Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Benefit Plans

Defined Benefit Pension Plans and Other Postretirement Benefit Plan

	Pension Benefits						Other PostretirementBenefits
	At or For the Year Ended December 31,						At or For the Year Ended December 31,
(In Thousands)		2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$ 274,874			$  232,230			$  32,515			$  24,892
Service cost	2,025			4,642			1,061			529
Interest cost	10,992			12,212			1,378			1,360
Actuarial loss	19,535			35,615			1,454			6,629
Amendments	5,473			-			-			-
Settlements	(14,560		)	-			-			-
Curtailments	(28,192		)	-			-			-
Benefits paid	(10,039		)	(9,825		)	(932		)	(895		)
Benefit obligation at end of year	260,108			274,874			35,476			32,515
Change in plan assets:
Fair value of plan assets at beginning of year	134,495			129,352			-			-
Actual return on plan assets	16,593			(2,638		)	-			-
Employer contribution	34,194			17,606			932			895
Settlements	(14,560		)	-			-			-
Benefits paid	(10,039		)	(9,825		)	(932		)	(895		)
Fair value of plan assets at end of year	160,683			134,495			-			-
Funded status at end of year	$  (99,425		)	$ (140,379		)	$ (35,476		)	$ (32,515		)

Pre-Tax Components of Accumulated Other Comprehensive Loss Related to Pension Plans and Other Postretirement Benefits

	Pension Benefits				Other PostretirementBenefits
	At December 31,				At December 31,
(In Thousands)		2012		2011		2012		2011
Net actuarial loss	$  110,043		$ 130,568		$ 10,955		$ 10,018
Prior service cost (credit)	5,353		67		-		(25		)
Total accumulated other comprehensive loss	$  115,396		$ 130,635		$ 10,955		$   9,993

Assumptions used to Determine Benefit Obligations

	Discount Rate				Rate of Compensation Increase
	2012		2011		2012	2011
Pension Benefit Plans:
Astoria Federal Pension Plan	3.77	%	4.44	%	N/A	5.10	%
Astoria Federal Excess and Supplemental Benefit Plans	3.49		4.16		N/A	6.10
Astoria Federal Directors’ Retirement Plan	3.21		4.09		N/A	4.00
Greater Directors’ Retirement Plan	2.77		3.78		N/A	N/A
LIB Directors’ Retirement Plan	0.63		1.74		N/A	N/A
Other Postretirement Benefit Plan:
Astoria Federal Retiree Health Care Plan	3.98		4.50		N/A	N/A

Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan

	Pension Benefits									Other Postretirement Benefits
	For the Year Ended December 31,									For the Year Ended December 31,
(In Thousands)		2012			2011			2010			2012			2011			2010
Service cost	$   2,025			$    4,642			$   3,727			$  1,061			$     529			$     424
Interest cost	10,992			12,212			11,602			1,378			1,360			1,234
Expected return on plan assets	(11,947		)	(10,648		)	(9,420		)	-			-			-
Recognized net actuarial loss	4,930			8,445			6,450			517			147			-
Amortization of prior service cost (credit)	177			191			247			(25		)	(99		)	(101		)
Settlement	2,302			-			212			-			-			-
Net periodic cost	$    8,479			$  14,842			$ 12,818			$  2,931			$  1,937			$  1,557

Assumptions used to Determine Net Periodic Cost

	Discount Rate (1)		Expected Return on Plan Assets		Rate of Compensation Increase (1)
	2012	2011	2012	2011	2012	2011
Pension Benefit Plans:
Astoria Federal Pension Plan	4.44%	5.39%	8.00%	8.00%	N/A	5.10	%
Astoria Federal Excess and Supplemental Benefit Plans	3.99	5.04	N/A	N/A	N/A	6.10
Astoria Federal Directors’ Retirement Plan	3.97	4.71	N/A	N/A	N/A	4.00
Greater Directors’ Retirement Plan	3.78	4.50	N/A	N/A	N/A	N/A
LIB Directors’ Retirement Plan	1.74	1.90	N/A	N/A	N/A	N/A
Other Postretirement Benefit Plan:
Astoria Federal Retiree Health Care Plan	4.50	5.46	N/A	N/A	N/A	N/A

(1) As a result of plan amendments in 2012 resulting in a curtailment and a remeasurement of our benefit obligations recognized as of March 31, 2012, the 2012 discount rates and rates of compensation increase for the Astoria Federal Pension Plan, the Astoria Federal Excess and Supplemental Benefit Plans and the Astoria Federal Directors’ Retirement Plan reflect the rates used to determine net periodic cost for the period from April 1, 2012 to December 31, 2012. The discount rate used to determine the net periodic cost for the period from January 1, 2012 to March 31, 2012 was 4.44% for the Astoria Federal Pension Plan, 4.16% for the Astoria Federal Excess and Supplemental Benefit Plans and 4.09% for the Astoria Federal Directors’ Retirement Plan. The rates of compensation increase to determine net periodic cost for the period from January 1, 2012 to March 31, 2012 remained unchanged from 2011.

Assumed Health Care Cost Trend Rates

	At December 31,
	2012	2011
Health care cost trend rate assumed for next year	7.50%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2018	2018

Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates

(In Thousands)	One Percentage Point Increase	One Percentage Point Decrease
Effect on total service and interest cost components	$    552	$   (427)
Effect on the postretirement benefit obligation	6,798	(5,270)

Total Benefits Expected to be Paid under Defined Benefit Pension Plans and Other Postretirement Benefit Plan

Year	Pension Benefits	Other Postretirement Benefits
	(In Thousands)
2013	$ 11,345	$ 1,164
2014	12,250	1,193
2015	11,601	1,240
2016	14,982	1,298
2017	12,612	1,352
2018-2022	67,844	7,551

Unfunded plans

Benefit Plans

Projected Benefit Obligation and Accumulated Benefit Obligation for Unfunded Plans

	At December 31,
(In Thousands)		2012		2011
Projected benefit obligation	$ 14,647		$ 30,113
Accumulated benefit obligation	14,647		26,588

Astoria Federal | Pension Benefits

Benefit Plans

Asset Allocations by Asset Category and Fair Value Hierarchy Level for Astoria Federal Pension Plan

	Carrying Value at December 31, 2012
(In Thousands)	Total	Level 1		Level 2	Level 3
PRIAC Pooled Separate Accounts (1)	$ 145,037	$	-	$ 145,037	$	-
Astoria Financial Corporation common stock	8,466	8,466		-	-
PRIAC Guaranteed Deposit Account	7,177	-		-	7,177
Cash and cash equivalents	3	3		-	-
Total	$ 160,683	$	8,469	$ 145,037	$	7,177

(1) Consists of 39% large-cap equity securities, 35% debt securities, 12% international equities, 8% small-cap equity securities and 6% mid-cap equity securities.

	Carrying Value at December 31, 2011
(In Thousands)	Total	Level 1		Level 2	Level 3
PRIAC Pooled Separate Accounts (1)	$ 120,436	$	-	$ 120,436	$	-
Astoria Financial Corporation common stock	7,477	7,477		-	-
PRIAC Guaranteed Deposit Account	6,564	-		-	6,564
Cash and cash equivalents	18	18		-	-
Total	$ 134,495	$	7,495	$ 120,436	$	6,564

(1) Consists of 41% large-cap equity securities, 34% debt securities, 11% international equities, 8% small-cap equity securities and 6% mid-cap equity securities.

Changes in Fair Value of Astoria Federal Pension Plan's Level 3 Assets

	For the Year Ended December 31,
(In Thousands)	2012		2011
Fair value at beginning of year	$	6,564	$	6,301
Total net gain, realized and unrealized, included in change in net assets (1)	455		330
Purchases	9,640		18,338
Sales	(9,482)		(18,405)
Fair value at end of year	$	7,177	$	6,564

(1) Includes unrealized gain related to assets held at December 31, 2012 of $517,000 for the year ended December 31, 2012 and unrealized gain related to assets held at December 31, 2011 of $334,000 for the year ended December 31, 2011.