DEEPENING OUR RELATIONSHIPS OUR  CRM process. This growth links directly to our successful utilization of the CRM product. At December 31, 2002, average deposits per branch were $96.4 million, up from $88.6 million one year previous. Excluding the two de novo branches established during 2002, our average branch size exceeded $100 million at December 31, 2002. Over half of our branches possessed over $90 million in deposits at December 31, 2002. Also, at December 31, 2002, core (non-CD) deposits comprised 57% of total deposits. This percentage is up from 49% at December 31, 2000. Both the six-month and twelve-month periods ended December 31, 2002 saw record levels of loan origination activity. Loan originations totaled $717.0 million during the twelve months ended December 31, 2002, 38% above the levels for the twelve months ended December 31, 2001. With interest rates at historic lows, property owners took advantage of the opportunity to refinance their mortgages. This was certainly true in our niche loan product, multi-family residential buildings. While origination levels were robust, the current market conditions certainly presented challenges. Average interest rates on new multi-family residential loans have been at historic lows. In addition, loan prepayments have run at historically high levels, putting even more pressure upon the  average yield of our loan portfolio. However, as a committed multi-family lender, we feel it is essential to continue to meet the demands of our loan market, and to seek ways to keep the newly originated loan assets as nimble as possible in the event that interest rates rise. In December 2002, our subsidiary, The Dime Savings Bank of Williamsburgh (“Dime Savings”) entered into a multi-family seller/servicing pact with the Federal National Mortgage Association  (“Fannie Mae”). The agreement envisions that Dime Savings will sell at least $200 million of loans to Fannie Mae over the 18-month period ending in May 2004. In December 2002, Dime Savings sold approximately $73.4 million of recently originated loans with an original term of over seven years, completing almost 37% of the initial target. Dime Savings has retained all  loan servicing rights, and recorded a pre-tax gain of $2.0 million on this loan sale, OUR  adding approximately $0.04 to our diluted earnings per share  during both the six-month and twelve-month  periods ended December 31, 2002. We are very excited to partner with Fannie Mae in the New York City multi-family  market. This partnership should benefit us with an increase in fee income and less reliance on spread income. This partnership should also provide us additional lending 3 Vincent F. Palagiano addressing shareholders at the Company’s most recent Annual Meeting. Fannie Mae Seller / Servicer Agreement Lending For the Way New Yorkers Live