Astoria Federal net income up 27%
Astoria Financial Corp., one of Long Island's largest banking companies, said Wednesday its net income rose by 27 percent in the third quarter on higher interest income and lower costs.
The Lake Success-based parent of the 85-branch Astoria Federal Savings and Loan Association said net income for the three months ended Sept. 30 was $16.9 million, or 15 cents a share, up from $13.35 million, or 14 cents, in the same period a year earlier.
Net income available to common shareholders was $14.7 million after payment of preferred stock dividends, the company said.
Net interest income for the quarter was $86.2 million, up from $86 million a year earlier.
Noninterest income fell by 7 percent to $15.3 million, Astoria said, citing declines in customer service fees and income from bank-owned life insurance.
The bank said its provision for loan losses fell to $2.5 million from $9.5 million a year earlier. Monte N. Redman, president and chief executive of Astoria, said in a statement, "The decline in the provision is a reflection of the continued improvement in our asset quality metrics, as well as the contraction of the overall loan portfolio."
Total assets at Sept. 30 were $16 billion, down from $16.5 billion a year earlier, Astoria said, primarily due to decreases in the loan portfolio.