Astoria Financial Corporation (AF) has reported 13.53 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $15.94 million, or $0.14 a share in the quarter, compared with $18.43 million, or $0.16 a share for the same period last year. Revenue during the quarter dropped 3.84 percent to $98.54 million from $102.48 million in the previous year period. Net interest income for the quarter dropped 3.60 percent over the prior year period to $81.64 million. Non-interest income for the quarter rose 10.47 percent over the last year period to $14.88 million.
Astoria Financial Corp has made negative provision of $2.02 million for loan losses during the quarter, compared with a negative provision of $4.32 million in the same period last year.
Net interest margin contracted 2 basis points to 2.37 percent in the quarter from 2.39 percent in the last year period. Efficiency ratio for the quarter improved to 73.76 percent from 75.91 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, "During 2016, we continued our emphasis on growing core deposits which grew by $164.3 million and now represent 82% of total deposits, up from 78% at year end 2015."
Assets, liabilities fallTotal assets stood at $14,558.65 million as on Dec. 31, 2016, down 3.43 percent compared with $15,076.21 million on Dec. 31, 2015. On the other hand, total liabilities stood at $12,844.58 million as on Dec. 31, 2016, down 4.24 percent from $13,412.76 million on Dec. 31, 2015. Deposits outpace loan growthNet loans stood at $10,331.09 million as on Dec. 31, 2016, down 6.55 percent compared with $11,055.08 million on Dec. 31, 2015. Deposits stood at $8,877.06 million as on Dec. 31, 2016, down 2.51 percent compared with $9,106.03 million on Dec. 31, 2015. Investments stood at $3,020.18 million as on Dec. 31, 2016, up 11.30 percent or $306.58 million from year-ago. Shareholders equity stood at $1,714.07 million as on Dec. 31, 2016, up 3.04 percent or $50.62 million from year-ago.
Return on average assets moved down 6 basis points to 0.43 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity decreased 78 basis points to 3.48 percent in the quarter from 4.26 percent in the last year period.
Nonperforming assets moved up 3.40 percent or $5.37 million to $163.38 million on Dec. 31, 2016 from $158.01 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.12 percent in the quarter, up from 1.05 percent in the last year period.
Tier-1 leverage ratio stood at 10.85 percent for the quarter, up from 10.21 percent for the previous year quarter. Book value per share was $15.65 for the quarter, up 2.76 percent or $0.42 compared to $15.23 for the same period last year.
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