DEEPENING OUR RELATIONSHIPS Glen Oaks and Bay Ridge both exceed growth expectations. Our community spirit was certainly alive at the Grand Opening of the Glen Oaks branch — and to a future depositor enjoying the festivities.  Marketing Manager Elizabeth Wrenn (center) and Branch Manager Robert Maisonet (far right) lend support to a community event. DE NOVO BRANCHES 15 Having implemented a focused and highly effective retail banking strategy, we recently opened two de novo branches in Bay Ridge (Brooklyn), and Glen Oaks (Queens). The Bay Ridge branch represents a market extension of our Brooklyn branch network, complementing our Bensonhurst, Brooklyn branch approximately two miles away. The Glen Oaks branch  is also situated strategically between our Bayside, Queens, and Port Washington (Nassau County) branch locations. (Ola in Miho) Our “start-up” costs associated with the two branch locations indicated that the Bay Ridge branch would reach profitability at the $20.0 million deposit level, and the Glen Oaks branch would reach profitability at the $27.5 million deposit level. Our initial forecasts anticipated that we would meet these targets approximately six months after  opening. However, Bay Ridge met its deposit profitability target within three months of opening, and Glen Oaks met its deposit profitability target within two months of opening. Further, both branches continue to enjoy impressive growth trends. Most importantly, the two de novo branches provided us further opportunities to serve our retail banking communities. As a result, we did far more than simply open two new branches in two new neighborhoods. Instead, we welcomed ourselves into  our new communities, inviting all to participate in our Grand Opening celebrations, and immediately establishing ourselves as a true community bank. We are most grateful to our dedicated staff that helped generate these successes. We hope to establish additional de novo branches as favorable opportunities arise, as we continually seek opportunities to serve our retail banking communities. a a 00 sn un 150 12.0 50 shies piace bape ME CECE In. G2 TASTE 1. Pd ATL