Astoria Financial Corporation operates as the bank holding company for Astoria Bank that provides various financial products and services. The company operates 88 full-service banking offices, of which 50 are owned and 38 are leased. Its primary business is attracting retail deposits from the general public and businesses and investing those deposits, together with funds generated from operations, principal repayments on loans and securities and borrowings, primarily in multi-family and commercial real estate mortgage loans, one-to-four family, or residential, mortgage loans, and mortgage-backed securities. To a lesser degree, the company also invests in consumer and other loans, the U.S. government, government agency and government-sponsored enterprise (GSE) securities, and other investments permitted by federal banking laws and regulations. In addition to the bank, the company has one other direct wholly-owned subsidiary, AF Insurance Agency, Inc., a licensed life insurance agency that makes insurance products available primarily to the customers of the company through contractual agreements with various third parties. The company’s retail banking network includes multiple delivery channels, including full service banking offices, automated teller machines, and telephone, Internet and mobile banking capabilities. The company’s deposit gathering sources are primarily concentrated in the communities surrounding its banking offices in Queens, Kings (Brooklyn), Nassau, Suffolk, Westchester and New York (Manhattan) counties of New York. Lending Activities The company’s loan portfolio primarily includes mortgage loans. The company originates multi-family and commercial real estate mortgage loans either indirectly through commercial mortgage brokers or through direct solicitation by its banking offices in New York in connection with its business banking operations. The company originates residential mortgage loans either directly through its banking and loan production offices in New York or indirectly through brokers and its third party loan origination program. The company also originates mortgage loans for sale in the secondary market. Generally, the company originates 15 and 30 year fixed rate residential mortgage loans that conform to GSE guidelines (conforming loans) for sale to various GSEs or other investors on a servicing released or retained basis. The company outsources the servicing of its residential mortgage loan portfolio, including its portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Residential Mortgage Lending: The company’s primary residential lending emphasis is on the origination and purchase of first mortgage loans secured by properties that serve as the primary residence of the owner. The company also originates a limited number of second home mortgage loans. The company also has a residential broker network covering four states, primarily along the East Coast. The company’s residential broker loan origination program consists of relationships with mortgage brokers. The company purchases individual mortgage loans through its third party loan origination program, which are subject to the same underwriting standards as the company’s retail and broker originations. The company’s third party loan origination program includes relationships with other financial institutions and mortgage bankers covering 13 states and the District of Columbia. The company offers amortizing hybrid adjustable rate mortgage loans with terms up to 30 years, which initially have a fixed rate for 5, 7 or 10 years and convert into 1 year adjustable rate mortgage loans at the end of the initial fixed rate period. Multi-Family and Commercial Real Estate Lending: The company’s primary multi-family and commercial real estate lending emphasis is on the origination of mortgage loans on rent controlled and rent stabilized apartment buildings located in the greater New York metropolitan area, including the five boroughs of New York City, Nassau, Suffolk and Westchester counties in New York, and parts of New Jersey and Connecticut. The multi-fam
astoria financial corp (AF:New York)
One Astoria Bank Plaza
Lake Success, NY 11042
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