Astoria 1Q profits fall 27 percent |
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Thu, 19 Apr 2007 16:32
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LAKE SUCCESS (AP) - Savings and loan company Astoria Financial Corp. said Thursday first quarter earnings fell 27 percent from a year ago, partially due to a decline in income from interest.Net income for the period ended March 31, 2007 was $35.7 million, or 39 cents per share, down from $48.9 million, or 50 cents per share, in the prior year period.Analysts polled by Thomson Financial expected slightly lower earnings at 37 cents per share.Shares of Astoria Financial Corp. rose 69 cents Thursday, or 2.5 percent, to $27.76 in morning trading on the New York Stock Exchange.Astoria's net interest income declined more than 20 percent to $87.5 million from $111.5 million in the first quarter of 2006. The company attributed the losses to liabilities rising faster than yield from earning assets.'While the operating environment remained difficult during the first quarter, characterized by an inverted yield curve and limited opportunities for profitable asset growth, we continued to increase loans and deposits and reduce securities and borrowings,' said CEO George L. Engelke, Jr..The company's non-interest income increased to $22.6 million from $18.9 million in the first quarter of 2006, partially due to a $5.5 million charge taken in the first quarter of 2006.Astoria said it repurchased 1 million shares of common stock in the last quarter and has 867,300 shares available under the current stock purchase program.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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