EXHIBIT 99.1
------------

FOR IMMEDIATE RELEASE
- ---------------------

For: MAF Bancorp, Inc. Contacts: Jerry A. Weberling, Chief
55th Street & Holmes Avenue Financial Officer
Clarendon Hills, IL 60514 (630) 887-5999

www.mafbancorp.com Michael J. Janssen, SVP
(630) 986-7544

MAF BANCORP REPORTS THIRD QUARTER EARNINGS OF
$.79 PER DILUTED SHARE

Clarendon Hills, Illinois, October 20, 2004 - MAF Bancorp, Inc. (MAFB)
announced today that net income for the third quarter ended September 30, 2004
totaled $26.3 million compared to $20.5 million in last year's third quarter.
Earnings per diluted share for the current quarter totaled $.79, the same as
reported for the third quarter of 2003. For the nine months ended September 30,
2004, diluted earnings per share totaled $2.29 compared to $2.42 for the first
nine months of 2003. In contrast to 2003 when the Company recorded significant
gains on sales of loans due to the heavy mortgage refinancing activity, recent
earnings results have been impacted by substantially lower mortgage loan
refinancing activity in 2004 that has resulted in lower than anticipated balance
sheet growth during the year. As discussed below, the Company currently expects
diluted earnings per share for the year ending December 31, 2004 to be in the
range of $3.05 to $3.10 per diluted share.

NET INTEREST INCOME AND NET INTEREST MARGIN

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

Net interest margin............................... 3.00% 3.05% 2.92%
Interest rate spread.............................. 2.80% 2.86% 2.67%
Net interest income (000's)....................... $64,559 $65,170 $44,908

AVERAGE ASSETS:
Yield on interest-earning assets.................. 4.90% 4.85% 5.08%
Yield on loans receivable..................... 5.06% 5.05% 5.38%
Yield on mortgage-backed securities........... 3.99% 3.78% 2.90%
Yield on investment securities................ 5.09% 4.84% 4.66%
Average interest-earning assets (000's)........... $8,593,867 $8,539,108 $6,141,847

AVERAGE LIABILITIES:
Cost of interest-bearing liabilities.............. 2.10% 1.99% 2.41%
Cost of deposits.................................. 1.44% 1.34% 1.50%
Cost of borrowed funds............................ 3.44% 3.34% 4.58%
Average interest-bearing liabilities (000's)...... $7,760,660 $7,704,319 $5,470,455

NET INTEREST MARGIN: 3RD QUARTER 2004 V. 2ND QUARTER 2004. The net interest
margin contracted by five basis points during the quarter, due largely to the
upward repricing of interest-bearing liabilities occurring at a faster pace than
the rise in yields on interest-earning assets. The yield on average
interest-earning assets increased by 5 basis points for the quarter, primarily
due to the impact of rising short-term interest rates on the Bank's equity line
of credit portfolio. The declining trend in the average yield on the loan
portfolio experienced since September 2002 has begun to stabilize, primarily
reflecting upward repricing of floating rate home equity lines of credit that
comprise an increased percentage of the loan portfolio.

The average cost of interest-bearing liabilities increased by 11 basis points
during the current quarter. Competition for deposits remained heavy in the
Company's markets, particularly in Chicago. Average deposit balances remained
stable compared to the second quarter of 2004.

Average interest-earning assets grew $55 million or .64% during the quarter.
Compared to the second quarter of 2004, average loans receivable balances
increased by 2.0% to $6.80 billion. A consumer shift to adjustable-rate mortgage
loans, which the Company generally retains in portfolio, along with continued
growth in home equity loan balances, were the primary reasons for the increase.

The growth in average assets during the quarter was largely funded by increases
in the balances of average borrowings. The average balance of borrowed funds
rose by $55 million, or 2.2%, to $2.56 billion.

NET INTEREST MARGIN: 3RD QUARTER 2004 V. 3RD QUARTER 2003. Compared to the prior
year quarter, the Company's average funding costs, particularly the average cost
of borrowings, declined more than the decrease in average asset yields, and led
to the 8 basis point increase in the net interest margin. This year over year
improvement in net interest margin primarily reflects the lower cost funding
added in the St. Francis merger.

LENDING PRODUCTION

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------------- ----------------- -----------------
AMOUNT % AMOUNT % AMOUNT %
------ --- ---------- --- ---------- ---

LOAN CATEGORY (000'S)
---------------------
1-4 family originations............ $484,498 50% $ 838,508 65% $1,289,206 81%
Multi-family....................... 23,638 2 51,427 4 63,888 4
Equity lines of credit............. 317,127 33 282,064 22 156,392 10
All other.......................... 147,624 15 123,779 9 76,020 5
-------- --- ---------- --- ---------- ---
Total loan originations............ $972,887 100% $1,295,778 100% $1,585,506 100%
======== === ========== === ========== ===

1-4 FAMILY ORIGINATIONS
-----------------------
Fixed rate %....................... 33% 41% 58%
Adjustable rate %.................. 67 59 42
Refinance %........................ 25 50 66

While interest rates remain at historically low levels, refinancing activity
slowed significantly during the quarter, leading to lower residential mortgage
loan volume in the current quarter compared to both a year ago and the second
quarter of this year. Competitive pressures in the Company's market areas have
also impacted 1-4 family lending volumes. The decline in 1-4 family lending
activity has been offset in part by success in the Bank's equity line of credit
and business banking areas where loan originations advanced considerably. Home
equity loan balances increased to $1.23 billion at September 30, 2004 compared
to $1.12 billion at June 30, 2004 (37% annualized increase) and $534 million at
September 30, 2003. Home equity loan balances are primarily floating-rate assets
and represent approximately 18% of the Company's total loan portfolio at
September 30, 2004, compared to 10% at September 30, 2003.

NON-INTEREST INCOME

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

Total non-interest income (000's).................. $19,516 $19,082 $17,023
Non-interest income / total revenue*............... 23.2% 22.6% 27.5%

<FN>
* total revenue = net interest income plus non-interest income
</FN>

OVERVIEW. In the current quarter, gains on sales of loans and mortgage-backed
securities declined from a year ago but mortgage servicing-related income
increased. Income from deposit account service charges also increased as a
percentage of total revenue compared to the second quarter of 2004 and the prior
year quarter. Lower income from real estate development operations impacted the
current period's results. Last year's third quarter results were highlighted by
significant loan sale gains, reflecting high loan sale volume occurring during a
declining interest rate environment, offset by high loan servicing amortization
expense and a writedown of an investment security. Compared to the second
quarter of 2004, non-interest income increased modestly, primarily the result of
higher loan sale gains and loan servicing fee income and additional income from
a $15 million investment in bank owned life insurance, offset in part by a
recovery of a valuation allowance on mortgage servicing rights that was recorded
in the second quarter of 2004.

LOAN SALES AND LOAN SERVICING

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

LOAN SALES
- ----------
Fixed-rate loans sold (000's)................................. $158,562 $208,089 $434,925
Adjustable rate loans sold (000's)............................ 154,467 49,403 40,107
-------- -------- --------
Total loans sold (000's)...................................... $313,029 $257,492 $475,032
======== ======== ========
Loan sale gains (000's)....................................... $ 2,978 $ 1,676 $ 7,138
Margin on loan sales.......................................... 95 bp 65 bp* 150 bp

LOAN SERVICING
- --------------
Loan servicing fee income (expense) (000's)................... $ 584 $ (115) $ (2,640)
Valuation recovery on mortgage servicing rights (000's)....... -- 1,200 --
Capitalized mortgage servicing rights as a percentage of
loans serviced for others................................. 74 bp 75 bp 62 bp

<FN>
* A change in accounting treatment first implemented during the June 30, 2004 quarter resulted in a 30 basis
point reduction in margin on loan sales.
</FN>

During the quarter, overall loan sale volume increased by 22% to $313.0 million
compared to $257.5 million in the second quarter of 2004. The mix of the type of
loan sales changed considerably, however, as fixed-rate loan sales declined,
reflecting the lower fixed-rate loan origination volume experienced during much
of 2004, and sales of adjustable-rate loans increased substantially, reflecting
consumers' preference for these products and the Company's decision to sell some
of its production as interest rates declined.

DEPOSIT ACCOUNT SERVICE FEES

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

Deposit service charges (000's)............................... $ 8,848 $ 8,721 $ 6,051
Growth rate (year over year).................................. 46.2% 46.3% 3.2%
Growth rate (sequential quarter annualized)................... 5.8% 44.0% 6.1%
Deposit service fees / total revenue.......................... 10.5% 10.3% 9.8%
Number of checking accounts................................... 240,400 238,500 171,400

Deposit account service fees increased considerably compared to the third
quarter of 2003, primarily due to the impact of the St. Francis merger. As a
percentage of total revenue, deposit service fees advanced compared to the year
ago quarter and were slightly ahead of results for the second quarter of 2004.
The growth rate in fee revenue has slowed over the past three months, however,
as competition for checking accounts has intensified.

REAL ESTATE DEVELOPMENT OPERATIONS

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

RE development income - total (000's)............................ $ 1,650 $ 2,509 $ 3,009
Residential lot sales............................................ 28 64 75
Pending lot sales at quarter end................................. 11 10 57
Investment in real estate held for development or sale (000's)... $37,179 $38,416 $27,475

All but one of the 28 lot sales during the quarter were residential lots in the
Company's Shenandoah subdivision in Plainfield, IL. Nearly all of the lot sales
in the first two quarters of 2004 were also in this 326-lot development, where
19 lots remain as of September 30, 2004. The increase in the investment in real
estate compared to a year ago relates primarily to land purchases for the
planned Springbank joint venture development in Plainfield, Illinois.

In early October 2004, the Company received approval from the village of
Plainfield for the Springbank project. The project will include 1,600
residential lots, 300 multi-family lots and other commercial parcels.
Development will begin in the fourth quarter of 2004. The Company had expected
to receive the necessary municipal approvals earlier in 2004. As a result of the
extent of the delay, lot sale closings from this development are not expected to
begin until the first half of 2005 and the corresponding profits previously
expected to be reported in 2004 will be delayed until 2005.

SECURITIES SALES

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

INVESTMENT SECURITIES:
Net gains (losses) on sale and writedowns (000's)............. $ 3 $(32) $(1,516)

MORTGAGE-BACKED SECURITIES:
Net gains on sale (000's)..................................... -- -- $ 645

There was minimal sale activity of securities during the current quarter. During
last year's third quarter, the Company recorded a $1.9 million other than
temporary impairment writedown on an investment security. This writedown was
partially offset by gains on the sale of equity securities as well as from the
sale of primarily fixed-rate mortgage backed securities and other fixed-rate
debt securities.

NON-INTEREST EXPENSE

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

Total non-interest expense (000's)............................ $44,263 $45,184 $29,409
Non-interest expense to average assets........................ 1.90% 1.96% 1.79%
Efficiency ratio(1)........................................... 52.65% 53.61% 46.83%

<FN>

(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.
</FN>

During the current quarter, total non-interest expense decreased by $921,000, or
8.2% on an annualized basis compared to the second quarter of 2004. Compensation
and benefits expense declined by $923,000 during the third quarter, primarily
reflecting lower incentive compensation and savings realized from completing the
St. Francis integration, partially offset by personnel additions in other areas
and increased medical costs. The data processing systems conversion relating to
the St. Francis merger occurred on May 31, 2004 and the current quarter was the
first three-month period in which merger-related

compensation savings were fully reflected in operating results. Office occupancy
and equipment expense increased by $698,000 during the quarter due primarily to
higher depreciation expense on furniture and fixtures, moving costs to relocate
loan files to a new central location and higher rent expense.

Compared to a year ago, all major categories of non-interest expense in the
current quarter showed increases due to significant growth of the Company during
the past year, including expansion into new markets. The added cost of
management personnel and infrastructure needed to facilitate this growth and to
address the increased compliance burden under new regulations also contributed
to higher expenses year over year. Compensation and benefits expense totaled
$23.1 million in the current period compared to $17.1 million in the third
quarter of last year. The increase compared to a year ago was primarily due to
the 2003 mergers, although normal salary increases, higher payroll taxes,
increased medical costs and staffing at new branch offices opened during the
past year also contributed to increased compensation costs.

Office occupancy and equipment costs totaled $7.4 million in the current period
compared to $3.7 million a year ago. This increase from a year ago is due
primarily to the operation of 68 branch offices, compared to 43 offices operated
at September 30, 2003 and the rent expenses for the corporate offices of St.
Francis, where the lease terminated on September 30, 2004, and the Company's
former loan operation facilities where the leases terminate on October 31, 2004.

Income tax expense totaled $13.1 million in the current quarter, an effective
income tax rate of 33.3%, slightly higher than the 33.0% effective rate reported
in the second quarter of 2004. In last year's third quarter, income tax expense
equaled $12.0 million or an effective income tax rate of 36.9%. 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.

ASSET QUALITY

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

Non-performing loans (NPL) (000's)............................ $30,557 $28,944 $27,618
Non-performing assets (NPA) (000's)........................... $31,692 $31,152 $36,682
NPL / total loans............................................. .45% .43% .56%
NPA / total assets............................................ .34% .33% .55%
Allowance for loan losses (ALL) (000's)....................... $34,936 $34,721 $21,372
ALL / total loans............................................. .52% .52% .43%
ALL / NPL..................................................... 114.3% 120.0% 77.4%
Provision for loan losses (000's)............................. $ 350 $ 280 --
Net charge-offs (recoveries) (000's).......................... $ 135 $ (4) $ 18

The Company continues to maintain strong asset quality. At September 30, 2004,
89% of non-performing loans consisted of loans secured by one-to four-family
residential properties, compared to 93% at June 30, 2004. The Company recorded a
provision for loan losses of $350,000 in the current quarter, primarily
reflecting a change in the mix of loans resulting from the increase in home
equity and business banking loans in the portfolio, the increase in
non-performing loans and charge-offs.

BALANCE SHEET & CAPITAL

QE 9/30/04 QE 6/30/04 QE 9/30/03
---------- ---------- ----------

ASSETS:
Total assets (000's).......................................... $9,321,289 $9,374,628 $6,715,321
Loans receivable (000's)...................................... $6,770,270 $6,730,929 $5,181,365
Mortgage-backed securities (000's)............................ $1,019,260 $ 975,348 $ 350,844

LIABILITIES AND EQUITY:
Total liabilities (000's)..................................... $8,386,609 $8,468,564 $6,099,149
Deposits (000's).............................................. $5,640,231 $5,673,046 $4,263,696
Borrowed funds (000's)........................................ $2,559,229 $2,612,099 $1,702,323
Stockholders' equity (000's).................................. $ 934,680 $ 906,064 $ 616,172

OTHER:
1-4 family residential loans / total loans.................... 59.5% 60.9% 75.1%
Core deposits / total deposits................................ 60.6% 60.6% 58.7%
Book value per share.......................................... $ 28.63 $ 27.74 $ 24.18
Stockholders' equity / total assets........................... 10.0% 9.7% 9.2%

Total assets declined by $53.3 million over the past three months (2.3%
annualized) due primarily to declines in cash and cash equivalent balances of
$86.1 million, which were used to repay certain borrowings and to fund some
modest deposit declines. The balance of loans receivable increased by $39.3
million during the quarter (2.3% annualized) due to the continued growth in home
equity loan balances, which more than offset declines in 1-4 family first
mortgage loan balances, which resulted primarily from loan sale activity.
Consistent with management's strategy to increase diversification of the loan
portfolio, the percentage of 1-4 family residential loans to total loans
decreased to 59.5% at September 30, 2004 compared to 60.9% at June 30, 2004 and
75.1% a year ago. The December 2003 merger with St. Francis has enabled the
Company to accelerate its portfolio diversification strategy.

Stockholders' equity increased during the quarter as the increase from net
income of $26.3 million and an $11.2 million after-tax increase in the market
value of securities available for sale, which were partially offset by $6.8
million of dividends. The increase in the value of securities was due to the
decline in longer-term interest rates during the current quarter. In addition,
the Company repurchased 118,600 shares during the quarter at an average price of
$40.00 per share. Through September 30, 2004, a total of 1,498,600 shares have
been repurchased under the Company's 1.6 million share repurchase program at an
average price of $40.03 per share. The Bank's tangible, core and risk-based
capital percentages of 7.05%, 7.05% and 10.79%, respectively, at September 30,
2004, exceeded all minimum regulatory capital requirements.

RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004

Diluted earnings per share totaled $2.29 in the current nine-month period
compared to $2.42 last year. For the nine months ended September 30, 2004, net
income totaled $77.1 million compared to $59.3 million in last year's comparable
period. Net interest income totaled $193.8 million compared to $126.5 million
last year. The net interest margin expanded to 3.05% for the nine months ended
September 30, 2004, compared to 2.92% for the first nine months of 2003. Return
on equity for the nine months ended September 30, 2004 was 11.28% compared to
14.55% for the nine months ended September 30, 2003.

Non-interest income totaled $59.0 million for the nine months ended September
30, 2004, equal to 23.3% of total revenue. For the nine months ended September
30, 2003, non-interest income was $50.0 million, or 28.3% of total revenue. In
the prior year period, there was considerable loan refinancing activity

resulting in gains on sale of loans totaling $22.9 million compared to $6.4
million in the current year. Gains on sales of mortgage-backed securities were
$488,000 for the current period compared to $6.0 million for the prior
nine-month period. Higher deposit account service charges, loan servicing fees
and positive changes in net investment securities gains in 2004 more than offset
these declines and contributed to the overall increase in non-interest income in
2004 compared to 2003. The 2003 results do not reflect the operations acquired
in the merger with St. Francis Capital Corp. in December 2003 and only reflect
the operations of Fidelity Bancorp for a portion of the nine-month period.

Non-interest expense totaled $136.3 million in the current nine-month period,
compared to $82.8 million reported for the nine months ended September 30, 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.

RECENT DEVELOPMENTS

On June 5, 2004, the Company announced it had reached an agreement to acquire
Chesterfield Financial Corp. in a cash and stock transaction valued at
approximately $128.5 million. The Company expects this transaction to close in
the fourth quarter of 2004. At June 30, 2004, Chesterfield had assets of $362
million, deposits of $280 million and four banking facilities in the Chicago
area.

OUTLOOK FOR 2004

The Company announced lowered earnings guidance for 2004 of $3.05 to $3.10 per
diluted share. The midpoint of the previous guidance range for 2004 of $3.20 to
$3.35 per share included $.16 of estimated profits per share related to a
contemplated mortgage servicing sale that was previously expected to occur in
the fourth quarter, which is no longer being considered due to changes in market
conditions, and anticipated real estate lot sales in the Springbank project,
which are now expected to begin closing in the first half of 2005. Management's
decision to forego the sale of servicing was caused by the dramatic decline in
long-term interest rates over the past three months that reduced market values
for mortgage servicing rights to a level that management concluded no longer
warranted a sale. After further delay during the third quarter of 2004 in
receipt of the long-awaited municipal approvals for Springbank, the project was
approved in October 2004, approximately five months later than originally
expected. The Company currently estimates income for real estate operations to
be in the range of $1.0-1.5 million for the fourth quarter of 2004, with no
income being generated this year from the Springbank development.

MAF Bancorp is the parent company of Mid America Bank, a federally chartered
stock savings bank. The Bank currently operates a network of 68 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
including the statements in the "Outlook for 2004" section above, 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, difficulties implementing the Company's
business model in the Milwaukee area markets, 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,
difficulties or delays in completing the acquisition of Chesterfield, higher
than expected costs or unanticipated difficulties associated with the
integration of Chesterfield into MAF, deteriorating economic conditions which
could result in increased delinquencies in MAF's or Chesterfield's loan
portfolio, the quality or composition of MAF's or Chesterfield's loan or
investment portfolios, demand for financial services and residential real estate
in MAF's or Chesterfield's market area, unanticipated slowdowns in real estate
lot sales or problems in closing pending real estate contracts, 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
STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)

THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ -------------------
2004 2003 2004 2003
------ ----- ------ ------
(UNAUDITED) (UNAUDITED)

Interest income............................................... $105,639 78,160 $311,024 229,111
Interest expense.............................................. 41,080 33,252 117,266 102,585
-------- ------ -------- -------
Net interest income....................................... 64,559 44,908 193,758 126,526
Provision for loan losses..................................... 350 -- 930 --
-------- ------ -------- -------
Net interest income after provision for loan losses....... 64,209 44,908 192,828 126,526

Non-interest income:
Net gain (loss) on sale and writedown of:
Loans receivable held for sale........................ 2,978 7,138 6,434 22,940
Mortgage-backed securities............................ -- 645 489 5,997
Investment securities................................. 3 (1,516) 2,805 (6,943)
Foreclosed real estate................................ 227 78 423 311
Income from real estate operations........................ 1,650 3,009 5,261 6,332
Deposit account service charges........................... 8,848 6,051 25,425 17,450
Loan servicing fee income (expense)....................... 584 (2,640) 710 (6,056)
Valuation recovery (allowance) on mortgage servicing
rights............................................... -- -- 1,755 (940)
Brokerage commissions..................................... 1,044 982 3,142 2,361
Other..................................................... 4,182 3,276 12,549 8,559
-------- ------ -------- -------
Total non-interest income............................. 19,516 17,023 58,993 50,011

Non-interest expense:
Compensation and benefits................................. 23,083 17,134 72,723 48,426
Office occupancy and equipment............................ 7,420 3,717 20,645 10,701
Advertising and promotion................................. 2,452 1,700 7,453 4,798
Data processing........................................... 1,598 1,036 6,005 3,001
Other..................................................... 8,980 5,401 27,310 14,732
Amortization of core deposit intangibles.................. 730 421 2,201 1,170
-------- ------ -------- -------
Total non-interest expense................................ 44,263 29,409 136,337 82,828
-------- ------ -------- -------
Income before income taxes............................ 39,462 32,522 115,484 93,709
Income taxes.................................................. 13,141 12,016 38,399 34,376
-------- ------ -------- -------
Net income................................................ $ 26,321 20,506 77,085 59,333
======== ====== ======== =======

Basic earnings per share...................................... $ .81 .82 2.35 2.48
======== ====== ======== =======
Diluted earnings per share.................................... .79 .79 2.29 2.42
======== ====== ======== =======

MAF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

SEPTEMBER 30, DECEMBER 31,
2004 2003
------------- ------------
(UNAUDITED)

ASSETS
Cash and due from banks........................................................ $ 118,461 144,290
Interest-bearing deposits...................................................... 67,614 57,988
Federal funds sold............................................................. 42,767 19,684
---------- ---------
Total cash and cash equivalents............................................ 228,842 221,962
Investment securities available for sale, at fair value........................ 345,713 365,334
Stock in Federal Home Loan Bank of Chicago, at cost 321,681 384,643
Mortgage-backed securities available for sale, at fair value................... 920,643 971,969
Mortgage-backed securities held to maturity (fair value $98,544)............... 98,617 --
Loans receivable held for sale................................................. 53,830 44,511
Loans receivable, net of allowance for losses of $34,936 and $34,555........... 6,716,440 6,324,596
Accrued interest receivable.................................................... 33,329 31,168
Foreclosed real estate......................................................... 1,135 3,200
Real estate held for development or sale....................................... 37,179 32,093
Premises and equipment, net.................................................... 133,096 122,817
Other assets................................................................... 131,071 130,615
Goodwill....................................................................... 262,368 262,488
Intangibles.................................................................... 37,345 38,189
---------- ---------
$9,321,289 8,933,585
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Deposits................................................................... 5,640,231 5,580,455
Borrowed funds............................................................. 2,559,229 2,299,427
Advances by borrowers for taxes and insurance.............................. 54,975 41,149
Accrued expenses and other liabilities..................................... 132,174 110,950
---------- ---------
Total liabilities 8,386,609 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; 33,121,465
and 33,063,853 shares issued; 32,649,961 and 33,063,853 shares
outstanding............................................................ 331 331
Additional paid-in capital..................................................... 497,981 495,747
Retained earnings, substantially restricted.................................... 453,497 402,402
Accumulated other comprehensive income, net of tax............................. 1,368 2,109
Stock in Gain Deferral Plan; 244,304 and 240,879 shares........................ 1,160 1,015
Treasury stock, at cost; 471,504 at September 30, 2004......................... (19,657) --
---------- ---------
Total stockholders' equity................................................. 934,680 901,604
---------- ---------
$9,321,289 8,933,585
========== =========

MAF BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(In thousands, except share data)
(Unaudited)

SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
2004 2003 2003
------------- ------------ -------------

Book value per share............................... $ 28.63 $ 27.27 $ 24.18
Stockholders' equity to total assets............... 10.03% 10.09% 9.18%
Tangible capital ratio (Bank only)................. 7.05 7.16 7.07
Core capital ratio (Bank only)..................... 7.05 7.16 7.07
Risk-based capital ratio (Bank only)............... 10.79 11.45 11.74
Common shares outstanding:
Actual......................................... 32,649,961 33,063,853 25,483,307
Basic (weighted average)....................... 32,618,611 27,951,055 25,154,529
Diluted (weighted average)..................... 33,369,209 28,836,235 25,824,670
Non-performing loans............................... $ 30,557 $ 32,787 $ 27,618
Non-performing assets.............................. 31,692 43,684 36,682
Allowance for loan losses.......................... 34,936 34,555 21,372
Non-performing loans to total loans................ .45% .51% .56%
Non-performing assets to total assets.............. .34 .49 .55
Allowance for loan losses to total loans........... .52 .54 .43
Mortgage loans serviced for others................. $ 3,462,655 $ 3,330,039 $ 2,227,003
Capitalized mortgage servicing rights, net......... 25,486 24,128 13,840
Core deposit intangibles........................... 11,859 14,061 7,659

THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- --------------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------

Average balance data:
Total assets................................... $9,310,753 $6,554,049 $9,162,628 $6,151,169
Loans receivable............................... 6,798,504 5,049,184 6,641,028 4,697,927
Interest-earning assets........................ 8,593,867 6,141,847 8,466,420 5,782,512
Deposits....................................... 5,202,504 3,846,976 5,186,117 3,613,130
Interest-bearing liabilities................... 7,760,660 5,470,455 7,646,400 5,156,209
Stockholders' equity........................... 910,788 596,895 910,981 543,695

Performance ratios (annualized):
Return on average assets....................... 1.13% 1.25% 1.12% 1.29%
Return on average equity....................... 11.56 13.74 11.28 14.55
Average yield on interest-earning assets....... 4.90 5.08 4.89 5.29
Average cost of interest-bearing liabilities... 2.10 2.41 2.04 2.66
Interest rate spread........................... 2.80 2.67 2.85 2.63
Net interest margin............................ 3.00 2.92 3.05 2.92
Average interest-earning assets to average
interest-bearing liabilities............... 110.74 112.27 110.72 112.15
Non-interest expense to average assets......... 1.90 1.79 1.98 1.80
Non-interest expense to average assets and
loans serviced for others.................. 1.40 1.34 1.48 1.33
Efficiency ratio(1)............................ 52.65 46.83 54.65 46.67
Loan originations.................................. $ 972,886 $1,585,506 $3,169,547 $4,033,727
Loans sold......................................... 313,029 475,032 704,002 1,354,008
Cash dividends declared per share.................. .21 .18 .63 .54