Astoria Has Small Profit as NPLs Increase

Astoria Financial of New York posted a small profit in the fourth quarter as its nonperforming residential loans crept up slightly to $330 million at yearend. The Lake Success-based thrift — a player in both residential and multifamily funding — earned $8.1 million in the quarter, compared to a profit of $29.4 million in the fourth quarter of 2008. Astoria had net-charge offs of $32.6 million, of which $22.8 million was tied to one- to four-family loans, and $9.2 million for multifamily. Astoria chief executive George Engelke said he is encouraged "by the stabilizing trends we are seeing in non-performing loans, which if sustained, will have a positive impact on future credit costs and earnings." Astoria ranks 30th nationwide among all residential lenders, according to figures compiled by National Mortgage News.