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Astoria Faces Impairment.
LAKE SUCCESS, NY -- Astoria Financial Corp. here earned net income of $37.1 million in the fourth quarter, down from $57.7 million in the fourth quarter of 2005, and impairment to the company's mortgage servicing rights factored into the decline.
Earnings per share were $0.39 in the fourth quarter, down from $0.57 in the fourth quarter of 2005. Full-year net income, at $174.9 million in 2006, also was down from the year before.
Astoria highlighted growth in its asset base, including a 5% increase in both its single-family home loan portfolio and its multifamily home loan portfolio, saying that loan growth helps position the company for earnings growth in the future.
Despite taking an amortization charge against its mortgage servicing rights, Astoria earned net income of $1 million from mortgage banking in the fourth quarter, up from $900,000 in the fourth quarter of 2005.
George Engelke, chairman, president and CEO of Astoria, blamed the weak earnings on the persistence of an inverted yield curve last year, when long-term interest rates were often below short-term rates. He remained ...
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Source: HighBeam Research, Astoria Faces Impairment.