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Business Description
Independence Community Bank Corp (ICBC) operates as the parent savings and loan holding company of the Independence Community Bank (the Bank). The business and management of the Company consists primarily of that of the Bank. It is a community-oriented financial institution that offers a variety of loan and deposit products. The Bank's principal business is gathering deposits from customers and investing those deposits along with borrowed funds primarily in multi-family residential mortgage loans, commercial real estate loans, commercial business loans, lines of credit to mortgage bankers, consumer loans, mortgage-related securities, investment securities and interest-bearing bank balances. As of December 31, 2003, the Bank operated through a network of 85 branch offices in the United States. ICBC has two active subsidiaries, the Bank and Mitchamm Corp.

Financial Information
For the nine months ended 9/30/04, total interest income rose 51% to $493.9 million. Net interest income after loss provision rose 62% to $342.1 million. Net income rose 59% to $159.8 million. Net interest income reflects higher mortgage-related securities and a lower cost of funds. Net income was partially offset by higher compensation and employee benefits expenses.