Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2016

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)	2016		2015
Assets:
Cash	$	42,994	$	102,338
Unencumbered securities held-to-maturity (fair value of $39,989)	39,987		—
Other assets	1,500		760
Investment in Astoria Bank	1,883,903		1,812,393
Investment in AF Insurance Agency, Inc.	765		952
Total assets	$	1,969,149	$	1,916,443
Liabilities and stockholders’ equity:
Other borrowings, net	$	249,752	$	249,222
Other liabilities	5,324		3,773
Stockholders’ equity	1,714,073		1,663,448
Total liabilities and stockholders’ equity	$	1,969,149	$	1,916,443

Astoria Financial Corporation - Condensed Statements of Income

	For the Year Ended December 31,
(In Thousands)	2016			2015		2014
Interest income on securities held-to-maturity	$	126		$	—	$	—
Interest expense on borrowings	13,031			13,031		13,031
Net interest expense	12,905			13,031		13,031
Cash dividends from subsidiaries	19,500			64,524		40,620
Non-interest expense:
Compensation and benefits	2,782			2,820		2,925
Other	6,156			4,927		3,262
Total non-interest expense	8,938			7,747		6,187
(Loss) income before income taxes and equity in undistributed earnings of subsidiaries	(2,343		)	43,746		21,402
Income tax benefit	8,389			8,056		6,662
Income before equity in undistributed earnings of subsidiaries	6,046			51,802		28,064
Equity in undistributed earnings of subsidiaries	65,483			36,273		67,852
Net income	71,529			88,075		95,916
Preferred stock dividends	8,775			8,775		8,775
Net income available to common shareholders	$	62,754		$	79,300	$	87,141

Astoria Financial Corporation - Condensed Statements of Cash Flows

	For the Year Ended December 31,
(In Thousands)	2016			2015			2014
Cash flows from operating activities:
Net income	$	71,529		$	88,075		$	95,916
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(65,483		)	(36,273		)	(67,852		)
Amortization of deferred costs	404			531			531
Decrease (increase) in other assets, net of other liabilities and amounts due to subsidiaries	810			(1,752		)	(484		)
Net cash provided by operating activities	7,260			50,581			28,111
Cash flows from investing activities:
Purchases of securities held-to-maturity	(199,861		)	—			—
Proceeds from maturities of securities held-to-maturity	160,000			—			—
Net cash used by investing activities	(39,861		)	—			—
Cash flows from financing activities:
Proceeds from issuance of common stock	159			6,168			8,121
Common stock repurchases	—			(6,869		)	—
Payments relating to treasury shares received for restricted stock award tax payments	(1,913		)	—			—
Cash dividends paid to stockholders	(24,989		)	(24,856		)	(24,643		)
Net tax benefit excess from stock-based compensation	—			2,115			192
Net cash used in financing activities	(26,743		)	(23,442		)	(16,330		)
Net (decrease) increase in cash and cash equivalents	(59,344		)	27,139			11,781
Cash and cash equivalents at beginning of year	102,338			75,199			63,418
Cash and cash equivalents at end of year	$	42,994		$	102,338		$	75,199
Supplemental disclosure:
Cash paid during the year for interest	$	12,500		$	12,500		$	12,500