Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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)	2015		2014
Assets:
Cash	$	102,338	$	75,199
Other assets	760		711
Investment in Astoria Bank	1,812,393		1,755,078
Investment in AF Insurance Agency, Inc.	952		1,134
Total assets	$	1,916,443	$	1,832,122
Liabilities and stockholders’ equity:
Other borrowings, net	$	249,222	$	248,691
Other liabilities	3,773		3,361
Stockholders’ equity	1,663,448		1,580,070
Total liabilities and stockholders’ equity	$	1,916,443	$	1,832,122

Astoria Financial Corporation - Condensed Statements of Income



	For the Year Ended December 31,
(In Thousands)	2015		2014		2013
Interest income:
ESOP loans receivable	$	—	$	—	$	344
Total interest income	—		—		344
Interest expense on borrowings	13,031		13,031		17,398
Net interest expense	13,031		13,031		17,054
Cash dividends from subsidiaries	64,524		40,620		45,150
Non-interest expense:
Compensation and benefits	2,820		2,925		3,261
Extinguishment of debt	—		—		4,266
Other	4,927		3,262		3,148
Total non-interest expense	7,747		6,187		10,675
Income before income taxes and equity in undistributed earnings of subsidiaries	43,746		21,402		17,421
Income tax benefit	8,056		6,662		9,644
Income before equity in undistributed earnings of subsidiaries	51,802		28,064		27,065
Equity in undistributed earnings of subsidiaries	36,273		67,852		39,528
Net income	88,075		95,916		66,593
Preferred stock dividends	8,775		8,775		7,214
Net income available to common shareholders	$	79,300	$	87,141	$	59,379

Astoria Financial Corporation - Condensed Statements of Cash Flows



	For the Year Ended December 31,
(In Thousands)	2015			2014			2013
Cash flows from operating activities:
Net income	$	88,075		$	95,916		$	66,593
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(36,273		)	(67,852		)	(39,528		)
Amortization of deferred costs	531			531			531
Increase in other assets, net of other liabilities and amounts due to subsidiaries	(1,752		)	(484		)	(998		)
Net cash provided by operating activities	50,581			28,111			26,598
Cash flows from investing activities:
Principal payments on ESOP loans receivable	—			—			5,908
Redemption of Astoria Capital Trust I common securities	—			—			3,866
Net cash provided by investing activities	—			—			9,774
Cash flows from financing activities:
Repayment of borrowings with original terms greater than three months	—			—			(128,866		)
Proceeds from issuance of common and preferred stock	6,168			8,121			135,000
Common stock repurchases	(6,869		)	—			—
Cash payments for preferred stock issuance costs	—			—			(5,204		)
Cash dividends paid to stockholders	(24,856		)	(24,643		)	(20,688		)
Net tax benefit excess (shortfall) from stock-based compensation	2,115			192			(800		)
Net cash used in financing activities	(23,442		)	(16,330		)	(20,558		)
Net increase in cash and cash equivalents	27,139			11,781			15,814
Cash and cash equivalents at beginning of year	75,199			63,418			47,604
Cash and cash equivalents at end of year	$	102,338		$	75,199		$	63,418

Supplemental disclosure:
Cash paid during the year for interest	$	12,500		$	12,500		$	18,898