Astoria Financial Q1 Profit Rises

(RTTNews) - Astoria Financial Corp. (AF) Wednesday reported first-quarter net income of $29.4 million or $0.30 per share, compared to $13.9 million or $0.14 per share last year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude one-time items.

The first quarter results include a reduction in income tax expense of $11.5 million or $0.12 per share related to the impact of New York State tax legislation which was signed into law on March 31, 2014 which resulted in a net income tax benefit for the quarter.

Net interest income for the quarter rose to $88.0 million from $84.0 million last year. Analysts estimated revenues of $85.99 million for the quarter.