Are rising interest rates stressing your borrowers?

I don’t think they are stressed yet, but some are feeling stressed. Those whose loans are due in a year or two come to us for modifications at a rapid pace. Those who are three or four years old believe that rates will go down and we don’t see them as much.

What is New York’s economy like?

I’m optimistic for New York. The tourists come back. Yankee Stadium is full again. These are very encouraging signs for me. But it’s all based on the crime or lack thereof. Solve the crime problems and people will come out more. People are nervous, I understand that. I hope the mayor [Eric] Adams doesn’t forget where he comes from and fights crime.

What could he do that he’s not doing?

I wish it was more visible in the city and less in other parts of the country.

Are you worried about the office vacancy rate?

I don’t think it’s serious. Everyone pays their mortgage. There’s been nothing wrong with office owners so far and these are clients we’ve helped during the pandemic.

Your bank is hiring a lot of people these days. Why?

Our modus operandi since our beginnings has been to hire the best teams from other banks. We can’t control economic cycles, so we always have to adjust, but it’s always a good time to bring in good people. I’ve been working here since the bank was founded. The other two co-founders are still there too.

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