The Board has declared a quarterly cash dividend of $0.10 per common share. The cash dividend was paid on May 15, 2009 to shareholders of record April 30, 2009.

In the first quarter of 2009, there were several positive developments to report. We continue to improve our loan mix by reducing our leasing portfolio which declined 11% in the first quarter and now represents 13.6% of the loan portfolio versus 20% a year ago. Excluding the leasing runoff, total loans grew 7.5% on an annualized basis. Year over year deposits increased by 5%. We also continue to benefit from an improved Net Interest Margin. Net Interest Margin at 3.80%, was 11 basis points higher than the fourth quarter of 2008 and 18 basis points higher than the same period last year. In February of this year, we received $59.0 million from the U.S. Treasury under the Capital Purchase Program, which increased our total risk-based capital position to 14.58% at March 31, 2009. Finally, we recently opened our 49th branch office in January 2009, a new full-service office in Rochelle Park, which enhances our presence in the Bergen County market.

As always, we thank our team of employees, officers, directors, customers, and shareholders for all of their continued support.

Sincerely,

Thomas J. Shara
President and Chief Executive Officer