Continuing, Mr. Alexander added, "Financial performance in 2012 remained strong. Loan growth was robust with an almost 16 percent increase in total loans, driven by a 33 percent increase in multifamily loans. Notwithstanding a challenging interest rate environment and continuing pressures on margins, we increased net interest income over five percent, and managed the net interest margin compression to only three basis points year over year. Additionally, asset quality continued to improve, with nonperforming assets decreasing on both a dollar and percentage basis. Non-performing assets to total assets were 1.30 percent at year end 2012."

"We are excited about completing our stock offering," added Mr. Alexander. "We believe our new structure presents the greatest opportunity for us to build long-term stockholder value. Additionally, we expect to reinstate our quarterly dividends and request approval from our regulators to allow us to pay a special $0.25 dividend as set forth in our offering documents."

Financial Condition

Total assets increased $436.3 million (of which $240.6 million was related to our second step stock offering and $131.5 million was related to the acquisition of Flatbush Federal (the "Merger")), or 18.4%, to $2.81 billion at December 31, 2012, from $2.38 billion at December 31, 2011. The increase was primarily attributable to increases in cash and cash equivalents of $63.5 million, securities available-for-sale of $176.9 million, net loans held-for-investment of $168.9 million and bank owned life insurance of $15.3 million.

Total loans increased $168.5 million to $1.24 billion at December 31, 2012, as compared to $1.07 billion at December 31, 2011. This includes $101.4 million of loans purchased and acquired in the Merger.

Originated loans held-for-investment, net, totaled $1.07 billion at December 31, 2012, as compared to $985.9 million at December 31, 2011. The increase was primarily due to an increase in multifamily real estate loans, which increased $151.8 million, or 33.1%, to $610.1 million at December 31, 2012, from $458.4 million at December 31, 2011. This was partially offset by a decrease in insurance premium loans of $59.1 million due to the sale of substantially all of the portfolio, a decrease of $7.9 million in one-to-four family loans and a decrease in commercial real estate loans of $11.6 million. Currently, management is primarily focused on originating multifamily loans, with less emphasis on other loan types.

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