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: Quote), 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.
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by RTT Staff Writer
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