totaled
The residential mortgage loan portfolio totaled
Deposits decreased
Stockholders' equity totaled
Asset Quality
NPLs, including troubled debt restructurings ("TDRs") of
The following table illustrates a two-year migration trend for loan delinquencies and NPLs:
(in millions) |
Delinquent |
NPLs |
NPLs |
Total NPLs |
Total |
|||||
At |
|
|
|
|
|
|||||
At |
|
|
|
|
|
|||||
At |
|
|
|
|
|
(1) Includes loans which were current totaling |
|||||
Selected Asset Quality Metrics
(at
($ in millions) |
Residential |
Multi- |
CRE |
Consumer |
Total |
|||||||
Loan portfolio balance |
$ |
7,324.7 |
$ |
3,583.6 |
$ |
862.4 |
$ |
239.2 |
(1) |
$ |
12,061.6 |
(2) |
Non-performing loans(3) |
$ |
82.7 |
$ |
13.2 |
$ |
8.0 |
$ |
5.8 |
$ |
109.7 |
||
NPLs/total loans |
0.69% |
0.11% |
0.07% |
0.05% |
0.91% |
(4) |
||||||
Net charge-offs 2Q14 |
$ |
9.0(5) |
$ |
0.2 |
$ |
-- |
$ |
0.4 |
$ |
9.7 |
(4) |
|
Net charge-offs YTD |
$ |
11.2(5) |
$ |
0.9 |
$ |
3.0 |
$ |
1.2 |
$ |
16.3 |
(1) |
Includes |
(2) |
Includes |
(3) |
Includes |
(4) |
Does not foot due to rounding. |
(5) |
Includes |
Future Outlook
Commenting on the future outlook,
With the significant strengthening of our credit metrics, combined with the strong credit quality we have experienced on our residential loan production since 2008 and our MF/CRE originations since 2011, we believe that the majority of our previous credit issues are behind us and look forward to further strengthening our position as a full-service community bank."
Earnings Conference Call The Company, as previously announced, indicated that |
About
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, 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 may be subject to circumstances beyond our control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins or affect the value of our investments; changes in deposit flows, loan demand or real estate values may adversely affect our business; changes in accounting principles, policies or guidelines may cause our financial condition to be perceived differently; general economic conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate or securities markets or the banking industry may be less favorable than we currently anticipate; legislative or regulatory changes, including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and any actions regarding foreclosures, may adversely affect our business; enhanced supervision and examination by the
Tables Follow |
||||||
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
||||||
(In Thousands, Except Share Data) |
||||||
At |
At |
|||||
|
|
|||||
2014 |
2013 |
|||||
ASSETS |
||||||
Cash and due from banks |
$ |
145,435 |
$ |
121,950 |
||
Securities available-for-sale |
392,439 |
401,690 |
||||
Securities held-to-maturity |
||||||
(fair value of |
1,960,930 |
1,849,526 |
||||
Federal Home Loan Bank of |
150,288 |
152,207 |
||||
Loans held-for-sale, net |
7,204 |
7,375 |
||||
Non-performing residential mortgage loans held-for-sale |
186,312 |
- |
||||
Loans receivable: |
||||||
Mortgage loans, net |
11,822,054 |
12,201,920 |
||||
Consumer and other loans, net |
239,568 |
240,146 |
||||
12,061,622 |
12,442,066 |
|||||
Allowance for loan losses |
(118,600) |
(139,000) |
||||
Total loans receivable, net |
11,943,022 |
12,303,066 |
||||
Mortgage servicing rights, net |
11,804 |
12,800 |
||||
Accrued interest receivable |
38,080 |
37,926 |
||||
Premises and equipment, net |
111,126 |
112,530 |
||||
Goodwill |
185,151 |
185,151 |
||||
Bank owned life insurance |
426,420 |
423,375 |
||||
Real estate owned, net |
44,144 |
42,636 |
||||
Other assets |
139,710 |
143,490 |
||||
TOTAL ASSETS |
$ |
15,742,065 |
$ |
15,793,722 |
||
LIABILITIES |
||||||
Deposits |
$ |
9,659,371 |
$ |
9,855,310 |
||
Federal funds purchased |
410,000 |
335,000 |
||||
Reverse repurchase agreements |
1,100,000 |
1,100,000 |
||||
Federal Home Loan Bank of |
2,442,000 |
2,454,000 |
||||
Other borrowings, net |
248,426 |
248,161 |
||||
Mortgage escrow funds |
127,686 |
109,458 |
||||
Accrued expenses and other liabilities |
177,189 |
172,280 |
||||
TOTAL LIABILITIES |
14,164,672 |
14,274,209 |
||||
STOCKHOLDERS' EQUITY |
||||||
Preferred stock, |
||||||
Series C (150,000 shares authorized; and 135,000 shares issued |
||||||
and outstanding) |
129,796 |
129,796 |
||||
Common stock, |
||||||
166,494,888 shares issued; and 99,554,814 and 98,841,960 shares |
||||||
outstanding, respectively) |
1,665 |
1,665 |
||||
Additional paid-in capital |
893,341 |
894,297 |
||||
Retained earnings |
1,966,082 |
1,930,026 |
||||
Treasury stock (66,940,074 and 67,652,928 shares, at cost, respectively) |
(1,383,290) |
(1,398,021) |
||||
Accumulated other comprehensive loss |
(30,201) |
(38,250) |
||||
TOTAL STOCKHOLDERS' EQUITY |
1,577,393 |
1,519,513 |
||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
15,742,065 |
$ |
15,793,722 |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(In Thousands, Except Share Data) |
|||||||||||
For the Three Months Ended |
For the Six Months Ended |
||||||||||
|
|
||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||
Interest income: |
|||||||||||
Residential mortgage loans |
$ |
62,294 |
$ |
73,629 |
$ |
127,248 |
$ |
153,836 |
|||
Multi-family and commercial real estate mortgage loans |
43,347 |
40,390 |
86,737 |
79,013 |
|||||||
Consumer and other loans |
2,085 |
2,208 |
4,171 |
4,436 |
|||||||
Mortgage-backed and other securities |
14,116 |
11,857 |
27,793 |
22,756 |
|||||||
Interest-earning cash accounts |
80 |
70 |
149 |
125 |
|||||||
Federal Home Loan Bank of |
1,458 |
1,620 |
3,291 |
3,649 |
|||||||
Total interest income |
123,380 |
129,774 |
249,389 |
263,815 |
|||||||
Interest expense: |
|||||||||||
Deposits |
12,823 |
15,689 |
26,052 |
33,010 |
|||||||
Borrowings |
24,783 |
29,184 |
49,593 |
61,872 |
|||||||
Total interest expense |
37,606 |
44,873 |
75,645 |
94,882 |
|||||||
Net interest income |
85,774 |
84,901 |
173,744 |
168,933 |
|||||||
Provision for loan losses (credited) charged to operations |
(5,742) |
4,526 |
(4,111) |
13,652 |
|||||||
Net interest income after provision for loan losses |
91,516 |
80,375 |
177,855 |
155,281 |
|||||||
Non-interest income: |
|||||||||||
Customer service fees |
9,030 |
9,122 |
18,050 |
18,168 |
|||||||
Other loan fees |
647 |
468 |
1,255 |
990 |
|||||||
Gain on sales of securities |
- |
2,057 |
- |
2,057 |
|||||||
Mortgage banking income, net |
610 |
3,396 |
1,410 |
8,172 |
|||||||
Income from bank owned life insurance |
2,139 |
2,103 |
4,128 |
4,239 |
|||||||
Other |
1,419 |
1,436 |
2,671 |
3,234 |
|||||||
Total non-interest income |
13,845 |
18,582 |
27,514 |
36,860 |
|||||||
Non-interest expense: |
|||||||||||
General and administrative: |
|||||||||||
Compensation and benefits |
34,415 |
33,385 |
67,803 |
65,383 |
|||||||
Occupancy, equipment and systems |
17,793 |
16,862 |
35,967 |
36,647 |
|||||||
Federal deposit insurance premium |
7,277 |
9,009 |
15,846 |
19,193 |
|||||||
Advertising |
2,438 |
2,811 |
4,150 |
4,151 |
|||||||
Extinguishment of debt |
- |
4,266 |
- |
4,266 |
|||||||
Other |
9,670 |
8,064 |
18,050 |
16,308 |
|||||||
Total non-interest expense |
71,593 |
74,397 |
141,816 |
145,948 |
|||||||
<br /> | |||||||||||
Income before income tax expense |
33,768 |
24,560 |
63,553 |
46,193 |
|||||||
Income tax expense |
11,468 |
8,895 |
9,704 |
16,676 |
|||||||
Net income |
22,300 |
15,665 |
53,849 |
29,517 |
|||||||
Preferred stock dividends |
2,194 |
2,827 |
4,388 |
2,827 |
|||||||
Net income available to common shareholders |
$ |
20,106 |
$ |
12,838 |
$ |
49,461 |
$ |
26,690 |
|||
Basic earnings per common share |
$ |
0.20 |
$ |
0.13 |
$ |
0.50 |
$ |
0.27 |
|||
Diluted earnings per common share |
$ |
0.20 |
$ |
0.13 |
$ |
0.50 |
$ |
0.27 |
|||
Basic weighted average common shares outstanding |
98,275,886 |
97,021,334 |
98,191,434 |
96,848,989 |
|||||||
Diluted weighted average common shares outstanding |
98,275,886 |
97,021,334 |
98,191,434 |
96,848,989 |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
||||||||||||||||||
AVERAGE BALANCE SHEETS |
||||||||||||||||||
(Dollars in Thousands) |
||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||
2014 |
2013 |
|||||||||||||||||
Average |
Average |
|||||||||||||||||
Average |
Yield/ |
Average |
Yield/ |
|||||||||||||||
Balance |
Interest |
Cost |
Balance |
Interest |
Cost |
|||||||||||||
(Annualized) |
(Annualized) |
|||||||||||||||||
Assets: |
||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||
Mortgage loans (1): |
||||||||||||||||||
Residential |
$ |
7,731,250 |
$ |
62,294 |
3.22 |
% |
$ |
8,984,211 |
$ |
73,629 |
3.28 |
% |
||||||
Multi-family and commercial real estate |
4,297,463 |
43,347 |
4.03 |
3,544,459 |
40,390 |
4.56 |
||||||||||||
Consumer and other loans (1) |
238,164 |
2,085 |
3.50 |
258,260 |
2,208 |
3.42 |
||||||||||||
Total loans |
12,266,877 |
107,726 |
3.51 |
12,786,930 |
116,227 |
3.64 |
||||||||||||
Mortgage-backed and other securities (2) |
2,325,214 |
14,116 |
2.43 |
2,235,818 |
11,857 |
2.12 |
||||||||||||
Interest-earning cash accounts |
104,033 |
80 |
0.31 |
100,845 |
70 |
0.28 |
||||||||||||
|
147,224 |
1,458 |
3.96 |
150,225 |
1,620 |
4.31 |
||||||||||||
Total interest-earning assets |
14,843,348 |
123,380 |
3.32 |
15,273,818 |
129,774 |
3.40 |
||||||||||||
Goodwill |
185,151 |
185,151 |
</td> | |||||||||||||||
Other non-interest-earning assets |
674,527 |
760,740 |
||||||||||||||||
Total assets |
$ |
15,703,026 |
$ |
16,219,709 |
||||||||||||||
Liabilities and stockholders' equity: |
||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||
<br /> |
Savings |
$ |
2,411,953 |
301 |
0.05 |
$ |
2,727,016 |
339 |
0.05 |
|||||||||
Money market |
2,103,462 |
1,160 |
0.22 |
1,802,018 |
1,137 |
0.25 |
||||||||||||
NOW and demand deposit |
2,136,667 |
175 |
0.03 |
2,121,774 |
179 |
0.03 |
||||||||||||
Total core deposits |
6,652,082 |
1,636 |
0.10 |
6,650,808 |
1,655 |
0.10 |
||||||||||||
Certificates of deposit |
3,016,811 |
11,187 |
1.48 |
3,662,085 |
14,034 |
1.53 |
||||||||||||
Total deposits |
9,668,893 |
12,823 |
0.53 |
10,312,893 |
15,689 |
0.61 |
||||||||||||
Borrowings |
4,127,661 |
24,783 |
2.40 |
<span class="prnews_span">4,022,640 |
29,184 |
2.90 |
||||||||||||
Total interest-bearing liabilities |
13,796,554 |
37,606 |
1.09 |
14,335,533 |
44,873 |
1.25 |
||||||||||||
Non-interest-bearing liabilities |
343,589 |
444,427 |
||||||||||||||||
Total liabilities |
14,140,143 |
14,779,960 |
||||||||||||||||
Stockholders' equity |
1,562,883 |
1,439,749 |
||||||||||||||||
Total liabilities and stockholders' equity |
$ |
15,703,026 |
$ |
16,219,709 |
||||||||||||||
Net interest income/ |
||||||||||||||||||
net interest rate spread (3) |
$ |
85,774 |
2.23 |
% |
$ |
84,901 |
2.15 |
% |
||||||||||
Net interest-earning assets/ |
<br /> | |||||||||||||||||
net interest margin (4) |
$ |
1,046,794 |
2.31 |
% |
$ |
938,285 |
2.22 |
% |
||||||||||
Ratio of interest-earning assets to |
||||||||||||||||||
interest-bearing liabilities |
1.08x |
1.07x |
||||||||||||||||
(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 |
||||||||||||||||||
2014 |
2013 |
|||||||||||||||||
Average |
Average |
|||||||||||||||||
Average |
Yield/ |
Average |
Yield/ |
|||||||||||||||
Balance |
Interest |
Cost |
Balance |
Interest |
Cost |
|||||||||||||
(Annualized) |
(Annualized) |
|||||||||||||||||
Assets: |
||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||
Mortgage loans (1): |
||||||||||||||||||
Residential |
$ |
7,857,298 |
$ |
127,248 |
3.24 |
% |
$ |
9,266,404 |
$ |
153,836 |
3.32 |
% |
||||||
Multi-family and commercial real estate |
4,225,270 |
86,737 |
4.11 |
3,421,366 |
79,013 |
4.62 |
||||||||||||
Consumer and other loans (1) |
238,561 |
4,171 |
3.50 |
261,103 |
4,436 |
3.40 |
||||||||||||
Total loans |
12,321,129 |
218,156 |
3.54 |
12,948,873 |
237,285 |
3.66 |
||||||||||||
Mortgage-backed and other securities (2) |
2,294,045 |
27,793 |
2.42 |
2,124,191 |
22,756 |
2.14 |
||||||||||||
Interest-earning cash accounts |
100,299 |
149 |
0.30 |
96,411 |
125</span> |
0.26 |
||||||||||||
|
149,401 |
3,291 |
4.41 |
157,198 |
3,649 |
4.64 |
||||||||||||
Total interest-earning assets |
14,864,874 |
249,389 |
3.36 |
15,326,673 |
263,815 |
3.44 |
||||||||||||
Goodwill |
185,151 |
185,151 |
||||||||||||||||
Other non-interest-earning assets |
666,483 |
784,774 |
||||||||||||||||
Total assets |
$ |
15,716,508 |
$ |
16,296,598 |
||||||||||||||
Liabilities and stockholders' equity: |
||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||
Savings |
$ |
2,440,149 |
605 |
0.05 |
$ |
2,748,927 |
681 |
0.05 |
||||||||||
Money market |
2,065,862 |
2,420 |
0.23 |
1,747,387 |
3,230 |
0.37 |
||||||||||||
NOW and demand deposit |
2,109,164 |
340 |
0.03 |
2,091,142 |
346 |
0.03 |
||||||||||||
Total core deposits |
6,615,175 |
3,365 |
0.10 |
6,587,456 |
4,257 |
0.13 |
||||||||||||
Certificates of deposit |
3,084,022 |
22,687 |
1.47 |
3,760,300 |
28,753 |
1.53 |
||||||||||||
Total deposits |
9,699,197 |
26,052 |
0.54 |
10,347,756 |
33,010 |
0.64 |
||||||||||||
Borrowings |
4,139,474 |
49,593 |
2.40 |
4,120,337 |
61,872 |
3.00 |
||||||||||||
Total interest-bearing liabilities |
13,838,671 |
75,645 |
1.09 |
14,468,093 |
94,882 |
1.31 |
||||||||||||
Non-interest-bearing liabilities |
330,332 |
450,301 |
||||||||||||||||
Total liabilities |
14,169,003 |
14,918,394 |
||||||||||||||||
Stockholders' equity |
1,547,505 |
1,378,204 |
||||||||||||||||
Total liabilities and stockholders' equity |
$ |
15,716,508 |
$ |
16,296,598 |
||||||||||||||
Net interest income/ |
||||||||||||||||||
net interest rate spread (3) |
$ |
173,744 |
2.27 |
% |
$ |
168,933 |
2.13 |
% |
||||||||||
Net interest-earning assets/ |
||||||||||||||||||
net interest margin (4) |
$ |
1,026,203 |
2.34 |
% |
$ |
858,580 |
2.20 |
% |
||||||||||
Ratio of interest-earning assets to |
||||||||||||||||||
interest-bearing liabilities |
1.07x |
1.06x |
||||||||||||||||
(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 |
Six Months Ended |
||||||||||||||
June 30, |
June 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Selected Returns and Financial Ratios (annualized) |
|||||||||||||||
Return on average common stockholders' equity (1) |
5.61 |
% |
3.92 |
% |
6.98 |
% |
4.09 |
% |
|||||||
Return on average tangible common stockholders' equity (1) (2) |
6.44 |
4.57 |
8.03 |
4.77 |
|||||||||||
Return on average assets (1) |
0.57 |
0.39 |
0.69 |
0.36 |
|||||||||||
General and administrative expense to average assets |
1.82 |
1.83 |
1.80 |
1.79 |
|||||||||||
Efficiency ratio (3) |
71.87 |
71.89 |
70.46 |
70.92 |
|||||||||||
Net interest rate spread |
2.23 |
2.15 |
2.27 |
2.13 |
|||||||||||
Net interest margin |
2.31 |
2.22 |
2.34 |
2.20 |
|||||||||||
Selected Non-GAAP Returns and Financial Ratios (annualized) (4) |
|||||||||||||||
Non-GAAP return on average common stockholders' equity (1) |
5.61 |
% |
3.92 |
% |
5.36 |
% |
4.09 |
% |
|||||||
Non-GAAP return on average tangible common stockholders' equity (1) (2) |
6.44 |
4.57 |
6.16 |
4.77 |
|||||||||||
Non-GAAP return on average assets (1) |
0.57 |
0.39 |
0.54 |
0.36 |
|||||||||||
Asset Quality Data (dollars in thousands) (5) |
|||||||||||||||
Non-performing loans: |
|||||||||||||||
Current |
$ |
62,918 |
$ |
67,235 |
|||||||||||
30-59 days delinquent |
6,082 |
9,768 |
|||||||||||||
60-89 days delinquent |
2,557 |
1,802 |
|||||||||||||
90 days or more delinquent |
38,170 |
278,065 |
|||||||||||||
Non-performing loans |
109,727 |
356,870 |
|||||||||||||
Non-performing residential mortgage loans held-for-sale |
186,312 |
- |
|||||||||||||
Real estate owned |
44,144 |
21,745 |
|||||||||||||
Non-performing assets |
$ |
340,183 |
$ |
378,615 |
|||||||||||
Net loan charge-offs |
$ |
9,658 |
$ |
4,876 |
$ |
16,289 |
$ |
15,253 |
|||||||
Non-performing loans/total loans |
0.91 |
% |
2.82 |
% |
|||||||||||
Non-performing loans/total assets |
0.70 |
2.22 |
|||||||||||||
Non-performing assets/total assets |
2.16 |
2.35 |
|||||||||||||
Allowance for loan losses/non-performing loans |
108.09 |
40.32 |
|||||||||||||
Allowance for loan losses/total loans |
0.98 |
1.14 |
|||||||||||||
Net loan charge-offs to average loans outstanding (annualized) |
0.31 |
% |
0.15 |
% |
0.26 |
0.24 |
|||||||||
Capital Ratios ( |
|||||||||||||||
Tangible |
10.32 |
% |
9.53 |
% |
|||||||||||
Tier 1 leverage |
10.32 |
9.53 |
|||||||||||||
Total risk-based |
18.73 |
16.82 |
|||||||||||||
Tier 1 risk-based |
17.48 |
15.56 |
|||||||||||||
Other Data |
|||||||||||||||
Cash dividends paid per common share |
$ |
0.04 |
$ |
0.04 |
$ |
0.08 |
$ |
0.08 |
|||||||
Book value per common share (6) |
14.54 |
13.35 |
|||||||||||||
Tangible book value per common share (7) |
12.68 |
11.46 |
|||||||||||||
Tangible common stockholders' equity/tangible assets (2) (8) |
</td> |
8.12 |
% |
7.09 |
% |
||||||||||
Mortgage loans serviced for others (in thousands) |
$ |
1,474,634 |
$ |
1,509,886 |
|||||||||||
Full time equivalent employees |
1,560 |
1,505 |
|||||||||||||
(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 six months ended |
|||||||||||||||
(5) |
Non-performing loans and related ratios at |
|||||||||||||||
(6) |
Book value per common share represents common stockholders' equity divided by outstanding common shares, excluding unallocated Employee Stock Ownership Plan, or ESOP, shares at |
|||||||||||||||
(7) |
Tangible book value per common share represents tangible common stockholders' equity divided by outstanding common shares, excluding unallocated ESOP shares at |
|||||||||||||||
(8) |
Tangible assets represent assets less goodwill. |
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||||||||||
END OF PERIOD BALANCES AND RATES |
|||||||||||||||
(Dollars in Thousands) |
|||||||||||||||
At June 30, 2014 |
At |
At June 30, 2013 |
|||||||||||||
Weighted |
Weighted |
Weighted |
|||||||||||||
Average |
Average |
Average |
|||||||||||||
Balance |
Rate (1) |
Balance |
Rate (1) |
Balance |
Rate (1) |
||||||||||
Selected interest-earning assets: |
|||||||||||||||
Mortgage loans, gross (2): |
|||||||||||||||
Residential |
$ |
7,302,951 |
3.41 |
% |
$ |
7,586,182 |
3.45 |
% |
$ |
8,364,873 |
3.61 |
% |
|||
Multi-family and commercial real estate |
4,424,804 |
3.90 |
4,158,660 |
3.96 |
3,712,193 |
4.23 |
|||||||||
Mortgage-backed and other securities (3) |
2,353,369 |
2.84 |
2,308,187 |
2.85 |
2,235,474 |
2.94 |
|||||||||
Interest-bearing liabilities: |
|||||||||||||||
Savings |
2,371,896 |
0.05 |
2,447,913 |
0.05 |
2,683,039 |
0.05 |
|||||||||
Money market |
2,172,452 |
0.23 |
2,076,651 |
0.21 |
1,839,520 |
0.25 |
|||||||||
NOW and demand deposit |
2,151,980 |
0.03 |
2,128,346 |
0.03 |
2,135,835 |
0.03 |
|||||||||
Total core deposits |
6,696,328 |
0.10 |
6,652,910 |
0.09 |
6,658,394 |
0.10 |
|||||||||
Certificates of deposit |
2,963,043 |
1.50 |
3,068,168 |
1.49 |
3,586,938 |
1.55 |
|||||||||
Total deposits |
9,659,371 |
0.53 |
9,721,078 |
0.53 |
10,245,332 |
0.61 |
|||||||||
Borrowings, net |
4,200,426 |
2.34 |
4,095,293 |
2.39 |
4,021,895 |
2.64 |
|||||||||
(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 Six Months Ended |
|||||||
|
|||||||
GAAP |
Adjustment (1) |
Non-GAAP |
|||||
Income before income tax expense |
$ |
63,553 |
$ |
- |
$ |
63,553 |
|
Income tax expense |
9,704 |
11,487 |
21,191 |
||||
Net income |
53,849 |
(11,487) |
42,362 |
||||
Preferred stock dividends |
4,388 |
- |
4,388 |
||||
Net income available to common shareholders |
$ |
49,461 |
$ |
(11,487) |
$ |
37,974 |
|
Basic earnings per common share |
$ |
0.50 |
$ |
(0.12) |
$ |
0.38 |
|
Diluted earnings per common share |
$ |
0.50 |
$ |
(0.12) |
$ |
0.38 |
|
<br /> | |||||||
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 adjustment represents the effects of the |
SOURCE
Wordcount: | 5444 |
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