Monte N. Redman, President and Chief Executive Officer of Astoria, commenting on the results stated, "While we are very pleased with the continued growth that we have seen in both core and business deposits, we remain disappointed by the lack of net growth in our loan portfolio.
stated, "The current quarter's loan loss release reflects our overall strong credit metrics and the continued contraction in the overall loan portfolio including the positive impact of reductions in the balances of some of our higher risk asset classes."
Non-interest income for the quarter ended March 31, 2016 totaled $11.4 million, compared to $13.5 million for the previous quarter and $12.9 million for the 2015 first quarter.
These decreases are primarily due to decreases in mortgage banking (loss) income, net and customer service fees.
General and administrative ("G&A") expense for the quarter ended March 31, 2016 totaled $69.5 million down from $74.5 million for the previous quarter and $70.1 million the 2015 first quarter.
commented, "The decrease in our G&A expense from the prior quarter is largely the result of a decrease of merger related expenses in the first quarter compared to the 2015 fourth quarter."
Commenting on the Company's future outlook, Mr. Redman
stated, "As we previously announced on October 29, 2015, we have entered into a definitive agreement to merge with New York Community Bancorp
") which was approved by the respective shareholders of Astoria and NYCB
at their recent shareholder meetings.