Condensed Parent Company Only Financial Statements (Tables) (Astoria Financial Corporation)

12 Months Ended

Dec. 31, 2013

Astoria Financial Corporation

Statement

Astoria Financial Corporation - Condensed Statements of Financial Condition

	At December 31,
(In Thousands)	2013		2012
Assets:
Cash	$	63,418	$	47,604
ESOP loans receivable	-		5,908
Other assets	103		1,009
Investment in Astoria Federal	1,705,964		1,617,880
Investment in AF Insurance Agency, Inc.	1,233		1,160
Investment in Astoria Capital Trust I	-		3,929
Total assets	$	1,770,718	$	1,677,490
Liabilities and stockholders’ equity:
Other borrowings, net	$	248,161	$	376,496
Other liabilities	3,044		1,369
Amounts due to subsidiaries	-		5,636
Stockholders’ equity	1,519,513		1,293,989
Total liabilities and stockholders’ equity	$	1,770,718	$	1,677,490

Astoria Financial Corporation - Condensed Statements of Income

	For the Year Ended December 31,
(In Thousands)	2013		2012		2011
Interest income:
Repurchase agreements	$	-	$	18	$	19
ESOP loans receivable	344		728		1,194
Total interest income	344		746		1,213
Interest expense on borrowings	17,398		29,689		27,262
Net interest expense	17,054		28,943		26,049
Non-interest income	-		-		204
Cash dividends from subsidiaries	45,150		42,000		65,030
Non-interest expense:
Compensation and benefits	3,261		3,735		4,278
Extinguishment of debt	4,266		1,212		-
Other	3,148		2,878		2,898
Total non-interest expense	10,675		7,825		7,176
Income before income taxes and equity in undistributed earnings of subsidiaries	17,421		5,232		32,009
Income tax benefit	9,644		12,844		11,574
Income before equity in undistributed earnings of subsidiaries	27,065		18,076		43,583
Equity in undistributed earnings of subsidiaries	39,528		35,015		23,626
Net income	66,593		53,091		67,209
Preferred stock dividends	7,214		-		-
Net income available to common shareholders	$	59,379	$	53,091	$	67,209

Astoria Financial Corporation - Condensed Statements of Cash Flows

	For the Year Ended December 31,
(In Thousands)	2013			2012			2011
Cash flows from operating activities:
Net income	$	66,593		$	53,091		$	67,209
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(39,528		)	(35,015		)	(23,626		)
Amortization of premiums and deferred costs	531			837			699
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries	(998		)	846			(1,423		)
Net cash provided by operating activities	26,598			19,759			42,859
Cash flows from investing activities:
Principal payments on ESOP loans receivable	5,908			6,235			7,780
Redemption of Astoria Capital Trust I common securities	3,866			-			-
Net cash provided by investing activities	9,774			6,235			7,780
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 preferred stock	135,000			-			-
Cash payments for preferred stock issuance costs	(5,204		)	-			-
Cash dividends paid to stockholders	(20,688		)	(24,104		)	(49,435		)
Net tax benefit shortfall from stock-based compensation	(800		)	(4,123		)	(263		)
Net cash used in financing activities	(20,558		)	(30,880		)	(49,698		)
Net increase (decrease) in cash and cash equivalents	15,814			(4,886		)	941
Cash and cash equivalents at beginning of year	47,604			52,490			51,549
Cash and cash equivalents at end of year	$	63,418		$	47,604		$	52,490
Supplemental disclosure:
Cash paid during the year for interest	$	18,898		$	31,535		$	26,563