DBRS: Astoria unchanged

DBRS said that the ratings for Astoria Financial Corp., including its BBB issuer and senior debt rating, are unchanged following the release of its 2Q11 results.

The trend is stable.

Astoria's earnings remain challenged and indicative of the current strained operating environment, the agency said. During 2Q11, the company reported earnings of $16.8 million, down from $27.4 million for 1Q11.

Lower linked-quarter earnings mostly reflected continued loan contraction, a narrower net interest margin, higher provisions for loan loss reserves and a decline in mortgage banking revenues, the agency added.

Despite significant macroeconomic headwinds, Astoria's asset quality and liquidity remain sound, DBRS said.

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