Astoria Financial (AF) in Lake Success, N.Y., reported higher quarterly profit aided by state income tax breaks.

The $15.7 billion-asset company's first-quarter earnings more than doubled from a year earlier, to $29.4 million. The results included $11.5 million in income tax expense reductions related to New York's tax legislation that was signed into law on March 31. The law influences the calculation of income taxes imposed on banks and thrifts operating in the state.

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