ASTORIA FINANCIAL CORP

CIK:0000910322|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest income:
Residential mortgage loans	$ 42,560	$ 45,683	$ 86,620	$ 93,058
Multi-family and commercial real estate mortgage loans	43,423	46,607	86,829	93,412
Consumer and other loans	2,382	2,435	4,674	4,807
Mortgage-backed and other securities	18,615	17,400	36,615	34,304
Interest-earning cash accounts	180	116	341	236
Federal Home Loan Bank of New York stock	1,440	1,487	3,234	2,908
Total interest income	108,600	113,728	218,313	228,725
Interest expense:
Deposits	6,617	6,557	12,976	14,019
Borrowings	23,446	24,085	46,685	48,368
Total interest expense	30,063	30,642	59,661	62,387
Net interest income	78,537	83,086	158,652	166,338
Provision for loan losses credited to operations	(2,455)	(3,006)	(4,941)	(6,133)
Net interest income after provision for loan losses	80,992	86,092	163,593	172,471
Non-interest income:
Customer service fees	6,853	7,542	13,462	14,530
Other loan fees	497	567	1,092	1,101
Gain on sales of securities	0	0	0	86
Mortgage banking income, net	993	155	2,287	118
Income from bank owned life insurance	2,277	2,336	4,429	4,625
Other	1,222	1,316	2,446	2,857
Total non-interest income	11,842	11,916	23,716	23,317
General and administrative:
Compensation and benefits	36,064	36,708	73,061	74,961
Occupancy, equipment and systems	19,616	18,840	39,828	38,231
Federal deposit insurance premium	1,375	3,031	3,673	6,561
Advertising	559	3,018	1,148	4,471
Other	7,121	8,452	18,989	15,347
Total non-interest expense	64,735	70,049	136,699	139,571
Income before income tax expense	28,099	27,959	50,610	56,217
Income tax expense	10,116	9,623	18,220	19,316
Net income	17,983	18,336	32,390	36,901
Preferred stock dividends	2,194	2,194	4,388	4,388
Net income available to common shareholders	$ 15,789	$ 16,142	$ 28,002	$ 32,513
Basic earnings per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.28	$ 0.32
Diluted earnings per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.28	$ 0.32
Basic weighted average common shares outstanding	100,595,630	100,380,937	100,590,645	100,374,934
Diluted weighted average common shares outstanding	100,595,630	100,380,937	100,590,645	100,374,934

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 32,390	$ 36,901
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization on loans	4,509	5,058
Net amortization on securities and borrowings	3,019	3,988
Net provision for loan and real estate losses credited to operations	(4,617)	(5,545)
Depreciation and amortization	6,094	7,299
Net gain on sales of loans and securities	(955)	(1,091)
Mortgage servicing rights amortization and valuation allowance adjustments, net	511	2,696
Stock-based compensation	4,068	2,107
Deferred income tax (benefit) expense	(1,507)	1,206
Originations of loans held-for-sale	(52,483)	(55,461)
Proceeds from sales and principal repayments of loans held-for-sale	56,912	57,312
Decrease (increase) in accrued interest receivable	977	(569)
Bank owned life insurance income and insurance proceeds received, net	(1,324)	(2,625)
Increase in other assets	(705)	(1,498)
Increase in accrued expenses and other liabilities	(1,959)	(4,657)
Net cash provided by operating activities	44,930	45,121
Cash flows from investing activities:
Originations of loans receivable	(436,784)	(641,986)
Loan purchases through third parties	(79,448)	(101,252)
Principal payments on loans receivable	1,016,421	1,042,436
Proceeds from sales of delinquent and non-performing loans	527	2,182
Purchases of securities held-to-maturity	(677,066)	(822,576)
Purchases of securities available-for-sale	0	(30,000)
Principal payments on securities held-to-maturity	499,317	438,127
Principal payments on securities available-for-sale	24,885	74,610
Proceeds from sales of securities available-for-sale	0	23,065
Purchases of Federal Home Loan Bank of New York stock	(21,587)	(61,460)
Redemptions of Federal Home Loan Bank of New York stock	40,436	54,688
Proceeds from sales of real estate owned, net	10,112	10,527
Purchases of premises and equipment, net of proceeds from sales	(1,079)	(4,142)
Net cash provided by (used in) investing activities	375,734	(15,781)
Cash flows from financing activities:
Net increase (decrease) in deposits	12,501	(154,897)
Net increase (decrease) in borrowings with original terms of three months or less	145,000	(426,000)
Proceeds from borrowings with terms greater than three months	950,000	1,375,000
Repayments of borrowings with original terms greater than three months	(1,550,000)	(895,000)
Cash payments for debt issuance costs	(1,642)	0
Net increase in mortgage escrow funds	11,733	15,607
Proceeds from sales of treasury stock	70	83
Cash dividends paid to stockholders	(12,506)	(12,495)
Net tax benefit excess from stock-based compensation	0	19
Net cash used in financing activities	(444,844)	(97,683)
Net decrease in cash and cash equivalents	(24,180)	(68,343)
Cash and cash equivalents at beginning of period	129,944	200,538
Cash and cash equivalents at end of period	105,764	132,195
Supplemental disclosures:
Interest paid	59,881	61,544
Income taxes paid	18,947	13,595
Additions to real estate owned	10,099	6,257
Loans transferred to held-for-sale	$ 886	$ 1,562

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Cash and due from banks	$ 105,764	$ 129,944
Available-for-sale securities:
Encumbered	34,169	35,080
Unencumbered	220,811	244,965
Total available-for-sale securities	254,980	280,045
Held-to-maturity securities, fair value of $2,874,880 and $2,690,546, respectively:
Encumbered	1,154,343	1,194,685
Unencumbered	1,761,122	1,545,447
Total held-to-maturity securities	2,915,465	2,740,132
Federal Home Loan Bank of New York stock, at cost	105,958	124,807
Loans held-for-sale, net	7,920	11,584
Loans receivable	9,899,632	10,417,187
Allowance for loan losses	(79,500)	(86,100)
Loans receivable, net	9,820,132	10,331,087
Mortgage servicing rights, net	10,168	10,130
Accrued interest receivable	34,017	34,994
Premises and equipment, net	96,005	101,021
Goodwill	185,151	185,151
Bank owned life insurance	442,388	441,064
Real estate owned, net	14,807	15,144
Other assets	155,585	153,549
Total assets	14,148,340	14,558,652
Deposits:
NOW and demand deposit	2,549,323	2,521,094
Money market	2,776,313	2,706,895
Savings	2,026,585	2,048,202
Certificates of deposit	1,537,335	1,600,864
Total deposits	8,889,556	8,877,055
Federal funds purchased	170,000	195,000
Securities sold under agreements to repurchase	1,100,000	1,100,000
Federal Home Loan Bank of New York advances	1,710,000	2,090,000
Other borrowings, net	197,945	249,752
Mortgage escrow funds	124,708	112,975
Accrued expenses and other liabilities	217,095	219,797
Total liabilities	12,409,304	12,844,579
Stockholders’ Equity:
Preferred stock, $1.00 par value; 5,000,000 shares authorized: Series C (150,000 shares authorized; and 135,000 shares issued and outstanding)	129,796	129,796
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 101,717,818 and 101,210,478 shares outstanding, respectively)	1,665	1,665
Additional paid-in capital	824,451	830,417
Retained earnings	2,175,308	2,155,785
Treasury stock (64,777,070 and 65,284,410 shares, at cost, respectively)	(1,336,244)	(1,346,709)
Accumulated other comprehensive loss	(55,940)	(56,881)
Total stockholders’ equity	1,739,036	1,714,073
Total liabilities and stockholders’ equity	$ 14,148,340	$ 14,558,652