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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
AT DECEMBER 31, 1996
CAPITAL ACTUAL EXCESS
REQUIREMENT CAPITAL CAPITAL
(Dollars in Thousands)
Tangible 107,214 1.5% 404,016 5.65% 296,802 4.15%
Leverage 214,428 3.00 404,016 5.65 189,588 2.65
Risk-based 203,773 8.00 418,038 16.41 214,265 8.41
____________________________
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
AT DECEMBER 31,
1996 1995
PERCENT PERCENT
AMOUNT OF TOTAL AMOUNT OF TOTAL
SECURITIES AVAILABLE-FOR-SALE:
Mortgage-Backed and Mortgage-
Related Securities:
FHLMC 261,597 11.39% 335,837 13.35%
GNMA 236,688 10.31 159,412 6.34
FNMA 46,114 2.01 148,424 5.90
REMICs:
Agency issuance 1,135,607 49.45 1,120,676 44.54
Private issuance 15,455 0.67 22,401 0.89
Other Mortgage-Related 404,915 17.63 546,072 21.71
Obligations of U.S. Government and
Agencies 127,602 5.56 150,567 5.98
Equity Securities 68,620 2.98 32,503 1.29
Other 64 76
Total Securities
Available-for-Sale 2,296,662 100.00% 2,515,968 100.00%
SECURITIES HELD-TO-MATURITY:
Mortgage-Backed and Mortgage-
Related Securities:
FHLMC 28,181 1.43% 36,490 2.25%
GNMA 86,457 4.40 105,281 6.49
FNMA 22,056 1.12 24,615 1.52
CMOs 6,484 0.33 10,694 0.66
REMICs:
Agency issuance 940,657 47.84 994,373 61.27
Private issuance 242,480 12.33 168,639 10.39
Other Mortgage-Related 351 0.02 354 0.02
Obligations of U.S. Government
and Agencies 578,485 29.42 220,200 13.57
Obligations of States and
Political Subdivisions 51,206 2.60 52,019 3.21
Corporate Debt Securities 10,093 0.51 10,140 0.62
Total Securities
Held-to-Maturity 1,966,450 100.00% 1,622,805 100.00%
Net discount (5,435) (7,263)
Net Securities
Held-to-Maturity 1,961,015 1,615,542
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1994
PERCENT
AMOUNT OF TOTAL
27,892 50.21
27,658 49.79
55,550 100.00%
122,900 4.60%
123,113 4.61
69,788 2.61
10,440 0.39
1,902,915 71.16
151,437 5.66
369 0.01
240,200 8.98
52,797 1.97
312 0.01
2,674,271 100.00%
(14,738)
2,659,533
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
ONE YEAR ONE TO
OR LESS FIVE YEARS
ANNUALIZED ANNUALIZED
WEIGHTED WEIGHTED
CARRYING AVERAGE CARRYING AVERAGE
VALUE YIELD VALUE YIELD
(DOLLARS IN THOUSANDS)
FEDERAL FUNDS SOLD AND
REPURCHASE AGREEMENTS 56,000 6.68%
FHLB STOCK(1)
MORTGAGE-BACKED, MORTGAGE-
RELATED AND OTHER SECURITIES
AVAILABLE-FOR-SALE:
Pass-throughs guaranteed by
FHLMC 69,054 6.32%
GNMA
FNMA 147 8.99 2,944 7.69
REMICs:
Agency issuance 985 30.00
Private issuance 1,294 30.00
Other pass-throughs(2)
Obligations of the U.S.
Government and agencies 45,057 6.42 82,545 6.35
Equity securities(1)
Other securities
TOTAL AVAILABLE-FOR-
SALE SECURITIES: 116,537 6.83 85,489 6.40
MORTGAGE-BACKED, MORTGAGE-
RELATED AND OTHER SECURITIES
HELD-TO-MATURITY:
Pass-throughs guaranteed by
FHLMC 1,463 8.54%
GNMA 13 10.46 1,396 9.98
FNMA 7 12.00
CMOs 1,513 8.84
REMICs:
Agency issuance
Private issuance
Other pass-throughs(2)
Obligations of the U.S.
Government and agencies . 105,200 5.67
Obligations of states and
political subdivisions 540 3.25 2,566 3.39
Other securities 9,953 6.09
TOTAL HELD-TO-MATURITY
SECURITIES: 553 3.42 122,098 5.78
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FIVE TO
TEN YEARS
ANNUALIZED
WEIGHTED
CARRYING AVERAGE
VALUE YIELD
187,815 6.18
20 9.00
187,835 6.18
5,119 6.87%
11,372 7.56
788 9.38
87,910 6.35
370,043 7.52
1,791 3.71
93 6.50
477,116 7.28
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
MORE THAN TOTAL SECURITIES
TEN YEARS
AVERAGE
ANNUALIZED LIFE BY
WEIGHTED CONTRACTUAL
CARRYING AVERAGE MATURITY CARRYING
VALUE YIELD (IN YEARS) VALUE
FEDERAL FUNDS SOLD AND
REPURCHASE AGREEMENTS 0.01 56,000
FHLB STOCK(1) 32,354 6.61 32,354
MORTGAGE-BACKED, MORTGAGE-
RELATED AND OTHER SECURITIES
AVAILABLE-FOR-SALE:
Pass-throughs guaranteed by
FHLMC 192,543 7.24% 18.14 261,597
GNMA 236,688 6.96 27.71 236,688
FNMA 43,023 7.47 18.41 46,114
REMICs:
Agency issuance 946,807 6.32 19.65 1,135,607
Private issuance 14,161 7.02 24.89 15,455
Other pass-throughs(2) 404,915 7.49 24.82 404,915
Obligations of the U.S.
Government and agencies 1.73 127,602
Equity securities(1) 68,620 6.50 68,620
Other securities 44 9.47 15.86 64
TOTAL AVAILABLE-FOR-
SALE SECURITIES: 1,906,801 6.78 19.65 $2,296,662
MORTGAGE-BACKED, MORTGAGE-
RELATED AND OTHER SECURITIES
HELD-TO-MATURITY:
Pass-throughs guaranteed by
FHLMC 21,607 8.56% 11.02 28,189
GNMA 73,952 8.42 13.26 86,733
FNMA 21,249 6.36 15.34 22,044
CMOs 4,937 6.64 16.80 6,450
REMICs:
Agency issuance 848,782 6.52 21.12 936,692
Private issuance 241,154 6.57 23.10 241,154
Other pass-throughs(2) 351 8.14 20.09 351
Obligations of the U.S.
Government and agencies . 103,050 8.00 8.73 578,293
Obligations of states and
political subdivisions 46,166 6.69 19.64 51,063
Other securities 1.98 10,046
TOTAL HELD-TO-MATURITY
SECURITIES: 1,361,248 6.80 17.00 $1,961,015
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ANNUALIZED
ESTIMATED WEIGHTED
FAIR AVERAGE
VALUE YIELD
(DOLLARS IN THOUSANDS)
56,000 6.68%
32,354 6.61
261,597 7.00%
236,688 6.96
46,114 7.49
1,135,607 6.32
15,455 8.94
404,915 7.49
127,602 6.38
68,620 6.50
64 9.34
$2,296,662 6.72
29,194 8.25%
90,455 8.33
21,508 6.47
6,451 7.16
926,095 6.50
234,953 6.57
351 6.47
576,290 7.27
50,982 6.38
10,066 6.09
$1,946,345 6.84
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
AT DECEMBER 31,
1996 1995
PERCENT PERCENT
OF OF
AMOUNT TOTAL AMOUNT TOTAL
(DOLLARS IN THOUSANDS)
MORTGAGE LOANS (GROSS):
One-to-four family 2,259,409 85.18% 1,748,284 84.82%
Multi-family 166,836 6.29 109,944 5.34
Commercial real estate 158,100 5.96 128,668 6.24
Construction and land 10,129 0.38 12,598 0.61
Total mortgage loans 2,594,474 97.81 1,999,494 97.01
CONSUMER AND OTHER LOANS (GROSS):
Home equity 34,895 1.32 38,761 1.88
Passbook 4,022 0.15 2,915 0.14
Credit card 8,431 0.32 8,578 0.42
Other 10,761 0.40 11,420 0.55
Total other loans 58,109 2.19 61,674 2.99
Total loans 2,652,583 100.00% 2,061,168 100.00%
LESS:
Unearned discount, premium,
deferred loan fees, net (1,167) (4,030)
Allowance for loan losses (14,089) (13,495)
Total loans, net 2,637,327 2,043,643
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1994
PERCENT
OF
AMOUNT TOTAL
1,345,936 84.49%
92,506 5.81
87,557 5.50
19,373 1.22
1,545,372 97.02
27,225 1.71
1,979 0.12
8,635 0.54
9,704 0.61
47,543 2.98
1,592,915 100.00%
(5,982)
(12,173)
1,574,760
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
FEDERALLY CHARTERED SAVINGS ASSOCIATION REGULATION
AT DECEMBER 31,
1993 1992
PERCENT
OF
AMOUNT TOTAL AMOUNT
(DOLLARS IN THOUSANDS)
MORTGAGE LOANS (GROSS):
One-to-four family 1,259,808 82.20% 1,393,343
Multi-family 99,108 6.47 106,477
Commercial real estate 66,492 4.34 78,881
Construction and land 44,757 2.92 70,505
Total mortgage loans 1,470,165 95.93 1,649,206
CONSUMER AND OTHER LOANS (GROSS):
Home equity 31,885 2.08 33,911
Passbook 7,676 0.50 8,846
Credit card 9,385 0.61 8,440
Other 13,404 0.88 19,678
Total other loans 62,350 4.07 70,875
Total loans 1,532,515 100.00% 1,720,081
LESS:
Unearned discount, premium,
deferred loan fees, net (8,877) (11,392)
Allowance for loan losses (16,672) (15,750)
Total loans, net 1,506,966 1,692,939
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PERCENT
OF
TOTAL
81.00%
6.19
4.59
4.10
95.88
1.97
0.51
0.49
1.15
4.12
100.00%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
ONE-TO
FOUR MULTI- COMMERCIAL
FAMILY FAMILY REAL ESTATE
Amounts due:
Within one year 2,757 4,354 3,138
After one year:
One to three years 11,568 14,224 16,568
Three to five years 17,116 12,797 42,545
Five to 10 years 303,819 33,436 26,940
10 to 20 years 964,566 93,517 67,132
Over 20 years 959,583 8,508 1,777
Total due after one year 2,256,652 162,482 154,962
Total amounts due 2,259,409 166,836 158,100
Unearned discounts, premiums and deferred
loan fees, net
Allowance for loan losses
Loans receivable, net
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AT DECEMBER 31, 1996
CONSUMER TOTAL
CONSTRUCTION AND LOANS
AND LAND OTHER RECEIVABLE
(In Thousands)
5,057 10,708 26,014
4,730 5,993 53,083
283 2,574 75,315
59 1,130 365,384
37,704 1,162,919
969,868
5,072 47,401 2,626,569
10,129 58,109 2,652,583
(1,167)
(14,089)
2,637,327
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
Due After December 31, 1997
Fixed Adjustable Total
(In Thousands)
MORTGAGE LOANS:
One-to-four family 1,145,084 1,111,568 2,256,652
Multi-family 60,370 102,112 162,482
Commercial real estate 95,935 59,027 154,962
Construction and land. 2,334 2,738 5,072
CONSUMER AND OTHER LOANS 9,701 37,700 47,401
Total loans 1,313,424 1,313,145 2,626,569
____________________________
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
Year Ended December 31,
1996 1995 1994
(In Thousands)
MORTGAGE LOANS (GROSS):
At beginning of year 1,999,494 1,545,372 1,470,165
Mortgage loans originated:
One-to-four family 502,814 142,559 166,570
Multi-family 66,213 28,915 20,740
Commercial 42,508 29,061 29,665
Construction and land loans 1,200 2,171 4,396
Total mortgage loans
originated 612,735 202,706 221,371
Purchases of mortgage loans:
Bulk purchases 60,228 128,280 10,907
Third party loan origination
program (1) 255,761 122,364 151,946
Fidelity mortgage loans acquired 236,961
Sales of mortgage loans (9,740) (3,606) (176)
Transfer of loans to REO (6,842) (10,296) (15,318)
Principal repayments (313,158) (217,735) (285,596)
Loans charged off (4,004) (4,552) (7,927)
At end of year 2,594,474 1,999,494 1,545,372
CONSUMER AND OTHER LOANS (GROSS):
At beginning of period 61,674 47,543 62,350
Other loans originated 29,115 22,446 17,986
Fidelity consumer loans acquired 21,508
Sales of other loans (1,503) (1,155) (936)
Transfer of loans to REO (211)
Principal repayments (30,477) (27,936) (31,448)
Loans charged off (489) (732) (409)
At end of year 58,109 61,674 47,543
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
AT DECEMBER 31, 1996
60-89 DAYS 90 DAYS OR MORE
NUMBER PRINCIPAL NUMBER
OF BALANCE OF
LOANS OF LOANS LOANS
One-to-four family 73 3,901 276
Multi-family 6 1,226 13
Commercial real estate 2 823 13
Construction 4
Consumer and other loans 52 337 92
Total loans 133 6,287 398
Delinquent loans to total
loans 0.24%
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AT DECEMBER 31, 1995
60-89 DAYS 90 DAYS OR MORE
PRINCIPAL NUMBER PRINCIPAL NUMBER PRINCIPAL
BALANCE OF BALANCE OF BALANCE
OF LOANS LOANS OF LOANS LOANS OF LOANS
(Dollars in Thousands)
25,098 118 8,173 366 33,384
3,651 3 336 17 2,851
3,301 3 384 21 4,698
251 10 2,271
1,159 47 622 65 1,276
33,460 171 9,515 479 44,480
1.26% 0.46% 2.16%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
AT DECEMBER 31, 1994
60-89 DAYS 90 DAYS OR MORE
NUMBER PRINCIPAL NUMBER PRINCIPAL
OF BALANCE OF BALANCE
LOANS OF LOANS LOANS OF LOANS
(Dollars in Thousands)
One-to-four family 142 8,002 272 29,326
Multi-family 3 540 35 6,784
Commercial real estate 2 198 18 23,009
Construction 1 7 21 6,899
Consumer and other loans 31 97 67 920
Total loans 179 8,844 413 66,938
Delinquent loans to total
loans 0.56% 4.20%
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
AT DECEMBER 31,
1996(1) 1995(1) 1994(1) 1993
(In Thousands)
Non-accrual delinquent mortgage loans (2) 24,905 37,394 56,037 76,322
Non-accrual delinquent consumer and other loans 1,159 1,276 920 1,335
Mortgage loans delinquent 90 days or more (3) . 7,396 5,810 9,981 21,159
Total non-performing loans 33,460 44,480 66,938 98,816
Real estate owned, net (4) 7,421 17,677 18,898 24,863
Investments in real estate, net (5) 4,708 5,654 7,480 7,278
Total real estate owned and
investments in real estate, net 12,129 23,331 26,378 32,141
Total non-performing assets 45,589 67,811 93,316 130,957
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1992
103,211
835
23,751
127,797
21,262
15,166
36,428
164,225
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
LOAN MATURITY, REPRICING AND ACTIVITY
SPECIAL MENTION SUBSTANDARD
NUMBER AMOUNT NUMBER AMOUNT
(DOLLARS IN THOUSANDS)
LOANS:
One-to-four family 260 30,537
Multi-family 11 3,831 13 3,359
Commercial 15 24,355
Construction and land 1 230
Consumer and other loans 91 1,151
Total 11 3,831 380 59,632
REAL ESTATE OWNED AND INVESTMENTS
IN REAL ESTATE:
One-to-four family 71 6,546
Multi-family 1 68
Commercial 3 695
Construction and land 3 6,864
Total 78 14,173
TOTAL 11 3,831 458 73,805
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DOUBTFUL
NUMBER AMOUNT
8 560
0
0
0
1 8
0
9 568
0
0
0
0
0
0
0
0
9 568
=
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
1996 1995
ALLOWANCE FOR LOAN LOSSES:
Balance at beginning of 13,495 12,173
Allowance of acquired institution 3,528
Provision charged to operations 3,963 2,007
Charge-offs:
One-to-four family (2,634) (3,213)
Multi-family (115) (330)
Commercial (1,254) (455)
Construction and land (1) (554)
Consumer and other (489) (732)
Total charge-offs (4,493) (5,284)
Recoveries:
One-to-four family 381 552
Multi-family 22
Commercial 96
Construction and land 531 259
Consumer and other 94 260
Total recoveries 1,124 1,071
Balance at end of year 14,089 13,495
Ratio of net charge-offs during the year
to average loans outstanding during the year . 0.14% 0.22%
Ratio of allowance for loan losses to total
loans at end of the year 0.53 0.65
Ratio of allowance for loan losses to
non-performing loans at end of the
year 42.11 30.34
ALLOWANCE FOR INVESTMENTS
IN REAL ESTATE AND REO LOSSES:
Balance at beginning of year 3,746 5,250
Allowance of acquired institution 1,144
(Recovery)/provision recorded to operations (1,747) 259
Charge-offs (1,620) (3,997)
Recoveries 1,666 1,090
Balance at end of year 2,045 3,746
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At or For the Years Ended December 31,
(Dollars in Thousands)
1994 1993 1992
16,672 15,750 14,789
3,733 6,959 11,553
(4,928) (19) (5,571)
(615) (217)
(1,750) (365) (562)
(634) (5,200) (4,440)
(409) (490) (810)
(8,336) (6,074) (11,600)
6 59
834
87
98 37 28
104 37 1,008
12,173 16,672 15,750
0.55% 0.37% 0.58%
0.76 1.09 0.92
18.19 16.87 12.32
4,741 1,898 2,252
3,017 6,020 3,546
(3,744) (3,744) (5,217)
1,236 567 1,317
5,250 4,741 1,898
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
AT DECEMBER 31,
1996 1995
% of Loans % of Loans
in Category in Category
to to
Amount Total Loans Amount Total Loans
One-to-four family 8,002 85.18% 7,164 84.82%
Multi-family 1,214 6.29 593 5.34
Commercial 3,903 5.96 4,694 6.24
Construction 215 0.38 269 0.61
Consumer and other loans 755 2.19 775 2.99
Total allowances 14,089 100.00% 13,495 100.00%
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("REO")
1994
% of Loans
in Category
to
Amount Total Loans
(Dollars in Thousands)
5,278 84.49%
492 5.81
5,077 5.50
674 1.22
652 2.98
12,173 100.00%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
AT DECEMBER 31,
1993 1992
% of Loans % of Loans
in Category in Category
to to
Amount Total Loans Amount Total Loans
One-to-four family 8,903 82.20% 9,145 81.00%
Multi-family 743 6.47 1,206 6.19
Commercial 4,751 4.34 2,782 4.59
Construction 1,621 2.92 2,057 4.10
Consumer and other loans 654 4.07 560 4.12
Total allowances 16,672 100.00% 15,750 100.00%
____________________________
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
For the years ending December 31,
1996 1995 1994
(Dollars in Thousands)
Opening balance 4,263,421 3,280,652 2,898,372
Fidelity deposits assumed 1,053,440
Net deposits (withdrawals) 58,425 (254,212) 266,612
Interest credited (1) 191,247 183,541 115,668
4,513,093 4,263,421 3,280,652
Ending balance
Net increase 249,672 982,769 382,280
Percentage increase 5.86% 29.96% 13.19%
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
Amount
(In Thousands)
MATURITY PERIOD
Three months or less 98,516
Over three through six months 49,097
Over six through twelve months 51,399
Over twelve months 99,467
Total 298,479
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
1996
Weighted
Percent Average
Average Of Total Nominal Average
Balance Deposits Rate Balance
Savings 1,146,243 25.98% 2.50% 1,176,433
NOW 114,110 2.59 1.98 240,032
Non-Interest Bearing 57,511 1.31 39,267
Money market 237,709 5.40 3.78 196,767
Money manager 148,871 3.38 1.97
Total 1,704,444 38.66 2.51 1,652,499
Certificates of Deposit(1):
3 month 36,808 0.84 3.28 37,137
6 month 148,646 3.38 3.78 166,458
9 month 134,786 3.06 4.30 275,674
1 year 272,114 6.18 4.69 350,154
13 month 23,144
15 month 178,927 4.06 5.35 17,393
1 1/2 year 347,098 7.89 5.55 612,897
18 month variable IRA . 5,828 0.13 3.74 6,700
2 year 498,908 11.34 5.77 1,519
2 1/2 year 345,402 7.85 5.87 379,206
3 1/2 year 45,695 1.04 5.35 55,576
5 year 548,198 12.46 6.18 504,487
6 year 26,651 0.60 6.77 31,599
Jumbo 109,765 2.49 5.10 79,487
Other CDS 714 0.02 6.52 3,111
Total 2,699,540 61.34 5.46 2,544,542
Total deposits . 4,403,984 100.00% 4.32 4,197,041
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"REO")
YEAR ENDED DECEMBER 31,
1995 1994
(Dollars in Thousands)
Weighted Weighted
Percent Average Percent Average
Of Total Nominal Average Of Total Nominal
Deposits Rate Balance Deposits Rate
28.03% 2.50% 1,095,827 35.82% 2.50%
5.72 2.00 128,653 4.21 2.02
0.93 20,054 0.65
4.69 3.58 100,896 3.30 2.49
39.37 2.50 1,345,430 43.98 2.42
0.89 3.90 43,124 1.41 2.78
3.97 4.42 113,912 3.73 2.93
6.57 5.93 51,629 1.69 3.13
8.34 4.92 390,482 12.76 3.80
0.55 5.47
0.42 5.48
14.60 5.52 350,528 11.46 4.57
0.16 4.47 8,620 0.28 3.13
0.04 4.32
9.04 5.61 228,857 7.48 5.18
1.32 5.40 61,558 2.01 6.08
12.02 6.37 420,388 13.74 6.69
0.75 6.99
1.89 5.49 42,476 1.39 3.91
0.07 5.31 2,114 0.07 7.55
60.63 5.58 1,713,688 56.02 4.83
100.00% 4.37 3,059,118 100.00% 3.77
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
IV. ALLOWANCE FOR LOAN, INVESTMENTS IN REAL ESTATE AND REAL ESTATE OWNED ("REO")
Period to maturity from December 31, 1996
Within One-two Two-three
one year years years
CERTIFICATES OF DEPOSIT:
2.99% or less 10,801
3.00% to 3.99% 262,023 2,203 2
4.00% to 4.99% 310,835 24,392 289
5.00% to 5.99% 673,402 586,365 80,333
6.00% to 6.99% 307,935 206,171 23,395
7.00% to 7.99% 17,916 208 4,198
8.00% to 8.99% 73 46
9.00% to 9.99% 532
10.00% and over
Total 1,582,985 819,385 108,749
____________________________
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At December 31,
Over three
years 1996 1995 1994
(In Thousands)
45 10,846 8,600 4,087
264,228 198,717 372,703
31 335,547 365,264 472,324
38,588 1,378,688 1,160,889 602,235
222,820 760,321 713,922 441,427
2,122 24,444 104,005 91,588
25 144 23,518 26,325
532 788 33
55
263,631 2,774,750 2,575,703 2,010,777
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
1996
FHLB-NY ADVANCES:
Average balance 203,819
Maximum balance outstanding at any month
end during the year 266,562
Balance outstanding at end of year 266,514
Weighted average interest rate
during the year 6.26%
Weighted average interest rate at end
of year 6.13
REVERSE REPURCHASE AGREEMENTS:
Average balance 1,744,830
Maximum balance of outstanding agreements
at any month end during the year 1,910,801
Balance outstanding at end of year 1,845,000
Weighted average interest rate
during the year 5.58%
Weighted average interest rate at end
of year 5.65
TOTAL BORROWINGS:
Average balance 1,948,649
Maximum balance outstanding at any month
end during the year 2,111,514
Balance outstanding at end of year 2,111,514
Weighted average interest rate
during the year 5.65%
Weighted average interest rate at end
of year 5.71
____________________________
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At or For the Years Ended December 31,
1995 1994
(Dollars in Thousands)
423,617 355,771
650,349 366,849
221,362 351,849
5.64% 4.71%
6.25 5.03
978,653 406,154
1,510,530 435,000
1,483,329 415,000
5.69% 4.30%
5.69 5.07
1,402,270 761,925
1,751,637 801,849
1,704,691 766,849
5.67% 4.49%
5.76 5.05
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
ORIGINAL DATE DATE OF
LEASED OR LEASED OR LEASE
LOCATION OWNED ACQUIRED EXPIRATION(1)
EXECUTIVE OFFICE:
One Astoria Federal Plaza (2) Owned 1990
Lake Success, NY
BANKING OFFICES:
37-16 30th Avenue Owned 1938
Long Island City, NY
31-24 Ditmars Boulevard Owned 1952
Long Island City, NY
63-72 108th Street Leased 1956.00 Jan. 31, 2024
Forest Hills, NY
46-08 Francis Lewis Boulevard Leased 1966.00 Dec. 31, 2018
Flushing, NY
75-25 Metropolitan Avenue Owned 1973
Middle Village, NY
116-22 Metropolitan Avenue Owned 1973
Kew Gardens, NY
29-34 30th Avenue Owned 1975
Long Island City, NY
60-20 Woodside Avenue Owned 1979
Woodside, NY
71-20 Kissena Boulevard Leased 1979.00 April 30, 2008
Flushing, NY
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
ORIGINAL DATE DATE OF
LEASED OR LEASED OR LEASE
LOCATION OWNED ACQUIRED EXPIRATION(1)
68-17 Myrtle Avenue Owned 1979
Glendale, NY
30-33 Stratton Street Leased 1979.00 July 31, 2004
Pathmark Shopping Center
Flushing, NY
153-17 Cross Island Parkway Leased 1990.00 June 30, 1998
Whitestone, NY
57-07 Junction Boulevard Leased 1990.00 April 30, 1997(3)
Elmhurst, NY
955 Hempstead Turnpike Owned 1958
Franklin Square, NY
114 Northern Boulevard (4) Leased 1971.00 Sept. 30, 2046
Greenvale, NY 11548
44 Cedar Swamp Road Owned 1975
Glen Cove, NY
995 Hicksville Road Leased 1977.00 Sept. 30, 2035
Massapequa, NY
Gr. So. Bay Shopping Center Leased 1979.00 July 31, 2009
861 Montauk Highway
West Babylon, NY
4 Great Neck Road Leased 1990.00 May 31, 2002
Great Neck, NY
162 Hillside Avenue Owned 1995
Williston Park, NY
360 Merrick Road Owned 1995
Lynbrook, NY
1000 Franklin Avenue Leased 1995.00 Dec. 31, 2011
Garden City, NY
320 Walt Whitman Road Leased 1995.00 August 31, 2004
Huntington Station, NY
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
ORIGINAL DATE DATE OF
LEASED OR LEASED OR LEASE
LOCATION OWNED ACQUIRED EXPIRATION(1)
33 Main Street Owned 1995
Kings Park, NY 11754
363 Hempstead Avenue Owned 1995
Malverne, NY 11565
361 Sunrise Highway Leased 1995.00 May 31, 2027
Patchogue, NY 11772
464 Atlantic Avenue Owned 1995
East Rockaway, NY
490 Hempstead Turnpike Leased 1995.00 June 30, 2019
West Hempstead, NY
52 Manetto Hill Road Leased 1995.00 Sept. 30, 2005
Plainview, NY 11801
1622 Hempstead Turnpike Leased 1995.00 Oct. 31, 2005
East Meadow, NY 11554
1015 Route 112 Leased 1995.00 June 30, 2026
Port Jefferson Station, NY 11776
1880 Middle Country Road Owned 1995
Ridge, NY 11961
600 Northern Boulevard (5) Leased 1995.00 Dec. 31, 2002
Great Neck, NY 11021
155 Jericho Turnpike Owned 1995
Floral Park, NY 11001
99 Covert Avenue Owned 1995
Floral Park, NY 11001
955 Hempstead Turnpike Owned 1995
Franklin Square, NY 11010
260 Glen Head Road Leased 1995.00 Dec. 31, 2000
Glen Head, NY 11545
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
ORIGINAL DATE DATE OF
LEASED OR LEASED OR LEASE
LOCATION OWNED ACQUIRED EXPIRATION(1)
1585 Dutch Broadway Leased 1995.00 July 31, 2009
Elmont, NY 11003
560 Warburton Avenue Owned 1982
Hastings-on-Hudson, NY
731 Saw Mill River Road Owned 1982
Ardsley, NY
Towne Centre at Somers Leased 1992.00 August 1, 2028
Somers, NY
18 South Broad Street Owned 1985
Norwich, NY
One Wall Street Owned 1988
Oneonta, NY
62 Pioneer Street Owned 1988
Cooperstown, NY
107 Oneida Street Owned 1988
Oneonta, NY
Southside Mall Leased 1988.00 June 30, 2003
Oneonta, NY
MORTGAGE SERVICING
AND TRAINING CENTER:
5 Dakota Drive Leased 1992.00 Dec. 31, 1998
New Hyde Park, NY
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
SEQUENTIAL
PAGE
EXHIBIT NO. IDENTIFICATION OF EXHIBIT NUMBER
3.10 Articles of Incorporation of Astoria Financial Corporation (1)
3.20 By laws of Astoria Financial Corporation (1)
4.10 Astoria Financial Corporation Specimen Stock Certificate *
4.20 Federal Stock Charter of Astoria Federal Savings and Loan
Association (2)
4.30 By-laws of Astoria Federal Savings and Loan Association *
4.40 Certificate of Designations, Preferences and Rights of Series A
Junior Participating Preferred Stock (4)
4.50 Rights Agreement between Astoria Financial Corporation and Chase
Mellon Shareholder Services, L.L.C., as Rights Agent, Dated as of
July 17, 1996 (4)
4.60 Form of Rights Certificate (4)
4.70 Astoria Financial Corporation Automatic Dividend Reinvestment and
Stock Purchase Plan (6)
10.10 Astoria Federal Savings and Loan Association Employee Stock
Ownership Trust Loan and Security Agreement (1)
10.20 Amendment to Astoria Federal Savings and Loan Association Employee
Stock Ownership Trust Loan and Security Agreement, Promissory Note,
and Security Agreement Re Instruments or Negotiable Documents to be
Deposited (1)
10.30 Astoria Federal Savings and Loan Association and Astoria Financial
Corporation Directors' Retirement Plan, as amended and restated
effective February 21, 1996. This exhibit is a management contract
or compensatory plan or arrangement required to be filed as an
exhibit to this Form 10-K pursuant to Item 14(c) of this report. (3)
10.40 Astoria Financial Corporation Death Benefit Plan for Outside
Directors. (3)
10.50 Deferred Compensation Plan for Directors of Astoria Financial
Corporation. (3)
10.60 1996 Stock Option Plan for Officers and Employees of Astoria
Financial Corporation. (3)
10.70 1996 Stock Option Plan for Outside Directors of Astoria Financial
Corporation. (3)
10.80 Astoria Federal Savings and Loan Association Recognition and
Retention Plan for Outside Directors as amended March 1, 1996. (3)
10.90 Astoria Federal Savings and Loan Association Annual Incentive Plan
for Selected Executives. (1)
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
SEQUENTIAL
PAGE
EXHIBIT NO. IDENTIFICATION OF EXHIBIT NUMBER
10.10 Astoria Financial Corporation Employment Agreement with George L.
Engelke, Jr. (3)
10.11 Astoria Federal Savings and Loan Association Employment Agreement
with George L. Engelke, Jr. (3)
10.12 Astoria Financial Corporation Employment Agreement with Senior Vice
President by and between Astoria Financial Corporation and Arnold K.
Greenberg. (3)
10.13 Astoria Federal Savings and Loan Association Employment Agreement
with Senior Vice President by and between Astoria Federal Savings
and Loan Association and Arnold K. Greenberg. (3)
10.14 Astoria Financial Corporation Employment Agreement with Senior Vice
President by and between Astoria Financial Corporation and Thomas W.
Drennan. (3)
10.15 Astoria Federal Savings and Loan Association Employment Agreement
with Senior Vice President by and between Astoria Federal Savings
and Loan Association and Thomas W. Drennan. (3)
10.16 Astoria Financial Corporation Employment Agreement with Senior Vice
President by and between Astoria Financial Corporation and Monte N.
Redman. (3)
10.17 Astoria Federal Savings and Loan Association Employment Agreement
with Senior Vice President by and between Astoria Federal Savings
and Loan Association and Monte N. Redman. (3)
10.18 Astoria Financial Corporation Employment Agreement with Senior Vice
President by and between Astoria Financial Corporation and William
K. Sheerin. (3)
10.19 Astoria Federal Savings and Loan Association Employment Agreement
with Senior Vice President by and between Astoria Federal Savings
and Loan Association and William K. Sheerin. (3)
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
SEQUENTIAL
PAGE
EXHIBIT NO. IDENTIFICATION OF EXHIBIT NUMBER
10.20 Astoria Financial Corporation Employment Agreement with Senior Vice
President by and between Astoria Financial Corporation and Alan P.
Eggleston. (3)
10.21 Astoria Federal Savings and Loan Association Employment Agreement
with Senior Vice President by and between Astoria Federal Savings
and Loan Association and Alan P. Eggleston. (3)
10.22 Memorandum For the Record dated June 11, 1993 regarding Increased
Health Benefits for Senior Officers. (1)
10.23 Consulting and Other Arrangements Concerning Messrs. Drewitz and
Bolton. (1)
10.24 Amended and Restated Agreement and Plan of Merger, dated as of July
12, 1994, by and among Astoria Financial Corporation, Astoria
Federal Savings and Loan Association and Fidelity New York F.S.B.
(5)
10.25 Amendment No. 1 to the Amended and Restated Agreement and Plan of
Merger, dated as of January 27, 1995, by and among Astoria Financial
Corporation, Astoria Federal Savings and Loan Association and
Fidelity New York F.S.B. (5)
10.26 Form of Option Conversion Agreement by and between Astoria Financial
Corporation and each of Mr. Thomas V. Powderly, Mr. William A. Wesp
and Frederick J. Meyer, respectively. (5)
10.27 Consulting Agreement by and between Astoria Financial Corporation
and Mr. Thomas V. Powderly dated January 31, 1995. (5)
10.28 Trust Agreement, dated as of January 31, 1995 between Astoria
Financial Corporation and State Street Bank and Trust Company. (5)
10.29 Astoria Financial Corporation 1993 Incentive Stock Option Plan. (1)
10.30 Astoria Financial Corporation 1993 Stock Option Plan For Outside
Directors. (1)
10.31 Astoria Federal Savings and Loan Association Recognition and
Retention Plan for Officers and Employees. (1)
11.10 Statement regarding computation of earnings per share. *
13.10 1996 Annual Report to Stockholders. *
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
VII. BORROWINGS
SEQUENTIAL
PAGE
EXHIBIT NO. IDENTIFICATION OF EXHIBIT NUMBER
21.10 Subsidiaries of Astoria Financial Corporation. *
23 Consent of Independent Auditors. *
27 Financial Data Schedule. *
99.10 Proxy Statement for the Annual Meeting of Shareholders to be held on
May 21, 1997, which will be filed with the SEC within 120 days from
December 31, 1996, is incorporated herein by reference.
* Filed herewith
(1) Incorporated by reference to Astoria Financial Corporation's Annual
Report on Form 10-K for the fiscal year ended December 31, 1993,
filed with the Securities and Exchange Commission on March 30, 1994.
(2) Incorporated by reference to Astoria Financial Corporation's Annual
Report on Form 10-K for the fiscal year ended December 31, 1994
filed with the Securities and Exchange Commission on March 15, 1995.
(3) Incorporated by reference to Astoria Financial Corporation's Annual
Report on Form 10-K for the fiscal year ended December 31, 1995
filed with the Securities and Exchange Commission on March 29, 1996.
(4) Incorporated by reference to Astoria Financial Corporation's
Registration Statement on Form 8-A dated July 17, 1996 and filed
with the Securities and Exchange Commission in August 1996.
(5) Incorporated by reference to Astoria Financial Corporation's Current
Report on Form 8-K, dated January 31, 1995 and filed with the
Securities and Exchange Commission on February 9, 1995.
(6) Incorporated by reference to Form S-3 Registration Statement as
filed with the Securities and Exchange Commission on October 23,
1995.
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
EXHIBIT 4.1 ASTORIA FINANCIAL CORPORATION SPECIMEN STOCK CERTIFICATE
COMMON STOCK This certificate also evidences and entitles the holder
PAR VALUE 0.01 hereof to certain rights as set forth in a Rights Agreement
between Astoria Financial Corporation and ChaseMellon
Shareholder Services, L.L.C., as Rights Agent, dated as of
July 17, 1996, as the same may be amended from time to time,
(the "Rights Agreement"), the terms of which are hereby
incorporated herein by reference and a copy of which is on
file at the principal executive offices of Astoria Financial
Corporation. Under certain circumstance s, as set forth in
the Rights Agreement, such Rights will be evidenced by
separate certificates and will no longer be evidenced by this
certificate. Astoria Financial Corporation will mail to the
holder of this certificate a copy of the Rights Agreement
without charge after receipt of a written request therefor.
As described in the Rights Agreement, Rights owned by any
Person who is or becomes an Acquiring Person (as defined in
the Rights Agreement) and certain transfers thereof shall
become null and void.
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COMMON STOCK
PAR
VALUE 0.01
SEE REVERSE FOR
CERTAIN DEFINITIONS
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
[FACSIMILE
TEN COM-
TEN ENT-
JT TEN-
right of survivorship and
not as tenants in common
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UNIF GIFT MIN ACT-______________Custodian_______________
(Cust)
under Uniform Gift to Minors
Act________________________________
(State)
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
NO TITLE
PRIMARY FULLY DILUTED
EPS EPS
Weighted average shares of Common
Stock outstanding 21,779,110 21,779,110
ESOP:
Total ESOP shares available 2,642,354
Weighted average shares committed to be released 577,801
(2,064,553) (2,064,553)
RRPs
Weighted average shares not yet allocated (31,284) (31,284)
Total weighted average shares outstanding 19,683,273 19,683,273
DILUTIVE EFFECT OF STOCK OPTIONS:
Incremental shares under treasury stock method: 1,189,506 1,898,497
Total average common and common stock equivalents 20,872,779 21,581,770
Net Income 36,852,864 36,852,864
Earnings Per Share 1.77 1.71
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
TREASURY STOCK METHOD FOR STOCK OPTIONS OUTSTANDING
PRIMARY FULLY DILUTED
Quarter ending 3/31/96 1,405,128 1,471,700
Quarter ending 6/30/96 1,520,651 1,552,712
Quarter ending 9/30/96 0 0
Quarter ending 12/31/96 1,832,246 1,898,497
Total 4,758,025 4,922,909
Average 1,189,506 1,230,727
> Qtrly or Avg. (for fully diluted) 1,898,497
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
NO TITLE
At December 31,
(In Thousands) 1996 1995 1994
Selected Financial Data:
Total assets 7,272,763 6,620,102 4,642,547
Federal funds sold and
repurchase agreements 56,000 100,000 198,490
Mortgage-backed, mortgage-related and
other securities available-for-sale 2,296,662 2,515,968 55,550
Mortgage-backed, mortgage-related and
other securities held-to-maturity 1,961,015 1,615,542 2,659,533
Loans receivable, net 2,637,327 2,043,643 1,574,760
Real estate owned and investments
in real estate, net 12,129 23,331 26,378
Deposits 4,513,093 4,263,421 3,280,652
Borrowed funds 2,111,514 1,704,691 766,849
Stockholders' equity (1) 588,829 590,685 550,575
For the Yea Year Ended Decem
(In Thousands, Except Per Share Data) 1996.00 1995.00 1994.00
0
Selected Operating Data:
Interest income 491,174 434,976 301,387
Interest expense 304,481 265,705 150,527
0
Net interest income 186,693 169,271 150,860
Provision for loan losses 3,963 2,007 3,733
0
Net interest income after provision
for loan losses 182,730 167,264 147,127
Non-interest income 13,722 9,466 6,218
Non-interest expense:
General and administrative 96,165 90,344 72,089
Real estate operations, net (2,723) (3,344) 1,894
(Recovery of)/provision for
real estate losses (1,747) 259 3,017
Amortization of excess of cost over
fair value of net assets acquired 8,684 8,307 1,788
SAIF recapitalization assessment 28,545
Provision for restructuring
0
Total non-interest expense 128,924 95,566 78,788
0
Income before income taxes,
extraordinary item and cumulative
effect of accounting changes 67,528 81,164 74,557
Income tax expense 30,675 35,743 30,880
0
Income before extraordinary item
and cumulative effect of
accounting changes 36,853 45,421 43,677
Extraordinary item:
Penalty on prepayment of FHLB-NY
advances, net of income tax benefit
Cumulative effect of accounting changes
0
Net income 36,853 45,421 43,677
Primary earnings per
common share (2), (3) 1.77 2.07 1.85
Fully diluted earnings per
common share (2), (3) 1.71 2.06 1.85
Fully diluted earnings per
common share excluding
SAIF recapitalization assessment,
net of tax (2), (3) 2.49 2.06 1.85
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1993 1992
4,121,280 3,418,924
229,820 150,000
2,227,402 1,404,020
1,506,966 1,692,939
32,141 36,428
2,898,372 2,877,843
652,849 265,500
537,349 242,219
December 31,
1993.00 1992.00
266,983 266,119
140,406 155,692
126,577 110,427
6,959 11,553
119,618 98,874
6,374 5,759
61,877 59,500
3,557 2,218
6,020 3,546
2,250 2,895
8,325
82,029 68,159
43,963 36,474
18,677 17,502
25,286 18,972
(3,499)
2,881
24,668 18,972
0.19 N/A
0.19 N/A
0.19 N/A
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
NO TITLE
1996 1995
Selected Financial Ratios and Other Data:
Return on average assets 0.53% 0.73%
Return on average stockholders' equity 6.38 8.01
Return on average stockholders' tangible equity 7.79 9.81
Average stockholders' equity to average assets 8.25 9.09
Average tangible stockholders' equity
to average tangible assets 6.86 7.55
Stockholders' equity to total assets 8.10 8.92
Core deposits to total deposits (4) 38.52 39.59
Net interest spread 2.45 2.55
Net interest margin (5) 2.77 2.85
Operating income to average assets (6) 0.17 0.15
General and administrative expense to average assets 1.37 1.45
Cash general and administrative expense
to average assets (7) 1.21 1.31
Efficiency ratio (8) 48.37 50.55
Cash efficiency ratio (7) 42.58 45.88
Average interest-earning assets to
average interest-bearing liabilities 1.07x 1.07x
Book value per common share 27.42 26.13
Tangible book value per common share 22.75 21.30
Cash dividends paid per common share 0.43 0.20
Selected Financial Ratios, Excluding SAIF
Recapitalization Assessment:
Return on average assets 0.77% 0.73%
Cash return on average assets (9) 1.06 0.99
Return on average stockholders' equity 9.28 8.01
Cash return on average stockholders' equity (9) 12.76 10.94
Return on average stockholders' tangible equity 11.33 9.81
Cash return on average stockholders'
tangible equity (9) 15.58 13.40
Asset Quality Ratios:
Non-performing loans to total loans (10) 1.26% 2.16%
Non-performing loans to total assets 0.46 0.67
Non-performing assets to total assets (11) 0.63 1.02
Allowance for loan losses to non-performing loans 42.11 30.34
Allowance for loan losses to non-accrual loans 54.06 34.90
Allowance for loan losses to total loans 0.53 0.65
Other Data:
Number of deposit accounts 461,044 439,681
Mortgage loans serviced for others (in thousands) 109,521 123,931
Number of full service banking offices (12) 46 46
Full time equivalent employees 930 954
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At or For the Year Ended December 31,
1994 1993 1992
0.99% 0.67% 0.57%
7.95 8.37 8.14
8.04 8.61 8.54
12.44 7.99 7.02
12.32 7.79 6.69
11.86 13.04 7.08
38.71 47.56 45.49
3.04 3.29 3.20
3.51 3.55 3.45
0.14 0.17 0.17
1.63 1.68 1.79
1.46 1.68 1.79
45.89 46.54 51.21
40.95 46.54 51.21
1.13x 1.07x 1.05x
22.87 20.39
22.65 20.12
0.99% 0.67% 0.57%
1.20 0.73 0.66
7.95 8.37 8.14
9.68 9.14 9.39
8.04 8.61 8.54
9.79 9.39 9.84
4.20% 6.45% 7.43%
1.44 2.40 3.74
2.01 3.18 4.80
18.19 16.87 12.32
21.37 21.47 15.14
0.76 1.09 0.92
308,218 284,334 297,941
54,157 67,791 87,070
28 28 30
751 788 791
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
For the Year Ended
December 31, 1996
Reported Cash Reported
(In Thousands, Except Share Data) Earnings (1) Adjustments Earnings Earnings (1)
Total interest income 491,174 491,174 434,976
Total interest expense 304,481 304,481 265,705
0
Net interest income 186,693 186,693 169,271
Provision for loan losses 3,963 3,963 2,007
0
Net interest income after
provision for loan losses 182,730 182,730 167,264
0
Total non-interest income 13,722 13,722 9,466
0
Non-interest expense:
General and administrative:
Compensation and benefits 50,130 (11,509) 38,621 45,412
Other general and
administrative 46,035 46,035 44,932
0
Total general and
administrative 96,165 (11,509) 84,656 90,344
Real estate operations, net (2,723) (2,723) (3,344)
(Recovery of)/provision for
real estate losses (1,747) (1,747) 259
Amortization of excess of
cost over fair value of net
assets acquired 8,684 (8,684) 8,307
SAIF recapitalization
assessment 28,545 28,545
0
Total non-interest
expense 128,924 (20,193) 108,731 95,566
0
Income before income
tax expense 67,528 20,193 87,721 81,164
Income tax expense 30,675 30,675 35,743
0
Net income 36,853 20,193 57,046 45,421
Primary earnings per
common share (4) 1.77 0.96 2.73 2.07
Fully diluted earnings per
common share (4) 1.71 0.93 2.64 2.06
____________________________
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For the Year Ended
December 31, 1995
Cash
Adjustments Earnings
434,976
265,705
169,271
2,007
167,264
9,466
(8,346) 37,066
44,932
(8,346) 81,998
(3,344)
259
(8,307)
(16,653) 78,913
16,653 97,817
35,743
16,653 62,074
0.76 2.83
0.76 2.82
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31, 1996
More than More than
One Year Three Years
One Year to to
(Dollars in Thousands) or Less(1) Three Years(1) Five Years
Interest-earning assets:
Mortgage loans (2) 852,670 840,797 232,070
Consumer and other loans (2) 37,541 8,642 10,767
Federal funds sold and
repurchase agreements 56,000
Mortgage-backed, mortgage-
related and other securities
available-for-sale 2,296,662
Mortgage-backed, mortgage-
related and other securities
held-to-maturity 387,369 169,962 183,023
0
Total interest-earning assets 3,630,242 1,019,401 425,860
Less:
Unearned discount, premium
and deferred fees (3) 2,196 2,167 598
0
Net interest-earning assets 3,628,046 1,017,234 425,262
0
Interest-bearing liabilities:
Savings 168,000 288,000 240,000
NOW 22,548 15,048 7,524
Money market and money
manager 138,550 138,552 92,360
Certificates of deposit 1,582,985 928,134 263,631
Borrowed funds 411,514 1,590,000 100,000
0
Total interest-bearing liabilities 2,323,597 2,959,734 703,515
0
Interest sensitivity gap 1,304,449 (1,942,500) (278,253)
Cumulative interest sensitivity gap 1,304,449 (638,051) (916,304)
Cumulative interest sensitivity gap
as a percentage of total assets 17.94% (8.77)% (12.60)%
Cumulative net interest-earning
assets as a percentage of
interest-bearing liabilities 156.14% 87.92% 84.69%
____________________________
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More than
Five Years(1) Total
636,636 2,562,173
56,950
56,000
2,296,662
1,258,450 1,998,804
1,895,086 6,970,589
1,641 6,602
1,893,445 6,963,987
438,038 1,134,038
30,039 75,159
92,351 461,813
2,774,750
10,000 2,111,514
570,428 6,557,274
1,323,017 406,713
406,713
5.59%
106.20%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
1996
Average
Average Yield/ Average
(Dollars in Thousands) Balance Interest Cost Balance
Assets:
Interest-earning assets:
Mortgage loans 2,317,574 187,219 8.08% 1,828,152
Consumer and other loans 58,753 6,021 10.25 61,480
Mortgage-backed and
mortgage-related
securities (1) 3,592,606 246,761 6.87 3,448,205
Federal funds sold and
repurchase agreements 55,255 2,978 5.39 153,972
Other securities (1) 709,433 48,195 6.79 438,693
Total interest-earning assets 6,733,621 491,174 7.29 5,930,502
Non-interest-earning assets 272,034 308,095
Total assets 7,005,655 6,238,597
Liabilities and
Stockholders' equity:
Interest-bearing liabilities:
Savings 1,146,243 29,000 2.53 1,176,433
Certificates of deposit 2,699,540 148,335 5.49 2,544,542
NOW 114,110 2,282 2.00 240,032
Money manager 148,871 2,977 2.00
Money market 237,709 9,152 3.85 196,767
Borrowed funds 1,948,649 112,735 5.79 1,402,270
Total interest-
bearing liabilities 6,295,122 304,481 4.84 5,560,044
Non-interest-bearing liabilities 132,747 111,225
Total liabilities 6,427,869 5,671,269
Stockholders' equity 577,786 567,328
Total liabilities and
stockholders' equity 7,005,655 6,238,597
Net interest income/net
interest rate spread (2) 186,693 2.45%
Net interest-earning assets/
net interest margin (3) 438,499 2.77% 370,458
Ratio of interest-earnings assets
to interest-bearing liabilities 1.07x 1.07x
____________________________
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Year Ended December 31,
1995 1994
Average Average
Yield/ Average Yield/
Interest Cost Balance Interest Cost
153,262 8.38% 1,442,932 121,209 8.40%
6,496 10.57 52,510 4,983 9.49
238,232 6.91 2,266,729 145,559 6.42
9,021 5.86 157,044 7,170 4.57
27,965 6.37 383,351 22,466 5.86
434,976 7.33 4,302,566 301,387 7.00
117,239
4,419,805
29,764 2.53 1,095,827 27,466 2.51
142,052 5.58 1,713,688 83,051 4.85
4,841 2.02 128,653 2,612 2.03
7,300 3.71 100,896 2,539 2.52
81,748 5.83 761,925 34,859 4.58
265,705 4.78 3,800,989 150,527 3.96
69,150
3,870,139
549,666
4,419,805
169,271 2.55% 150,860 3.04%
2.85% 501,577 3.51%
1.13x
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
Year Ended December 31, 1996
Compared to
Year Ended December 31, 1995
Increase (Decrease)
(In Thousands) Volume Rate Net
Interest-earning assets:
Mortgage loans 39,627 (5,670) 33,957
Consumer and other loans (282) (193) (475)
Mortgage-backed and
mortgage-related securities 9,916 (1,387) 8,529
Federal funds sold and
repurchase agreements (5,371) (672) (6,043)
Other securities 18,277 1,953 20,230
0
Total 62,167 (5,969) 56,198
0
Interest-bearing liabilities:
Savings (764) (764)
Certificates of deposit 8,589 (2,306) 6,283
NOW (2,512) (47) (2,559)
Money manager 2,977 2,977
Money market 1,568 284 1,852
Borrowed funds 31,553 (566) 30,987
0
Total 41,411 (2,635) 38,776
0
Net change in net interest income 20,756 (3,334) 17,422
____________________________
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Year Ended December 31, 1995
Compared to
Year Ended December 31, 1994
Increase (Decrease)
Volume Rate Net
32,342 (289) 32,053
908 605 1,513
80,836 11,837 92,673
(142) 1,993 1,851
3,431 2,068 5,499
117,375 16,214 133,589
2,074 224 2,298
45,023 13,978 59,001
2,242 (13) 2,229
3,180 1,581 4,761
35,395 11,494 46,889
87,914 27,264 115,178
29,461 (11,050) 18,411
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
(Dollars in Thousands) 1996(1) 1995(1)
Non-accrual delinquent mortgage loans (2) 24,905 37,394
Non-accrual delinquent consumer and other loans 1,159 1,276
Mortgage loans delinquent 90 days or more (3) 7,396 5,810
Total non-performing loans 33,460 44,480
Real estate owned, net (4) 7,421 17,677
Investment in real estate, net (5) 4,708 5,654
Total real estate owned and investment in real estate, net 12,129 23,331
Total non-performing assets 45,589 67,811
Allowance for loan losses to non-performing loans (6) 42.11% 30.34%
Allowance for loan losses to total loans (6) 0.53% 0.65%
____________________________
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1994(1)
56,037
920
9,981
66,938
18,898
7,480
26,378
93,316
18.19%
0.76%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
(In Thousands, Except Share Data) 1996
Assets
Cash and due from banks 18,923
Federal funds sold and repurchase agreements 56,000
Mortgage-backed and mortgage-related securities available-for-sale
(at estimated fair value) 2,100,376
Other securities available-for-sale (at estimated fair value) 196,286
Mortgage-backed and mortgage-related securities held-to-maturity
(estimated fair value of 1,309,007 and 1,340,588, respectively) 1,321,613
Other securities held-to-maturity (estimated fair value of
637,338 and 280,192, respectively) 639,402
Federal Home Loan Bank of New York stock 32,354
Loans receivable 2,651,416
Less allowance for loan losses 14,089
Loans receivable, net 2,637,327
Real estate owned and investments in real estate, net 12,129
Accrued interest receivable 43,976
Premises and equipment, net 83,424
Excess of cost over fair value of net assets
acquired and other intangibles 100,267
Other assets 30,686
7,272,763
Liabilities and Stockholders' Equity
Liabilities:
Deposits 4,513,093
Reverse repurchase agreements 1,845,000
Federal Home Loan Bank of New York advances 266,514
Mortgage escrow funds 26,520
Accrued expenses and other liabilities 32,807
Total liabilities 6,683,934
Commitments and contingencies
Stockholders' Equity:
Preferred stock, .01 par value;
(5,000,000 shares authorized; none issued)
Common stock, .01 par value;
(70,000,000 shares authorized; 26,361,704 issued;
21,472,886 and 22,609,940 outstanding, respectively) 264
Additional paid-in capital 330,398
Retained earnings 379,876
Treasury stock (4,888,818 and 3,751,764 shares,
at cost, respectively) (91,188)
Net unrealized gains on securities, net of taxes 156
Unallocated common stock held by ESOP (24,489)
Unearned common stock held by RRPs (6,188)
Total stockholders' equity 588,829
7,272,763
____________________________
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1995
33,869
100,000
2,332,822
183,146
1,333,644
281,898
24,975
2,057,138
13,495
2,043,643
23,331
35,931
80,083
109,022
37,738
6,620,102
4,263,421
1,483,329
221,362
22,585
38,720
6,029,417
264
325,992
351,923
(60,693)
11,126
(27,355)
(10,572)
590,685
6,620,102
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
Income Statement
Year Ended December 31,
(In Thousands, Except Share Data) 1996 1995
Interest income:
Mortgage loans 187,219 153,262
Consumer and other loans 6,021 6,496
Mortgage-backed and mortgage-related securities 246,761 238,232
Federal funds sold and repurchase agreements 2,978 9,021
Other securities 48,195 27,965
Total interest income 491,174 434,976
Interest expense:
Deposits 191,746 183,957
Borrowed funds 112,735 81,748
Total interest expense 304,481 265,705
Net interest income 186,693 169,271
Provision for loan losses 3,963 2,007
Net interest income after provision for loan losses 182,730 167,264
Non-interest income:
Customer service fees 7,329 5,260
Loan fees 1,755 1,679
Net gain on sales of securities and loans 1,604 11
Other 3,034 2,516
Total non-interest income 13,722 9,466
Non-interest expense:
General and administrative:
Compensation and benefits 50,130 45,412
Occupancy, equipment and systems 23,155 20,753
Federal deposit insurance premiums 9,573 9,713
Advertising 3,379 4,091
Other 9,928 10,375
Total general and administrative 96,165 90,344
Real estate operations, net (2,723) (3,344)
(Recovery of)/provision for real estate losses (1,747) 259
Amortization of excess of cost over fair value
of net assets acquired 8,684 8,307
SAIF recapitalization assessment 28,545
Total non-interest expense 128,924 95,566
Income before income tax expense 67,528 81,164
Income tax expense 30,675 35,743
Net income 36,853 45,421
Primary earnings per common share 1.77 2.07
Fully diluted earnings per common share 1.71 2.06
Primary weighted average common stock and
common stock equivalents outstanding 20,872,779 21,941,052
Fully diluted weighted average common stock and
common stock equivalents outstanding 21,581,770 22,023,342
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1994
121,209
4,983
145,559
7,170
22,466
301,387
115,668
34,859
150,527
150,860
3,733
147,127
2,835
1,305
2,078
6,218
38,792
15,325
6,773
3,296
7,903
72,089
1,894
3,017
1,788
78,788
74,557
30,880
43,677
1.85
1.85
23,633,440
23,633,440
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
Shareholders' Equity
Year Ended December 31,
(In Thousands, Except Share Data) 1996 1995
Common Stock
Balance at beginning and end of year 264 264
Additional Paid-In Capital
Balance at beginning of year 325,992 322,913
Conversion of Fidelity stock options
into Astoria stock options 1,755
Amortization relating to allocation of
ESOP stock and earned portion of RRP stock
and related tax benefit 4,406 1,324
Balance at end of year 330,398 325,992
Retained Earnings
Balance at beginning of year 351,923 310,564
Net Income 36,853 45,421
Cash dividends declared on common stock (8,201) (4,018)
Loss on issuance of treasury stock (68,442 shares
and 8,072 shares, respectively) (699) (44)
Balance at end of year 379,876 351,923
Treasury Stock
Balance at beginning of year (60,693) (34,252)
Common stock repurchased
(1,205,496 shares, 1,471,752 shares and
2,288,084 shares, respectively) (31,672) (26,592)
Treasury stock issued for options exercised
(68,442 shares and 8,072 shares, respectively) 1,177 151
Balance at end of year (91,188) (60,693)
Net Unrealized Gains (Losses) on
Securities, Net of Taxes
Balance at beginning of year 11,126 (3,965)
Net unrealized gains on securities
available-for-sale at January 1, 1994
Change in unrealized gains (losses) on
securities available-for-sale (10,970) 15,091
Balance at end of year 156 11,126
Unallocated Common Stock Held by ESOP
Balance at beginning of year (27,355) (30,126)
Amortization relating to allocation of
ESOP stock 2,866 2,771
Balance at end of year (24,489) (27,355)
Unearned Common Stock Held by RRPs
Balance at beginning of year (10,572) (14,823)
Sale of unearned RRP stock (10,176 shares) 147
Amortization relating to earned portion of
RRP stock and related tax benefit 4,237 4,251
Balance at end of year (6,188) (10,572)
Total stockholders' equity 588,829 590,685
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1994
264
322,320
593
322,913
266,887
43,677
310,564
(34,252)
(34,252)
2,613
(6,578)
(3,965)
(33,029)
2,903
(30,126)
(19,093)
4,270
(14,823)
550,575
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
Cash Flows
(In Thousands) 1996
Cash flows from operating activities:
Net income 36,853
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of net deferred loan origination
fees, discounts, and premiums (6,447)
Provision for loan and real estate losses 2,216
Depreciation and amortization 5,662
Net gain on sales of securities and loans (1,604)
Amortization of excess of cost over fair value of net assets acquired 8,684
Allocated and earned shares from ESOP and RRPs 10,674
Increase in accrued interest receivable (8,045)
Increase in mortgage escrow funds 3,935
Net change in other assets, accrued expenses and other liabilities 10,334
Net cash provided by operating activities 62,262
Cash flows from investing activities:
Loan originations (642,836)
Loan purchases through third parties (256,646)
Bulk loan purchases (60,534)
Principal repayments on loans 346,924
Principal payments on mortgage-backed and mortgage-related
securities held-to-maturity and available-for-sale 488,487
Purchases of mortgage-backed and mortgage-related
securities held-to-maturity and available-for-sale (336,711)
Purchases of other securities (451,841)
Proceeds from maturities of other securities
and redemption of FHLB stock 70,869
Decrease in federal funds sold
Proceeds from the sales of securities and loans 95,295
Proceeds from sales of real estate owned 16,925
Proceeds from sales, net of costs and advances, related to
investment in real estate 1,164
Purchases of premises and equipment, net of proceeds from sales (8,901)
Proceeds from sales of securities acquired from Fidelity
Cash paid for Fidelity, net of cash and cash equivalents acquired
Net cash used in investing activities (737,805)
Cash flows from financing activities:
Net increase (decrease) in deposits 249,174
Net increase in reverse repurchase agreements 361,671
Proceeds from FHLB of New York advances 135,000
Payments of FHLB of New York advances (90,000)
Costs to repurchase common stock (31,672)
Cash dividends paid to stockholders (8,201)
Cash received for options exercised,
net of loss on issuance of treasury stock 478
Cash received from sale of unallocated RRP stock 147
Net cash provided by financing activities 616,597
Net (decrease) increase in cash and cash equivalents (58,946)
Cash and cash equivalents at beginning of year 133,869
Cash and cash equivalents at end of year 74,923
Supplemental disclosures:
Cash paid during the year:
Interest 296,555
Income taxes 26,065
Additions to real estate owned 8,896
Transfers of securities from held-to-maturity to
available-for-sale, net
____________________________
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Year Ended December 31,
1995 1994
45,421 43,677
(6,776) (933)
2,266 6,750
5,021 3,610
(11)
8,307 1,788
8,346 7,766
(4,324) (54)
2,366 2,372
12,284 8,284
72,900 73,260
(225,152) (239,357)
(123,860) (152,600)
(130,201) (10,907)
250,472 319,682
373,898 342,946
(702,975) (876,519)
(232,825) (67,457)
129,538 112,997
185,000
4,772 1,112
24,209 15,323
2,172 (222)
(6,713) (10,614)
521,087
(158,491)
(274,069) (380,616)
(71,129) 382,280
682,016 85,000
50,000 55,000
(504,549) (26,000)
(26,592) (34,252)
(4,018)
107
125,835 462,028
(75,334) 154,672
209,203 54,531
133,869 209,203
262,418 150,549
31,460 27,596
12,732 14,711
2,437,151 20,284
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
(In Thousands)
Fair value of assets acquired, excluding cash and cash equivalents acquired
Liabilities assumed
Conversion of Fidelity stock options and Fidelity common stock previously acquired
Excess of cost over fair value of net assets acquired
Cash paid for Fidelity, net of cash and cash equivalents acquired
____________________________
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1,824,776
(1,772,060)
(6,367)
112,142
158,491
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
Excess of Cost
over Fair Value Net Net Discount Net Discount
of Net Assets Discount on on on
(In Thousands) Acquired Securities Other Assets Liabilities
Total at acquisition date 112,142 (42,478) (272) 4,926
Adjustment for sales of securities 37,037
Balance after sales 112,142 (5,441) (272) 4,926
Amortization:
1995 actual (6,853) 5,294 (57) (3,084)
1996 actual (7,476) 814 (60) (651)
1997 estimated (7,476) (667) (58) (352)
1998 estimated (7,476) (56) (352)
1999 estimated (7,476) (54) (352)
thereafter estimated (75,385) 557 (135)
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Total
Net Decrease
in Income
Before Taxes
(4,700)
(7,373)
(8,553)
(7,884)
(7,882)
(74,963)
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
Amortized
(In Thousands) Cost
Available-for-Sale:
Mortgage-backed and mortgage-related securities:
GNMA certificates 235,751
FHLMC certificates 262,044
FNMA certificates 46,364
REMICs:
Agency issuance 1,142,349
Private issuance 14,307
Residuals 1,457
Other mortgage-related 398,014
Total mortgage-backed and mortgage-related securities 2,100,286
Other securities:
Obligations of the U.S. Government and agencies 128,999
Equity securities 66,959
Other 67
Total other securities 196,025
Total Available-for-Sale 2,296,311
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At December 31, 1996
Gross Gross Estimated
Unrealized Unrealized Fair
Gains Losses Value
2,256 (1,319) 236,688
1,338 (1,785) 261,597
69 (319) 46,114
4,225 (11,952) 1,134,622
(146) 14,161
924 (102) 2,279
7,340 (439) 404,915
16,152 (16,062) 2,100,376
57 (1,454) 127,602
1,662 (1) 68,620
(3) 64
1,719 (1,458) 196,286
17,871 (17,520) 2,296,662
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
Amortized
(In Thousands) Cost
Held-to-Maturity:
Mortgage-backed and mortgage-related securities:
GNMA certificates 86,733
FHLMC certificates 28,189
FNMA certificates 22,044
CMOs 6,450
REMICs:
Agency issuance 936,692
Private issuance 241,154
Other mortgage-related 351
Total mortgage-backed and mortgage-related securities 1,321,613
Other securities:
Obligations of the U.S. Government and agencies 578,293
Obligations of states and political subdivisions 51,063
Corporate debt securities 10,046
Total other securities 639,402
Total Held-to-Maturity 1,961,015
Amortized
(In Thousands) Cost
Available-for-Sale:
Mortgage-backed and mortgage-related securities:
GNMA certificates 156,330
FHLMC certificates 332,109
FNMA certificates 147,016
REMICs:
Agency issuance 1,116,842
Private issuance 19,788
Residuals 2,645
Other mortgage-related 540,565
Total mortgage-backed and mortgage-related securities 2,315,295
Other securities:
Obligations of the U.S. Government and agencies 149,990
Equity securities 30,885
Other 76
Total other securities 180,951
Total Available-for-Sale 2,496,246
Held-to-Maturity:
Mortgage-backed and mortgage-related securities:
GNMA certificates 105,589
FHLMC certificates 36,503
FNMA certificates 24,613
CMOs 10,638
REMICs:
Agency issuance 961,536
Private issuance 194,411
Other mortgage-related 354
Total mortgage-backed and mortgage-related securities 1,333,644
Other securities:
Obligations of the U.S. Government and agencies 220,181
Obligations of states and political subdivisions 51,753
Corporate debt securities 9,964
Total other securities 281,898
Total Held-to-Maturity 1,615,542
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At December 31, 1996
Gross Gross Estimated
Unrealized Unrealized Fair
Gains Losses Value
3,795 (73) 90,455
1,021 (16) 29,194
75 (611) 21,508
61 (60) 6,451
2,315 (12,912) 926,095
125 (6,326) 234,953
351
7,392 (19,998) 1,309,007
1,810 (3,813) 576,290
(81) 50,982
22 (2) 10,066
1,832 (3,896) 637,338
9,224 (23,894) 1,946,345
At December 31, 1995
Gross Gross Estimated
Unrealized Unrealized Fair
Gains Losses Value
3,082 159,412
4,363 (635) 335,837
1,425 (17) 148,424
9,418 (5,584) 1,120,676
41 (58) 19,771
(15) 2,630
5,900 (393) 546,072
24,229 (6,702) 2,332,822
1,023 (446) 150,567
1,719 (101) 32,503
76
2,742 (547) 183,146
26,971 (7,249) 2,515,968
4,566 (22) 110,133
1,406 (16) 37,893
150 (476) 24,287
119 (46) 10,711
9,169 (4,396) 966,309
412 (3,922) 190,901
354
15,822 (8,878) 1,340,588
1,022 (2,460) 218,743
2 (96) 51,659
(174) 9,790
1,024 (2,730) 280,192
16,846 (11,608) 1,620,780
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
1996 1995
Weighted Weighted
Average Average
(Dollars in Thousands) Rate Balance Percent Rate Balance
Core Deposits:
Savings 2.50% 1,134,038 25.12% 2.50% 1,154,777
Money market 3.99 260,739 5.78 3.80 218,653
Money manager 1.22 201,074 4.46
NOW 1.24 75,159 1.67 2.00 267,339
Non-interest bearing NOW 67,333 1.49 46,949
1,738,343 38.52 1,687,718
Certificates of deposit 5.44 2,774,750 61.48 5.56 2,575,703
4,513,093 100.00% 4,263,421
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Percent
27.09%
5.13
6.27
1.10
39.59
60.41
100.00%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
1996 1995
Weighted Weighted
Average Average
(Dollars in Thousands) Rate Balance Percent Rate Balance
Six months or less 5.04% 1,014,273 36.55% 5.36% 1,005,429
Greater than six months
through one year 5.29 568,712 20.50 5.33 513,818
Greater than one year
through three years 5.72 928,134 33.45 5.84 913,825
Greater than three years 6.31 263,631 9.50 6.01 142,631
2,774,750 100.00% 2,575,703
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Percent
39.03%
19.95
35.48
5.54
100.00%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At or for the year ended
December 31,
(Dollars in Thousands) 1996
Book value of collateral (including accrued interest):
U.S. Treasury notes 62,467
Government agency notes 305,358
Mortgage-backed and mortgage-related
securities available-for-sale and held-to-maturity 1,627,246
Estimated fair value of collateral:
U.S. Treasury notes 61,611
Government agency notes 304,261
Mortgage-backed and mortgage-related
securities available-for-sale and held-to-maturity 1,605,054
Average balance of outstanding agreements during the year 1,744,830
Maximum balance of outstanding agreements at a month
end during the year 1,910,801
Average interest rate for the year 5.58%
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1995
146,342
1,474,650
144,468
1,472,157
978,653
1,510,530
5.69%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
(In Thousands) 1996
Current income tax expense 14,668
Deferred income tax expense (benefit) (exclusive of
the effect of other components listed below) 15,824
Adjustments to deferred tax assets and liabilities
for enacted changes in tax laws and rates 183
Decrease in valuation allowance for deferred tax assets
Total income tax expense 30,675
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Year Ended December 31,
1995 1994
28,204 31,268
7,409 (123)
130 (4)
(261)
35,743 30,880
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
(In Thousands)
Deferred tax assets:
Mortgages and other loans receivable, primarily
due to allowances for losses and deferred loan fees
Real estate owned, primarily due to allowance for losses
Deferred tax losses on securities sold
Alternative minimum tax credit
Compensation and benefits
Other
Total gross deferred tax assets
Less valuation allowance
Deferred tax assets
Deferred tax liabilities:
Unearned discount on investments, not yet recognized for tax purposes
Net unrealized gains on securities available-for-sale
Other
Total gross deferred tax liabilities
Net deferred tax asset
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At December 31,
1996 1995
13,247 13,650
1,765
9,767 14,775
1,625 1,625
5,926 8,940
235 899
30,800 41,654
(1,819) (1,819)
28,981 39,835
(5,005) (665)
(115) (8,512)
(4,342) (3,529)
(9,462) (12,706)
19,519 27,129
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
1996 1995
Non-Qualified
Qualified Supplemental Qualified
(In Thousands) Plan Plans Plan
Actuarial present value of benefit obligations:
Accumulated benefit obligation:
Vested 18,348 2,524 18,161
Non-vested 615 64 907
18,963 2,588 19,068
Effect of projected future compensation 2,591 2,431 2,434
Projected benefit obligation for service
rendered to date 21,554 5,019 21,502
Estimated plan assets, at fair value 25,606 22,953
Excess (deficiency) of plan assets over (under)
projected benefit obligation 4,052 (5,019) 1,451
Unrecognized net loss (gain) from past experience
different from that assumed and effects
of changes in assumptions (438) (103) 2,595
Prior service cost not yet recognized
in periodic pension cost (512) 1,031 (558)
Unrecognized net transition (asset) obligation
(from adoption of SFAS No. 87) being amortized
over 17 years and 11 years for qualified plan
and unfunded supplemental plan, respectively (763) 18 (867)
Additional minimum liability (179)
Prepaid (accrued) pension cost 2,339 (4,252) 2,621
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Non-Qualified
Supplemental
Plans
2,112
51
2,163
2,063
4,226
(4,226)
(485)
1,147
50
(250)
(3,764)
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
1996 1995
Non-Qualified
Qualified Supplemental Qualified
(Dollars in Thousands) Plan Plans Plan
Service cost (benefits earned
during the period) 618 218 447
Interest cost on projected
benefit obligation 1,512 256 1,339
Expected return on plan assets (1,797) (1,512)
Net amortization and deferral (51) 147 (150)
Net pension expense 282 621 124
Assumptions utilized in the
actuarial valuations are as follows:
Discount rate (pre-tax for
qualified plan; after-tax for
supplemental plan) 7.5% 6.0% 7.0%
Expected long-term rate
of return on assets 8.0% 8.0%
Rate of increase in
compensation levels 5.0% 8.0% 5.0%
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1994
Non-Qualified Non-Qualified
Supplemental Qualified Supplemental
Plans Plan Plans
214 534 217
229 840 207
(1,018)
133 (132) 131
576 224 555
6.0% 8.5% 6.0%
8.0%
8.0% 5.0% 8.0%
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
(In Thousands) 1996 1995 1994
Accumulated postretirement benefit obligation 2,095 1,681 1,583
Unrecognized net gain from past experience
different from that assumed and effects of
changes in assumptions (391) (252) (405)
Unrecognized prior service cost (69) (76)
Accrued postretirement benefit cost 1,635 1,353 1,178
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
1996 1995
Weighted Weighted
Average Average
Exercise Exercise
Shares Price Shares Price
Outstanding at beginning
of the year: 2,064,774 13.11 1,974,996 12.51
Granted 195,500 35.12 158,786 20.41
Canceled (64,936) 12.50
Exercised (10,000) 12.50 (4,072) 12.50
Outstanding at end of year 2,250,274 15.03 2,064,774 13.11
Options exercisable at year-end 430,604 217,302
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1994
Weighted
Average
Exercise
Shares Price
1,975,174 12.50
10,000 13.59
(10,178) 12.50
1,974,996 12.51
4,072
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
1996 1995 1994
Weighted Weighted
Average Average
Exercise Exercise
Shares Price Shares Price Shares
Outstanding at beginning
of the year: 554,552 12.59 534,198 12.50 534,198
Granted 20,000 26.18 20,354 14.86
Canceled
Exercised
Outstanding at end of year 574,552 13.06 554,552 12.59 534,198
Options exercisable at year-end 408,354 178,066
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Weighted
Average
Exercise
Price
12.50
12.50
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
1996 1995
Weighted Weighted
Average Average
Exercise Exercise
Shares PriceShares Price
Outstanding at beginning of the year: 312,036 8.81
Granted 8.88
Canceled
Exercised (62,000) 7.69 13.93
Outstanding at end of year 250,036 9.09 8.81
Options exercisable at year-end 250,036 312,036
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
Options Outstanding Options Exercisable
Weighted Weighted
Range Of Number of Options Average Remaining Average Number of Options
Exercise Prices at 12/31/96 Contractual Life Exercise Price at 12/31/96
7.21 to 12.00 216,036 8.1 years 8.33 216,036
12.50 to 2,643,326 7.0 years 13.02 852,958
26.13 to 215,500 9.9 years 34.29 20,000
7.21 to 3,074,862 7.3 years 14.18 1,088,994
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Weighted
Average
Exercise Price
8.33
12.65
26.18
12.04
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31, 1996
Capital Actual Excess
(Dollars in Thousands) Requirement % Capital % Capital
Tangible 107,214 1.5% 404,016 5.65% 296,802 4.15%
Leverage 214,428 3.00 404,016 5.65 189,588 2.65
Risk-based 203,773 8.00 418,038 16.41 214,265 8.41
At Dec December 31, 1995
Capital Actual Excess
(Dollars in Thousands) Requirement % Capital % Capital %
Tangible 97,523 1.5% 395,565 6.08% 298,042 4.58%
Leverage 195,045 3.00 395,565 6.08 200,520 3.08
Risk-based 173,995 8.00 407,209 18.72 233,214 10.72
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ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
At December 31,
1996 1995
Carrying Estimated Carrying
(In Thousands) Amount Fair Value Amount
On Balance Sheet:
Federal funds sold and
repurchase agreements 56,000 56,000 100,000
Mortgage-backed, mortgage-related
and other securities available-
for-sale 2,296,662 2,296,662 2,515,968
Mortgage-backed, mortgage-related
and other securities
held-to-maturity 1,961,015 1,946,345 1,615,542
Loans receivable, net 2,637,327 2,678,789 2,043,643
Deposits 4,513,093 4,510,740 4,263,421
Borrowed funds 2,111,514 2,113,384 1,704,691
Off Balance Sheet:
Outstanding commitments 103,986 103,986 92,288
Interest rate swaps (a) 252
Interest rate caps (a)
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Estimated
Fair Value
100,000
2,515,968
1,620,780
2,089,209
4,264,555
1,708,234
92,288
887
(213)
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
(In Thousands) 1996
Interest Income:
Mortgage-related and other securities 1,621
ESOP loan receivable 1,761
Total interest income 3,382
Interest expense on borrowed funds 318
Net interest income 3,064
Cash dividends from the Association 49,362
Non-interest expense:
Compensation and benefits 1,159
Other 749
Total non-interest expense 1,908
Income before income taxes and equity in (overdistributed)
undistributed earnings of the Association 50,518
Income tax expense 583
Income before equity in (overdistributed) undistributed
earnings of the Association 49,935
Equity in (overdistributed) undistributed earnings
of the Association (1) (13,082)
Net income 36,853
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Year Ended December 31,
1995 1994
1,997 2,840
1,864 1,982
3,861 4,822
228
3,633 4,822
4,520
1,054 623
846 854
1,900 1,477
6,253 3,345
835 1,516
5,418 1,829
40,003 41,848
45,421 43,677
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
(In Thousands) 1996
Cash flows from operating activities:
Net income 36,853
Adjustments to reconcile net income to
cash provided by operating activities:
Equity in overdistributed (undistributed) earnings
of the Association 13,082
Increase in accrued interest receivable 20
Accretion of discount on other securities (12)
(Decrease) increase in other liabilities and amounts
due the Association (1,356)
Net cash provided by operating activities 48,587
Cash flows from investing activities:
Purchases of other securities held-to-maturity
Maturities of other securities held-to-maturity
Purchase of other securities available-for-sale (6,359)
Principal payments on securities available-for-sale 4,325
Acquisition of Fidelity stock by the Association
Principal payment on ESOP loan receivable 2,366
Net cash provided by investing activities 332
Cash flows from financing activities:
(Decrease) increase in reverse repurchase agreements (8,329)
Repurchase of Company common stock (31,672)
Cash received for options exercised net of loss
on issuance of treasury stock 478
Cash dividends paid to stockholders (9,362)
Net cash used in financing activities (48,885)
Net increase (decrease) in cash and cash equivalents 34
Cash and cash equivalents at the beginning of the year 44
Cash and cash equivalents at the end of the year 78
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Year Ended December 31,
1995 1994
45,421 43,677
(40,003) (41,848)
19 123
(12) (650)
(1,141) 2,992
4,284 4,294
(9,974)
50,000
(37,437)
2,849 1,482
4,612
2,120 1,957
9,581 6,028
8,329
(26,592) (34,252)
107
(4,555)
(22,711) (34,252)
(8,846) (23,930)
8,890 32,820
44 8,890
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
CONSOLIDATED SCHEDULE OF CASH EARNINGS
First
(In Thousands, Except Per Share Amounts) Quarter
Interest income 115,834
Interest expense 71,100
Net interest income 44,734
Provision for loan losses 522
Net interest income after provision
for loan losses 44,212
Non-interest income 3,558
Total income 47,770
General and administrative expense 23,927
Real estate operations, net (3,255)
(Recovery of) provision for real estate losses (1,397)
Amortization of excess of cost over
fair value of net assets acquired 2,171
SAIF recapitalization assessment
Income (loss) before income tax expense (benefit) 26,324
Income tax expense (benefit) 11,606
Net income (loss) 14,718
Primary earnings (loss) per common share 0.68
Fully diluted earnings (loss) per common share 0.68
Fully diluted earnings per common share excluding
SAIF recapitalization assessment, net of tax 0.68
Year End
First
(In Thousands, Except Per Share Amounts) Quarter
Interest income 97,883
Interest expense 55,095
Net interest income 42,788
Provision for (recovery of) loan losses 1,001
Net interest income after provision
for (recovery of) loan losses 41,787
Non-interest income 1,986
Total income 43,773
General and administrative expense 21,476
Real estate operations, net 362
(Recovery of) provision for real estate losses (56)
Amortization of excess of cost over
fair value of net assets acquired 1,611
Income before income taxes 20,380
Income tax expense 8,786
Net income 11,594
Primary earnings per common share 0.52
Fully diluted earnings per common share 0.52
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Year Ended December 31, 1996
Second Third Fourth
Quarter Quarter Quarter
121,242 126,716 127,382
74,418 79,112 79,851
46,824 47,604 47,531
2,042 958 441
44,782 46,646 47,090
3,439 3,374 3,351
48,221 50,020 50,441
24,674 23,872 23,692
339 176 17
65 (202) (213)
2,171 2,171 2,171
28,545
20,972 (4,542) 24,774
9,262 (1,320) 11,127
11,710 (3,222) 13,647
0.56 (0.17) 0.64
0.55 (0.17) 0.64
0.55 0.65 0.64
Ended December 31 31, 1995
Second Third Fourth
Quarter Quarter Quarter
107,883 113,369 115,841
65,953 71,401 73,256
41,930 41,968 42,585
827 349 (170)
41,103 41,619 42,755
2,625 2,332 2,523
43,728 43,951 45,278
23,163 22,842 22,863
(876) (2,251) (579)
(681) 704 292
2,232 2,232 2,232
19,890 20,424 20,470
8,801 9,035 9,121
11,089 11,389 11,349
0.50 0.52 0.53
0.50 0.52 0.52
ASTORIA FINANCIAL CORP
10-K405
03/28/1997
NO TITLE
This schedule contains summary financial information extracted from the
Conde Condensed Consolidated Statement of Financial Condition as of December 31, 1996
and t the Condensed Consolidated Statement of Operations for the twelve months
ended December 31, 1996 and is qualified in its entirety by reference to such
finan financial statements.
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