-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PDr5eHKupSAO02YKdKWtdCuIbz/MJIGr4yqgGEiKIQUii9ruSkzS/UyhnU/lm25I 6QGDlSuOZJ0XiZ5xpazMaQ== 0001144204-07-037268.txt : 20070719 0001144204-07-037268.hdr.sgml : 20070719 20070719101007 ACCESSION NUMBER: 0001144204-07-037268 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070719 DATE AS OF CHANGE: 20070719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASTORIA FINANCIAL CORP CENTRAL INDEX KEY: 0000910322 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 113170868 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11967 FILM NUMBER: 07988134 BUSINESS ADDRESS: STREET 1: ONE ASTORIA FEDERAL PLAZA CITY: LAKE SUCCESS STATE: NY ZIP: 11042-1085 BUSINESS PHONE: 5163273000 MAIL ADDRESS: STREET 1: ONE ASTORIA FEDERAL PLAZA CITY: LAKE SUCCESS STATE: NY ZIP: 11042-1085 8-K 1 v081337_8k.htm Unassociated Document
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
 
FORM 8-K
CURRENT REPORT
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): July 18, 2007
 
 
Astoria Financial Corporation
(Exact name of registrant as specified in its charter)
 
 

Delaware
001-11967
11-3170868
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)


ONE ASTORIA FEDERAL PLAZA, LAKE SUCCESS, NEW YORK 11042-1085
(Address of principal executive offices, including zip code)
 
Registrant’s telephone number, including area code: (516) 327-3000
 
NOT APPLICABLE
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
ITEMS 1, 3 THROUGH 7 NOT APPLICABLE.
 
Item 2.02. Results of Operations and Financial Condition.
 
On July 18, 2007, Astoria Financial Corporation (the “Company”) issued a press release which, among other things, highlights the Company’s financial results for the quarter and six months ended June 30, 2007. A copy of the press release is furnished herewith as an exhibit to this report.
 
The information provided pursuant hereto shall not be deemed incorporated by reference by any general statement incorporating by reference this Form 8-K into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and shall not otherwise be deemed filed under such Acts.
 
Item 9.01. Financial Statements and Exhibits.

(d)
 
Exhibits.
 
  
 
Exhibit 99.1
Press release dated July 18, 2007.
 
-2-
 

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
  ASTORIA FINANCIAL CORPORATION
 
 		  
 		  
 
  By:   /s/ Peter J. Cunningham .
 
Peter J. Cunningham
First Vice President and
Director of Investor Relations
   
 
Dated: July 18, 2007

 
-3-
 
 
EXHIBIT INDEX
 
Exhibit Number
  
Description
99.1
  
Press release dated July 18, 2007.
 
 
-4-
 
 EX-99.1 2 v081337_ex99-1.htm Unassociated Document
 

Contact: Peter J. Cunningham
First Vice President, Investor Relations
516-327-7877
ir@astoriafederal.com

FOR IMMEDIATE RELEASE
 
Astoria Financial Corporation Announces Second Quarter EPS of $0.37
Quarterly Cash Dividend of $0.26 Per Common Share Declared

LAKE SUCCESS, N.Y., July 18 /PRNewswire-FirstCall/ -- Astoria Financial Corporation (NYSE: AF) ("Astoria," the "Company"), the holding company for Astoria Federal Savings and Loan Association ("Astoria Federal"), today reported net income of $34.1 million, or $0.37 diluted earnings per share ("EPS"), for the quarter ended June 30, 2007, compared to $47.8 million, or $0.49 EPS, for the 2006 second quarter. For the 2007 second quarter, annualized returns on average equity, average tangible equity and average assets were 11.35%, 13.42% and 0.63%, respectively, compared to 14.94%, 17.48% and 0.87%, respectively, for the comparable 2006 period.
 
For the six months ended June 30, 2007, net income totaled $69.8 million, or $0.75 EPS, compared to $96.7 million, or $0.98 EPS, for the comparable 2006 period. For the six months ended June 30, 2007, annualized returns on average equity, average tangible equity and average assets were 11.59%, 13.70% and 0.65%, respectively, compared to 14.87%, 17.34% and 0.87%, respectively, for the comparable 2006 period.
 
First Half 2007 Balance Sheet Highlights:
-- Loan portfolio increased $611 million, or 8% annualized
-- One-to-four family loan portfolio increased $695 million, or 14% annualized
-- Deposits increased $224 million, or 3% annualized
-- Securities portfolio decreased $552 million, or 21% annualized
-- Borrowings decreased $138 million, or 4% annualized
-- Repurchased 1.8 million shares

Commenting on the 2007 second quarter results, George L. Engelke, Jr., Chairman, President and Chief Executive Officer of Astoria, noted, "The inverted yield curve, which has persisted for over a year, has recently become slightly positively sloped. While the recent increase in long-term interest rates is positive, there is a lag in the benefit to Astoria, as our interest-bearing liabilities continue to reprice somewhat faster than our interest-earning assets. During this challenging environment, I am pleased to report that we have continued to increase both loans and deposits during the second quarter, while controlling operating expenses and maintaining excellent asset quality."

Board Declares Quarterly Cash Dividend of $0.26 Per Share
The Board of Directors of the Company, at their July 18, 2007 meeting, declared a quarterly cash dividend of $0.26 per common share. The dividend is payable on September 4, 2007 to shareholders of record as of August 15, 2007. This is the forty-ninth consecutive quarterly cash dividend declared by the Company.

 
Eleventh Stock Repurchase Program Continues; Twelfth Stock Repurchase Program In Place
 
During the 2007 second quarter, Astoria repurchased 750,000 shares of its common stock at an average cost of $26.65 per share. Under the eleventh stock repurchase program, 117,300 shares remain available for repurchase as of June 30, 2007. During the six month period ended June 30, 2007 Astoria repurchased a total of 1.8 million shares. The Company, as previously announced, has in place its twelfth stock repurchase program which authorizes the repurchase of ten million shares of its common stock. The twelfth stock repurchase program will commence immediately upon completion of the eleventh stock repurchase program.

Second Quarter and Six Month Earnings Summary
 
Net interest income for the quarter ended June 30, 2007 totaled $82.9 million compared to $87.5 million for the 2007 first quarter and $101.3 million for the second quarter a year ago. For the six months ended June 30, 2007, net interest income totaled $170.4 million compared to $212.9 million for the comparable 2006 six month period.
 
Astoria's net interest margin for the quarter ended June 30, 2007 was 1.62% compared to 1.71% for the 2007 first quarter and 1.92% for the quarter ended June 30, 2006. On a linked quarter basis, in addition to the impact of the cost of interest-bearing liabilities rising more rapidly than the yield on interest-earning assets, approximately four basis points of the nine basis point decline is due to one extra day of interest expense in the second quarter. The year over year decrease in the net interest margin is also due to the cost of interest-bearing liabilities rising more rapidly than the yield on interest-earning assets.
 
Non-interest income for the quarter ended June 30, 2007 increased to $26.3 million from $25.7 million for the 2006 second quarter. The increase is primarily due to a $2.0 million gain related to an insurance payment received in the 2007 second quarter, partially offset by lower mortgage banking income, net.
 
For the six months ended June 30, 2007, non-interest income totaled $48.9 million compared to $44.6 million for the comparable 2006 period. Non-interest income for the 2007 six month period reflected a decrease of $1.8 million in mortgage banking income, net, while the 2006 six month period included a $5.5 million, pre-tax, charge related to the termination of interest rate swap agreements in the 2006 first quarter.
 
The components of mortgage banking income, net, which is included in non-interest income, are detailed below:
 
(Dollars in millions)
 
2Q07
  
2Q06
  
1H07
  
1H06
  
                   
Loan servicing fees
 
$
1.0
  
$
1.1
  
$
2.0
  
$
2.3
  
Amortization of MSR*
   
(0.9
)
  
(0.9
)
  
(1.9
)
  
(1.9
)
MSR* valuation adjustments
   
0.5
    
1.3
    
0.7
    
2.0
 
Net gain on sale of loans
   
0.6
   
0.6
    
1.0
    
1.2
 
Mortgage banking income, net
 
$
1.2
  
$
2.1
  
$
1.8
  
$
3.6
  

* Mortgage servicing rights
 
General and administrative expense ("G&A") for the quarter ended June 30, 2007 increased to $58.7 million from $57.1 million for the 2007 first quarter and $55.2 million for the comparable 2006 period. The linked quarter increase is primarily due to a $2.3 million increase in goodwill litigation expense, offset primarily by lower compensation and benefits expense. The year over year increase is due primarily to increases in goodwill litigation expense and compensation and benefits expense.
 
 
For the six months ended June 30, 2007, G&A increased $4.3 million to $115.8 million from $111.5 million for the comparable 2006 period. The increase was primarily due to a $2.8 million increase in goodwill litigation expense and a $2.3 million increase in compensation and benefits expense.

Balance Sheet Summary
 
For the 2007 second quarter, the total loan portfolio increased $486.6 million to $15.6 billion at June 30, 2007 due to loan originations and purchases totaling $1.4 billion compared to $744.7 million for the comparable 2006 period.
 
For the six month period ended June 30, 2007, the total loan portfolio increased $610.6 million, or 8% annualized, due to loan originations and purchases totaling $2.3 billion compared to $1.5 billion for the comparable 2006 period. The loan pipeline at June 30, 2007 totaled $1.0 billion, a decrease of $344.6 million from March 31, 2007.
 
For the 2007 second quarter, the 1-4 family mortgage loan portfolio increased $539.2 million and totaled $10.9 billion at June 30, 2007. 1-4 family loan originations and purchases totaled $1.3 billion for the 2007 second quarter compared to $554.3 million in the 2006 second quarter. Of the 2007 second quarter 1-4 family loan production, 78% consisted of 3/1 and 5/1 hybrid adjustable rate mortgage loans.
 
For the six months ended June 30, 2007, the 1-4 family mortgage loan portfolio increased $695.4 million due to 1-4 family loan originations and purchases totaling $2.0 billion compared to $1.1 billion in the 2006 six month period. Of the 2007 six month 1-4 family loan production, 76% consisted of 3/1 and 5/1 hybrid adjustable rate mortgage loans.
 
For the 2007 second quarter, the multi-family and commercial real estate ("CRE") loan portfolio decreased $27.3 million primarily due to lower loan originations which totaled $119.9 million compared to $183.7 million for the comparable 2006 period. At June 30, 2007, the combined multi-family and CRE loan portfolio totaled $4.1 billion, or 26% of total loans.
 
For the six months ended June 30, 2007, the multi-family and CRE loan portfolio decreased $21.9 million primarily due to lower loan originations which totaled $253.9 million compared to $401.1 million in the 2006 six month period. The average loan-to-value ratio of the combined multi-family and CRE loan portfolio continues to be less than 65%, based on current principal balance and original appraised value, and the average loan balance is less than $1 million.
 
For the quarter ended June 30, 2007, non-performing loans decreased $3.9 million, or 6%, and totaled $64.0 million, or 0.30% of total assets, from $67.9 million, or 0.32% of total assets, at March 31, 2007. As of June 30, 2007, 1-4 family non-performing loans totaled $53.5 million and multi-family and CRE non-performing loans totaled $8.8 million. The ratio of the allowance for loan losses to non-performing loans at June 30, 2007 was 124%.
 
Net loan charge-offs for the quarter ended June 30, 2007 totaled $698,000 compared to net loan recoveries of $155,000 for the 2007 first quarter. For the six months ended June 30, 2007, net loan charge-offs totaled $543,000 compared to $96,000 for the 2006 six month period, or less than one basis point of average loans outstanding, annualized, for each period.
 
Deposits increased $25.9 million during the 2007 second quarter and totaled $13.4 billion at June 30, 2007. For the six months ended June 30, 2007, deposits increased $223.8 million, or 3% annualized.
 
For the quarter ended June 30, 2007, securities declined $300.1 million to $4.8 billion at June 30, 2007, representing 22% of total assets. For the six months ended June 30, 2007, securities declined $552.0 million, or 21% annualized. Borrowings increased $302.2 million in the 2007 second quarter, to $6.7 billion at June 30, 2007, representing 31% of total assets. For the six months ended June 30, 2007, borrowings declined $137.7 million, or 4% annualized. Total assets increased slightly from December 31, 2006 to $21.6 billion at June 30, 2007.
 
 
Key balance sheet highlights, reflecting the improvement in the quality of the Company's balance sheet since December 31, 1999, follow:
 
($ in millions)
 
12/31/99
 
12/31/01
 
12/31/03
 
12/31/05
 
                   
Assets
  
$
22,700
  
$
22,672
  
$
22,462
  
$
22,380
  
Loans
  
$
10,286
  
$
12,167
  
$
12,687
  
$
14,392
  
Securities
  
$
10,763
  
$
8,013
  
$
8,448
  
$
6,572
  
Deposits
  
$
9,555
  
$
10,904
  
$
11,187
  
$
12,810
  
Borrowings
  
$
11,528
  
$
9,826
  
$
9,632
  
$
7,938
  
 
($ in millions)
  
 
 
 
 
Cumulative
 
 
 
12/31/06
 
06/30/07
  
% Change
 
               
Assets
  
$
21,555
  
$
21,650
    
( 5
%)
Loans
  
$
14,972
  
$
15,582
    
+ 51
%
Securities
  
$
5,340
  
$
4,788
    
(56
%)
Deposits
  
$
13,224
  
$
13,448
    
+ 41
%
Borrowings
  
$
6,836
  
$
6,698
    
(42
%)

The following table illustrates this improvement on an outstanding per share basis:
 
Amount per share
  
12/31/99
  
12/31/01
  
12/31/03
  
12/31/05
 
                   
Loans
  
$
66.28
  
$
89.36
  
$
107.51
  
$
137.11
  
Deposits
  
$
61.57
  
$
80.09
  
$
94.80
  
$
122.04
  
 
Amount per share
    
12/31/06
    
06/30/07
 
  
% Change
    
CAGR
 
                           
Loans
  
$
152.44
  
$
160.89
    
143
%
  
13
%
Deposits
  
$
134.65
  
$
138.85
    
126
%
  
11
%
 
Stockholders' equity was $1.2 billion, or 5.52% of total assets at June 30, 2007. Astoria Federal continues to maintain capital ratios in excess of regulatory requirements with core, tangible and risk-based capital ratios of 6.65%, 6.65% and 12.19%, respectively, at June 30, 2007.

Future Outlook
 
Commenting on the outlook for the second half of 2007, Mr. Engelke stated, "The operating environment has improved slightly in the last several months, but remains challenging. The yield curve, which has recently become positively sloped, still remains relatively flat, limiting profitable growth opportunities. We expect the yield curve to remain relatively flat for the remainder of 2007 and into 2008 which will result in a relatively stable net interest margin for 2007, similar to the 2007 second quarter margin. We will, therefore, maintain our strategy of reducing the securities portfolio while we emphasize deposit and loan growth, all of which will continue to improve the quality of both the balance sheet and earnings. We will also focus on the repurchase of our stock as a very desirable use of capital, maintaining the Company's tangible capital levels between 4.50% and 4.75%."

Astoria Financial Corporation, the holding company for Astoria Federal Savings and Loan Association, with assets of $21.6 billion is the sixth largest thrift institution in the United States. Established in 1888, Astoria Federal is the largest thrift depository headquartered in New York with deposits of $13.4 billion and embraces its philosophy of "Putting people first" by providing the customers and local communities it serves with quality financial products and services through 86 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest 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 Federal originates mortgage loans through its banking offices and loan production offices in New York, an extensive broker network covering twenty-six states, primarily the East Coast, and the District of Columbia, and through correspondent relationships covering forty-three states and the District of Columbia.

 
Earnings Conference Call July 19, 2007 at 9:30 a.m. (ET)
 
The Company, as previously announced, indicated that Mr. Engelke will host an earnings conference call Thursday morning, July 19, 2007 at 9:30 a.m. (ET). The toll-free dial-in number is (888) 562-3356, conference ID # 8921889. A telephone replay will be available on July 19, 2007 from 1:00 p.m. (ET) through Friday, July 27, 2007, 11:59 p.m. (ET). The replay number is (877) 519-4471, ID # 8921889. The conference call will also be simultaneously webcast on the Company's website www.astoriafederal.com and archived for one year.

Forward Looking Statements
 
This document 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," "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 its 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 of the 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 may adversely affect our business; applicable technological changes may be more difficult or expensive than we anticipate; success or consummation of new business initiatives may be more difficult or expensive than we anticipate; or litigation or matters before regulatory agencies, whether currently existing or commencing in the future, may be determined adverse to us or may delay the occurrence or non-occurrence of events longer than we anticipate. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.
 
 
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
 
 
 
At
 
At
 
 
 
June 30,
 
December 31,
 
 
 
2007
 
2006
  
ASSETS
  
 
      
Cash and due from banks
  
$
162,409
  
$
134,016
  
Repurchase agreements
    
44,482
    
71,694
  
Securities available-for-sale
    
1,396,922
    
1,560,325
  
Securities held-to-maturity(fair value of $3,274,832 and $3,681,514, respectively)
    
3,390,713
    
3,779,356
  
Federal Home Loan Bank of New York stock, at cost
    
155,601
    
153,640
  
Loans held-for-sale, net
    
20,772
    
16,542
  
Loans receivable:
              
Mortgage loans, net
    
15,188,465
    
14,532,503
  
Consumer and other loans, net
    
393,840
    
439,188
  
 
    
15,582,305
    
14,971,691
  
Allowance for loan losses
    
(79,399
)
  
(79,942
)
Total loans receivable, net
    
15,502,906
    
14,891,749
  
Mortgage servicing rights, net
    
15,354
    
15,944
  
Accrued interest receivable
    
78,161
    
78,761
  
Premises and equipment, net
    
142,977
    
145,231
  
Goodwill
    
185,151
    
185,151
  
Bank owned life insurance
    
393,933
    
385,952
  
Other assets
    
160,490
    
136,158
  
 
              
TOTAL ASSETS
  
$
21,649,871
  
$
21,554,519
  
 
              
LIABILITIES AND STOCKHOLDERS' EQUITY
             
Liabilities:
              
Deposits
  
$
13,447,856
  
$
13,224,024
  
Reverse repurchase agreements
    
4,280,000
    
4,480,000
  
Federal Home Loan Bank of New York
advances
    
2,002,000
    
1,940,000
  
Other borrowings, net
    
416,342
    
416,002
  
Mortgage escrow funds
    
151,733
    
132,080
  
Accrued expenses and other liabilities
    
156,908
    
146,659
  
 
              
TOTAL LIABILITIES
    
20,454,839
    
20,338,765
  
 
              
Stockholders' equity:
              
Preferred stock, $1.00 par value; (5,000,000 shares authorized; none issued and outstanding)
    
-
    
-
  
Common stock, $.01 par value; (200,000,000 shares authorized; 166,494,888 shares issued; and 96,851,570 and 98,211,827 shares outstanding, respectively)
    
1,665
    
1,665
  
Additional paid-in capital
    
838,791
    
828,940
  
Retained earnings
    
1,877,237
    
1,856,528
  
Treasury stock (69,643,318 and 68,283,061 shares, at cost, respectively)
    
(1,430,864
)
  
(1,390,495
)
Accumulated other comprehensive loss
    
(69,947
)
  
(58,330
)
Unallocated common stock held by ESOP (5,963,755 and 6,155,918 shares, respectively)
    
(21,850
)
  
(22,554
)
 
              
TOTAL STOCKHOLDERS' EQUITY
    
1,195,032
    
1,215,754
  
 
              
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
21,649,871
  
$
21,554,519
  
 
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)

 
  
For the Three Months
  
For the Six Months
  
 
  
Ended
  
Ended
  
   
June 30,
  
June 30,
  
 
  
2007
  
2006
  
2007
  
2006
  
Interest income:
                  
Mortgage loans:
                  
One-to-four family
  
$
141,568
  
$
125,606
  
$
278,084
  
$
250,491
  
Multi-family, commercial real estate and construction
    
64,438
    
63,986
    
129,108
    
126,245
  
Consumer and other loans
    
7,812
    
8,972
    
16,006
    
17,819
  
Mortgage-backed and other securities
    
55,885
    
68,532
    
114,900
    
140,427
  
Federal funds sold and repurchase agreements
    
499
    
2,296
    
1,475
    
3,939
  
Federal Home Loan Bank of New York stock
    
2,749
    
1,797
    
5,347
    
3,486
  
Total interest income
    
272,951
    
271,189
    
544,920
    
542,407
  
Interest expense:
                          
Deposits
    
114,096
    
90,549
    
224,454
    
173,254
  
Borrowings
    
75,964
    
79,324
    
150,048
    
156,291
  
Total interest expense
    
190,060
    
169,873
    
374,502
    
329,545
  
 
                          
Net interest income
    
82,891
    
101,316
    
170,418
    
212,862
  
Provision for loan losses
    
-
    
-
    
-
    
-
  
Net interest income after provision for loan losses
    
82,891
    
101,316
    
170,418
    
212,862
  
Non-interest income:
                          
Customer service fees
    
16,159
    
16,440
    
31,328
    
33,038
  
Other loan fees
    
1,110
    
962
    
2,328
    
1,772
  
Mortgage banking income, net
    
1,224
    
2,147
    
1,840
    
3,629
  
Income from bank owned life insurance
    
4,287
    
4,031
    
8,490
    
8,106
  
Other
    
3,500
    
2,147
    
4,891
    
(1,921
)
Total non-interest income
    
26,280
    
25,727
    
48,877
    
44,624
  
Non-interest expense:
                          
General and administrative:
                          
Compensation and benefits
    
30,046
    
28,528
    
61,170
    
58,839
  
Occupancy, equipment and systems
    
16,494
    
16,297
    
33,015
    
33,105
  
Federal deposit insurance premiums
    
407
    
415
    
814
    
849
  
Advertising
    
1,977
    
1,902
    
3,892
    
3,829
  
Other
    
9,783
    
8,077
    
16,936
    
14,906
  
Total non-interest expense
   
58,707
    
55,219
    
115,827
    
111,528
  
 
                          
Income before income tax expense
    
50,464
    
71,824
    
103,468
    
145,958
  
Income tax expense
    
16,400
    
24,061
    
33,627
    
49,261
  
 
                          
Net income
  
$
34,064
  
$
47,763
  
$
69,841
  
$
96,697
  
 
                          
Basic earnings per common share
  
$
0.38
  
$
0.50
  
$
0.77
  
$
1.00
  
 
                          
Diluted earnings per common share
  
$
0.37
  
$
0.49
  
$
0.75
  
$
0.98
  
 
                          
Basic weighted average common shares
    
90,704,749
    
95,477,528
    
91,062,161
    
96,386,742
  
Diluted weighted average common and common equivalent shares
    
92,166,978
    
98,059,723
    
92,864,131
    
98,974,405
  
 
 
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,
  
   
2007
  
2006
  
2007
  
2006
  
                   
Selected Returns and Financial Ratios (annualized)
                  
Return on average stockholders' equity
    
11.35
%
  
14.94
%
  
11.59
%
  
14.87
%
Return on average tangible stockholders' equity (1)
    
13.42
    
17.48
    
13.70
    
17.34
  
Return on average assets
    
0.63
    
0.87
    
0.65
    
0.87
  
General and administrative expense to average assets
   
1.09
    
1.00
    
1.08
    
1.01
  
Efficiency ratio (2)
    
53.78
    
43.46
    
52.82
    
43.31
  
Net interest rate spread (3)
    
1.50
    
1.82
    
1.55
    
1.91
  
Net interest margin (4)
    
1.62
    
1.92
    
1.66
    
2.01
  
                           
Selected Non-GAAP Returns and Financial Ratios
(annualized) (5)
                          
Non-GAAP return on average stockholders' equity
                
11.59
%
  
15.43
%
Non-GAAP return on average tangible stockholders'
equity (1)
                
13.70
    
17.99
  
Non-GAAP return on average assets
                
0.65
    
0.91
  
Non-GAAP efficiency ratio (2)
                
52.82
    
42.42
  
                           
Asset Quality Data (dollars in thousands)
                          
Non-performing loans/total loans
                
0.41
%
  
0.37
%
Non-performing loans/total assets
              
0.30
    
0.25
  
Non-performing assets/total assets
                
0.30
    
0.25
  
Allowance for loan losses/non-performing loans
                
124.07
    
149.31
  
Allowance for loan losses/non-accrual loans
                
125.29
    
150.81
  
Allowance for loan losses/total loans
                
0.51
    
0.55
  
Net charge-offs to average loans outstanding (annualized)
    
0.02
%
  
0.00
%
  
0.01
    
0.00
  
                           
Non-performing assets
              
$
65,921
  
$
55,361
  
Non-performing loans
                
63,996
    
54,290
  
Loans 90 days past maturity but still accruing interest
                
625
    
537
  
Non-accrual loans
                
63,371
    
53,753
  
Net charge-offs
  
$
698
  
$
80
    
543
    
96
  
                           
Capital Ratios (Astoria Federal)
                          
Tangible
                
6.65
%
  
6.53
%
Core
                
6.65
    
6.53
  
Risk-based
                
12.19
    
12.22
  
                           
Other Data
                          
Cash dividends paid per common share
  
$
0.26
  
$
0.24
  
$
0.52
  
$
0.48
  
Dividend payout ratio
    
70.27
%
  
48.98
%
  
69.33
%
  
48.98
%
Book value per share (6)
            
$
13.15
  
$
13.38
  
Tangible book value per share (7)
              
$
11.11
  
$
11.43
  
Tangible stockholders' equity/tangible assets (1) (8)
                
4.70
%
  
5.00
%
Mortgage loans serviced for others (in thousands)
              
$
1,305,916
  
$
1,430,746
  
Full time equivalent employees
                
1,628
    
1,635
  
 
(1)
Tangible stockholders' equity represents stockholders' equity less goodwill.
(2)
The efficiency ratio represents general and administrative expense divided by the sum of net interest income plus non-interest income. Net interest rate spread represents the difference between the average
(3)
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.
(5)
The information presented for the six months ended June 30, 2006 represents pro forma calculations which are not in conformity with U.S. generally accepted accounting principles, or GAAP. The 2006 information excludes the $3.6 million, after tax, ($5.5 million, before tax) charge for the termination of our interest rate swap agreements recorded in the 2006 first quarter. See page 12 for a reconciliation of GAAP net income to non-GAAP earnings for the six months ended June 30, 2006.
(6)
Book value per share represents stockholders' equity divided by outstanding shares, excluding unallocated Employee Stock Ownership Plan, or ESOP, shares.
(7)
Tangible book value per share represents stockholders' equity less goodwill divided by outstanding shares, excluding unallocated ESOP shares.
(8)
Tangible assets represent assets less goodwill.


ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
 
AVERAGE BALANCE SHEETS
(Dollars in Thousands)

   
For the Three Months Ended June 30, 2007
  
   
 
      
Average 
  
   
Average
  
 
  
Yield/ 
  
   
Balance
  
Interest
  
Cost
  
   
 
      
(Annualized) 
  
Assets:
              
Interest-earning assets:
              
Mortgage loans (1):One-to-four family
  
$
10,749,335
  
$
141,568
    
5.27
%
Multi-family, commercial real estate and construction
    
4,200,044
    
64,438
    
6.14
  
Consumer and other loans (1)
    
406,437
    
7,812
    
7.69
  
Total loans
    
15,355,816
    
213,818
    
5.57
  
Mortgage-backed and other securities (2)
    
4,964,564
    
55,885
    
4.50
  
Federal funds sold and repurchase agreements
    
37,742
    
499
    
5.29
  
Federal Home Loan Bank stock
    
155,056
    
2,749
    
7.09
  
Total interest-earning assets
    
20,513,178
    
272,951
    
5.32
  
Goodwill
    
185,151
              
Other non-interest-earning assets
    
763,554
              
Total assets
  
$
21,461,883
              
                     
Liabilities and stockholders' equity:
                    
Interest-bearing liabilities:
                    
Savings
  
$
2,061,648
    
2,074
    
0.40
  
Money market
    
391,139
    
970
    
0.99
  
NOW and demand deposit
    
1,495,582
    
214
    
0.06
  
Liquid certificates of deposit
    
1,659,796
    
20,241
    
4.88
  
Total core deposits
    
5,608,165
    
23,499
    
1.68
  
Certificates of deposit
    
7,724,775
    
90,597
    
4.69
  
Total deposits
    
13,332,940
    
114,096
    
3.42
  
Borrowings
    
6,562,399
    
75,964
    
4.63
  
Total interest-bearing liabilities
    
19,895,339
    
190,060
    
3.82
  
Non-interest-bearing liabilities
    
365,877
              
Total liabilities
    
20,261,216
              
Stockholders' equity
    
1,200,667
              
Total liabilities and stockholders' equity
  
$
21,461,883
              
                     
Net interest income/net interest rate spread
  
 
 
  
$
82,891
 
  
1.50
%
Net interest-earning assets/net interest margin
  
$
617,839
    
 
  
1.62
%
Ratio of interest-earning assets to interest-bearing liabilities
    
1.03
 x             
 

   
For the Three Months Ended June 30, 2006
  
           
Average
  
   
Average
      
Yield/
  
   
Balance
  
Interest
  
Cost
  
           
(Annualized)
  
Assets:
              
Interest-earning assets:
              
Mortgage loans (1):
              
One-to-four family
  
$
9,920,003
  
$
125,606
    
5.06
%
Multi-family, commercial real estate and construction
    
4,214,459
    
63,986
    
6.07
  
Consumer and other loans (1)
    
490,463
    
8,972
    
7.32
  
Total loans
    
14,624,925
    
198,564
    
5.43
  
Mortgage-backed and other securities (2)
    
6,099,829
    
68,532
    
4.49
  
Federal funds sold and repurchase agreements
    
189,049
    
2,296
    
4.86
  
Federal Home Loan Bank stock
    
142,884
    
1,797
    
5.03
  
Total interest-earning assets
    
21,056,687
    
271,189
    
5.15
  
Goodwill
    
185,151
              
Other non-interest-earning assets
    
778,676
              
Total assets
  
$
22,020,514
              
                     
Liabilities and stockholders' equity:
                    
Interest-bearing liabilities:
                    
Savings
  
$
2,396,537
    
2,405
    
0.40
  
Money market
    
563,782
    
1,381
    
0.98
  
NOW and demand deposit
    
1,540,556
    
224
    
0.06
  
Liquid certificates of deposit
    
966,457
    
10,397
    
4.30
  
Total core deposits
    
5,467,332
    
14,407
    
1.05
  
Certificates of deposit
    
7,485,159
    
76,142
    
4.07
  
Total deposits
    
12,952,491
    
90,549
    
2.80
  
Borrowings
    
7,433,642
    
79,324
    
4.27
  
Total interest-bearing liabilities
    
20,386,133
    
169,873
    
3.33
  
Non-interest-bearing liabilities
    
355,948
              
Total liabilities
    
20,742,081
              
Stockholders' equity
    
1,278,433
              
Total liabilities and stockholders' equity
  
$
22,020,514
              
                     
Net interest income/net interest rate spread
  
 
  
$
101,316
  
1.82
%
Net interest-earning assets/net interest margin
  
$
670,554
    
 
  
1.92
%
Ratio of interest-earning assets to interest-bearing liabilities
    
1.03
 x            

(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.
 
 
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
 
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
 
   
For the Six Months Ended June 30, 2007
  
           
Average
  
   
Average
      
Yield/
  
   
Balance
  
Interest
  
Cost
  
 
          
(Annualized)
  
Assets:
              
Interest-earning assets:
              
Mortgage loans (1):
              
One-to-four family
  
$
10,568,690
  
$
278,084
    
5.26
%
Multi-family, commercial real estate and construction
    
4,214,404
     129,108    
6.13
  
Consumer and other loans (1)
     418,631     16,006    
7.65
  
Total loans
    
15,201,725
     423,198    
5.57
  
Mortgage-backed and other securities (2)
    
5,096,922
    
114,900
    
4.51
  
Federal funds sold and repurchase agreements
    
56,009
    
1,475
    
5.27
  
Federal Home Loan Bank stock
    
151,880
    
5,347
    
7.04
  
Total interest-earning assets
    
20,506,536
    
544,920
    
5.31
  
Goodwill
    
185,151
              
Other non-interest-earning assets
    
760,102
              
Total assets
  
$
21,451,789
              
                     
Liabilities and stockholders' equity:
                    
Interest-bearing liabilities:
                    
Savings
  
$
2,080,553
    
4,161
    
0.40
  
Money market
    
406,441
    
2,007
    
0.99
  
NOW and demand deposit
    
1,480,253
    
425
    
0.06
  
Liquid certificates of deposit
    
1,592,477
    
38,777
    
4.87
  
Total core deposits
    
5,559,724
    
45,370
    
1.63
  
Certificates of deposit
    
7,712,371
    
179,084
    
4.64
  
Total deposits
    
13,272,095
    
224,454
    
3.38
  
Borrowings
    
6,623,738
    
150,048
    
4.53
  
Total interest-bearing liabilities
    
19,895,833
    
374,502
    
3.76
  
Non-interest-bearing liabilities
    
351,122
              
Total liabilities
    
20,246,955
              
                     
Stockholders' equity
    
1,204,834
              
Total liabilities and stockholders' equity
  
$
21,451,789
              
                     
Net interest income/net interest rate spread
        
$
170,418
    
1.55
%
Net interest-earning assets/net interest margin
  
$
610,703
          
1.66
%
Ratio of interest-earning assets to interest-bearing liabilities
    
1.03
 x            
 

   
For the Six Months Ended June 30, 2006
  
           
Average
  
   
Average
      
Yield/
  
   
Balance
  
Interest
  
Cost
  
           
(Annualized)
  
Assets:
              
Interest-earning assets:
              
Mortgage loans (1):
              
One-to-four family
  
$
9,905,279
  
$
250,491
    
5.06
%
Multi-family, commercial real estate and construction
    
4,153,353
    
126,245
    
6.08
  
Consumer and other loans (1)
    
498,280
    
17,819
    
7.15
  
Total loans
    
14,556,912
    
394,555
    
5.42
  
Mortgage-backed and other securities (2)
    
6,263,198
    
140,427
    
4.48
  
Federal funds sold and repurchase agreements
    
170,104
    
3,939
    
4.63
  
Federal Home Loan Bank stock
    
140,855
    
3,486
    
4.95
  
Total interest-earning assets
    
21,131,069
    
542,407
    
5.13
  
Goodwill
    
185,151
              
Other non-interest-earning assets
    
792,174
              
Total assets
  
$
22,108,394
              
                     
Liabilities and stockholders' equity:
                    
Interest-bearing liabilities:
                    
Savings
  
$
2,432,131
    
4,855
    
0.40
  
Money market
    
592,217
    
2,854
    
0.96
  
NOW and demand deposit
    
1,528,357
    
444
    
0.06
  
Liquid certificates of deposit
    
848,717
    
17,452
    
4.11
  
Total core deposits
    
5,401,422
    
25,605
    
0.95
  
Certificates of deposit
    
7,517,750
    
147,649
    
3.93
  
Total deposits
    
12,919,172
    
173,254
    
2.68
  
Borrowings
    
7,542,721
    
156,291
    
4.14
  
Total interest-bearing liabilities
    
20,461,893
    
329,545
    
3.22
  
Non-interest-bearing liabilities
    
345,909
              
Total liabilities
    
20,807,802
              
Stockholders' equity
    
1,300,592
              
Total liabilities and stockholders' equity
  
$
22,108,394
              
                     
Net interest income/net interest rate spread
        
$
212,862
    
1.91
%
Net interest-earning assets/net interest margin
  
$
669,176
          
2.01
%
Ratio of interest-earning assets to interest-bearing liabilities
    
1.03x
              

(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.

 
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

END OF PERIOD BALANCES AND RATES
(Dollars in Thousands)

   
At June 30, 2007
  
At March 31, 2007
  
       
Weighted
      
Weighted
  
       
Average
      
Average
  
   
Balance
  
Rate (1)
  
Balance
  
Rate (1)
  
Selected interest-earning assets:
                  
Mortgage loans, gross (2):
                  
One-to-four family
  
$
10,909,568
    
5.58
%
$
10,370,347
    
5.51
%
Multi-family, commercial real estate and construction
    
4,179,772
    
5.94
    
4,216,228
    
5.94
  
Mortgage-backed and other securities (3)
    
4,787,635
    
4.34
    
5,087,727
    
4.34
  
                           
Interest-bearing liabilities:
                          
Savings
    
2,025,132
    
0.40
    
2,084,922
    
0.40
  
Money market
    
377,455
    
1.00
    
411,337
    
1.00
  
NOW and demand deposit
    
1,489,624
    
0.06
    
1,527,864
    
0.06
  
Liquid certificates of deposit
    
1,664,176
    
4.83
    
1,624,660
    
4.93
  
Total core deposits
    
5,556,387
    
1.68
    
5,648,783
    
1.65
  
Certificates of deposit
    
7,891,469
    
4.76
    
7,773,223
    
4.71
  
Total deposits
    
13,447,856
    
3.49
    
13,422,006
    
3.42
  
Borrowings, net
    
6,698,342
    
4.62
    
6,396,172
    
4.47
  
 

   
At June 30, 2006
  
       
Weighted
  
       
Average
  
   
Balance
  
Rate (1)
  
Selected interest-earning assets:
          
Mortgage loans, gross (2):
          
One-to-four family
  
$
9,824,066
    
5.32
%
Multi-family, commercial real estate and construction
    
4,245,697
    
5.95
  
Mortgage-backed and other securities (3)
    
5,870,733
    
4.34
  
               
Interest-bearing liabilities:
              
Savings
    
2,352,923
    
0.40
  
Money market
    
537,602
    
1.01
  
NOW and demand deposit
    
1,535,833
    
0.06
  
Liquid certificates of deposit
    
1,117,478
    
4.54
  
Total core deposits
    
5,543,836
    
1.20
  
Certificates of deposit
    
7,548,396
    
4.26
  
Total deposits
    
13,092,232
    
2.96
  
Borrowings, net
    
7,202,662
    
4.29
  
 
(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 include non-performing loans.
(3)
Securities available-for-sale are reported at fair value and securities held-to-maturity are reported at amortized cost.
 
 
RECONCILIATION OF 2006 GAAP NET INCOME TO NON-GAAP EARNINGS
(In Thousands, Except Per Share Data)

   
For the Six Months Ended June 30, 2006
  
   
GAAP
  
Adjustments (4)
  
Non-GAAP
  
 
              
Net interest income after provision for loan losses
  
$
212,862
  
$
-
  
$
212,862
  
Non-interest income
    
44,624
    
5,456
    
50,080
  
Non-interest expense
    
111,528
    
-
    
111,528
  
Income before income tax expense
    
145,958
    
5,456
    
151,414
  
Income tax expense
    
49,261
    
1,841
    
51,102
  
Net income
  
$
96,697
  
$
3,615
  
$
100,312
  
                     
Basic earnings per common share
  
$
1.00
  
$
0.04
  
$
1.04
  
Diluted earnings per common share
 
$
0.98
  
$
0.04
  
$
1.01
(5)

(4)
Adjustments relate to the $5.5 million charge for the termination of our interest rate swap agreements and the related tax effects.
(5)
Figures do not cross foot due to rounding.

SOURCE Astoria Financial Corporation
-0-
07/18/2007
/CONTACT: Peter J. Cunningham, First Vice President, Investor Relations of Astoria Financial Corporation, +1-516-327-7877, ir@astoriafederal.com /
/Company News On-Call: http://www.prnewswire.com/comp/104529.html /
/Web site: http://www.astoriafederal.com /
(AF)

CO:
Astoria Financial Corporation
ST:
New York
IN:
FIN OTC
SU:
ERN CCA DIV
 
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