Commercial Capital Bancorp (CCBI) 8-K Commercial Capital Bancorp Announces Second Quarter 2006 Earnings; Approval of Merger with Washington Mutual and $0.075 Dividend

COMMERCIAL CAPITAL BANCORP ANNOUNCES SECOND QUARTER 2006 EARNINGS;
APPROVAL OF MERGER WITH WASHINGTON MUTUAL AND $0.075 DIVIDEND

IRVINE, Calif. – July 25, 2006 – Commercial Capital Bancorp, Inc. (the “Company”) (NASDAQ: “CCBI”), today announced net income of $13.3 million or $0.22 per diluted share for the second quarter of 2006 and net income of $27.1 million or $0.45 per diluted share for the six months ended June 30, 2006. Additionally today, the Company’s Board of Directors declared a cash dividend of $0.075 per share, payable on August 29, 2006 to shareholders of record on August 15, 2006.

The Company’s results for the second quarter includes $1.9 million of expenses related to the Company’s previously announced agreement to merge with and into Washington Mutual, Inc. (“WaMu”) and $2.2 million of expenses related to the Commercial Banking Division. The comparability of the Company’s 2006 results to prior periods is also affected by certain acquisitions that occurred during 2005 and 2006. The Company’s 2006 second quarter results include the operations of North American Exchange Company, which was acquired in May 2005, as well as Calnet Business Bank and Lawyers Asset Management, Inc., which were both acquired in March 2006.

The Company also announced today that, at the special meeting of stockholders held earlier today, the Company’s shareholders approved and adopted the Agreement and Plan of Merger dated as of April 23, 2006, pursuant to which WaMu will acquire all of the outstanding shares of the Company. Of the 45,564,338 votes received in aggregate, which votes represent 75.72% of the Company’s total outstanding shares eligible, 97.97% were voted in favor of the acquisition and 1.97% were voted against the acquisition. The merger transaction is expected to close late in the third quarter or early in the fourth quarter of 2006, pending regulatory approval, and satisfaction of other customary closing conditions.

The Company is a diversified financial services company with $5.7 billion of total assets, at June 30, 2006. The Company provides depository and lending products and services through Commercial Capital Bank, and provides 1031 exchange services under the TIMCOR Exchange Corporation, North American Exchange Company and Lawyers Asset Management brand names.

This press release includes forward-looking statements regarding the consummation of the proposed acquisition of the Company by WaMu. These statements involve certain risks and uncertainties with respect to the satisfaction of the conditions to the closing of the merger transaction and the timing of the closing if it occurs. Such risks and uncertainties include, but are not limited to the governmental approval of the merger, which may not be obtained or, if obtained, may include adverse regulatory conditions. Any forward looking statements speak only as of the date they are made. The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

Contact:
Commercial Capital Bancorp, Inc.
Jeff L. Leonard, SVP Investor Relations
Telephone:	(949) 585-7500
Facsimile:	(949) 585-0174

COMMERCIAL CAPITAL BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands)

	June 30, 2006			June 30, 2005
ASSETS
Cash and Cash Equivalents	$	31,594		$	33,812
Securities Available For Sale		343,123			444,456
FHLB Stock		87,473			98,943
Loans Held for Investment
Single Family		427,038			196,605
Multifamily		3,098,698			2,807,503
Commercial Real Estate		723,088			518,106
Construction		254,055			190,302
Land		92,854			43,946
Total Real Estate Loans		4,595,733			3,756,462
Business and Other Loans		32,494			18,723
Total Loans Held for Investment		4,628,227			3,775,185
Net Deferred Fees, Premiums and Discounts		6,469			(1,815	)
Allowance for Loan Losses		(29,953	)		(28,731	)
Total Loans Held for Investment, Net		4,604,743			3,744,639
Loans Held for Sale		31,828			304,723
Total Loans		4,636,571			4,049,362
Fixed Assets - Net		11,562			16,905
Foreclosed Assets		—			—
Accrued Interest Receivable		25,069			18,872
Goodwill		420,534			394,080
Core Deposit Intangible		6,461			5,576
Bank-Owned Life Insurance		120,197			47,525
Affordable Housing Investments		31,194			34,877
Other Assets		24,914			35,593
TOTAL ASSETS	$	5,738,692		$	5,180,001
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand Deposits - Noninterest-Bearing	$	225,325		$	127,300
Demand Deposits - Interest-Bearing		70,868			74,941
Money Market Checking		568,346			243,337
Money Market Savings		149,946			313,158
Savings		94,993			218,573
Total Transaction Deposits		1,109,478			977,309
Retail Time Deposits		1,072,509			939,410
Broker Time Deposits		200,000			115,895
Total Time Deposits		1,272,509			1,055,305
Total Deposits		2,381,987			2,032,614
Borrowings
FHLB Advances		1,719,884			1,521,028
Exchange Balances		586,576			685,551
Junior Subordinated Debentures		149,671			150,253
Other Borrowings		77,000			65,000
Total Borrowings		2,533,131			2,421,832
Other Liabilities		54,950			57,098
TOTAL LIABILITIES		4,970,068			4,511,544
STOCKHOLDERS' EQUITY		768,624			668,457
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,738,692		$	5,180,001

Per Share Data		June 30, 2006		June 30, 2005
Common shares outstanding at end of period		60,242,988		55,388,061
Book value per share	$	12.76	$	12.07
Tangible book value per share		5.67		4.85

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

	Three Months Ended					Six Months Ended
	June 30, 2006			June 30, 2005		June 30, 2006			June 30, 2005
Interest Income
Loans	$	77,429		$	58,540	$	148,272		$	114,445
Securities		4,052			4,990		8,317			10,209
FHLB Stock		1,120			1,086		2,190			2,120
Fed Funds and Other		124			62		196			145
Total Interest Income		82,725			64,678		158,975			126,919
Interest Expense
Deposits		21,176			10,861		39,852			20,735
FHLB Advances		16,210			10,923		30,763			22,067
Exchange Balances		2,713			1,147		4,109			1,487
Junior Subordinated Debentures		2,904			2,307		5,648			4,350
Other Borrowings		920			515		1,725			1,021
Total Interest Expense		43,923			25,753		82,097			49,660
Net Interest Income		38,802			38,925		76,878			77,259
Recapture of Allowances for Loan Losses		—			—		—			(8,109	)
Net Interest Income after Provision for Loan Losses		38,802			38,925		76,878			85,368
Noninterest Income
Loan Related Fees		1,405			1,519		2,561			2,577
Retail Banking Fees		616			509		1,183			1,041
Mortgage Banking Fees		20			108		98			149
1031 Exchange Fees		1,131			1,347		2,056			1,720
Gain on Sale of Loans		88			2,757		296			3,401
Other Income		1,494			658		3,352			1,759
Total Noninterest Income		4,754			6,898		9,546			10,647
Noninterest Expenses
Compensation and Benefits		11,625			7,628		23,872			14,488
Occupancy and Equipment		2,749			2,052		5,247			4,212
Marketing		406			619		784			1,273
Technology		913			646		1,756			1,258
Professional and Consulting		2,462			694		4,263			1,192
Insurance Premiums and Assessment Costs		647			574		1,282			1,142
Merger-Related		1,968			—		2,085			—
Recapture of Reserve for Unfunded Commitments		(46	)		—		(47	)		(1,490	)
Other Expenses		3,783			3,055		7,313			5,848
Total G&A Expenses		24,507			15,268		46,555			27,923
Amortization of Core Deposit Intangible		215			162		390			325
Total Noninterest Expenses		24,722			15,430		46,945			28,248
Income Before Taxes		18,834			30,393		39,479			67,767
Income Tax Expense		5,542			11,068		12,396			25,356
Net Income	$	13,292		$	19,325	$	27,083		$	42,411

Performance Ratios and Other Data:	June 30, 2006		June 30, 2005		June 30, 2006		June 30, 2005
Weighted average shares outstanding — Basic		59,497,174		55,186,788		58,290,855		55,005,348
Weighted average shares outstanding — Diluted		61,093,184		57,522,870		59,840,298		57,401,347
Earnings per share - Basic	$	0.22	$	0.35	$	0.46	$	0.77
Earnings per share - Diluted		0.22		0.34		0.45		0.74

COMMERCIAL CAPITAL BANCORP, INC.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
(Dollars in Thousands)

	Three Months Ended
	June 30, 2006							June 30, 2005
	Average Balance		Interest		Average Yield/Cost			Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Total Loans(1)	$	4,637,378	$	77,429		6.68	%	$	4,176,721	$	58,540		5.61	%
Securities(2)		367,586		4,052		4.41			456,677		4,990		4.37
FHLB Stock		86,948		1,120		5.17			98,289		1,086		4.42
Cash and Cash Equivalents(3)		7,446		124		6.68			9,233		62		2.69
Total Interest-Earning Assets		5,099,358		82,725		6.49			4,740,920		64,678		5.46
Noninterest-Earning Assets		642,485							522,387
Total Assets	$	5,741,843						$	5,263,307
Interest-Bearing Liabilities:
Deposits:
Transaction Accounts(4)	$	899,682		7,228		3.22		$	852,235		3,940		1.85
Certificates of Deposits		1,275,671		13,948		4.39			1,061,326		6,921		2.62
Total Deposits		2,175,353		21,176		3.90			1,913,561		10,861		2.28
FHLB Advances		1,615,944		16,210		4.02			1,745,778		10,923		2.51
Exchange Balances		614,946		2,713		1.77			539,222		1,147		0.85
Junior Subordinated Debentures		149,767		2,904		7.78			150,348		2,307		6.15
Other Borrowings (5)		73,107		920		5.05			69,190		515		2.99
Total Interest-Bearing Liabilities		4,629,117		43,923		3.81			4,418,099		25,753		2.34
Noninterest-Bearing Deposits		291,464							127,561
Other Noninterest-Bearing Liabilities		50,431							52,575
Total Liabilities		4,971,012							4,598,235
Stockholders' Equity		770,831							665,072
Total Liabilities and Stockholders’ Equity	$	5,741,843						$	5,263,307
Net Interest-Earning Assets	$	470,241						$	322,821
Net Interest Income/Interest Rate Spread			$	38,802		2.68	%			$	38,925		3.12	%
Net Interest Margin						3.04	%						3.28	%

(1)   The average balance of loans receivable includes loans held 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.

(5)   Consists of federal funds purchased and other short-term borrowings.

COMMERCIAL CAPITAL BANK, FSB

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands)

	June 30, 2006			June 30, 2005
ASSETS
Cash and Cash Equivalents	$	31,105		$	29,675
Securities Available for Sale		341,739			442,782
FHLB Stock		87,473			98,943
Loans Held For Investment
Single Family		427,038			196,605
Multifamily		3,097,948			2,804,188
Commercial Real Estate		723,088			518,106
Construction		254,055			190,302
Land		92,854			43,946
Total Real Estate Loans		4,594,983			3,753,147
Business & Other Loans		32,405			18,610
Total Loans Held for Investment		4,627,388			3,771,757
Net Deferred Fees, Premiums and Discounts		7,463			(25	)
Allowance for Loan Losses		(29,953	)		(28,731	)
Total Loans Held for Investment, Net		4,604,898			3,743,001
Loans Held For Sale		30,873			303,754
Total Loans		4,635,771			4,046,755
Other Assets		576,039			502,369
TOTAL ASSETS	$	5,672,127		$	5,120,524
LIABILITIES AND STOCKHOLDER'S EQUITY
Deposits
Demand Deposits - Noninterest-Bearing	$	260,422		$	222,143
Demand Deposits - Interest-Bearing		70,868			74,941
Money Market Checking		858,815			600,640
Money Market Savings		413,121			532,838
Savings		95,327			218,665
Total Transaction Deposits		1,698,553			1,649,227
Total Time Deposits		1,272,509			1,055,305
Total Deposits		2,971,062			2,704,532
Borrowings		1,796,884			1,586,028
Other Liabilities		49,610			58,963
TOTAL LIABILITIES		4,817,556			4,349,523
STOCKHOLDER'S EQUITY		854,571			771,001
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	5,672,127		$	5,120,524