Commercial Capital Bancorp (CCBI) 8-K Results of Operations and Financial Condition

Contact:	Stephen H. Gordon	Chairman & CEO	Telephone:	(949) 585-7500
	Christopher G. Hagerty	EVP & CFO	Facsimile:	(949) 585-0174

COMMERCIAL CAPITAL BANCORP, INC. ANNOUNCES RECORD THIRD
QUARTER EARNINGS OF $0.32 PER SHARE ON NET INCOME OF $18.0 MILLION

EPS grows 88% from Third Quarter of 2003, and 14% from Second Quarter of 2004
Tangible Book Value per Share Grows 62% from September 30, 2003,
and 9% from June 30, 2004

– Company Increases Cash Dividend 25% to $0.05 per Share –
– Record $545 Million of Core Loan Originations and
Record $583 Million of Total Loan Originations –
– Return on Average Tangible Equity of 30.55% –
– Efficiency Ratio Equals 30.59% –

IRVINE, CA – October 25, 2004 – Commercial Capital Bancorp, Inc. (the “Company”), (NASDAQ: “CCBI”), the holding company for Commercial Capital Bank (the “Bank”), announced today record net income of $18.0 million, or $0.32 per diluted share, for the third quarter of 2004, increases of 236% and 88%, respectively, from $5.4 million or $0.17 per diluted share, for the third quarter of 2003. Also today, the Company announced that it has increased its cash dividend 25% to $0.05 per share to be paid on November 29, 2004 to shareholders of record on November 15 2004. The Company’s net income for the nine-month period ended September 30, 2004 was a record $36.0 million, or $0.84 per diluted share, increases of 152% and 83%, respectively, from $14.3 million or $0.46 per diluted share, for the nine-month period ended September 30, 2003. Excluding merger-related costs of $494,000, which were incurred during the third quarter of 2004, the Company’s net income would have been $18.3 million, or $0.32 per diluted share, for the third quarter of 2004.¹ The Company’s return on average equity (“ROAE”) and return on average assets (“ROAA”) for the third quarter of 2004 were 12.02% and 1.50%, respectively, compared to 23.84% and 1.58% for the third quarter of 2003, respectively. Return on tangible equity increased to 30.55% for the third quarter of 2004, compared to 27.89% for the third quarter of 2003. Average equity and average tangible equity ratios for the third quarter of 2004 were 12.45% and 4.90%, respectively. The Company’s ROAE and ROAA for the nine-month period ended September 30, 2004 were 15.05% and 1.53%, respectively, compared to 21.88% and 1.58% for the nine-month period ended September 30, 2003, respectively. Return on tangible equity increased to 30.95% for the nine-month period ended September 30, 2004, compared to 25.74% for the nine-month period ended September 30, 2003. The Company’s financial results for the three and nine-month periods ended September 30, 2004 include the effects of the acquisition of Hawthorne Financial Corporation (“Hawthorne”), which closed on June 4, 2004. The financial data for periods prior to June 4, 2004 do not include the impact of the Hawthorne acquisition.

Stephen H. Gordon, Chairman and Chief Executive Officer, stated, “The first full quarter since the close of the acquisition of Hawthorne Financial Corporation was marked by continued strength in the markets in which the Company operates, continued strength in overall balance sheet performance and mix, record loan originations, and continued transition of the composition of the Bank’s deposit base towards a greater percentage of core deposits. In the face of significant capital markets volatility during the quarter, including two Fed rate increases, and an overall flattening of the yield curve, we’re pleased to have again announced significant growth in net interest income, total revenues, net income, tangible book value and earnings per share.” Gordon continued, “With the Company growing earnings per share at an 88% annual growth rate and tangible book value per share growing at a 62% annual growth rate since September 30, 2003, we’re also pleased to increase the Company’s quarterly cash dividend by 25% to $0.05 per share to be paid to shareholders on November 29, 2004.”

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($in000’s,exceptpersharedata)	Q3 2004			Q2 2004			Q3 2003			Year to Date 9/30/2004			Year to Date 9/30/2003
Net income	$	18,004		$	10,923		$	5,357		$	36,029		$	14,271
Basic EPS2		0.34			0.30			0.18			0.90			0.49
Diluted EPS2		0.32			0.28			0.17			0.84			0.46
Net interest income		37,877			22,875			10,808			74,554			28,871
Net interest margin		3.49	%		3.51	%		3.33	%		3.42	%		3.34	%
Total revenues	$	60,602		$	36,591		$	18,546		$	120,640		$	54,484
ROAA		1.50	%		1.57	%		1.58	%		1.53	%		1.58	%
ROAE		12.02			17.66			23.84			15.05			21.88
ROAE - tangible		30.55			32.58			27.89			30.95			25.74
Efficiency ratio		30.59			25.34			27.55			28.06			28.91
Core loan originations3	$	544,953		$	418,916		$	243,415		$	1,193,972		$	684,298

Some of the Company’s third quarter 2004 highlights and achievements include:

• The Company’s consolidated assets increased 5% to $4.97 billion at September 30, 2004, from $4.74 billion at June 30, 2004, and 243% from $1.45 billion at September 30, 2003. Average assets increased 72% to $4.81 billion for the third quarter of 2004, from $2.79 billion for the second quarter of 2004, and 255% from $1.36 billion for the third quarter of 2003.

• The Company’s core loan originations were a record $545.0 million during the third quarter of 2004, an increase of 30% and 124% from $418.9 million and $243.4 million for the second quarter of 2004 and third quarter of 2003, respectively. The Company’s total loan originations were a record $583.2 million during the third quarter of 2004, an increase of 25% and 76% from $466.7 million and $331.4 million for the second quarter of 2004 and third quarter of 2003, respectively.

• The Company’s loans held for investment increased 6% to $3.86 billion at September 30, 2004, from $3.65 billion at June 30, 2004, and 351% from $857.1 million at September 30, 2003. At September 30, 2004, the weighted average months to reset or maturity on the Company’s loans held for investment portfolio was 13 months, compared to 14 months at June 30, 2004. The Company continues to originate and portfolio significant volumes of adjustable rate loans secured by lower risk multi-family properties, which rates are tied to market sensitive indices.

• The Company’s multi-family loans held for investment grew during the third quarter of 2004 at an annualized rate of 33% to $2.24 billion at September 30, 2004.

• The Company’s allowance for loan losses was 0.94% of net loans held for investment at September 30, 2004, compared to 1.00% at June 30, 2004, and 0.46% at September 30, 2003. The Company determined that a provision for loan losses was not required for the third quarter of 2004 based on the asset quality review completed during such quarter. Nonperforming assets totaled $5.1 million, or 0.10% of total assets, at September 30, 2004, compared to $5.3 million, or 0.11% of total assets, at June 30, 2004. At September 30, 2004, the allowance for loan losses totaled 719% of nonperforming assets.

• The Company’s securities portfolio decreased 3% to $486.2 million at September 30, 2004, from $499.8 million at June 30, 2004. Total securities represented 10% of the Company’s total assets at September 30, 2004, significantly below the industry peer average.

• Transaction accounts totaled 52% of total deposits at September 30, 2004, of which business deposits accounted for 22% of total transaction deposits. The Company’s Financial Services Group accounted for $70.2 million of transaction account deposits at September 30, 2004, an increase of 52% from $46.2 million at June 30, 2004. It is the Company’s belief that should market interest rates rise, the rates paid by the Company on its transaction accounts will lag such moves, as evidenced by current market rates paid by the Company on its transaction accounts.

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• The Company’s equity to assets and tangible equity to assets ratios were 12.26% and 4.94% at September 30, 2004, respectively, compared to 12.29% and 4.62% at June 30, 2004, respectively, and compared to 6.63% and 5.73% at September 30, 2003, respectively. The Company’s tangible equity to tangible assets ratio was 5.33% at September 30, 2004, compared to 5.00% and 5.78% at June 30, 2004 and September 30, 2003, respectively.

• The Company’s book value per share increased to $11.20 at September 30, 2004, compared to $10.97 and $3.22 at June 30, 2004 and September 30, 2003, respectively. The Company’s tangible book value per share increased 9% to $4.51 at September 30, 2004 from $4.13 at June 30, 2004, and 62% from $2.78 at September 30, 2003.

• The Company’s total revenues, defined as interest income plus noninterest income, increased 66% to $60.6 million for the third quarter of 2004, from $36.6 million for the second quarter of 2004, and 227% from $18.5 million for the third quarter of 2003

• The Company’s net income increased 65% to $18.0 million for the third quarter of 2004, from $10.9 million for the second quarter of 2004, and 236% from $5.4 million for the third quarter of 2003. Excluding the merger-related costs of $494,000 the Company’s net income for the third quarter of 2004 would have been $18.3 million, or $0.32 per diluted share. ¹

• In May 2004, the Company announced that its Board of Directors had authorized the repurchase of up to 2.5% of the Company’s proforma shares outstanding, giving effect to the Hawthorne acquisition, not to exceed $20 million in value. At September 30, 2004, the Company had repurchased a total of 657,400 shares at an average price of $18.39, of which 172,900 shares were purchased during the third quarter at an average price of $20.45. The Company’s share repurchase authorization remains in effect.

• On October 4, 2004, the Bank opened its 21^st branch, which is located in Beverly Hills, California. The Company has plans to open banking offices to be located in San Mateo, California in early 2005 and in Newport Coast, California in mid-2005.

• The Company was the 28^th largest thrift in the country, and sixth largest in California, according to June 30, 2004 data from SNL Financial. The Bank was the fastest growing savings institution in California for the 36-month period ended June 30, 2004, according to data available from the FDIC website www.fdic.gov. Additionally, the Company was the third largest originator of multi-family loans in California for the 12-month period ended June 30, 2004, according to information available from Dataquick Information Systems.

ACQUISITION UPDATE

The Company’s acquisition of Hawthorne and the merger of Hawthorne Savings into Commercial Capital Bank were completed after the close of business on June 4, 2004. As of September 30, 2004, the integration of Hawthorne is proceeding on schedule, with the realization of cost savings significantly ahead of schedule. At the time of the announcement of the Hawthorne acquisition in January 2004, the Company estimated cost savings of 25% of Hawthorne’s projected general and administrative expenses, with 25% of these cost savings phased in during the third quarter of 2004 and 50% of these cost savings anticipated to be phased in during the fourth quarter of 2004. The Company believes that the aggregate annual cost savings of 25% of Hawthorne’s projected general and administrative expenses will be achieved. There were no branch closures and core data processing system conversions are anticipated to be completed in October 2004. As a result of the acquisition of Hawthorne, the Company incurred $494,000 of non-recurring merger-related costs during the third quarter of 2004, due to the cancellation of its item processing contract and to accrue for retention bonuses for certain Hawthorne employees required during the transition, which is anticipated to be completed by year-end.

NET INTEREST INCOME

The Company’s net interest income increased 250% and 158% to $37.9 million and $74.6 million for the three and nine-month periods ended September 30, 2004, respectively, from $10.8 million and $28.9 million for the three and nine-month periods ended September 30, 2003, respectively. The Company’s net interest margin decreased two basis points to 3.49% for the third quarter of 2004, compared to 3.51% for the second quarter of 2004 and increased 16 basis points compared to 3.33% for the third quarter of 2003. The Company’s net interest spread decreased two basis points to 3.39% for the third quarter of 2004, compared to 3.41% for the second quarter of 2004 and increased 12 basis points compared to 3.27% for the third quarter of 2003. Excluding the net effect of the amortization or accretion of premiums or discounts resulting from the purchase accounting adjustments due to the Hawthorne acquisition, the Company’s net interest margin would have been 3.23% during the third quarter of 2004, a decrease of nine basis points compared to 3.32% for the second quarter of 2004 and the Company’s net interest spread would have been 3.11% during the third quarter of 2004, a decrease of 10 basis points compared to 3.21% for the second quarter of 2004. ¹

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The Company’s yield on interest-earning assets increased nine basis points to 5.25% for the third quarter of 2004, compared to 5.16% for the second quarter of 2004. The Company’s yield on total loans decreased three basis points to 5.41% for the third quarter of 2004, compared to 5.44% for the second quarter of 2004. The increase in yield on interest-earning assets during the third quarter of 2004, despite the decrease in yield on total loans from the second quarter, is a result of the changing composition of the Company’s balance sheet, with loans held for investment totaling 87% and securities totaling 11% of average interest-earning assets for the third quarter of 2004, compared to 75% and 22%, respectively, for the second quarter of 2004. The Company’s cost of interest-bearing liabilities increased 11 basis points to 1.86% for the third quarter of 2004, compared to 1.75%, for the second quarter of 2004. The Company’s cost of deposits declined seven basis points to 1.57% for the third quarter of 2004, compared to 1.64% for the second quarter of 2004. The decline in the cost of deposits was driven primarily by an 11 basis points decline in the average rate paid on transaction accounts, and reflects the impact of the acquisition of Hawthorne and its strong community-based retail deposit franchise. The Company’s cost of funds, which includes the effect of noninterest-bearing deposits, increased 11 basis points to 1.82% for the third quarter of 2004, compared to 1.71% for the second quarter of 2004. During the third quarter of 2004, the Company continued to take proactive steps to manage its interest rate risk position in anticipation of higher market rates of interest. During the third quarter of 2004, the Company made the asset/liability management decision to replace higher costing, shorter duration time deposits and other non-core deposits, and further support the Company’s asset growth, with $275 million of longer duration, fixed rate borrowings from the Federal Home Loan Bank of San Francisco (“FHLB”).

NONINTEREST INCOME

Noninterest income increased 143% and 9% to $3.6 million and $8.4 million for the three and nine-month periods ended September 30, 2004, respectively, from $1.5 million and $7.7 million for the three and nine-month periods ended September 30, 2003, respectively. Recurring loan and retail banking fee income increased 737% and 383% to $2.8 million and $4.4 million for the three and nine-month periods ended September 30, 2004, respectively, from $335,000 and $913,000 for the three and nine-month periods ended September 30, 2003, respectively. The primary reason for the increase is loan related fees included loan prepayment fees of $2.0 million and $3.3 million for the three and nine-month periods ended September 30, 2004, respectively, compared to $286,000 and $753,000 for the three and nine-month periods ended September 30, 2003, respectively. The Company’s noninterest income included gains on sales of loans and securities of $72,000 and $2.4 million for the three and nine-month periods ended September 30, 2004, respectively, compared to $593,000 and $5.3 million for the three and nine-month periods ended September 30, 2003, respectively.

NONINTEREST EXPENSES

The Company’s efficiency ratio was 30.59% and 28.06% for the three and nine-month periods ended September 30, 2004, respectively, compared to 27.55% and 28.91% for the three and nine-month periods ended September 30, 2003, respectively. General and administrative expenses were 1.05% and 0.99% of total average assets for the three and nine-month periods ended September 30, 2004, respectively, compared to 1.00% and 1.17% for the three and nine-month periods ended September 30, 2003, respectively. The increase in the efficiency ratio during the third quarter of 2004 reflects the acquisition of Hawthorne as of June 4, 2004, as well as the impact of merger-related costs. Excluding merger-related costs of $494,000 and $914,000, the Company’s efficiency ratio would have been 29.40% and 26.96% for the three and nine month periods ended September 30, 2004, respectively, and the Company’s general and administrative expenses would have been 1.01% and 0.95% of average total assets, respectively. ¹

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The Company’s general and administrative expenses totaled $12.7 million and $23.3 million for the three and nine-month periods ended September 30, 2004, respectively, compared to $3.4 million and $10.6 million for the three and nine-month periods ended September 30, 2003, respectively. The increases during the periods ended September 30, 2004 compared to the periods ended September 30, 2003 are primarily due to higher personnel and operational costs, including occupancy, marketing and insurance costs related to the additional operations from the acquisition of Hawthorne, as well as the growth and maturation of the Company. The Company recorded $203,000 and $261,000 of amortization of the core deposit intangible for the three and nine-month periods ended September 30, 2004, respectively, as a result of the acquisition of Hawthorne.

INCOME TAXES

The Company’s effective tax rate was 37.04% and 38.10% for the three and nine-month periods ended September 30, 2004, respectively, compared to 37.61% and 39.26% for the three and nine-month periods ended September 30, 2003, respectively. The reduction of the Company’s effective tax rate during the periods ended September 30, 2004 compared to the year ago periods reflects the realization of low income housing and other tax credits, and the origination of income property loans in enterprise zones that generate certain state tax benefits.

BALANCE SHEET AND CAPITAL

The Company had total consolidated assets of $4.97 billion at September 30, 2004, an increase of 5% and 243% from $4.74 billion and $1.45 billion at June 30, 2004 and September 30, 2003, respectively. Total loans, which include loans held for investment, net of allowances, and loans held for sale totaled $3.88 billion, an increase of 6% and 339% from $3.65 billion and $883.6 million at June 30, 2004 and September 30, 2003, respectively.

At September 30, 2004, multi-family loans held for investment totaled $2.24 billion, representing 57% of total loans, an increase of 8% from $2.07 billion at June 30, 2004. At September 30, 2003, multi-family loans held for investment represented 89% of total loans. The Company anticipates that multi-family loans will increase as a percentage of total loans, as the Company continues to focus on income property lending, as a market leader in its primarily multi-family lending niche.

At September 30, 2004, 52% of the Company’s loans held for investment are tied to an index that adjusts each month or mature within one month, up from 46% at June 30, 2004. In addition, 66% of the Company’s loans held for investment have interest rates scheduled to reset or mature within six months from September 30, 2004 and 68% reset or mature within one year from September 30, 2004, up from 63% and 67%, respectively, at June 30, 2004. The Company’s total loan portfolio had a weighted average duration to reset or maturity of approximately 13 months at September 30, 2004, a decrease from 14 months at June 30, 2004, thereby creating a greater degree of asset sensitivity at September 30, 2004.

The Company’s securities portfolio totaled $486.2 million at September 30, 2004, a decrease of 3% and an increase of 8% from $499.8 million and $449.0 million at June 30, 2004 and September 30, 2003, respectively. Mortgage-backed securities were 10% of total assets at September 30, 2004, well below industry peers, and below the Company’s historic levels, which were 11% and 31% at June 30, 2004 and September 30, 2003, respectively. The Company continues to reinvest cash flows received from the securities portfolio into the Company’s higher yielding, adjustable rate loans, positioning the Company to benefit from anticipated higher market interest rates.

The Company’s deposits totaled $2.30 billion at September 30, 2004, a decrease of 6% and an increase of 306% from $2.44 billion and $566.4 million at June 30, 2004 and September 30, 2003, respectively. Transaction account deposits totaled $1.19 billion at September 30, 2004, a decrease of 3% and an increase of 265% from $1.22 billion and $324.6 million at June 30, 2004 and September 30, 2003, respectively. Of the Company’s transaction account deposits at September 30, 2004, the majority was from Los Angeles, Orange, Riverside, San Diego, and Ventura counties, with business deposits accounting for $266.5 million of the total. The Company’s time deposits totaled $1.11 billion at September 30, 2004, compared to $1.23 billion and $241.9 million at June 30, 2004 and September 30, 2003, respectively. The decrease in the Company’s total deposits, primarily through a reduction in the balance of time deposits, reflects the asset/liability decision by the Company to replace higher costing, shorter duration time deposits and other non-core deposits with longer duration, fixed rate borrowings from the FHLB, opportunistically extending duration of those liabilities as the yield curve flattened during the quarter. This resulted in core transaction accounts equaling approximately 52% of total deposits at September 30, 2004, up from 50% of total deposits at June 30, 2004. The deposit franchise consisted of approximately 68,000 accounts at September 30, 2004, served by 20 banking offices with an average of $115 million in deposits per branch. The Company’s approximately 51,000 transaction accounts had an average balance of approximately $23,000. The Company’s approximately 17,000 time deposit accounts had an average balance of approximately $64,000.

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Borrowings totaled $2.02 billion at September 30, 2004, an increase of 20% and 168% from $1.69 billion and $755.6 million at June 30, 2004 and September 30, 2003, respectively. FHLB advances totaled $1.89 billion at September 30, 2004, an increase of 22% and 175% from $1.55 billion and $686.6 million at June 30, 2004 and September 30, 2003, respectively. FHLB borrowings with maturities of greater than one year and less than 6.25 years totaled $853 million, at September 30, 2004. At September 30, 2004, the Company’s junior subordinated debt issued to its unconsolidated trust subsidiaries totaled $135.2 million, compared to $135.4 million at June 30, 2004, and $42.5 million at September 30, 2003. The increase from September 30, 2003 reflects the additional issuances by the Company and the debt assumed through the acquisition of Hawthorne.

Stockholders’ equity totaled $608.7 million at September 30, 2004, an increase of 4% and 533% from $582.8 million and $96.1 million at June 30, 2004, and September 30, 2003, respectively. Tangible stockholders’ equity totaled $245.2 million, an increase of 12% and 195% from $219.1 million and $83.1 million at June 30, 2004 and September 30, 2003, respectively. The Company’s equity to assets and tangible equity to assets were 12.26% and 4.94% at September 30, 2004, respectively, compared to 12.29% and 4.62% at June 30, 2004, respectively, and compared to 6.63% and 5.73% at September 30, 2003, respectively. The Company’s tangible equity to tangible assets ratio was 5.33% at September 30, 2004, compared to 5.00% and 5.78% at June 30, 2004 and September 30, 2003, respectively. Book value per share totaled $11.20, an increase of 2% and 248% from $10.97 and $3.22 at June 30, 2004, and September 30, 2003, respectively. Tangible book value per share totaled $4.51, an increase of 9% and 62% from $4.13 and $2.78 at June 30, 2004, and September 30, 2003, respectively. The capital ratios of Commercial Capital Bank continued to exceed federal regulatory requirements for classification as a “well-capitalized” institution, the highest regulatory standard. The Bank’s core, tier one risk-based and total risk-based capital ratios are estimated to be 7.63%, 10.49% and 11.59% at September 30, 2004, respectively.

LOAN ORIGINATIONS

The Company’s core loan originations were a record $545.0 million during the third quarter of 2004, an increase of 30% and 124% from $418.9 million and $243.4 million, for the second quarter of 2004 and third quarter of 2003, respectively. The Company’s total loan originations, which include loans that were funded through the Company’s strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels, totaled a record $583.2 million during the third quarter of 2004, an increase of 25% and 76% from $466.7 million and $331.4 million for the second quarter of 2004 and third quarter of 2003, respectively. The Company’s total loan originations increased 63% to a record $1.31 billion during the nine-month period ended September 30, 2004, from $805.5 million for the nine-month period ended September 30, 2003.

The Company’s core loan originations for the third quarter of 2004 consisted of $325.6 million of multi-family residential real estate loans, $40.7 million of commercial real estate loans, $131.9 million of single-family residential real estate loans, $43.7 million of construction and land loans, and $3.1 million of business and other loans. During the third quarter of 2004, purchase transactions represented 57% of the Company’s core multi-family originations, 57% of core single-family residential originations and 34% of the core commercial real estate loan originations. The Company’s core multi-family originations during the third quarter of 2004 had an average loan size of $1.7 million, loan-to-value (“LTV”) of 68.7% and debt coverage ratio (“DCR”) of 1.28 to 1. The Company’s core commercial real estate originations during the third quarter of 2004 had an average loan size of $1.9 million, LTV of 65.7% and DCR of 1.33 to 1. The Company’s core single-family loan originations during the third quarter of 2004 had an average loan size of $916,000, and LTV of 64.4%. Of the Company’s $545.0 million of core loan originations during the third quarter of 2004, 99% were adjustable rate loans, of which 76% reprice within one year. The Company’s focus on adjustable rate lending continues to create a greater degree of asset sensitivity, as reflected in the previously stated portfolio weighted average duration to reset or maturity of 13 months at September 30, 2004, thereby continuing to position the Company well for rising market rates of interest.

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At October 22, 2004, the Company’s total pipeline amounted to $432 million, and core pipeline amounted to $380 million.The value of loans in the Company’s total loan pipeline equaled $353 million at September 30, 2004, compared to $470 million and $320 million at June 30, 2004 and September 30, 2003, respectively. The value of loans in the Company’s core loan pipeline equaled $322 million at September 30, 2004, compared to $439 million and $270 million at June 30, 2004 and September 30, 2003, respectively. The Company projects significant interest-earning asset growth during the fourth quarter of 2004 driven by strong volumes of adjustable rate, core loan originations.

PORTFOLIO ASSET QUALITY

The Company’s asset quality review, performed during the third quarter of 2004, was based on its asset classification process along with the prior classification process of Hawthorne, which the Company applied to the acquired loan portfolio. The Company used this current information, along with other qualitative and quantitative factors, updated industry and peer comparison data to calculate the allowance for loan losses. This review indicated that a provision for loan losses for the third quarter of 2004 was not required and that the allowance for loan losses is adequate to cover potential losses inherent in the loan portfolio. Future additions to the allowance for loan losses may be required as a result of the factors described below.

Management establishes the allowance for loan losses commencing with the credit quality and historical performance of the Company’s multi-family, commercial real estate, single-family residential, construction, and land loan portfolios, which accounts for virtually all of the loan portfolio. The Company’s overall asset quality remains sound, as supported by its internal risk rating process of a more seasoned multi-family, commercial real estate and single-family residential loan portfolio.

The allowance for loan losses is derived by analyzing the historical loss experience and asset quality within each loan portfolio segment, along with assessing qualitative environmental factors, and correlating it with the delinquency and classification status for each portfolio segment. Management utilizes a loan grading system with five classification categories, including assets classified as Pass, based upon credit risk characteristics and categorizes each loan asset by risk grade allowing for a more consistent review of similar loan assets. Management has also evaluated the loss exposure of classified loans, which are reviewed individually based on the evaluation of the cash flow, collateral, other sources of repayment, guarantors and any other relevant factors to determine the inherent loss potential in the credit.

Management considers the following qualitative environmental factors in determining the allocated loss factors when analyzing the allowance for loan losses: the levels of and trends in past due, non-accrual and impaired loans; levels of and trends in charge-offs and recoveries; the trend in volume and terms of loans; the effects of changes in credit concentrations; the effects of changes in risk selection and underwriting standards, and other changes in lending policies, procedures and practices; the experience, ability and depth of management and other relevant staff; national and local economic trends and conditions; and industry conditions.

The overall adequacy of the allowance for loan losses is reviewed by the Bank’s Internal Asset Review Committee on a quarterly basis and submitted to the Board of Directors for approval. The Internal Asset Review Committee’s responsibilities consist of risk management, as well as problem loan management, which include ensuring proper risk grading of all loans and analysis of specific allocations for all classified loans.

At September 30, 2004, Commercial Capital Bancorp, Inc. had total assets of $5.0 billion, and total deposits of $2.3 billion. Commercial Capital Bank operates 21 banking offices located in Westlake Village (Ventura County), Tarzana, Malibu, Beverly Hills, Baldwin Hills, Westchester, Hawthorne, Manhattan Beach, Gardena, Hermosa Beach, Torrance, Redondo Beach (Los Angeles County), Orange, Irvine (3), Rancho Santa Margarita (Orange County), Riverside (Riverside County), La Jolla, Del Mar and San Diego (San Diego County), and 11 lending offices, located in Sacramento, Corte Madera, Burlingame, Oakland, Encino, Glendale, West Los Angeles, El Segundo, Irvine, Riverside, and San Diego, California, with plans to open banking offices in San Mateo, California in early 2005, and Newport Coast, California in mid-2005. The Company was the 3rd largest multi-family lender in California during the 12 months ended June 30, 2004 (source: Dataquick Information Systems) and the Bank was the fastest growing savings institution in California, based on percentage growth in total assets over the 36 months ended June 30, 2004 (source: www.fdic.gov).

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CONFERENCE CALL AND WEBCAST INFORMATION

Analysts and investors may listen to a discussion of the third quarter of 2004 performance and participate in the question/answer session either by dialing the phone number listed below, or through viewing a live video webcast of the discussion accessed through a link on the home page of the Company’s website at www.commercialcapital.com. The multimedia webcast enables participants to listen to the discussion and simultaneously view the video broadcast, tables, charts, an outline of the performance highlights, and submit questions for live response from the hosts. Windows Media player is required for viewing the video webcast. Interested parties can download the slide presentation from the Company’s website prior to the start of the call.

Conference Call	Webcast
Date: Monday, October 25, 2004	Date: Monday, October 25, 2004
Time: 7:00 a.m. PDT (10:00 a.m. EDT)	Time: 7:00 a.m. PDT (10:00 a.m. EDT)
Phone Number (800) 591-6923	Webcast URL: www.commercialcapital.com
International Dial-in Number (617) 614-4907	Windows Media player is required
Access Code: 24172327

Replay information: for those who are unable to participate in the call or webcast, an archive of the webcast will be available on the Company’s site at www.commercialcapital.com beginning approximately 2 hours following the end of the call. The archive will be available until November 28, 2004.

It is recommended that participants dial into the call, or log in to the webcast, approximately 5 to 10 minutes prior to the event.

This press release and the aforementioned webcast may include forward-looking statements (related to each company’s plans, beliefs and goals), which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; the health of the economy, either nationally or regionally; the deterioration of credit quality, which would cause an increase in the provision for possible loan and lease losses; changes in the regulatory environment; changes in business conditions, particularly in California real estate; volatility of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. The Company undertakes no obligation to revise or publicly release any revision to these forward-looking statements.

^{______________}

¹ For detail regarding non-GAAP financial measures, see financial tables.

² Per share data has been adjusted to reflect the 3-for-2 stock split completed on September 29, 2003, and the 4-for-3 stock split completed on February 20, 2004.

³ The Company defines core loan originations to exclude those loan originations funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels.

8/16

COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)

	Sept.30,2004			Sept.30,2003
ASSETS
Cash and Bank Accounts	$	20,445		$	8,347
Fed Funds		—			20,500
Securities
MBS - Available For Sale		486,120			448,859
Other Investments - Available For Sale		100			101
Total Securities		486,220			448,960
FHLB Stock		86,147			35,395
Loans Held for Investment
Single Family		957,825			2,754
Multi-family		2,235,427			764,996
Commercial Real Estate		435,075			83,687
Construction Loans		213,656			—
Land		55,786			—
Total Real Estate Loans		3,897,769			851,437
Business and Other Loans		13,399			10,397
Total Loans		3,911,168			861,834
Net Deferred Fees, Premiums and Discounts		(11,740	)		(808	)
Allowance for Loan Losses		(36,846	)		(3,938	)
Total Loans Held for Investment, Net		3,862,582			857,088
Loans Held for Sale		17,620			26,514
Fixed Assets - Net		9,989			1,400
Foreclosed Assets		—			—
Accrued Interest Receivable		16,819			5,514
Goodwill		357,367			13,035
Core Deposit Intangible		6,105			—
Bank-Owned Life Insurance		46,270			17,774
Other Assets		57,212			15,061
TOTAL ASSETS	$	4,966,776		$	1,449,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand Deposits - Noninterest-Bearing	$	92,950		$	8,827
Demand Deposits - Interest-Bearing		80,267			858
Money Market Checking		419,760			312,501
Money Market Savings		298,165			—
Savings		293,905			2,365
Total Transaction Deposits		1,185,047			324,551
Retail Time Deposits		1,040,634			183,742
Broker Time Deposits		72,961			58,117
Total Time Deposits		1,113,595			241,859
Total Deposits		2,298,642			566,410
Borrowings
FHLB Advances		1,888,798			686,562
Securities Sold Under Agreements to Repurchase		—			—
Junior Subordinated Debentures (1)		135,225			—
Trust Preferred Securities (1)		—			42,500
Warehouse Line of Credit		—			26,512
Total Borrowings		2,024,023			755,574
Other Liabilities		35,403			31,502
TOTAL LIABILITIES		4,358,068			1,353,486
STOCKHOLDERS’ EQUITY		608,708			96,102
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,966,776		$	1,449,588

Operating Data Performance Ratios and Other Data:		Sept.30,2004			Sept.30,2003
Equity to assets at end of period		12.26	%		6.63	%
Tangible equity to assets at end of period		4.94			5.73
Tangible equity to tangible assets at end of period		5.33			5.78
Nonperforming assets	$	5,126		$	175
Nonperforming assets to total assets		0.10	%		0.01	%
Allowance for loan losses to loans held for investment at end of period		0.94			0.46
Allowance for loan losses to nonaccrual loans		719			2,250
Per Share Data
Common shares outstanding at end of period (2)		54,361,762			29,859,865
Book value per share (2)	$	11.20		$	3.22
Tangible book value per share (2)		4.51			2.78

(1) The Company adopted FIN46R on January 1, 2004, which deconsolidated the trust subsidiaries and changes the classification of the related debt from trust preferred securities to junior subordinated debentures.

(2) Per share data has been adjusted to reflect the 3-for-2 stock split on September 29, 2003, and the 4-for-3 stock split on February 20, 2004.

9/16

COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, except per share data)

	THREE MONTHS ENDED
	Sept.30,2004			Sept.30,2003
Interest Income
Loans	$	50,777		$	11,425
Securities		5,301			5,273
FHLB Stock		891			345
Federal Funds Sold and Other		18			17
Total Interest Income		56,987			17,060
Interest Expense
Deposits		9,060			2,676
FHLB Advances		8,437			2,941
Repurchase Agreements / Fed Funds Purchased		2			76
Junior Subordinated Debentures		1,611			—
Trust Preferred Securities		—			438
Warehouse Line of Credit		—			121
Total Interest Expense		19,110			6,252
Net Interest Income		37,877			10,808
Provision for Loan Losses		—			—
Net Interest Income after Provision for Loan Losses		37,877			10,808
Noninterest Income
Gain on Sale of Loans		72			198
Mortgage Banking Fees		137			244
Loan Related Fees		2,217			312
Retail Banking Fees		588			23
Other Income		601			314
Gain on Sale of Securities		—			395
Total Noninterest Income		3,615			1,486
Noninterest Expenses
Compensation and Benefits		6,148			2,019
Severance		—			—
Non-Cash Stock Compensation		29			—
Occupancy and Equipment		2,131			344
General Operating		3,892			1,024
Merger-Related		494			—
Total G&A Expenses		12,694			3,387
Early Extinguishment of Debt		—			320
Amortization of Core Deposit Intangible		203			—
Total Noninterest Expenses		12,897			3,707
Income Before Taxes		28,595			8,587
Income Tax Expense		10,591			3,230
Net Income	$	18,004		$	5,357
	THREE MONTHS ENDED
	Sept.30,2004			Sept. 30,2003
Operating Data
Performance Ratios and Other Data:
Earnings per share - Basic (1)	$	0.34		$	0.18
Earnings per share - Diluted (1)		0.32			0.17
Weighted average shares outstanding—Basic (1)		53,625,568			29,609,168
Weighted average shares outstanding—Diluted (1)		56,824,595			31,569,969
Return on average assets		1.50	%		1.58	%
Return on average stockholders' equity		12.02			23.84
Return on average tangible stockholders' equity		30.55			27.89
Interest rate spread		3.39			3.27
Net interest margin		3.49			3.33
Efficiency ratio		30.59			27.55
G&A to average assets		1.05			1.00
Effective tax rate		37.04			37.61
Total loan originations	$	583,184		$	331,384
Core loan originations (2)		544,953			243,415
Broker/conduit originations		38,231			87,969
Core loan originations retained		542,434			221,799
Percent of core loan originations retained		100	%		91	%
Net Charge-offs <Recoveries>	$	<15	>	$	64

(1) Per share data has been adjusted to reflect the 3-for-2 stock split on September 29, 2003, and the 4-for-3 stock split on February 20, 2004.

(2) The Company defines core loan originations to exclude those loan originations funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels.

10/16

COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, except per share data)

	NINE MONTHS ENDED
	Sept. 30, 2004		Sept. 30, 2003
Interest Income
Loans	$	92,464	$	30,285
Securities		17,773		15,570
FHLB Stock		1,951		858
Federal Funds Sold and Other		55		36
Total Interest Income		112,243		46,749
Interest Expense
Deposits		16,963		7,219
FHLB Advances		17,106		7,613
Repurchase Agreements / Fed Funds Purchased		297		929
Junior Subordinated Debentures		3,235		—
Trust Preferred Securities		—		1,342
Warehouse Line of Credit		88		775
Total Interest Expense		37,689		17,878
Net Interest Income		74,554		28,871
Provision for Loan Losses		—		1,286
Net Interest Income after Provision for Loan Losses		74,554		27,585
Noninterest Income
Gain on Sale of Loans		214		1,744
Mortgage Banking Fees		444		604
Loan Related Fees		3,603		861
Retail Banking Fees		801		52
Other Income		1,183		915
Gain on Sale of Securities		2,152		3,559
Total Noninterest Income		8,397		7,735
Noninterest Expenses
Compensation and Benefits		11,810		5,650
Severance		—		671
Non-Cash Stock Compensation		87		353
Occupancy and Equipment		3,205		844
General Operating		7,263		3,065
Merger-Related		914		—
Total G&A Expenses		23,279		10,583
Early Extinguishment of Debt		1,204		1,243
Amortization of Core Deposit Intangible		261		—
Total Noninterest Expenses		24,744		11,826
Income Before Taxes		58,207		23,494
Income Tax Expense		22,178		9,223
Net Income	$	36,029	$	14,271

Operating Data	NINE MONTHS ENDED
Performance Ratios and Other Data:	SEPT. 30, 2004			SEPT. 30, 2003
Earnings per share - Basic (1)	$	0.90		$	0.49
Earnings per share - Diluted (1)		0.84			0.46
Weighted average shares outstanding – Basic (1)		40,173,889			29,131,036
Weighted average shares outstanding – Diluted (1)		42,794,098			30,810,429
Return on average assets		1.53	%		1.58	%
Return on average stockholders’ equity		15.05			21.88
Return on average tangible stockholders’ equity		30.95			25.74
Interest rate spread		3.31			3.24
Net interest margin		3.42			3.34
Efficiency ratio		28.06			28.91
G&A to average assets		0.99			1.17
Effective tax rate		38.10			39.26
Total loan originations	$	1,309,246		$	805,463
Core loan originations (2)		1,193,972			684,298
Broker/conduit originations		115,274			121,165
Core loan originations retained		1,191,250			510,720
Percent of core loan originations retained		100	%		75	%
Net Charge-offs <Recoveries>	$	<19	>	$	64

(1) Per share data has been adjusted to reflect the 3-for-2 stock split on September 29, 2003, and the 4-for-3 stock split on February 20, 2004.

(2) The Company defines core loan originations to exclude those loan originations funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels.

11/16

COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, except per share data)

	Sept. 30, 2004			June 30, 2004			Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003
ASSETS
Cash and Bank Accounts	$	20,445		$	18,379		$	7,897		$	4,066		$	8,347
Fed Funds		—			—			64,000			—			20,500
Securities
MBS - Available For Sale		486,120			499,746			506,682			560,629			448,859
Other Investments - Available For Sale		100			100			100			100			101
Total Securities		486,220			499,846			506,782			560,729			448,960
FHLB Stock		86,147			85,543			48,475			41,517			35,395
Loans Held for Investment
Single Family		957,825			924,238			2,882			3,193			2,754
Multi-family		2,235,427			2,065,938			1,045,651			935,063			764,996
Commercial Real Estate		435,075			427,898			146,329			108,560			83,687
Construction Loans		213,656			216,926			—			—			—
Land		55,786			51,637			—			—			—
Total Real Estate Loans		3,897,769			3,686,637			1,194,862			1,046,816			851,437
Business and Other Loans		13,399			12,926			7,094			5,711			10,397
Total Loans		3,911,168			3,699,563			1,201,956			1,052,527			861,834
Net Deferred Fees, Premiums and Discounts		(11,740	)		(14,801	)		(1,087	)		(953	)		(808	)
Allowance for Loan Losses		(36,846	)		(36,831	)		(3,944	)		(3,942	)		(3,938	)
Total Loans Held for Investment, Net		3,862,582			3,647,931			1,196,925			1,047,632			857,088
Loans Held for Sale		17,620			983			3,079			14,893			26,514
Fixed Assets - Net		9,989			8,441			1,784			1,534			1,400
Foreclosed Assets		—			—			—			—			—
Accrued Interest Receivable		16,819			16,897			7,626			6,827			5,514
Goodwill		357,367			357,367			13,035			13,035			13,035
Core Deposit Intangible		6,105			6,308			—			—			—
Bank-Owned Life Insurance		46,270			45,843			18,130			17,925			17,774
Other Assets		57,212			56,312			91,923			14,981			15,061
TOTAL ASSETS	$	4,966,776		$	4,743,850		$	1,959,656		$	1,723,139		$	1,449,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand Deposits - Noninterest-Bearing	$	92,950		$	92,627		$	35,959		$	12,125		$	8,827
Demand Deposits - Interest-Bearing		80,267			88,922			1,084			942			858
Money Market Checking		419,760			450,317			441,595			372,273			312,501
Money Market Savings		298,165			386,836			—			—			—
Savings		293,905			198,063			3,105			2,700			2,365
Total Transaction Deposits		1,185,047			1,216,765			481,743			388,040			324,551
Retail Time Deposits		1,040,634			1,154,211			186,597			189,566			183,742
Broker Time Deposits		72,961			72,961			67,960			67,990			58,117
Total Time Deposits		1,113,595			1,227,172			254,557			257,556			241,859
Total Deposits		2,298,642			2,443,937			736,300			645,596			566,410
Borrowings
FHLB Advances		1,888,798			1,550,770			970,477			822,519			686,562
Securities Sold Under Agreements to Repurchase		—			—			58,502			74,475			—
Junior Subordinated Debentures (1)		135,225			135,370			64,435			—			—
Trust Preferred Securities (1)		—			—			—			52,500			42,500
Warehouse Line of Credit		—			—			2,100			13,794			26,512
Total Borrowings		2,024,023			1,686,140			1,095,514			963,288			755,574
Other Liabilities		35,403			30,952			14,082			12,213			31,502
TOTAL LIABILITIES		4,358,068			4,161,029			1,845,896			1,621,097			1,353,486
STOCKHOLDERS’ EQUITY		608,708			582,821			113,760			102,042			96,102
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,966,776		$	4,743,850		$	1,959,656		$	1,723,139		$	1,449,588
Operating Data Performance Ratios and Other Data:		Sept. 30, 2004			Jun 30, 2004			Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003
Equity to assets at end of period		12.26	%		12.29	%		5.81	%		5.92	%		6.63	%
Tangible equity to assets at end of period		4.94			4.62			5.14			5.17			5.73
Tangible equity to tangible assets at end of period		5.33			5.00			5.17			5.20			5.78
Nonperforming assets	$	5,126		$	5,255		$	75		$	129		$	175
Nonperforming assets to total assets		0.10	%		0.11	%		0.00	%		0.01	%		0.01	%
Allowance for loan losses to loans held for investment at end of period		0.94			1.00			0.33			0.37			0.46
Allowance for loan losses to nonaccrual loans		719			701			5,259			3,056			2,250
Per Share Data
Common shares outstanding at end of period (2)		54,361,762			53,126,308			30,100,472			29,956,372			29,859,865
Book value per share (2)	$	11.20		$	10.97		$	3.78		$	3.41		$	3.22
Tangible book value per share (2)		4.51			4.13			3.35			2.97			2.78

(1) The Company adopted FIN46R on January 1, 2004, which deconsolidated the trust subsidiaries and changes the classification of the related debt from trust preferred securities to junior subordinated debentures.

(2) Per share data has been adjusted to reflect the 3-for-2 stock split on September 29, 2003, and the 4-for-3 stock split on February 20, 2004.

12/16

COMMERCIAL CAPITAL BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(DollarsinThousands,exceptpersharedata)	THREEMONTHSENDED
	Sept.30,2004		30-Jun-04		Mar.31,2004		Dec.31,2003		Sept.30,2003
Interest Income
Loans	$	50,777	$	26,647	$	15,041	$	13,593	$	11,425
Securities		5,301		6,301		6,170		5,435		5,273
FHLB Stock		891		662		399		382		345
Federal Funds Sold and Other		18		16		20		15		17
Total Interest Income		56,987		33,626		21,630		19,425		17,060
Interest Expense
Deposits		9,060		4,815		3,088		2,880		2,676
FHLB Advances		8,437		4,774		3,895		3,362		2,941
Repurchase Agreements / Fed Funds Purchased		2		139		156		179		76
Junior Subordinated Debentures		1,611		986		638		—		—
Trust Preferred Securities		—		—		—		534		438
Warehouse Line of Credit		—		37		51		107		121
Total Interest Expense		19,110		10,751		7,828		7,062		6,252
Net Interest Income		37,877		22,875		13,802		12,363		10,808
Provision for Loan Losses		—		—		—		—		—
Net Interest Income after Provision for Loan Losses		37,877		22,875		13,802		12,363		10,808
Noninterest Income
Gain on Sale of Loans		72		4		138		424		198
Mortgage Banking Fees		137		194		112		136		244
Loan Related Fees		2,217		977		410		404		312
Retail Banking Fees		588		186		27		34		23
Other Income		601		345		238		180		314
Gain on Sale of Securities		—		1,259		893		256		395
Total Noninterest Income		3,615		2,965		1,818		1,434		1,486
Noninterest Expenses
Compensation and Benefits		6,148		3,452		2,210		2,008		2,019
Severance		—		—		—		—		—
Non-Cash Stock Compensation		29		29		29		—		—
Occupancy and Equipment		2,131		713		361		334		344
General Operating		3,892		1,933		1,439		1,220		1,024
Merger-Related		494		420		—		—		—
Total G&A Expenses		12,694		6,547		4,039		3,562		3,387
Early Extinguishment of Debt		—		1,204		—		58		320
Amortization of Core Deposit Intangible		203		58		—		—		—
Total Noninterest Expenses		12,897		7,809		4,039		3,620		3,707
Income Before Taxes		28,595		18,031		11,581		10,177		8,587
Income Tax Expense		10,591		7,108		4,480		4,019		3,230
Net Income	$	18,004	$	10,923	$	7,101	$	6,158	$	5,357

OperatingData	THREEMONTHSENDED
PerformanceRatiosandOtherData:	Sept.30,2004			30-Jun-04			Mar.31,2004			Dec.31,2003			Sept.30,2003
Earnings per share - Basic (1)	$	0.34		$	0.30		$	0.24		$	0.21		$	0.18
Earnings per share - Diluted (1)		0.32			0.28			0.22			0.19			0.17
Weighted average shares outstanding — Basic (1)		53,625,568			36,729,282			30,018,996			29,917,584			29,609,168
Weighted average shares outstanding — Diluted (1)		56,824,595			39,194,351			32,215,530			32,007,081			31,569,969
Return on average assets		1.50	%		1.57	%		1.56	%		1.56	%		1.58	%
Return on average stockholders’ equity		12.02			17.66			26.30			24.83			23.84
Return on average tangible stockholders’ equity		30.55			32.58			29.91			28.59			27.89
Interest rate spread		3.39			3.41			3.03			3.16			3.27
Net interest margin		3.49			3.51			3.14			3.23			3.33
Efficiency ratio		30.59			25.34			25.86			25.82			27.55
G&A to average assets		1.05			0.94			0.89			0.90			1.00
Effective tax rate		37.04			39.42			38.68			39.49			37.61
Total loan originations	$	583,184		$	466,690		$	259,372		$	304,039		$	331,384
Core loan originations (2)		544,953			418,916			230,103			274,884			243,415
Broker/conduit originations		38,231			47,774			29,269			29,155			87,969
Core loan originations retained		542,434			420,988			227,828			257,289			221,799
Percent of core loan originations retained		100	%		100	%		99	%		94	%		91	%
Net Charge-offs <Recoveries>	$	<15	>	$	<2	>	$	<2	>	$	<4	>	$	64

(1) Per share data has been adjusted to reflect the 3-for-2 stock split on September 29, 2003, and the 4-for-3 stock split on February 20, 2004.

(2) The Company defines core loan originations to exclude those loan originations funded through its strategic alliance with Greystone Servicing Corporation, a Fannie Mae DUS lender, and the Company’s other broker and conduit channels.

13/16

COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid

	ThreeMonthsEndedSept.30,
	2004						2003
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
	(Dollars in thousand)
Interest-Earning Assets:
Total Loans(1)	$	3,755,796	$	50,777	5.41	%	$	780,855	$	11,425	5.85	%
Securities(2)		494,957		5,301	4.28			478,124		5,273	4.41
FHLB Stock		85,241		891	4.18			32,749		345	4.21
Cash and Cash Equivalents(3)		3,750		18	1.92			7,970		17	0.85
Total Interest-Earning Assets		4,339,744		56,987	5.25			1,299,698		17,060	5.25
Noninterest-Earning Assets		474,926						55,570
Total Assets	$	4,814,670					$	1,355,268
Interest-Bearing Liabilities:
Deposits:
Transaction Accounts(4)	$	1,122,315		4,559	1.62		$	300,680		1,569	2.07
Certificates of Deposits		1,176,655		4,501	1.52			244,216		1,107	1.80
Total Deposits		2,298,970		9,060	1.57			544,896		2,676	1.95
Repurchase Agreements / Fed Funds Purchased		446		2	1.78			26,911		76	1.12
FHLB Advances		1,644,687		8,437	2.04			623,385		2,941	1.87
Warehouse Line of Credit		—		—	—			22,421		121	2.14
Trust Preferred Securities / Junior Subordinated Debt		135,321		1,611	4.74			35,500		438	4.89
Total Interest-Bearing Liabilities		4,079,424		19,110	1.86			1,253,113		6,252	1.98
Noninterest-Bearing Deposits		101,268						8,756
Other Noninterest-Bearing Liabilities		34,630						3,527
Total Liabilities		4,215,322						1,265,396
Stockholders’ Equity		599,348						89,872
Total Liabilities and Stockholders’ Equity	$	4,814,670					$	1,355,268
Net Interest-Earning Assets	$	260,320					$	46,585
Net Interest Income/Interest Rate Spread			$	37,877	3.39	%			$	10,808	3.27	%
Net Interest Margin					3.49	%					3.33	%

______________

(1) The average balance of loans receivable includes loans for sale and is presented without reduction for the allowance for loan losses.

(2) Consists of mortgage-backed securities and U.S. government securities which are classified as available-for-sale, excluding the unrealized gains or losses on these securities.

(3) Consists of cash in interest-earning accounts and federal funds sold.

(4) Consists of savings, money market accounts and other interest-bearing deposits.

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COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid

	Nine Months Ended Sept. 30,
	2004						2003
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
	(Dollars in thousand)
Interest-Earning Assets:
Total Loans(1)	$	2,284,326	$	92,464	5.40	%	$	674,318	$	30,285	5.99	%
Securities(2)		552,685		17,773	4.29			448,365		15,570	4.63
FHLB Stock		63,203		1,951	4.12			25,415		858	4.50
Cash and Cash Equivalents(3)		5,979		55	1.23			4,676		36	1.03
Total Interest-Earning Assets		2,906,193		112,243	5.15			1,152,774		46,749	5.41
Noninterest-Earning Assets		241,273						51,128
Total Assets	$	3,147,466					$	1,203,902
Interest-Bearing Liabilities:
Deposits:
Transaction Accounts(4)	$	729,263		9,330	1.71		$	254,133		4,281	2.25
Certificates of Deposits		659,634		7,633	1.55			194,622		2,938	2.02
Total Deposits		1,388,897		16,963	1.63			448,755		7,219	2.15
Repurchase Agreements / Fed Funds Purchased		35,356		297	1.12			95,153		929	1.31
FHLB Advances		1,222,213		17,106	1.87			481,973		7,613	2.11
Warehouse Line of Credit		5,462		88	2.15			40,767		775	2.54
Trust Preferred Securities / Junior Subordinated Debt		91,359		3,235	4.73			35,167		1,342	5.10
Total Interest-Bearing Liabilities		2,743,287		37,689	1.84			1,101,815		17,878	2.17
Noninterest-Bearing Deposits		62,837						7,916
Other Noninterest-Bearing Liabilities		22,095						7,203
Total Liabilities		2,828,219						1,116,934
Stockholders’ Equity		319,247						86,968
Total Liabilities and Stockholders’ Equity	$	3,147,466					$	1,203,902
Net Interest-Earning Assets	$	162,906					$	50,959
Net Interest Income/Interest Rate Spread			$	74,554	3.31	%			$	28,871	3.24	%
Net Interest Margin					3.42	%					3.34	%

______________

(1) The average balance of loans receivable includes loans for sale and is presented without reduction for the allowance for loan losses.

(2) Consists of mortgage-backed securities and U.S. government securities which are classified as available-for-sale, excluding the unrealized gains or losses on these securities.

(3) Consists of cash in interest-earning accounts and federal funds sold.

(4) Consists of savings, money market accounts and other interest-bearing deposits.

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COMMERCIAL CAPITAL BANCORP, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in Thousands, except per share data)

The following is a reconciliation of the Company’s GAAP net income compared to Non-GAAP net income excluding merger-related expenses:

	ThreeMonthsEnded
	Sept.30,2004
Net Income	$	18,004
Excluding Non-recurring Items:
Merger-Related Expenses		494
Tax Effect at 42%		(207	)
Net Income Excluding Non-recurring Items	$	18,291
Weighted Average Shares Outstanding - Diluted		56,824,595
Non-GAAP Earnings Per Share - Diluted	$	0.32

The following tables provide a reconciliation of the Company’s reported net interest margin and net interest spread compared to adjusted net interest margin and net interest spread excluding the net effect of the amortization or accretion of premiums or discounts resulting from the purchase accounting adjustments due to the Hawthorne acquisition:

	3Q2004AsReported						Excluding Premium/DiscountEffect						3Q2004Adjusted
	Average Balance		Interest		Avg. Yield/Cost		Average Balance			Interest			Average Balance		Interest		Avg. Yield/Cost
Total Interest-Earning Assets	$	4,339,744	$	56,987	5.25	%	$	13,660		$	(1,434	)	$	4,353,404	$	55,553	5.10	%
Total Interest-Bearing Liabilities		4,079,424		19,110	1.86	%		(6,103	)		1,295			4,073,321		20,405	1.99	%
Net Interest Income/Interest Rate Spread			$	37,877	3.39	%				$	(2,729	)			$	35,148	3.11	%
Net Interest Margin					3.49	%											3.23	%

	2Q 2004 As Reported						Excluding Premium/Discount Effect						2Q 2004 Adjusted
	Average Balance		Interest		Avg. Yield/Cost		Average Balance			Interest			Average Balance		Interest		Avg. Yield/Cost
Total Interest-Earning Assets	$	2,604,424	$	33,626	5.16	%	$	4,304		$	(832	)	$	2,608,728	$	32,794	5.03	%
Total Interest-Bearing Liabilities		2,470,861		10,751	1.75	%		(2,535	)		394			2,468,326		11,145	1.82	%
Net Interest Income/Interest Rate Spread			$	22,875	3.41	%				$	(1,226	)			$	21,649	3.21	%
Net Interest Margin					3.51	%											3.32	%

The following tables provide a reconciliation of the Company’s reported efficiency ratio and the ratio of general and administrative expenses to average assets compared to adjusted efficiency ratio and ratio of general and administrative expenses to average assets excluding merger costs.

	3Q2004AsReported				ExcludingMergerCosts				3Q2004Adjusted
Total G&A Expenses		$	12,694			$	(494	)		$	12,200
Net Interest Income		$	37,877							$	37,877
Noninterest Income			3,615								3,615
		$	41,492							$	41,492
Efficiency Ratio			30.59	%							29.40	%
Average Assets		$	4,814,670							$	4,814,670
Annualized G&A Expenses As a Percentage of Average Assets			1.05	%							1.01	%

	NineMonthsEnded September30,2004AsReported				ExcludingMergerCosts				NineMonthsEnded September30,2004Adjusted
Total G&A Expenses		$	23,279			$	(914	)		$	22,365
Net Interest Income		$	74,554							$	74,554
Noninterest Income			8,397								8,397
		$	82,951							$	82,951
Efficiency Ratio			28.06	%							26.96	%
Average Assets		$	3,147,466							$	3,147,466
Annualized G&A Expenses As a Percentage of Average Assets			0.99	%							0.95	%

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