Why has Astoria Financial placed so much emphasis on mortgage lending and the purchase of mortgage-backed securities?

Mr. Engelke: The mortgage lending and, particularly residential mortgage lending, is clearly historical in nature. We have been in the residential lending market since our founding in 1888. It is our core business.

We have not deviated dramatically from that; in fact, 81% of all of the loans in our loan portfolio are on one-to-four family residences. The balance of our portfolio consists primarily of multifamily and commercial real estate loans. In addition to our local market, we originate loans in other states, primarily those in the Eastern part of the United States.

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