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Astoria Financial income drops 13 percent in 4th quarter

The Astoria Bank logo in an undated photo.

The Astoria Bank logo in an undated photo.

Astoria Financial said its net income for the fourth quarter slipped to $15.9 million, a 13 percent drop from the same period a year ago.

The Lake Success-based company said total assets were $14.6 billion at the end of 2016, a drop of $517.6 million year-over-year.

In a Wednesday earnings statement, Astoria said the lower assets were primarily due to a decline in its $10.4 billion loan portfolio, which dropped by $735.9 million over the course of 2016.

Astoria released its fourth quarter results one month after its merger with New York Community Bancorp was terminated. The two companies have not said why the deal was called off.

Astoria shares closed down 2 cents to $18.85 on Thursday. Its shares are up 30 percent in the last year.

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