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Runoff Forces Astoria to Lower Estimates.(Brief Article)
Astoria Financial Corp. expects third-quarter diluted earnings per share to be lower than the current First Call and IBES consensus estimate of $0.77 per share.
The company indicated that, assuming interest rates and mortgage loan refinance activity remain unchanged, it is likely that third-quarter EPS will be in a range of $0.72 to $0.74 per share, which represents growth of between 20% and 23% over the 2001 third quarter.
The company attributed the slower EPS growth to the impact of the sustained level of low interest rates, particularly after the decline during the summer. That has led to historically high mortgage loan and mortgage-backed security prepayments, and it has also left the bank with low yielding reinvestment opportunities.
The company also noted that if interest rates and cash flow continue at current levels for the remainder of the year, that fourth-quarter EPS will likely be within the same range as ...
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