Profits at Astoria Financial in Lake Success, N.Y., fell along with net interest income in the fourth quarter.
The $14.6 billion-asset company said Wednesday that its profit was $13.7 million in the three months, down about 15% from a year earlier. In October 2015 Astoria agreed to
In a news release, President and CEO Monte Redman praised the bank’s growth in core deposits and de-risking of its loan portfolio, but he did not address the terminated merger with New York Community. Management was scheduled to host a conference call Thursday.
Astoria’s net interest income fell more than 3% from a year earlier to $81.6 million as income from its multifamily and commercial real estate mortgage loans fell almost 4% to $45.7 million.
The company recorded a loan-loss release of $2 million, versus a release of $4.3 million a year earlier.
Noninterest income rose more than 10% to $14.9 million, primarily from higher mortgage banking income.
Noninterest expense fell roughly 4% to $71.2 million as compensation and benefits costs fell 6%, to $38.1 million.