 We are well positioned to capitalize on opportunities presented in the current market. We have no subprime or Alt A mortgages in our loan or securities portfolios. Refinancing activity is likely to increase as more of our multi-family loans approach their contractual repricing dates. Competition for multi-family loans has declined as third-party conduits address pressing liquidity issues and in-market consolidation continues in the multi- family loan space. We have abundant liquidity as a result of the recent post-merger repositioning of our balance sheet. Our record of asset quality has been supported by our continuing focus on multi- family lending on rent-regulated buildings. Future growth opportunities may occur as industry consolidation increases in the face of current market conditions. Exhibit 99.1 |