Independence Community Bank (NASDAQ:ICBC)
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BROOKLYN, N.Y., Oct. 17 /PRNewswire-FirstCall/ -- Independence Community Bank Corp. (NASDAQ:ICBC) reported today that net income for the three months ended September 30, 2005 was $54.4 million and diluted earnings per share was $0.67, a decline of 14% and 12%, respectively, compared to the same period in 2004. On a linked quarter basis, diluted earnings per share increased from $0.66 for the second quarter of 2005 to $0.67 for the third quarter.
For the nine months ended September 30, 2005, net income increased by 5.0% to $168.3 million as compared to the same period in 2004 although diluted earnings per share decreased by 8% to $2.05, as compared to the same period in 2004. The Company's results of operations for the 2005 periods reflect the inclusion of the operations of Staten Island Bancorp, Inc. ("SIB"), which merged with the Company on April 12, 2004 and the related issuance of 28.2 million shares of the Company's common stock in connection with the merger.
Alan H. Fishman, President and Chief Executive Officer, commented, "In this current interest rate environment, the Company remains disciplined and diligent in its approach to both balance sheet and capital management. The earnings for the quarter reflect the Company's approach. However, margin compression as well as heightened competition in the multi-family residential loan market continue to exert pressure on both the quality of earnings and the economic level of returns. The Company remains committed to returning current earnings to shareholders through its stock repurchase and dividend programs rather than weaken the quality of its balance sheet."
Highlights
-- Net interest margin was 3.12% for the quarter ended September 30, 2005
as compared to 3.22% for the quarter ended June 30, 2005. The decline
in net interest margin during the third quarter was primarily
attributable to the rise in the cost of funds which outpaced the upward
repricing of interest-earning assets as general market rates of
interest continued their upward trend.
-- The Company believes the pressure on net interest margin will continue
in the short-term based upon the flattening of the yield curve combined
with the anticipated reduction in the margin associated with the
purchase accounting amortization related to the SIB transaction.
-- The Company originated loans totaling $1.52 billion, excluding mortgage
warehouse lines of credit, during the quarter ended September 30, 2005,
of which $1.15 billion were retained for portfolio with the remainder
being originated for sale in the secondary market.
-- Core deposits increased by $160.5 million to $7.19 billion at September
30, 2005 compared to December 31, 2004 through the combination of five
de novo branch openings, new business development and the introduction
of the Independence RewardsPlus Checking(TM) product during 2005.
-- As part of its long-term asset/liability management strategy, the
Company selectively chose to utilize certain certificate of deposit
promotions as a source of lower cost funding for its asset generation,
reducing dependence on wholesale borrowings. Borrowings as a percentage
of assets declined to 29.2% at September 30, 2005 compared to 33.3% at
December 31, 2004.
-- During the third quarter, the Company issued $250.0 million aggregate
principal amount of 4.90% Fixed-Rate Senior Notes due in 2010. The
Company used $150.0 million of the proceeds to make a capital
contribution to Independence Community Bank to strengthen the Bank's
capital position. The remainder of the proceeds will be used for
general corporate purposes, including funding the Company's ongoing
stock repurchase program.
-- Non-interest income increased in the third quarter compared to the
second quarter of 2005 as a result of increased income from mortgage-
banking activities and fees associated with loan prepayment penalties.
-- The increase in non-interest expense from the prior quarter in 2005 was
partly due to increased compensation costs associated with business
development efforts and severance costs reflecting certain management
and staff repositioning.
-- Asset quality continues to improve; the Company recorded a $0.4 million
net charge-off for the quarter ended September 30, 2005 and a
$0.2 million net recovery for the nine months ended September 30, 2005.
-- Non-performing assets as a percentage of total assets were 0.23% at
September 30, 2005 compared to 0.29% at December 31, 2004. The
allowance for loan losses as a percentage of total loans was 0.82% at
September 30, 2005 compared to 0.90% at December 31, 2004. The
allowance for loan losses as a percentage of non-performing loans was
244.13% at September 30, 2005 compared to 205.84% at December 31, 2004.
No provision for loan losses was required for the third quarter of
2005.
-- As a result of the current economic environment, the Company expects to
return current year earnings to shareholders through a combination of
stock repurchases and dividends. During the nine months ended September
30, 2005, the Company repurchased 4.3 million shares of common stock at
an aggregate cost of $154.4 million, of which 1.6 million shares were
purchased in the third quarter at an aggregate cost of $56.6 million.
Post Earnings Announcement Conference Call
The Company will conduct a conference call on October 18, 2005 at 9:00 a.m., Eastern Time, to discuss highlights of its third quarter 2005 earnings. The call will be simultaneously webcast on the Company's investor relations web page at http://investor.myindependence.com/. The conference call will also be available via dial-in at 800-289-0730 for domestic callers and at 913-981-5509 for international callers.
There will be a replay of this conference call beginning October 18, 2005 at 2:00 p.m., Eastern Time. The replay will remain available through October 28, 2005. The replay can be accessed by dialing 888-203-1112 for domestic callers and 719-457-0820 for international callers. The replay passcode is 6642162. The archive of the webcast is expected to be available for replay at the Company's website through October 28, 2005.
Independence Community Bank Corp. is the holding company for Independence Community Bank. The Bank, originally chartered in 1850, currently operates 123 branches located in the greater New York City metropolitan area, which includes the five boroughs of New York City, Nassau and Suffolk Counties and New Jersey. At its banking offices located on Staten Island, the Bank conducts business as SI Bank & Trust, a division of Independence Community Bank. The Bank has three key business divisions, Commercial Real Estate Lending, Consumer Banking and Business Banking, and actively targets small and mid-size businesses. The Bank maintains its community orientation by offering its diverse communities a wide range of financial products and by emphasizing customer service, superior value and convenience. The Bank's Internet address is http://www.myindependence.com/.
Note: This news release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of significant gains or losses that are unusual in nature or non-recurring. Because these items and their impact on the Company's performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Statements contained in this release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Words such as "expect," "feel," "believe," "will," "may," "anticipate," "plan," "estimate," "intend," "should," and similar expressions are intended to identify forward- looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) growth opportunities may not be fully realized or may take longer to realize than expected; (2) operating costs may be greater than expected; (3) competitive factors which could affect net interest income and non-interest income and general economic conditions which could affect the volume of loan originations, deposit flows and real estate values; (4) the levels of non-interest income and the amount of provisions for loan losses as well as other factors discussed in the documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
INDEPENDENCE COMMUNITY BANK CORP.
Consolidated Statements of Financial Condition
(Dollars in thousands)
September December September
30, 2005 31, 2004 30, 2004
(Unaudited) (Audited) (Unaudited)
ASSETS:
Cash and due from banks $456,071 $360,877 $378,140
Securities available-for-sale:
Investment securities 390,250 454,305 574,857
Mortgage-related securities 3,161,043 3,479,482 3,333,820
Total securities
available-for-sale 3,551,293 3,933,787 3,908,677
Loans available-for-sale 105,429 96,671 83,855
Mortgage loans 10,278,333 9,315,090 9,222,918
Other loans 2,053,556 1,933,502 1,904,723
Total loans 12,331,889 11,248,592 11,127,641
Less: allowance for possible
loan losses (101,671) (101,435) (104,910)
Total loans, net 12,230,218 11,147,157 11,022,731
Premises, furniture and equipment,
net 163,297 162,687 157,407
Accrued interest receivable 71,638 64,437 66,051
Goodwill 1,191,718 1,155,572 1,144,345
Intangible assets, net 70,438 79,056 82,039
Bank owned life insurance ("BOLI") 332,465 321,040 317,646
Other assets 327,793 432,146 470,797
Total assets $18,500,360 $17,753,430 $17,631,688
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits $10,503,254 $9,305,064 $9,301,672
Borrowings 4,756,893 5,511,972 5,443,021
Subordinated notes 397,017 396,332 396,097
Senior notes 248,098 -- --
Escrow and other deposits 179,930 104,304 139,283
Accrued expenses and other liabilities 160,127 131,715 107,745
Total liabilities 16,245,319 15,449,387 15,387,818
Stockholders' equity:
Common stock ($.01 par value,
250,000,000 shares authorized at
September 30, 2005, December 31,
2004 and September 30, 2004,
respectively; 104,243,820 shares
issued at September 30, 2005,
December 31, 2004 and September 30,
2004; 81,859,731, 84,928,719 and
84,544,163 shares outstanding at
September 30, 2005, December 31,
2004 and September 30, 2004,
respectively) 1,042 1,042 1,042
Additional paid-in-capital 1,907,063 1,900,252 1,877,188
Treasury stock at cost; 22,384,089,
19,315,101 and 19,699,657 shares
at September 30, 2005, December
31, 2004 and September 30, 2004,
respectively (473,707) (341,226) (347,972)
Unallocated common stock held by ESOP (60,559) (64,267) (65,503)
Unvested restricted stock awards
under stock benefit plans (10,614) (9,701) (10,818)
Retained earnings, partially
restricted 925,642 821,702 789,602
Accumulated other comprehensive loss:
Net unrealized loss on securities
available-for-sale, net of tax (33,826) (3,759) 331
Total stockholders' equity 2,255,041 2,304,043 2,243,870
Total liabilities and
stockholders' equity $18,500,360 $17,753,430 $17,631,688
INDEPENDENCE COMMUNITY BANK CORP.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
For the Three For the Nine
Months Ended Months Ended
September June September September September
30, 2005 30, 2005 30, 2004 30, 2005 30, 2004(1)
Interest income:
Mortgage loans $136,486 $128,563 $121,669 $389,881 $304,792
Other loans 33,542 29,344 25,101 90,126 68,431
Loans
available-for-sale 1,266 1,248 1,509 3,971 5,113
Investment securities 4,708 4,386 6,337 13,603 16,046
Mortgage-related
securities 34,871 37,662 37,269 112,359 95,817
Other 2,892 2,665 1,500 7,873 3,362
Total interest
income 213,765 203,868 193,385 617,813 493,561
Interest expense:
Deposits 44,736 37,046 19,239 108,713 49,299
Borrowings 39,288 36,070 38,918 112,138 90,972
Subordinated notes 3,903 3,904 3,838 11,710 9,548
Senior notes 281 -- -- 281 --
Total interest
expense 88,208 77,020 61,995 232,842 149,819
Net interest income 125,557 126,848 131,390 384,971 343,742
Provision for loan
losses -- -- -- -- 2,000
Net interest income
after provision
for loan losses 125,557 126,848 131,390 384,971 341,742
Non-interest income:
Net gain on securities 1,428 1,980 883 6,518 1,532
Net gain (loss) on
loans 128 (161) 80 172 175
Mortgage-banking
activities 6,597 4,703 6,295 15,259 24,053
Service fees 17,253 16,399 18,508 49,261 50,746
BOLI 3,959 4,018 3,912 11,751 10,214
Other 3,680 3,014 6,219 9,596 12,135
Total non-interest
income 33,045 29,953 35,897 92,557 98,855
Non-interest expense:
Compensation and
employee benefits 38,096 35,941 36,748 110,264 98,313
Occupancy costs 13,126 12,833 11,702 38,299 30,821
Data processing fees 3,929 3,992 2,938 11,788 11,381
Advertising 2,389 2,238 2,385 6,802 6,676
Other 15,254 16,285 17,775 44,888 43,861
Total general and
administrative
expenses 72,794 71,289 71,548 212,041 191,052
Amortization of
identifiable
intangible assets 2,816 2,873 2,540 8,617 5,285
Total non-interest
expense 75,610 74,162 74,088 220,658 196,337
Income before provision
for income taxes 82,992 82,639 93,199 256,870 244,260
Provision for income
taxes 28,632 28,510 29,785 88,620 84,455
Net income $54,360 $54,129 $63,414 $168,250 $159,805
Basic earnings per
share $0.69 $0.68 $0.79 $2.11 $2.33
Diluted earnings per
share $0.67 $0.66 $0.76 $2.05 $2.23
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
At or For the Three At or For the Nine
Months Ended Months Ended
September June September September September
30, 30, 30, 30, 30,
2005 2005 2004 2005 2004(1)
Performance Ratios:
Return on average
assets (2) 1.19% 1.21% 1.42% 1.25% 1.45%
Return on average
equity (2) 9.49% 9.41% 11.57% 9.75% 12.22%
Return on average
tangible assets (2) 1.28% 1.31% 1.53% 1.34% 1.53%
Return on average
tangible equity (2) 21.16% 20.98% 25.62% 21.46% 22.41%
Non-interest expense to
average assets 1.66% 1.66% 1.66% 1.64% 1.78%
Efficiency ratio (3) 46.35% 46.00% 43.02% 45.03% 43.33%
Average Balances:
Average shares
outstanding -
basic 78,727,182 79,672,843 79,924,041 79,610,614 68,553,635
Average shares
outstanding -
diluted 80,812,827 82,128,428 83,375,631 82,049,174 71,664,331
September June December September
30, 2005 30, 2005 31, 2004 30, 2004
Capital and Other Ratios:
Book value per share $27.55 $27.52 $27.13 $26.54
Tangible book value per
share $12.13 $12.35 $12.59 $12.03
Average equity to
average assets 12.57% 12.89% 12.77% 12.32%
Tangible equity to
tangible assets 5.76% 6.10% 6.47% 6.20%
Leverage ratio (Bank
only) 6.68% 5.60% 5.51% 5.24%
Tier 1 risk-based (Bank
only) 8.44% 7.03% 7.36% 6.90%
Total risk-based capital
(Bank only) 12.22% 10.88% 11.47% 10.97%
Deposits:
Core deposits:
Savings $2,280,861 $2,391,073 $2,630,416 $2,695,661
Money market 986,166 1,193,798 1,701,287 1,698,384
Interest-bearing
demand 2,365,618 2,035,058 1,214,190 1,169,990
Non-interest-bearing
demand 1,561,529 1,550,181 1,487,756 1,530,061
Total core deposits 7,194,174 7,170,110 7,033,649 7,094,096
Certificates of deposit 3,309,080 2,837,337 2,271,415 2,207,576
Total deposits $10,503,254 $10,007,447 $9,305,064 $9,301,672
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
September June December September
30, 2005 30, 2005 31, 2004 30, 2004
Loan Portfolio Composition:
Mortgage loans on real
estate:
Single-family residential
and cooperative
apartment loans $2,131,544 $2,282,820 $2,490,062 $2,649,319
Multi-family residential 4,634,533 4,212,316 3,800,649 3,670,141
Commercial real estate 3,522,846 3,397,846 3,034,254 2,912,057
Total principal balance
- mortgage loans 10,288,923 9,892,982 9,324,965 9,231,517
Less net deferred fees 10,590 10,555 9,875 8,599
Total mortgage loans on
real estate 10,278,333 9,882,427 9,315,090 9,222,918
Commercial business loans,
net of deferred fees 914,479 838,486 809,392 823,925
Other loans:
Mortgage warehouse lines of
credit 624,081 676,551 659,942 630,625
Home equity loans and lines
of credit 477,725 461,782 416,351 398,620
Consumer and other loans 37,271 36,268 47,817 51,736
Total principal balance -
other loans 1,139,077 1,174,601 1,124,110 1,080,981
Less net deferred fees -- -- -- 183
Total principal balance -
other loans 1,139,077 1,174,601 1,124,110 1,080,798
Total loans receivable 12,331,889 11,895,514 11,248,592 11,127,641
Less allowance for loan
losses 101,671 102,101 101,435 104,910
Loans receivable, net $12,230,218 $11,793,413 $11,147,157 $11,022,731
Loans Available-for-Sale
Composition:
Single-family residential $4,723 $3,675 $74,121 $69,445
Multi-family residential 100,706 182,009 22,550 14,410
Total loans
available-for-sale $105,429 $185,684 $96,671 $83,855
September June December September
30, 2005 30, 2005 31, 2004 30, 2004
Asset Quality:
Non-performing loans:
Non-accrual loans $33,821 $37,253 $43,644 $64,318
Loans past due 90 days or
more as to:
Interest and accruing 18 11 117 90
Principal and accruing(4) 7,808 739 5,517 4,901
Total non-performing
loans 41,647 38,003 49,278 69,309
Other real estate owned 1,591 1,747 2,512 2,682
Total non-performing assets $43,238 $39,750 $51,790 $71,991
Non-performing assets to total
assets 0.23% 0.22% 0.29% 0.41%
Allowance for loan losses to
non-performing loans 244.13% 268.67% 205.84% 151.37%
Allowance for loan losses to
total loans 0.82% 0.86% 0.90% 0.94%
Net charge offs to average
loans - quarter ended 0.004% 0.004% 0.031% 0.002%
Net charge offs to average
loans - year-to-date N/A N/A 0.043% 0.007%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Three Months Ended
September 30, June 30, September 30,
2005 2005 2004
Average Average Average
Net Interest Margin: Balance Rate Balance Rate Balance Rate
(2) (2) (2)
Interest-earning assets:
Loans receivable:
Mortgage loans $10,153,025 5.43% $9,751,220 5.32% $9,378,361 5.25%
Commercial business
loans 854,375 6.87 831,729 6.79 816,777 5.95
Mortgage warehouse
lines of credit 696,917 6.40 558,031 5.97 612,018 4.48
Consumer and other
loans 508,322 5.74 485,660 5.64 441,095 5.29
Total loans 12,212,639 5.60 11,626,640 5.48 11,248,251 5.26
Mortgage-related
securities 3,220,819 4.33 3,444,278 4.37 3,429,954 4.35
Investment securities 402,649 4.68 380,351 4.61 625,010 4.06
Other interest-earning
assets 287,118 4.00 265,842 4.02 309,373 1.93
Total interest-earning
assets 16,123,225 5.29 15,717,111 5.19 15,612,588 4.95
Non-interest-earning
assets 2,109,640 2,133,825 2,194,073
Total assets $18,232,865 $17,850,936 $17,806,661
Interest-bearing
liabilities:
Deposits:
Savings deposits 2,327,875 0.34 2,466,423 0.34 2,749,247 0.34
Interest-bearing
demand and money
market deposits 3,465,224 2.09 3,485,534 1.79 2,972,082 1.25
Certificates of
deposit 3,030,820 3.21 2,746,039 2.83 2,213,933 1.37
Total
interest-bearing
deposits 8,823,919 2.01 8,697,996 1.71 7,935,262 0.96
Non-interest-bearing
demand deposits 1,537,621 -- 1,465,842 -- 1,495,617 --
Total deposits 10,361,540 1.71 10,163,838 1.46 9,430,879 0.81
Senior notes 21,573 5.21 -- -- -- --
Subordinated notes 396,912 3.90 396,675 3.95 396,004 3.86
Borrowings 5,038,947 3.09 4,809,352 3.01 5,672,352 2.73
Total interest-bearing
liabilities 15,818,972 2.21 15,369,865 2.01 15,499,235 1.59
Non-interest-bearing
liabilities 122,783 179,258 114,136
Total liabilities 15,941,755 15,549,123 15,613,371
Total stockholders'
equity 2,291,110 2,301,813 2,193,290
Total liabilities and
stockholders' equity $18,232,865 $17,850,936 $17,806,661
Net interest-earning
assets $304,253 $347,246 $113,353
Interest rate spread (2) 3.08% 3.18% 3.36%
Net interest margin (2) 3.12% 3.22% 3.37%
Average interest-earning
assets to average
interest-bearing
liabilities 101.92% 102.26% 100.73%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Nine Months Ended
September 30, 2005 September 30, 2004
Average Average
Net Interest Margin: Balance Rate(2) Balance Rate(2)
Interest-earning assets:
Loans receivable:
Mortgage loans
$9,803,001 5.36% $7,540,625 5.48%
Commercial business loans 833,257 6.78 752,412 6.09
Mortgage warehouse lines of
credit 596,430 5.99 565,422 4.33
Consumer and other loans 489,454 5.67 389,770 5.32
Total loans 11,722,142 5.50 9,248,229 5.45
Mortgage-related securities 3,423,762 4.38 3,035,276 4.21
Investment securities 398,700 4.55 525,608 4.07
Other interest-earning assets 282,762 3.72 285,297 1.57
Total interest-earning assets 15,827,366 5.20 13,094,410 5.02
Non-interest-earning assets 2,139,930 1,619,338
Total assets $17,967,296 $14,713,748
Interest-bearing liabilities:
Deposits:
Savings deposits 2,458,091 0.36 2,345,590 0.34
Interest-bearing demand and
money market deposits 3,392,558 1.82 2,492,654 1.12
Certificates of deposit 2,756,647 2.72 1,920,319 1.56
Total interest-bearing
deposits 8,607,296 1.69 6,758,563 0.97
Non-interest-bearing demand
deposits 1,480,559 -- 1,204,901 --
Total deposits 10,087,855 1.44 7,963,464 0.83
Senior notes 7,270 5.15 -- --
Subordinated notes 396,681 3.95 322,759 3.95
Borrowings 5,012,078 2.99 4,508,332 2.70
Total interest-bearing
liabilities 15,503,884 2.01 12,794,555 1.56
Non-interest-bearing liabilities 161,934 174,854
Total liabilities 15,665,818 12,969,409
Total stockholders' equity 2,301,478 1,744,339
Total liabilities and
stockholders' equity $17,967,296 $14,713,748
Net interest-earning assets $323,482 $299,855
Interest rate spread (2) 3.19% 3.46%
Net interest margin (2) 3.24% 3.50%
Average interest-earning assets
to average interest-bearing
liabilities 102.09% 102.34%
(1) The merger with Staten Island Bancorp, Inc. ("SIB") was completed on
April 12, 2004. As a result, SIB's assets and liabilities and results
of operations were included in the Consolidated Statement of Financial
Condition and Consolidated Statement of Income effective as of such
date.
(2) Presented on an annualized basis.
(3) Reflects in each period presented adjusted operating expense (net of
amortization of identifiable intangible assets) as a percentage of the
aggregate of net interest income and adjusted non-interest income
(excluding gains and losses on loans and securities). Amortization of
identifiable intangible assets is excluded from the calculation since
it is a non-cash expense. Gains and losses on loans and securities are
also excluded since they are generally considered by the Company's
management to be non-recurring in nature. The operating efficiency
ratio is not a financial measurement required by generally accepted
accounting principles in the United States of America. However, the
Company believes such information is useful to investors in evaluating
the Company's operations.
(4) Reflects loans that are 90 days or more past maturity which continue
to make payments on a basis consistent with the original repayment
schedule.
DATASOURCE: Independence Community Bank Corp.
CONTACT: Kathleen A. Hanrahan, First Vice President, Investor Relations,
+1-718-722-5400, or Frank W. Baier, Executive Vice President, Chief Financial
Officer, +1-718-923-3506, both of Independence Community Bank Corp.
Web site: http://www.myindependence.com/