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Last $16.79 USD
Change Today +0.19 / 1.14%
Volume 722.3K
AF On Other Exchanges
New York
As of 8:04 PM 10/8/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

One Astoria Bank Plaza

Lake Success, NY 11042

United States

Phone: 516-327-3000


Astoria Financial Corporation operates as the holding company for Astoria Bank that provides various financial products and services to individuals and businesses in the United States. The company’s 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. The company invests in consumer and other loans, U.S. government, government agency and government-sponsored enterprise (GSE), securities and other investments permitted by federal banking laws and regulations. The company’s physical presence consists of its branch network of 87 locations. Lending Activities The company’s loan portfolio is comprised primarily of mortgage loans. It originates multi-family and commercial real estate mortgage loans either indirectly through commercial mortgage brokers or through direct solicitation by its banking officers 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, it 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. It 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. It purchases individual mortgage loans through its third party loan origination program, which are subject to the same underwriting standards as its 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-family and commercial real estate loans in the company’s portfolio consist of both fixed rate and adjustable rate loans which were originated at prevailing market rates. Multi-family and commercial real estate loans the company offers generally include adjustable and fixed rate balloon loans with terms up to 15 years, amortized approximately 15 to 30 years. The company also offers interest-only mortgage loans, primarily for loans secured by multi-family cooperative properties, to qualified borrowers, underwritten on an amortizing basis. Included in the company’s multi-family and commercial real estate loan portfolios are mixed use loans secured by properties, which are intended for both residential and commercial use. The company’s strategies include greater participation in the local multi-family and commercial real estate mortgage l


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Industry Average

Valuation AF Industry Range
Price/Earnings 19.8x
Price/Sales 4.1x
Price/Book 1.1x
Price/Cash Flow 18.0x
TEV/Sales NM Not Meaningful

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