Astoria Financial Corp., the Lake Success-based holding company for Astoria Bank, reported higher quarterly profits as the company released $5.7 million in loan loss provisions.
The company reported net income of $22.3 million, or 20 cents per share, for the quarter ending June 30. That's up 42.9 percent from $15.6 million in the year-ago period.
The results beat expectations from Wall Street analysts, who predicted earnings per share of 16 cents. The company's stock moved up less than 1 percent in after-hours trading.
Astoria Financial's income from interest and noninterest operations decreased compared to the same period a year ago, but the release of loan loss provisions boosted its earnings.
The banking company, which has a stock market value of $1.3 billion, operates 86 branches in Long Island, New York City and Westchester.