Independence Community Bank (NASDAQ:ICBC)
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Independence Community Bank Corp. Reports Earnings for the Second
Quarter of 2005
BROOKLYN, N.Y., July 18 /PRNewswire-FirstCall/ -- Independence Community Bank
Corp. (NASDAQ:ICBC) reported today that net income for the three months ended
June 30, 2005 was $54.1 million, a decline of 7% compared to the same period in
2004, and diluted earnings was $0.66 per share, an 11% decline compared to the
same period in 2004. However, for the six months ended June 30, 2005, net
income increased to $113.9 million, or 18% as compared to the same period in
2004 although diluted earnings decreased to $1.38 per share, or 6%, as compared
to the same period in 2004.
On a linked quarter basis, diluted earnings per share decreased from $0.72 for
the first quarter of 2005 to $0.66 for the second quarter of 2005.
The earnings and per share data for 2005 reflect the inclusion of the
operations of Staten Island Bancorp, Inc. ("Staten Island") 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, "As
anticipated, the Company has experienced continued margin compression in the
current interest rate environment. The decline in earnings was primarily
driven by the flattening of the current yield curve combined with the
historically low level of interest rates on multi-family loans. This
combination resulted in lower demand for multi-family loans originated for sale
in the secondary market, a key driver of fee income, since it has become less
attractive to our borrowers."
Highlights
* Net interest margin was 3.22% for the quarter ended June 30, 2005 as
compared to 3.38% for the quarter ended March 31, 2005. During the
second quarter, the decline in net interest margin was primarily
attributable to (i) the rise in the cost of funds which continues to
outpace the upward repricing of interest-earning assets as general
market rates of interest continued their upward trend and (ii) the
final amortization of the purchase accounting premium recorded on the
certificate of deposit portfolio assumed in the acquisition of Staten
Island which reduced the margin by 10 basis points. We believe the
pressure on net interest margin will continue in the short-term based
upon the current shape of the yield curve.
* The Company originated loans totaling $1.32 billion, excluding mortgage
warehouse lines of credit, during the quarter ended June 30, 2005, of
which $980.9 million were retained for portfolio with the remainder
being originated for sale in the secondary market.
* Core deposits increased by $136.5 million to $7.17 billion at June 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 the first half
of 2005.
* As part of its long-term asset/liability management strategy, the
Company selectively chose to utilize certain certificates of deposit
promotions as a lower cost funding source, reducing dependence on
wholesale borrowings. Borrowings as a percentage of assets declined to
29.3% at June 30, 2005 compared to 33.3% at December 31, 2004.
* Income from mortgage-banking activities declined significantly in 2005
compared to 2004 as customer demand for multi-family loans originated
for sale in the secondary market softened in the current interest rate
cycle.
* The increase in non-interest expense from the prior quarter in 2005 was
primarily due to additional legal and professional service costs
associated with loan workouts.
* Asset quality continues to improve; the Company recorded a $0.5 million
net charge-off for the quarter ended June 30, 2005 and a $0.7 million
net recovery for the six months ended June 30, 2005.
* Non-performing assets as a percentage of total assets were 0.22% at
June 30, 2005 compared to 0.29% at December 31, 2004. The allowance
for loan losses as a percentage of total loans was 0.86% at June 30,
2005 compared to 0.90% at December 31, 2004. No provision for loan
losses was required for the second 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.
-- The Company repurchased 2.6 million shares of stock at an aggregate
cost of $97.8 million for the six months ended June 30, 2005, of
which 1.8 million shares were purchased in the second quarter at an
aggregate cost of $64.9 million.
-- The Company has increased its dividend payout ratio over the past
few quarters.
Post Earnings Announcement Conference Call
The Company will conduct a conference call on July 19, 2005 at 9:00 a.m.,
Eastern Time, to discuss highlights of its second 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 877-704-5380 for domestic callers and at 913-312-1294
for international callers.
There will be a replay of this conference call beginning July 19, 2005 at 12:00
Noon, Eastern Time. The replay will remain available through July 29, 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 1493522.
-----------------------------------------
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 web 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 businesses. 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)
June 30, December 31, June 30,
2005 2004 2004
(Unaudited) (Audited) (Unaudited)
ASSETS:
Cash and due from banks $351,097 $360,877 $407,399
Securities available-for-sale:
Investment securities 391,707 454,305 655,349
Mortgage-related
securities 3,260,807 3,479,482 3,492,192
Total securities
available-for-sale 3,652,514 3,933,787 4,147,541
Loans available-for-sale 185,684 96,671 232,255
Mortgage loans 9,882,427 9,315,090 9,144,891
Other loans 2,013,087 1,933,502 1,955,082
Total loans 11,895,514 11,248,592 11,099,973
Less: allowance for
possible loan losses (102,101) (101,435) (105,141)
Total loans, net 11,793,413 11,147,157 10,994,832
Premises, furniture and
equipment, net 163,309 162,687 150,247
Accrued interest receivable 67,799 64,437 64,072
Goodwill 1,191,790 1,155,572 1,132,075
Intangible assets, net 73,255 79,056 77,140
Bank owned life insurance
("BOLI") 328,506 321,040 313,734
Other assets 337,275 432,146 498,459
Total assets $18,144,642 $17,753,430 $18,017,754
LIABILITIES AND
STOCKHOLDERS' EQUITY:
Deposits $10,007,447 $ 9,305,064 $ 9,355,116
Borrowings 4,920,774 5,511,972 5,633,320
Subordinated notes 396,772 396,332 395,867
Escrow and other deposits 299,477 104,304 214,640
Accrued expenses and other
liabilities 225,706 131,715 269,204
Total liabilities 15,850,176 15,449,387 15,868,147
Stockholders' equity:
Common stock ($.01 par
value, 250,000,000,
250,000,000 and
125,000,000 shares
authorized at June 30, 2005,
December 31, 2004, and
June 30, 2004, respectively;
104,243,820 shares issued
at June 30, 2005,
December 31, 2004
and June 30, 2004;
83,364,441, 84,928,719 and
83,391,820 shares
outstanding at
June 30, 2005,
December 31, 2004
and June 30, 2004,
respectively) 1,042 1,042 1,042
Additional paid-in-capital 1,904,405 1,900,252 1,874,021
Treasury stock at cost;
20,879,379, 19,315,101 and
20,852,000 shares at
June 30, 2005,
December 31, 2004
and June 30, 2004,
respectively (419,793) (341,226) (368,125)
Unallocated common stock
held by ESOP (61,795) (64,267) (66,739)
Unvested restricted stock
awards under stock
benefit plans (12,034) (9,701) (10,696)
Retained earnings,
partially restricted 892,789 821,702 745,410
Accumulated other
comprehensive loss:
Net unrealized loss on
securities available-for-sale,
net of tax (10,148) (3,759) (25,306)
Total stockholders'
equity 2,294,466 2,304,043 2,149,607
Total liabilities and
stockholders' equity $ 18,144,642 $ 17,753,430 $18,017,754
INDEPENDENCE COMMUNITY BANK CORP.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
For the For the
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2005 2005 2004 2005 2004
Interest income:
Mortgage loans $128,563 $124,832 $110,999 $253,395 $183,123
Other loans 29,344 27,240 24,900 56,584 43,330
Loans
available-for-sale 1,248 1,457 3,421 2,705 3,604
Investment securities 4,386 4,509 6,248 8,895 9,709
Mortgage-related
securities 37,662 39,826 35,699 77,488 58,548
Other 2,665 2,316 1,294 4,981 1,862
Total interest
income 203,868 200,180 182,561 404,048 300,176
Interest expense:
Deposits 37,046 26,931 17,534 63,977 30,060
Borrowings 36,070 36,780 30,164 72,850 52,054
Subordinated notes 3,904 3,903 4,020 7,807 5,710
Total interest
expense 77,020 67,614 51,718 144,634 87,824
Net interest income 126,848 132,566 130,843 259,414 212,352
Provision for
loan losses -- -- 2,000 -- 2,000
Net interest
income after
provision for
loan losses 126,848 132,566 128,843 259,414 210,352
Non-interest income:
Net gain (loss) on
securities 1,980 3,110 (2,123) 5,090 648
Net (loss) gain
on loans (161) 205 2 44 96
Mortgage-banking
activities 4,703 3,959 13,266 8,662 17,758
Service fees 16,399 15,609 18,643 32,008 32,238
BOLI 4,018 3,774 3,666 7,792 6,302
Other 3,014 2,902 2,051 5,916 5,916
Total non-interest
income 29,953 29,559 35,505 59,512 62,958
Non-interest expense:
Compensation and
employee benefits 35,941 36,227 34,590 72,168 61,565
Occupancy costs 12,833 12,340 11,186 25,173 19,119
Data processing
fees 3,992 3,867 5,312 7,859 8,443
Advertising 2,238 2,175 2,444 4,413 4,291
Other 16,285 13,349 16,519 29,634 26,086
Total general and
administrative
expenses 71,289 67,958 70,051 139,247 119,504
Amortization of
identifiable
intangible assets 2,873 2,928 2,602 5,801 2,745
Total non-interest
expense 74,162 70,886 72,653 145,048 122,249
Income before
provision for
income taxes 82,639 91,239 91,695 173,878 151,061
Provision for
income taxes 28,510 31,478 33,447 59,988 54,670
Net income $54,129 $59,761 $58,248 $ 113,890 $96,391
Basic earnings
per share $0.68 $0.74 $0.77 $1.42 $1.53
Diluted earnings
per share $0.66 $0.72 $0.74 $1.38 $1.47
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 Six
Months Ended Months Ended
June 30, March 31, June 30, June 30, June 30,
2005 2005 2004(1) 2005 2004(1)
Performance Ratios:
Return on
average assets (2) 1.21% 1.34% 1.40% 1.28% 1.47%
Return on average
equity (2) 9.41% 10.34% 11.55% 9.87% 12.70%
Return on average
tangible assets (2) 1.31% 1.44% 1.49% 1.37% 1.53%
Return on
average tangible
equity (2) 20.98% 22.19% 22.65% 21.60% 20.71%
Non-interest
expense to
average assets 1.66% 1.59% 1.75% 1.63% 1.86%
Efficiency ratio(3) 46.00% 42.79% 41.58% 44.38% 43.52%
Average Balances:
Average shares
outstanding -
basic 79,672,843 80,450,757 75,357,063 80,059,651 62,805,957
Average shares
outstanding -
diluted 82,128,428 83,225,206 78,612,300 82,674,668 65,746,206
June 30, March 31, December 31, June 30,
2005 2005 2004 2004
Capital and
Other Ratios:
Book value per share $27.52 $27.11 $27.13 $25.78
Tangible book value
per share $12.35 $12.08 $12.59 $11.28
Average equity to
average assets 12.89% 12.98% 12.77% 12.14%
Tangible equity to
tangible assets 6.10% 6.14% 6.47% 5.59%
Leverage ratio
(Bank only) 5.60% 5.62% 5.51% 5.37%
Tier 1 risk-based
(Bank only) 7.03% 7.39% 7.36% 6.61%
Total risk-based capital
(Bank only) 10.88% 11.44% 11.47% 10.70%
Deposits:
Core deposits:
Savings $ 2,391,073 $2,519,627 $2,630,416 $2,791,746
Money market 1,193,798 1,407,410 1,701,287 1,796,758
Interest-bearing
demand 2,035,058 1,776,493 1,214,190 1,006,505
Non-interest-bearing
demand 1,550,181 1,458,096 1,487,756 1,526,459
Total core deposits 7,170,110 7,161,626 7,033,649 7,121,468
Certificates of
deposit 2,837,337 2,677,494 2,271,415 2,233,648
Total deposits $10,007,447 $9,839,120 $9,305,064 $9,355,116
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
June 30, March 31, December 31, June 30,
2005 2005 2004 2004
Loan Portfolio
Composition:
Mortgage loans
on real estate:
Single-family
residential $1,904,043 $1,967,934 $2,071,074 $2,507,280
Cooperative
apartment loans 378,777 400,113 418,988 422,867
Multi-family
residential 4,212,316 3,991,842 3,800,649 3,588,727
Commercial
real estate 3,397,846 3,237,405 3,034,254 2,633,817
Total principal
balance -
mortgage loans 9,892,982 9,597,294 9,324,965 9,152,691
Less net deferred
fees 10,555 10,278 9,875 7,800
Total mortgage loans
on real estate 9,882,427 9,587,016 9,315,090 9,144,891
Commercial business
loans, net of
deferred fees 838,486 817,748 809,392 881,512
Other loans:
Mortgage warehouse
lines of credit 676,551 496,743 659,942 652,040
Home equity loans
and lines of credit 461,782 430,033 416,351 365,818
Consumer and
other loans 36,268 40,482 47,817 55,904
Total principal
balance -
other loans 1,174,601 967,258 1,124,110 1,073,762
Less net deferred
fees -- -- -- 192
Total principal
balance - other
loans 1,174,601 967,258 1,124,110 1,073,570
Total loans
receivable 11,895,514 11,372,022 11,248,592 11,099,973
Less allowance
for loan losses 102,101 102,554 101,435 105,141
Loans receivable,
net $11,793,413 $11,269,468 $11,147,157 $10,994,832
Loans Available-for-Sale Composition:
Single-family
residential $3,675 $59,994 $74,121 $77,165
Multi-family
residential 182,009 27,635 22,550 155,090
Total loans
available-for-sale $185,684 $87,629 $96,671 $232,255
June 30, March 31, December 31, June 30,
2005 2005 2004 2004
Asset Quality:
Non-performing loans:
Non-accrual loans $37,253 $39,305 $43,644 $62,379
Loans past due 90 days
or more as to:
Interest and
accruing 11 27 117 20
Principal and
accruing (4) 739 1,323 5,517 1,294
Total non-performing
loans 38,003 40,655 49,278 63,693
Other real estate
owned 1,747 2,224 2,512 1,203
Total non-performing
assets $39,750 $42,879 $51,790 $64,896
Non-performing assets
to total assets 0.22% 0.24% 0.29% 0.36%
Allowance for loan
losses to non-performing
loans 268.67% 252.25% 205.84% 165.07%
Allowance for loan
losses to total
loans 0.86% 0.90% 0.90% 0.95%
Net charge offs to
average loans -
quarter ended 0.004% N/A 0.031% 0.001%
Net charge offs to
average loans -
year-to-date N/A N/A 0.043% 0.005%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Three Months Ended
June 30, 2005 March 31, 2005 June 30, 2004
Average Average Average
Balance Rate (2) Balance Rate (2) Balance Rate (2)
Net Interest
Margin:
Interest-earning
assets:
Loans
receivable:
Mortgage
loans $ 9,751,220 5.32% $ 9,497,556 5.32% $ 8,304,133 5.51%
Commercial
business
loans 831,729 6.79 813,216 6.68 848,015 6.06
Mortgage
warehouse
lines of
credit 558,031 5.97 532,536 5.47 639,842 4.20
Consumer and
other loans 485,660 5.64 474,002 5.61 398,066 5.40
Total
loans 11,626,640 5.48 11,317,310 5.44 10,190,056 5.47
Mortgage-related
securities 3,444,278 4.37 3,610,473 4.41 3,516,383 4.06
Investment
securities 380,351 4.61 413,217 4.36 647,907 3.86
Other
interest-earning
assets 265,842 4.02 295,419 3.18 339,864 1.72
Total
interest-earning
assets 15,717,111 5.19 15,636,419 5.13 14,694,210 4.97
Non-interest
-earning
assets 2,133,825 2,177,059 1,911,124
Total
assets $17,850,936 $17,813,478 $16,605,334
Interest-bearing liabilities:
Deposits:
Savings
deposits 2,466,423 0.34 2,582,776 0.38 2,660,686 0.34
Interest-bearing
demand
and money
market
deposits 3,485,534 1.79 3,224,266 1.56 2,768,904 1.10
Certificates
of
deposit 2,746,039 2.83 2,487,108 1.97 2,196,162 1.41
Total
interest-bearing
deposits 8,697,996 1.71 8,294,150 1.32 7,625,752 0.92
Non-interest
-bearing
demand
deposits 1,465,842 -- 1,437,109 -- 1,365,590 --
Total
deposits 10,163,838 1.46 9,731,259 1.12 8,991,342 0.78
Subordinated
notes 396,675 3.95 396,453 3.99 395,814 4.08
Borrowings 4,809,352 3.01 5,189,591 2.87 4,949,415 2.45
Total
interest-bearing
liabilities 15,369,865 2.01 15,317,303 1.79 14,336,571 1.45
Non-interest
-bearing
liabilities 179,258 184,439 252,096
Total
liabilities 15,549,123 15,501,742 14,588,667
Total
stockholders'
equity 2,301,813 2,311,736 2,016,667
Total
liabilities
and stockholders'
equity $17,850,936 $17,813,478 $16,605,334
Net
interest-earning
assets $347,246 $319,116 $357,639
Interest rate
spread (2) 3.18% 3.34% 3.52%
Net interest
margin (2) 3.22% 3.38% 3.56%
Average
interest-earning
assets to average
interest-bearing
liabilities 102.26% 102.08% 102.49%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Six Months Ended
June 30, 2005 June 30, 2004
Average Average
Balance Rate (2) Balance Rate (2)
Net Interest Margin:
Interest-earning assets:
Loans receivable:
Mortgage loans $9,625,089 5.32% $6,611,660 5.65%
Commercial
business loans 822,523 6.74 719,876 6.17
Mortgage warehouse
lines of credit 545,354 5.73 541,867 4.24
Consumer and
other loans 479,863 5.63 363,825 5.33
Total loans 11,472,829 5.46 8,237,228 5.59
Mortgage-related
securities 3,526,916 4.39 2,835,768 4.13
Investment securities 396,693 4.48 475,361 4.08
Other interest-earning
assets 280,548 3.58 273,128 1.49
Total interest-earning
assets 15,676,986 5.16 11,821,485 5.08
Non-interest-earning
assets 2,155,325 1,328,812
Total assets $17,832,311 $13,150,297
Interest-bearing
liabilities:
Deposits:
Savings deposits 2,524,278 0.36 2,141,544 0.35
Interest-bearing
demand and money
market deposits 3,355,622 1.68 2,250,306 0.77
Certificates of
deposit 2,617,289 2.42 1,771,899 1.68
Total
interest-bearing
deposits 8,497,189 1.52 6,163,749 0.98
Non-interest-bearing
demand deposits 1,451,555 -- 1,057,946 --
Total deposits 9,948,744 1.30 7,221,695 0.84
Subordinated notes 396,565 3.97 285,734 4.02
Borrowings 4,998,421 2.94 3,919,926 2.67
Total interest-bearing
liabilities 15,343,730 1.90 11,427,355 1.55
Non-interest-bearing
liabilities 181,834 205,546
Total liabilities 15,525,564 11,632,901
Total stockholders'
equity 2,306,747 1,517,396
Total liabilities and
stockholders'
equity $17,832,311 $13,150,297
Net interest-earning
assets $333,256 $394,130
Interest rate spread (2) 3.26% 3.53%
Net interest margin (2) 3.30% 3.59%
Average interest-earning
assets to average
interest-bearing
liabilities 102.17% 103.45%
(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 and gains and losses on loans and
securities are 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/