Operating Expenses
During 2007, total operating expenses amounted to $37.0 million, compared to $28.9 million in 2006.  The $8.1 million, or 28% increase, was mostly due to a $5.2 million increase in salaries and other employee expenses, a $1.3 million increase in and depreciation and amortization expenses related to the new technology platform, a $0.9 million increase in professional services, mostly due to legal expenses and the renewal of the Bank’s EMTN Program, and a $0.6 million increase in expenses related to marketing and business travel. 

Year-over-year, efficiency levels improved once again as revenue growth exceeded expense growth.  The efficiency level for 2007 stood at 34% compared to 42% in 2006.