Noninterest income of $637,000 for the three months ended September 30, 2010 represents an increase of $19,000 when compared to the same period last year. The increase is attributable to higher fees and service charges on deposit accounts partially offset by decreases in mortgage brokerage referral fees and earnings on the cash surrender value of life insurance. Noninterest expenses of $7.5 million are $11,000 or less than 1% lower than those recorded for the third quarter of 2009. Declines in professional and other outside services of $443,000 were partially offset by increases in other real estate operations of $320,000.Balance sheet management resulted in a decrease in total assets of $78.6 million from $866.4 million at December 31, 2009 to $787.8 million at September 30, 2010. The strategy to reduce the concentrations in high risk construction and commercial real estate loans resulted in a decrease in the loan portfolio of $68.6 million from $645.2 million at December 31, 2009 to $576.6 million at September 30, 2010. Total deposits decreased $70.3 million from $761.3 million at December 31, 2009 to $691.0 million at September 30, 2010. Much of the decrease in deposits can be attributed to Bancorp’s strategy to reduce rate sensitive deposits resulting in a lower cost of funds and an improvement in spreads. Despite the decrease in deposits, the Company continues to maintain strong levels of liquidity, which have been further augmented by the recent capital infusion. As previously disclosed, on October 15, 2010, Bancorp and the Bank completed its recapitalization transaction with PNBK Holdings LLC, an unaffiliated entity. Pursuant to the Securities Purchase Agreement dated as of December 16, 2009, as amended, PNBK Holdings acquired 33,600,000 shares of Bancorp common stock for $50,400,000. Based on notifications from the Bank’s regulators, the Bank is considered “well capitalized” under all applicable regulatory guidelines. Mr. Christopher Maher, President and Chief Executive Officer stated that he is encouraged by the improvements described above and pleased with the successful capital infusion. He continued by saying that this is an exciting and challenging time for the Bank as the new capital will allow for the restructuring of the balance sheet and the implementation of management’s plans to restore the Company to profitability. “I am eager to work with the directors, officers and employees who are all united in this effort”.