Astoria Financial Corporation (AF) has reported 1.14 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $18.69 million, or $0.16 a share in the quarter, compared with $18.91 million, or $0.17 a share for the same period last year.
Revenue during the quarter dropped 4.53 percent to $97.40 million from $102.02 million in the previous year period. Net interest income for the quarter dropped 1.29 percent over the prior year period to $83.64 million. Non-interest income for the quarter fell 0.67 percent over the last year period to $12.77 million.
Astoria Financial Corporation has made negative provision of $1 million for loan losses during the quarter, compared with a negative provision of $4.44 million in the same period last year.
Net interest margin improved 2 basis points to 2.39 percent in the quarter from 2.37 percent in the last year period. Efficiency ratio for the quarter improved to 71.27 percent from 74.38 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Monte N. Redman, president and chief executive officer of Astoria, commenting on the results stated, "We are pleased that we continue to add value to the Astoria franchise as evidenced by the continued growth that we have seen in core deposits. Core deposits have grown by $166.2 million, including $107.9 million of business deposits since year end and now represent 82% of total deposits. In addition our high quality, higher yielding MF/CRE mortgage loan portfolio now represents 46% of the total loan portfolio."
Assets, liabilities fall
Total assets stood at $14,813.94 million as on Sep. 30, 2016, down 1.89 percent compared with $15,099.20 million on Sep. 30, 2015. On the other hand, total liabilities stood at $13,106.28 million as on Sep. 30, 2016, down 2.57 percent from $13,452.02 million on Sep. 30, 2015.
Deposits outpace loan growth
Net loans stood at $10,542.96 million as on Sep. 30, 2016, down 5.44 percent compared with $11,149.87 million on Sep. 30, 2015. Deposits stood at $8,927.64 million as on Sep. 30, 2016, down 1.34 percent compared with $9,048.46 million on Sep. 30, 2015.
Investments stood at $3,059.41 million as on Sep. 30, 2016, up 15.66 percent or $414.32 million from year-ago. Shareholders equity stood at $1,707.66 million as on Sep. 30, 2016, up 3.67 percent or $60.48 million from year-ago.
Return on average assets was stable at 0.50 percent in the quarter, when compared with the last year period. At the same time, return on average equity decreased 24 basis points to 4.20 percent in the quarter from 4.44 percent in the last year period.
Nonperforming assets moved up 9.71 percent or $14.64 million to $165.50 million on Sep. 30, 2016 from $150.85 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.12 percent in the quarter, up from 1 percent in the last year period.
Book value per share was $15.57 for the quarter, up 3.39 percent or $0.51 compared to $15.06 for the same period last year.
