Astoria Financial Corporation (AF) has reported 22.40 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $14.41 million, or $0.12 a share in the quarter, compared with $18.56 million, or $0.16 a share for the same period last year.
Revenue during the quarter dropped 3.38 percent to $94.48 million from $97.78 million in the previous year period. Net interest income for the quarter dropped 3.77 percent over the prior year period to $80.12 million. Non-interest income for the quarter rose 4.15 percent over the last year period to $11.87 million.
Astoria Financial Corp has made negative provision of $2.49 million for loan losses during the quarter, compared with a negative provision of $3.13 million in the same period last year.
Net interest margin improved 1 basis points to 2.37 percent in the quarter from 2.36 percent in the last year period. Efficiency ratio for the quarter deteriorated to 78.23 percent from 73.45 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Monte N. Redman, president and chief executive officer of Astoria, commenting on the results stated, "During the first quarter, we continued our emphasis on growing core deposits which grew by $140.5 million and represent 82% of total deposits."
Assets, liabilities fallTotal assets stood at $14,342.61 million as on Mar. 31, 2017, down 4.53 percent compared with $15,023.55 million on Mar. 31, 2016. On the other hand, total liabilities stood at $12,618.65 million as on Mar. 31, 2017, down 5.42 percent from $13,341.74 million on Mar. 31, 2016. Deposits outpace loan growthNet loans stood at $10,118.47 million as on Mar. 31, 2017, down 7.26 percent compared with $10,910.88 million on Mar. 31, 2016. Deposits stood at $8,990.25 million as on Mar. 31, 2017, down 0.68 percent compared with $9,051.54 million on Mar. 31, 2016.
Investments stood at $3,035.28 million as on Mar. 31, 2017, up 7.16 percent or $202.89 million from year-ago. Shareholders equity stood at $1,723.96 million as on Mar. 31, 2017, up 2.51 percent or $42.16 million from year-ago.
Return on average assets moved down 9 basis points to 0.40 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity decreased 118 basis points to 3.07 percent in the quarter from 4.25 percent in the last year period.
Nonperforming assets moved down 5.76 percent or $9.38 million to $153.53 million on Mar. 31, 2017 from $162.91 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.07 percent in the quarter, down from 1.08 percent in the last year period.
Tier-1 leverage ratio stood at 12.44 percent for the quarter, up from 11.37 percent for the previous year quarter. Book value per share was $15.67 for the quarter, up 2.42 percent or $0.37 compared to $15.30 for the same period last year.
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