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Astoria Takes Hit On GSE Preferreds.
Lake Success, NY -- Astoria Financial Corp. here saw its net income decline from $37.1 million in the fourth quarter of 2006 to $19.7 million in the fourth quarter of 2007.
However, the company said its operating income was down only slightly from last year if the impairment of preferred stock in Freddie Mac is excluded from the results. The company took a non-cash charge of $13.3 million relating to its Freddie Mac-preferred shares. Astoria also took a $3.7 million after-tax charge related to the termination of interest rate swap agreements earlier in the year.
George Engelke, chairman and CEO of Astoria Financial, said that the quarterly and ...
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- Magazine article from: Crain's New York Business March 3, 2008 700+ words
Byline: Hilary Potkewitz For years, Astoria Financial has been derided as old-fashioned, plain-vanilla...million relating to its holdings of preferred shares in Freddie Mac. Revenues, meanwhile, managed to rise slightly to...
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- Newspaper article from: Long Island Business News Laura Glasser July 23, 2009 700+ words
Astoria Financial said Wednesday second-quarter profit plunged 92 percent as the thrift...5.3 million charge to write down the value of its holdings of Freddie Mac preferred stock and a $1.5 million charge on a mortgage held for...
