As we reflect on the past year, it has clearly been a challenging time for financial institutions around the globe. In the current market environment, it is important to adopt strategic goals and actions that drive responsible growth. I am pleased to report to you that throughout these challenging economic times, PenFed continues to operate safely and soundly. The following pages of this report provide the details of how we delivered on our mission to help you achieve your financial well- being. In 2022, our focus on operating efficiency, building capital, maintaining sufficient liquidity, and minimizing risk has resulted in the sustained growth of our membership and shares. Clearly, it was a successful year for the institution and you, our members. We have a strong balance sheet and a solid risk management regime that drives our financial performance. As noted in our President’s report, we achieved growth of over $4. 6 billion in shares while maintaining asset quality and growing our capital to a solid net worth position. PenFed is laser focused on providing great rates and assisting you, our membership in achieving your financial goals.