Astoria Financial Corp. (AF) Tops Q1 EPS by 2c

Astoria Financial Corp. (NYSE: AF) reported Q1 EPS of $0.17, $0.02 better than the analyst estimate of $0.15.

Financial Highlights

Deposit Growth:

• Core deposits increased $129.7 million from December 31, 2014 to $6.9 billion and represent 74% of deposits at March 31, 2015, up from 72% at December 31, 2014.
• Consumer checking deposits increased $64.0 million from December 31, 2014, representing an annualized growth rate of 15.6%.
• Business checking deposits increased $38.2 million from December 31, 2014, representing an annualized growth rate of 27.4%.

Net Interest Margin Expansion:

• For the quarter ended March 31, 2015, the net interest margin increased to 2.34% from 2.30% for the prior quarter.

Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the quarter stated, "We are pleased with the results that we have reported today. Our core deposit growth of almost $130 million is encouraging, particularly the strong growth that we experienced in both our consumer and business checking deposits. The growth of these lower cost deposits was a contributing factor to the expansion of our net interest margin in the first quarter to 2.34% from 2.30% in the previous quarter."

For earnings history and earnings-related data on Astoria Financial Corp. (AF) click here.

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