Obtained approval from the FDIC for two new full-service branches in the Flushing, Queens market, where we plan to move two of our traditional branches, as we continue to invest in technology and convert our branches to our Universal Banker model Piloted an in branch program, LISA (Live Interactive Service Assistant), which allows customers to experience a Facetime-like conversation with a dedicated banker until 11 p.m., 7 days a week The strategic plan continues to emphasize the diversified growth of multi-family, commercial real estate (CRE), and commercial business loans while maintaining a conservative approach to managing risk. In the fourth quarter, $243.2 million of multi-family, CRE, and commercial business loans were originated, representing 86.1% of all originations while maintaining conservative loan-to-values, debt coverage ratios, and increasing yield. Mr. Buran added, Stress testing and portfolio management have enhanced our disciplined approach to due diligence and overall risk management of CRE concentration. Furthermore, recently raised subordinated debt reduced our regulatory CRE concentration from 613% in 3Q16 to 545% in 4Q16. The Company continues to focus on maintaining strong risk management practices, including conservative underwriting standards and improving yields to achieve desired risk-adjusted returns. The average interest rate obtained for fourth quarter originations was 3.81% compared to 3.74% for the linked quarter and 3.68% for the quarter ended December 31, 2015. The average rate of mortgage loan applications in the pipeline totaled 4.20% at December 31, 2016 as compared to 4.05% at September 30, https://www.bloomberg.com/news/audio/2017-01-13/bloomberg-markets-funding-circle-helps-small-business-lending 2016, and 3.94% at December 31, 2015. Multi-family (excluding underlying co-operative mortgages), commercial real estate, and one-to-four family mixed-use property mortgage loans originated during the fourth quarter of 2016 had a low average loan-to-value ratio of 47.0% and an average debt coverage ratio of 203% The loan-to-value ratio on real estate dependent loans as of December 31, 2016 totaled just 40.5%. Stress test the regulatory CRE concentration as if a $10 billion institution and have internal stress tests validated by an independent third party Actively monitor and implement regulatory recommendations surrounding the enhanced due diligence of the regulatory CRE concentration Buran concluded, Overall, we remain well capitalized and positioned to deliver profitable growth and long-term value to our shareholders as we continue to execute on our strategic objectives. Summary of Strategic Objectives Increase core deposits and continue to improve funding mix Increase net interest income by leveraging loan pricing opportunities Enhance core earnings power by managing net interest margin and improving scalability and efficiency Manage credit risk Maintain well capitalized levels under all stress test scenarios Earnings Summary: Quarter ended December 31, 2016 (4Q16) compared to the quarters ended December 31, 2015 (4Q15) and September 30, 2016 (3Q16).
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