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ASTORIA FINANCIAL CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2017 10-Q, filed Aug 4, 2017. Its latest SEC filing is a SC 13G/A from Feb 9, 2018.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Takes deposits from households and businesses and makes residential, multifamily and commercial real estate loans to borrowers through its branches, loan offices and brokers.

How Did They Make Money?

Earns most of its revenue from the difference between interest earned on loans and securities and interest paid on deposits and borrowings; it also brings in customer service and loan fees and mortgage banking income.

FY2016 revenue

Who Were Their Customers?

Households and local businesses use its deposit services; residential borrowers apply through bank offices or brokers, while apartment-building and commercial-property borrowers are reached directly by banking officers or through mortgage brokers.

Did Revenues Turn Into Profits?

Yes. It kept 16 cents of every revenue dollar as net income in FY2016.

Net income, FY2016
16% of revenue
▼ −19% vs FY2015 ($88.1M, 19%)

How Were They Changing?

Since the FY2016 annual report
Latest quarter: Q2 FY2017, the three months to Jun 30, 2017
Revenue
▼ −5%
vs $113.7M in Q2 FY2016
Net income
▼ −2%
vs $18.3M in Q2 FY2016
  • Oct 2, 2017 Astoria merged into Sterling Bancorp Sterling became the surviving corporation, and Astoria Bank merged into Sterling National Bank.

Shrank. Revenue fell 24% in 4 years, from $600.5M in FY2012 to $454.9M in FY2016, about 7% a year.

Greater emphasis on property lending The earlier report described traditional residential mortgage lending alongside plans to expand other loan categories; the latest report places greater emphasis on multifamily and commercial real estate lending.

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