MAF Bancorp Reports Fourth Quarter Earnings of $.74 Per Share and Calendar 2004 Results of $3.01 Per Share

Share Name	Share Symbol	Market	Type
Maf Bancorp (MM)	NASDAQ:MAFB	NASDAQ	Common Stock

Maf Bancorp (NASDAQ:MAFB)
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MAF Bancorp Reports Fourth Quarter Earnings of $.74 Per Share and Calendar 2004 Results of $3.01 Per Share CLARENDON HILLS, Ill., Jan. 28 /PRNewswire-FirstCall/ -- MAF Bancorp, Inc. (NASDAQ:MAFB) reported net income for the fourth quarter ended December 31, 2004 of $25.2 million, or $.74 per diluted share, compared to $24.1 million, or $.84 per diluted share, in last year's fourth quarter. Net income in the fourth quarter of 2004 included a non-cash, pre-tax charge of $2.0 million, or $.04 per diluted share, related to an other-than-temporary impairment writedown of certain Freddie Mac floating-rate preferred stock investments. For the year ended December 31, 2004, diluted earnings per share totaled $3.01 compared to $3.26 reported in 2003. The decline in earnings per share for the year was largely attributable to a significant decline in residential loan volume, which impacted loan sale activity and earning asset growth during the year. Gains on sale of loans and mortgage-backed securities totaled $9.8 million in 2004 compared to $32.0 million in 2003. The Company is targeting annual earnings per share growth of 8% to 10% in 2005. On October 31, 2004, the Company completed its acquisition of Chesterfield Financial Corp. in a $128.4 million cash and stock transaction that gave the Company locations in the Beverly neighborhood of Chicago and in suburban Palos Hills and Frankfort, Illinois. At the time of acquisition, Chesterfield had total assets of approximately $353 million and deposits of approximately $277 million. Net Interest Income and Net Interest Margin QE 12/31/04 QE 9/30/04 QE 12/31/03 Net interest margin 3.07% 3.00% 3.07% Interest rate spread 2.86% 2.80% 2.85% Net interest income (000's) $67,530 $64,559 $52,952 Average assets: Yield on interest-earning assets 5.00% 4.90% 5.05% Yield on loans receivable 5.16% 5.06% 5.27% Yield on mortgage-backed securities 3.88% 3.99% 3.74% Yield on investment securities 5.26% 5.09% 4.70% Average interest-earning assets (000's) $8,792,647 $8,593,867 $6,906,311 Average liabilities: Cost of interest-bearing liabilities 2.14% 2.10% 2.20% Cost of deposits 1.51% 1.44% 1.34% Cost of borrowed funds 3.44% 3.44% 4.17% Average interest-bearing liabilities (000's) $7,915,439 $7,760,660 $6,206,339 Net Interest Margin: 4th Quarter 2004 v. 3rd Quarter 2004. The net interest margin increased by seven basis points during the quarter, as overall asset yields expanded at a faster pace than funding costs. Rising short-term interest rates on the Bank's equity line of credit portfolio contributed to a 10 basis point increase in the loan portfolio yield. The Chesterfield acquisition also had a positive impact on the net interest margin as its short-term liquid investments were redeployed in higher-yielding assets. The Company expects that the flatter yield curve will pressure net interest margin in 2005. The increases in average interest-earning assets and liabilities during the quarter were primarily the result of the acquisition of Chesterfield. Average interest-earning assets grew $199 million or 2.3% during the quarter, with most of the growth in the loan category. Compared to the third quarter of 2004, average loans receivable increased by 2.4%, or $163 million, to $6.96 billion. In addition to loans added in the Chesterfield acquisition, continued growth in home equity loans contributed to the increase. The growth in average assets during the quarter was largely funded by increases in deposits. The average balance of deposits rose by 2.8%, or $143 million, to $5.35 billion during the quarter, all of which was due to the Chesterfield acquisition, while the average balance of borrowed funds increased by $11 million to $2.57 billion. Net Interest Margin: 4th Quarter 2004 v. 4th Quarter 2003. Compared to the prior year quarter, the Company's average asset yields in the current quarter were five basis points lower, which nearly matched the six basis point decline in average funding costs over this same one-year period. The net interest margin in both periods was 3.07%. Lending Production QE 12/31/04 QE 9/30/04 QE 12/31/03 Amount % Amount % Amount % Originations by Loan Category (000's) 1-4 family $505,117 48% $484,498 50% $651,479 68% Multi-family 33,728 3 23,638 2 48,981 5 Equity lines of credit 320,797 30 317,127 33 186,697 19 All other 197,843 19 147,624 15 72,791 8 Total loan originations $1,057,485 100% $972,887 100% $959,948 100% 1-4 family originations Fixed rate % 33% 33% 41% Adjustable rate % 67 67 59 Refinance % 36 25 44 Total 1-4 family residential mortgage loan volume advanced by 4.3% during the past three months, although it was 22.5% lower than levels reported for the fourth quarter of 2003, consistent with the overall slowdown in the mortgage industry. The decline in 1-4 family lending activity has been offset in part by continued success in the Bank's equity line of credit and business banking areas where loan originations advanced during the quarter and as compared to a year ago. Home equity loan balances increased to $1.33 billion at December 31, 2004 compared to $1.23 billion at September 30, 2004 and $966 million at December 31, 2003. Home equity loan balances are primarily floating-rate assets and represent approximately 19% of the Company's total loan portfolio at December 31, 2004, compared to 15% at December 31, 2003. During 2005, the Company plans to continue to increase the amount of home equity and business banking loans in its loan portfolio. Non-Interest Income QE 12/31/04 QE 9/30/04 QE 12/31/03 Total non-interest income (000's) $17,293 $19,516 $21,622 Non-interest income / total revenue* 20.4% 23.2% 29.0% * total revenue = net interest income plus non-interest income Overview. The $4.3 million decline in non-interest income for the current quarter compared to the fourth quarter of 2003 primarily reflects a $3.6 million decrease in income from real estate development operations related to previously announced delays in the Springbank project, and a $2.0 million other-than-temporary impairment writedown of certain Freddie Mac floating-rate preferred stock investments, offset by a $1.6 million increase in deposit account service charges. Loan Sales and Loan Servicing QE 12/31/04 QE 9/30/04 QE 12/31/03 Loan Sales Fixed-rate loans sold (000's) $241,913 $158,562 $348,597 Adjustable rate loans sold (000's) 55,590 154,467 64,349 Total loans sold (000's) $297,503 $313,029 $412,946 Loan sale gains (000's) $2,860 $2,978 $3,008 Margin on loan sales (basis points) 96 95 73 Loan Servicing Loan servicing fee income (000's) $521 $584 $117 Valuation recovery on mortgage servicing rights (000's) 317 - 2,070 Capitalized mortgage servicing rights as a percentage of loans serviced for others (basis points) 71 74 72 During the quarter, overall loan sale volume totaled $297.5 million compared to $313.0 million in the third quarter of 2004 and $412.9 million in the fourth quarter of 2003. As interest rates fell during the third quarter of 2004, the Bank elected to sell a significant portion of its adjustable rate loan production as well as the majority of its fixed rate loans, but elected to retain a greater portion of adjustable rate production in the fourth quarter. The Bank plans to sell a smaller portion of its loan production in the first quarter of 2005. Deposit Account Service Fees QE 12/31/04 QE 9/30/04 QE 12/31/03 Deposit service charges (000's) $8,687 $8,848 $7,102 Growth rate (year over year) 22.3% 46.2% 17.9% Deposit service fees/ total revenue 10.2% 10.5% 9.5% Number of checking accounts (period end) 245,000 240,400 231,000 Deposit account service fees were up considerably in the fourth quarter of 2004 compared to the fourth quarter of 2003, primarily due to growth in the number of accounts year over year, including accounts added in the St. Francis merger, which closed late in last year's fourth quarter. Real Estate Development Operations QE 12/31/04 QE 9/30/04 QE 12/30/03 Real estate development income - total (000's) $1,396 $1,650 $4,993 Residential lot sales 22 28 68 Pending lot sales at quarter end - 11 15 Investment in real estate held for development or sale (000's) $35,091 $37,179 $32,093 All of the lot sales during the current quarter were in the Shenandoah subdivision in Plainfield, Illinois and TallGrass subdivision in Naperville, Illinois. Both of these subdivisions are nearly complete. The Company also closed on the sale of a multi-family parcel during the quarter, adding $460,000 to real estate development income. The increase in the investment in real estate compared to a year ago relates primarily to land purchases for the Springbank joint venture development in Plainfield, Illinois, which was approved in early October 2004. Development began late in the fourth quarter of 2004. Lot sale closings from this development are not expected to begin until the third quarter of 2005. The Company expects little, if any, income from real estate operations in the first half of 2005. Securities Sales and Writedowns QE 12/31/04 QE 9/30/04 QE 12/31/03 Investment securities: Net gains (losses) on sale and writedowns (000's) $(1,983) $3 $ - Mortgage-backed securities: Net gains on sale (000's) 11 - $9 There was minimal securities sale activity during the current quarter. The loss for the quarter was attributable to the $2.0 million other-than-temporary impairment writedown on the carrying value of $8.8 million of floating-rate Freddie Mac preferred stock investments. The Company recorded the writedown, in accordance with GAAP, because the current yield on these investments is below market interest rates, the fair value has been below cost for an extended period, and a recovery in fair value is not assured within a reasonably short period of time. Non-Interest Expense QE 12/31/04 QE 9/30/04 QE 12/31/03 Total non-interest expense (000's) $46,511 $45,463 $37,369 Non-interest expense to average assets 1.95% 1.95% 2.02% Efficiency ratio(1) 53.59% 54.10% 50.12% (1) The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, excluding net gain/(loss) on sale and writedown of mortgage-backed and investment securities. 4th Quarter 2004 v. 3rd Quarter 2004. Total non-interest expense, including the operation of Chesterfield for two months of the quarter, increased by $1.0 million compared to the third quarter of 2004. The Company completed the data processing conversion of the Chesterfield systems in early November 2004. Compensation and benefits expense increased by $696,000 during the fourth quarter, primarily due to the addition of Chesterfield personnel as well as higher retirement plan expenses. Other non-interest expense increased by $779,000 as a result of higher professional expenses related to the ongoing Sarbanes/Oxley compliance efforts, consulting fees related to various efficiency improvement projects, and higher return check and debit card write- offs. These increases were offset in part by an $826,000 decline in advertising expenses. In addition, the third quarter of 2004 included a $1.2 million correction of accumulated errors in ATM network processing expenses. 4th Quarter 2004 v. 4th Quarter 2003. Compared to a year ago, all major categories of non-interest expense, except advertising, showed increases due to significant growth of the Company during the past year due to acquisitions. The added cost of management personnel and infrastructure needed to facilitate this growth along with the increased compliance burden under new regulations also contributed to higher expenses year over year. Compensation and benefits expense totaled $23.8 million in the current period compared to $22.1 million in the fourth quarter of last year. The impact of growth in personnel, higher medical costs and normal salary increases compared to the prior year quarter was offset in part by a $1.2 million reduction in incentive compensation expense. Office occupancy and equipment costs totaled $7.3 million in the current period compared to $4.7 million a year ago. This increase from a year ago is due primarily to the operation of a much larger branch network during 2004. Income tax expense totaled $12.9 million in the current quarter, equal to an effective income tax rate of 33.8%, slightly higher than the 33.1% effective rate reported in the third quarter of 2004. In last year's fourth quarter, income tax expense equaled $13.1 million or an effective income tax rate of 35.2%. The decline in the effective income tax rate compared to a year ago is primarily due to the tax benefits generated in the current period from St. Francis' low income and senior housing projects and the resolution of certain prior years' income tax matters. Asset Quality QE 12/31/04 QE 9/30/04 QE 12/31/03 Non-performing loans (NPL) (000's) $31,473 $30,557 $32,787 Non-performing assets (NPA) (000's) $32,960 $31,692 $43,684 NPL / total loans .46% .45% .51% NPA / total assets .34% .34% .49% Allowance for loan losses (ALL) (000's) $36,255 $34,936 $34,555 ALL / total loans .53% .52% .54% ALL / NPL 115.2% 114.3% 105.4% Provision for loan losses (000's) $285 $350 - Net charge-offs (000's) $263 $135 $177 The Company continues to maintain strong asset quality. Asset quality ratios were basically unchanged compared to the quarter ended September 30, 2004. At December 31, 2004, 89% of non-performing loans consisted of loans secured by one-to four-family residential properties, consistent with the level at September 30, 2004. The Company's allowance for loan losses increased $1.3 million due to the Chesterfield acquisition during the fourth quarter. The Company recorded a provision for loan losses of $285,000 in the current quarter. Net charge-offs for the quarter were $263,000. Balance Sheet & Capital QE 12/31/04 QE 9/30/04 QE 12/31/03 Assets: Total assets (000's) $9,681,384 $9,320,814 $8,933,585 Loans receivable (000's) 6,881,780 6,770,270 6,369,107 Mortgage-backed securities (000's) 1,193,189 1,019,260 971,969 Liabilities and Equity: Total liabilities (000's) $8,706,998 $8,386,609 $8,031,981 Deposits (000's) 5,935,708 5,640,231 5,580,455 Borrowed funds (000's) 2,600,667 2,559,229 2,299,427 Stockholders' equity (000's) 974,386 933,945 901,604 Other: 1-4 family residential loans/ total loans 58.6% 59.5% 61.6% Core deposits/total deposits 59.6% 60.6% 58.2% Book value per share $29.28 $28.60 $27.27 Stockholders' equity/total assets 10.1% 10.0% 10.1% Total assets increased by $360.6 million over the past three months due primarily to the Chesterfield acquisition. The largest asset category increases were in mortgage-backed securities ($173.9 million) and loans receivable ($111.5 million) and were funded primarily from deposit increases ($295.5 million). Goodwill also increased by $42.8 million during the quarter as a result of the Chesterfield acquisition. The percentage of 1-4 family residential loans to total loans continued to trend downward, equaling 58.6% at December 31, 2004 compared to 59.5% at September 30, 2004 and 61.6% a year ago. During the quarter, the Company swapped $148 million of 15-year, fixed- rate loans into mortgage-backed securities, which it continues to hold in the Company's held-to-maturity portfolio. Stockholders' equity increased by $40 million during the quarter as the issuance of shares to Chesterfield shareholders raised $43 million in equity while net income added $25 million to the equity base. These increases were offset by dividends of $7.0 million and stock repurchase expenditures totaling $20.1 million. The Company repurchased 457,400 shares during the quarter at an average price of $44.00 per share, including 356,000 shares repurchased under the Company's 500,000 share repurchase program announced during the fourth quarter of 2004. The Bank's tangible, core and risk-based capital percentages of 7.14%, 7.14% and 11.30%, respectively, at December 31, 2004, exceeded minimum regulatory capital requirements. Results for the Year Ended December 31, 2004 Diluted earnings per share totaled $3.01 in the current year compared to $3.26 last year. The decline in earnings per share for 2004 was largely attributable to a significant reduction in residential loan volume, both at MAF and the industry as a whole. With lower than expected lending-related revenues and increases in expenses attributable to the substantial growth in the Company, earnings per share results for the year were negatively impacted. The 2003 results do not reflect the operations of St. Francis prior to the December 1, 2003 merger date and only reflect the operations of Fidelity Bancorp (acquired in July 2003) for about half of the year. The results for 2004 include two months of operations for Chesterfield Financial, which was acquired on October 31, 2004. For the year ended December 31, 2004, net income totaled $101.5 million compared to $83.4 million in last year's comparable period. Net interest income totaled $261.3 million compared to $179.5 million last year. The net interest margin expanded to 3.06% for the year ended December 31, 2004, compared to 2.96% for 2003. Non-interest income totaled $76.3 million for the year ended December 31, 2004, equal to 22.6% of total revenue. For the year ended December 31, 2003, non-interest income was $71.6 million, or 28.5% of total revenue. The relative decline in non-interest income resulted primarily from lower mortgage banking revenues. In 2003, there was considerable loan refinancing activity resulting in gains on sale of loans and mortgage-backed securities totaling $32.0 million compared to $9.8 million in 2004. Slower loan refinancing activity did lead to higher loan servicing fee income in 2004, which increased by $7.2 million for the year. Deposit account service charges grew by $9.6 million in 2004, reflecting the higher number of accounts following the St. Francis acquisition, while real estate development income declined by $4.7 million. As previously announced, municipal delays in approving the Springbank development postponed activity in this project. Non-interest expense totaled $184.0 million in 2004, compared to $120.2 million reported for the year ended December 31, 2003. All major categories of non-interest expense showed increases due generally to increased costs associated with the Company's considerable market expansion and growth over the past year. The effective income tax rate for 2004 was 33.3% compared to 36.3% in 2003 due to income tax benefits described above. The expected absence of certain of these benefits in 2005 is currently expected to result in a modestly higher effective tax rate for 2005. MAF Bancorp is the parent company of Mid America Bank, a federally chartered stock savings bank. The Bank currently operates a network of 72 retail banking offices throughout Chicago and Milwaukee and their surrounding areas. Offices in Wisconsin operate under the name "St. Francis Bank, a division of Mid America Bank." The Company's common stock trades on the Nasdaq Stock Market under the symbol MAFB. Forward-Looking Information Statements contained in this news release that are not historical facts, constitute forward-looking statements (within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended), which involve significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. These forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "plan," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ from those predicted. The Company undertakes no obligation to update these forward- looking statements in the future. Factors which could have a material adverse effect on operations and could affect management's outlook or future prospects of the Company and its subsidiaries include, but are not limited to, higher than expected overhead, infrastructure and compliance costs, unanticipated changes in interest rates or further flattening of the yield curve, less than anticipated balance sheet growth, demand for loan products, unanticipated changes in secondary mortgage market conditions, deposit flows, competition, adverse federal or state legislative or regulatory developments, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve Board, deteriorating economic conditions which could result in increased delinquencies in MAF's loan portfolio, the quality or composition of MAF's loan or investment portfolios, demand for financial services and residential real estate in MAF's market area, delays in real estate development projects, the possible short-term dilutive effect of other potential acquisitions, if any, and changes in accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. MAF BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 (Unaudited) (Unaudited) Interest income $110,149 87,319 $421,173 316,430 Interest expense 42,619 34,367 159,885 136,952 Net interest income 67,530 52,952 261,288 179,478 Provision for loan losses 285 - 1,215 - Net interest income after provision for loan losses 67,245 52,952 260,073 179,478 Non-interest income: Net gain (loss) on sale and writedown of: Loans receivable held for sale 2,860 3,008 9,294 25,948 Mortgage-backed securities 11 9 500 6,006 Investment securities (1,983) - 822 (6,943) Foreclosed real estate 83 54 506 365 Income from real estate operations 1,396 4,993 6,657 11,325 Deposit account service charges 8,687 7,102 34,112 24,552 Other loan fees 1,272 1,339 5,775 4,767 Loan servicing fee income (expense) 521 117 1,231 (5,939) Valuation recovery on mortgage servicing rights 317 2,070 2,072 1,130 Brokerage commissions 952 1,226 4,094 3,587 Other 3,177 1,704 11,223 6,835 Total non-interest income 17,293 21,622 76,286 71,633 Non-interest expense: Compensation and benefits 23,779 22,147 96,502 70,573 Office occupancy and equipment 7,339 4,709 27,984 15,410 Advertising and promotion 1,626 1,668 9,079 6,466 Data processing 2,007 1,254 8,012 4,255 Other 10,959 7,029 39,469 21,761 Amortization of core deposit intangibles 801 562 3,002 1,732 Total non-interest expense 46,511 37,369 184,048 120,197 Income before income taxes 38,027 37,205 152,311 130,914 Income taxes 12,855 13,105 50,789 47,481 Net income $25,172 24,100 101,522 83,433 Basic earnings per share $.76 .86 3.09 3.35 Diluted earnings per share .74 .84 3.01 3.26 MAF BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands) December 31, December 31, 2004 2003 (Unaudited) Assets Cash and due from banks $166,446 144,290 Interest-bearing deposits 37,698 57,988 Federal funds sold 42,854 19,684 Total cash and cash equivalents 246,998 221,962 Investment securities available for sale, at fair value 388,959 365,334 Stock in Federal Home Loan Bank of Chicago, at cost 278,916 384,643 Mortgage-backed securities available for sale, at fair value 948,168 971,969 Mortgage-backed securities held to maturity (fair value $244,615) 245,021 - Loans receivable held for sale 39,521 44,511 Loans receivable, net of allowance for losses of $36,255 and $34,555 6,842,259 6,324,596 Accrued interest receivable 34,888 31,168 Foreclosed real estate 1,487 3,200 Real estate held for development or sale 35,091 32,093 Premises and equipment, net 140,898 122,817 Other assets 135,249 130,615 Goodwill 305,166 262,488 Intangibles 38,763 38,189 $9,681,384 8,933,585 Liabilities and Stockholders' Equity Liabilities: Deposits 5,935,708 5,580,455 Borrowed funds 2,600,667 2,299,427 Advances by borrowers for taxes and insurance 43,285 41,149 Accrued expenses and other liabilities 127,338 110,950 Total liabilities 8,706,998 8,031,981 Stockholders' equity: Preferred stock, $.01 par value; authorized 5,000,000 shares; none outstanding - - Common stock, $.01 par value; 80,000,000 shares authorized; 33,634,642 and 33,063,853 shares issued; 33,273,235 and 33,063,853 shares outstanding 336 331 Additional paid-in capital 522,047 495,747 Retained earnings, substantially restricted 468,408 402,402 Accumulated other comprehensive income (loss), net of tax (1,676) 2,109 Stock in Gain Deferral Plan; 245,467 and 240,879 shares 1,211 1,015 Treasury stock, at cost; 361,407 shares at December 31, 2004 (15,940) - Total stockholders' equity 974,386 901,604 $9,681,384 8,933,585 MAF BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except share data) (Unaudited) December 31, December 31, 2004 2003 Book value per share $29.28 $27.27 Stockholders' equity to total assets 10.06% 10.09% Tangible capital ratio (Bank only) 7.14 7.16 Core capital ratio (Bank only) 7.14 7.16 Risk-based capital ratio (Bank only) 11.30 11.45 Common shares outstanding: Actual 33,273,235 33,063,853 Basic (weighted average) 32,897,164 24,920,150 Diluted (weighted average) 33,706,569 25,592,745 Non-performing loans $31,473 $32,787 Non-performing assets 32,960 43,684 Allowance for loan losses 36,255 34,555 Non-performing loans to total loans .46% .51% Non-performing assets to total assets .34 .49 Allowance for loan losses to total loans .53 .54 Mortgage loans serviced for others $3,641,445 $3,330,039 Capitalized mortgage servicing rights, net 25,697 24,128 Core deposit intangibles 13,065 14,061 Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 Average balance data: Total assets $9,547,131 $7,414,894 $9,259,279 $6,469,698 Loans receivable 6,961,222 5,569,700 6,721,514 4,917,662 Interest-earning assets 8,792,647 6,906,311 8,548,423 6,065,772 Deposits 5,345,977 4,331,523 5,226,301 3,794,205 Interest-bearing liabilities 7,915,439 6,206,339 7,714,028 5,420,900 Stockholders' equity 964,612 720,514 924,462 588,263 Performance ratios (annualized): Return on average assets 1.05% 1.30% 1.10% 1.29% Return on average equity 10.44 13.38 10.98 14.18 Average yield on interest-earning assets 5.00 5.05 4.92 5.22 Average cost of interest-bearing liabilities 2.14 2.20 2.07 2.53 Interest rate spread 2.86 2.85 2.85 2.69 Net interest margin 3.07 3.07 3.06 2.96 Average interest-earning assets to average interest-bearing liabilities 111.08 111.28 110.82 111.90 Non-interest expense to average assets 1.95 2.02 1.99 1.86 Non-interest expense to average assets and loans serviced for others 1.43 1.35 1.46 1.46 Efficiency ratio(1) 53.59 50.12 54.74 47.69 Loan originations $1,057,485 $959,948 $4,228,462 $4,993,675 Loans sold 297,503 412,946 914,082 1,766,954 Cash dividends declared per share .21 .18 .84 .72 (1) The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, excluding net gain/(loss) on sale and writedown of mortgage-backed and investment securities. DATASOURCE: MAF Bancorp CONTACT: Jerry A. Weberling, Chief Financial Officer, +1-630-887-5999, or Michael J. Janssen, SVP, +1-630-986-7544, both of MAF Bancorp Web site: http://www.mafbancorp.com/

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MAFB Maf Bancorp (MM)