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We
generated more loans in 2001 than any other year in our history,
easily exceeding our portfolio goals. What makes this claim different
from many others? We capitalized on our customer access by cross-selling
profitable lending and deposit products, and we used the stream
of originations to manage our portfolio mix. Today, residential
mortgages account for 39% of our portfolio, down from 66% in 1997.
Nonetheless, 95% of this diverse loan mix is secured, with 60% backed
by single and multifamily real estate. Whats more, we continue
to see charge-off levels running at half those of our banking peers.
We believe that trend will continue in 2002. As a result, I can
honestly say we are positioned to continue delivering great results
in 2002 and beyond.
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