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Correction: Astoria Financial Posts Lower Q1 Profit; Adj. Earnings Tops Estimates

Corrects headline to show that Q1 profit fell from last year, and adjusted earnings beat analysts' estimate, and not as otherwise mentioned earlier.

Astoria Financial Corp. (AF), the holding company of Astoria Federal Savings and Loan Association, reported first-quarter net income of $10.0 million or $0.11 per share, down from $27.4 million or $0.29 per share in the same period last year.

Excluding items, adjusted earnings for the latest quarter was $12.2 million or $0.13 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.12 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income for the quarter declined to $88.2 million from $101.5 million in the year-ago quarter. Ten analysts had a consensus revenue estimate of $89.36 million.

Net interest margin in the latest quarter dropped 20 basis points to 2.20 percent from the year-ago period, due to a rapid decline in the yield on average interest earning assets than the cost of internet bearing liabilities in 2011.

Total non-interest income for the latest quarter increased to $19.6 million from $18.0 million last year.

Provision for loan losses increased to 10.0 million from last year's $7.0 million in the same quarter.

by RTTNews Staff Writer

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