Question-and-Answer Session
Operator
(Operator Instructions) Our first question is coming from the side of Mark Fitzgibbon with Sandler O'Neill.
Mark Fitzgibbon - Sandler O'Neill
I wondered if you could share with us the $62 million increase in non-performers, how much of that came from multi-family and commercial real estate loans?
Thomas Cangemi
Total percent is around 42% or $76 million is the total percentage of multi-family.
Mark Fitzgibbon - Sandler O'Neill
Okay. You had said during the quarter that the FHLB borrowings were much more attractive from the rate standpoint in the deposits that were available, which is a little different than what we are seeing in a lot of other banks. Could you share with us what kind of FHLB borrowings you booked and at what rate and how that compare to may be your deposit rates?
Thomas Cangemi
With respect to the overall funding base, we're obviously managing our funding cost at a focus level to get these at least cost effectiveness to the balance sheet, but it's in P&L. If you look at where the Federal Home Loan Bank short-term borrowings are, you are looking at some 50 basis points. We have high costs liquid deposits that are somewhere between 1.5% to 2%. That is clearly not as attractive. And the balance sheet clearly is not growing in the first quarter, so we opted to go with the lower cost structure.
Joseph Ficalora
Mark, we have a significant amount of outstanding borrowings at much longer terms, so I think the unique opportunity that the current situation presents is that we are able to use a reasonable amount of money to actually enjoy these lower rates.
Thomas Cangemi
Mark, I think what is exciting about 2009, we have about $6 billion in the next year going forward that is going to be new pricing, of which that rate is approximately 2.8%. So we should be in good shape to get some benefits there on the CD side as well.
Operator
Next we'll go to the side of Andrew Wessel with JPMorgan.
Andrew Wessel - JPMorgan
Good morning, thanks for taking my question. I guess one question and a follow-up. The first question is on assets, in terms of loan pipeline, can you give some color in terms of what you are seeing right now. Obviously competition remains low for you, and what kind of opportunities you are seeing right now and what kind of spreads those are presenting themselves at?
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