bendover so we can keep our balance sheet strong :) I wonder if Hermance will have a place at M + T ?
Ronald E. Hermance, Jr., the Company's Chairman and Chief Executive Officer commented, "Net income for the quarter amounted to $47.9 million which reflects the continuing reduction in the size of our balance sheet as well as our cash position which amounted to $2.76 billion at March 31, 2013. Both of these factors reflect the lack of reinvestment opportunities for the cash flows generated by our mortgage-related assets in the current interest rate environment. We will not reach for yield and will not take undue credit or market risk in this protracted period of unprecedented low market interest rates. As a result, our net interest margin and earnings have decreased and, as a consequence, we decreased our dividend. We believe these actions will help to keep our balance sheet strong."