Our ability to grow our earnings despite the challenges and the difficult rate environment can be attributed to three core components of our business strategy. The production of multi-family loans for investment, the quality of our assets, and the production of one to four family loans for [inaudible].For the purposes of this morning’s call I would like to begin by talking about multi-family lending and our ongoing ability to compete for loans in a very attractive niche. Despite what you may have read or heard about others competing for product, we originated $1.3 billion of multi-family loans in the second quarter, boosting the current year’s production to $2.3 billion. At the end of June, multi-family loans totaled $18.2 billion, reflecting a $753.5 million increase since the end of December and an annualized growth rate of 8.6%. One of the benefits of this lending niche is the way we structure our product with a fixed rate of interest in the first five years and a fixed or adjustable rate of interest in years 6 through 10.
New York Community Bancorp's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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