Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

Condensed Parent Company Only Financial Statements

The following condensed parent company only financial statements reflect our investments in our wholly-owned consolidated subsidiaries, Astoria Bank and AF Insurance Agency, Inc., using the equity method of accounting.

Astoria Financial Corporation - Condensed Statements of Financial Condition

	At December 31,
(In Thousands)	2014		2013
Assets:
Cash	$	75,199	$	63,418
Other assets	711		103
Investment in Astoria Bank	1,755,078		1,705,964
Investment in AF Insurance Agency, Inc.	1,134		1,233
Total assets	$	1,832,122	$	1,770,718
Liabilities and stockholders’ equity:
Other borrowings, net	$	248,691	$	248,161
Other liabilities	3,361		3,044
Stockholders’ equity	1,580,070		1,519,513
Total liabilities and stockholders’ equity	$	1,832,122	$	1,770,718

Astoria Financial Corporation - Condensed Statements of Income

	For the Year Ended December 31,
(In Thousands)	2014		2013		2012
Interest income:
Repurchase agreements	$	—	$	—	$	18
ESOP loans receivable	—		344		728
Total interest income	—		344		746
Interest expense on borrowings	13,031		17,398		29,689
Net interest expense	13,031		17,054		28,943
Cash dividends from subsidiaries	40,620		45,150		42,000
Non-interest expense:
Compensation and benefits	2,925		3,261		3,735
Extinguishment of debt	—		4,266		1,212
Other	3,262		3,148		2,878
Total non-interest expense	6,187		10,675		7,825
Income before income taxes and equity in undistributed earnings of subsidiaries	21,402		17,421		5,232
Income tax benefit	6,662		9,644		12,844
Income before equity in undistributed earnings of subsidiaries	28,064		27,065		18,076
Equity in undistributed earnings of subsidiaries	67,852		39,528		35,015
Net income	95,916		66,593		53,091
Preferred stock dividends	8,775		7,214		—
Net income available to common shareholders	$	87,141	$	59,379	$	53,091

Astoria Financial Corporation - Condensed Statements of Cash Flows

	For the Year Ended December 31,
(In Thousands)	2014			2013			2012
Cash flows from operating activities:
Net income	$	95,916		$	66,593		$	53,091
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(67,852		)	(39,528		)	(35,015		)
Amortization of deferred costs	531			531			837
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries	(484		)	(998		)	846
Net cash provided by operating activities	28,111			26,598			19,759
Cash flows from investing activities:
Principal payments on ESOP loans receivable	—			5,908			6,235
Redemption of Astoria Capital Trust I common securities	—			3,866			—
Net cash provided by investing activities	—			9,774			6,235
Cash flows from financing activities:
Proceeds from borrowings with original terms greater than three months	—			—			250,000
Repayment of borrowings with original terms greater than three months	—			(128,866		)	(250,000		)
Cash payments for debt issuance costs	—			—			(2,653		)
Proceeds from issuance of common and preferred stock	8,121			135,000			—
Cash payments for preferred stock issuance costs	—			(5,204		)	—
Cash dividends paid to stockholders	(24,643		)	(20,688		)	(24,104		)
Net tax benefit excess (shortfall) from stock-based compensation	192			(800		)	(4,123		)
Net cash used in financing activities	(16,330		)	(20,558		)	(30,880		)
Net increase (decrease) in cash and cash equivalents	11,781			15,814			(4,886		)
Cash and cash equivalents at beginning of year	63,418			47,604			52,490
Cash and cash equivalents at end of year	$	75,199		$	63,418		$	47,604
Supplemental disclosure:
Cash paid during the year for interest	$	12,500		$	18,898		$	31,535