Astoria Financial (AF) Tops Q3 EPS by 1c, Management Comments on Outlook

Astoria Financial (NYSE: AF) reported Q3 EPS of $0.17, $0.01 better than the analyst estimate of $0.16.

Future Outlook

Commenting on the Company's future outlook, Mr. Redman stated, "The combination of increased brand awareness advertising and our diligent focus on expanding our business banking operations continues to provide us with positive results. Business banking deposits have grown $265.4 million year-to-date and we remain well on our way to our stated goal of having core deposits, which currently represent 70% of total deposits, reach 80% of total deposits by year-end 2015. In a very competitive environment for MF/CRE lending, we continue to grow this portfolio and it now represents 38% of our total loan portfolio. We are pleased that the MF/CRE pipeline grew by more than $156 million during the third quarter and we remain on track toward our stated goal of having this portfolio represent 45-50% of total loans by year-end 2015.

The addition of Hugh Donlon as Senior Executive Vice President and Chief Lending Officer will strengthen the coordination between our three lending areas and should provide us with additional momentum towards our stated goals as we move forward. All in all, the results that we have reported today make us even more confident that we have chosen the right path towards becoming a more fully diversified, full-service community bank."

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

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