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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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| **[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE          SECURITIES EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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|  

For the          quarterly period ended December 31, 2005           

or** **
**[    ] TRANSITION REPORT PURSUANT TO SECTION 13          OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the transition period          from                                       to

 

Commission          File Number 0-27404

 

**PFF BANCORP, INC.**(Exact name of registrant as specified in its charter)

**DELAWARE**

**95-4561623**

(State or other jurisdiction of          incorporation or organization)

(I.R.S. Employer I.D. No.)
 
**350          South Garey Avenue, Pomona, California  91766**(Address of principal executive offices)
 

**(909)          623-2323**(Registrant's telephone number, including area code)

 

Not          Applicable          (Former name, former address and former fiscal year, if changed since          last report) 
                   Indicate by check mark          whether the registrant (1) has filed all reports required to be filed          by Section 13 or 15(d) of the Securities Exchange Act of 1934 during          the preceding 12 months (or for such shorter period that the          registrant was required to file such reports), and (2) has been          subject to such filing requirements for the past 90          days.     Yes               X       No                     .
 
                   Indicate by check mark          whether the registrant is a large accelerated filer, an accelerated          filer, or a non-accelerated filer.  See definition of          "accelerated filer and large accelerated filer" in Rule          12b-2 of the Exchange Act. (Check one):

Large accelerated filer                      Accelerated filer                  X        Non- accelerated filer                     .

 

                   Indicate by check mark          whether the registrant is a shell company (as defined in rule 12b-2 of          the Exchange Act).

Yes                      No       X    .
  
          The registrant had 24,343,710 shares of common stock, par value          $.01 per share, outstanding as of January 31, 2006.
****
**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Form 10-Q**

**Table of Contents**

 

**PART I**

**FINANCIAL INFORMATION (Unaudited)**
**PAGE**
 

 

Item 1

Financial Statements

 

Consolidated Balance Sheets          as of December 31, 2005 and March 31, 2005

 

1

 

 

Consolidated Statements of          Earnings for the Three and Nine Months Ended 

December 31, 2005 and 2004

2

 

 

Consolidated Statements of Comprehensive Earnings for the Three and          Nine Months Ended December 31, 2005 and 2004

3
 

 

Consolidated Statement of          Stockholders' Equity for the Nine Months

Ended December 31, 2005

4

 

 

Consolidated Statements of          Cash Flows for the Nine Months Ended

December 31, 2005 and 2004

5

 

 

Notes to Unaudited Consolidated Financial Statements

6
 

 

Item 2

Management's Discussion and          Analysis of Financial Condition and

Results of Operations

13

 

 

Item 3

Quantitative and Qualitative Disclosures about Market Risk

26

 

 

Item 4

Controls and Procedures

26

 
** **
**PART II**

**OTHER INFORMATION**

 

 

Item 1

Legal Proceedings
27
 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds
27
 

 

Item 3

Defaults Upon Senior Securities
27
 

 

Item 4

Submission of Matters to a Vote of Security Holders
27
 

 

Item 5

Other Information
27
 

 

Item 6

Exhibits
27
 
 
**SIGNATURES**
 28
 
 
**PART I -- FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**PFF BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEETS  (Dollars in thousands, except per share data)**
 
**December 31,          2005**
 
**March 31,          2005**
 
**(Unaudited)**

**Assets**
Cash and cash equivalents

$

77,926

$

44,844

Investment securities          held-to-maturity (estimated fair value of

$6,606 at December 31,          2005, and $6,647 at March 31, 2005)

6,727

6,736

Investment securities available-for-sale, at fair value

70,532

61,938

Mortgage-backed securities available-for-sale, at fair value

245,542

250,954

Loans held-for-sale, at lower of cost or market

701

1,466

Loans and leases receivable, net

3,531,896

3,431,544

Federal Home Loan Bank (FHLB) stock, at cost

34,897

41,839

Accrued interest receivable

19,066

16,413

Assets acquired through foreclosure, net

8,327

-

Property and equipment, net

43,529

30,385

Prepaid expenses and other assets

24,218

24,942

          Total assets

$

4,063,361
 
$

3,911,061
 
**Liabilities and Stockholders' Equity**
 

Liabilities:

 

   Deposits

$

2,885,842

$

2,735,937

   FHLB advances and other borrowings

728,900

769,423

   Junior subordinated debentures

56,702

30,928

   Accrued expenses and other liabilities

40,720

37,847

          Total          liabilities
 
3,712,164
  
3,574,135
 
Commitments and contingencies

-

-

Stockholders' equity:

 

   Preferred stock, $.01 par value.  Authorized          2,000,000                  shares; none issued

- 
 
-
   Common stock, $.01 par value.  Authorized          59,000,000                  shares; issued 24,489,460          and 24,908,823; outstanding                  24,339,360 and 24,782,623          at December 31, 2005 and                  March 31, 2005,          respectively

244

248

   Additional paid-in capital

172,411

164,536

   Retained earnings, substantially restricted

186,548

178,288

   Unearned stock-based compensation

(1,757

)

(352

)

   Treasury stock          (150,100 and 126,200 at December 31, 2005, 

                 and March 31, 2005, respectively)

(2 )
(1
          )

   Accumulated other comprehensive losses

(6,247

)

(5,793

)

          Total          stockholders' equity
 
351,197
  
336,926
 
          Total          liabilities and stockholders' equity

$

4,063,361
 
$

3,911,061
 
        See accompanying notes to the  unaudited consolidated financial statements.

1
**PFF BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF EARNINGS****(Dollars in thousands, except per share data)  (Unaudited)**

                                                                               

**For the Three Months Ended December 31,**

**For the Nine Months Ended          December 31,**
 
**2005**
 
**2004**
 
**2005**
 
**2004**
 
Interest income:

  Loans and leases receivable

$       60,264

$        51,118

     $   172,131

$    143,454

  Mortgage-backed securities

2,422

2,460

6,969

7,449

  Investment securities and deposits

1,067

1,022

3,316

3,136

      Total interest income

63,753
 
54,600
 
182,416
 
154,039
 
Interest expense:

  Deposits

16,056

10,673

43,757

28,664

  Borrowings

6,486

5,297

18,189

13,359

      Total interest expense

22,542
 
15,970
 
61,946
 
42,023
 
Net interest income

41,211

38,630

120,470

112,016

Provision for loan and lease losses

1,875

1,030

3,095

2,694

Net interest income after          provision for loan and       

lease losses

39,336
 
37,600
 
117,375
 
109,322
 
Non-interest income:

  Deposit and related fees

3,268

2,618

9,684

7,843

  Loan and servicing fees

2,504

1,831

6,961

4,785

  Trust, investment and insurance fees

1,185

1,072

3,361

3,310

  Gain on sale of loans, net

31

136

134

260

  Gain on sale of securities, net

-

2

923

4,771

  Other non-interest income

279

157

772

752

      Total non-interest income

7,267
 
5,816
 
21,835
 
21,721
 
Non-interest expense:

  General and administrative:

    Compensation and benefits

13,171

14,118

39,880

39,032

    Occupancy and equipment

3,871

3,917

10,928

10,744

    Marketing and professional services

2,746

2,827

8,393

7,458

    Other non-interest expense

3,705

3,657

10,353

10,512

      Total general and administrative

23,493
 
24,519
 
69,554
 
67,746
 
  Foreclosed asset operations, net

5

30

 

14

64

      Total non-interest expense

23,498
 
24,549
 
69,568
 
67,810
 
Earnings before income taxes

23,105

18,867

69,642

63,233

  Income taxes

9,935

9,292

30,755

29,679

Net earnings

            $         13,170
 
$                  9,575
 
$       38,887
 
$      33,554
 
Basic earnings per share

$                      0.55

$                    0.39

 $                    1.60

$                   1.36

Weighted average shares outstanding for basic              earnings per share calculation

24,136,345
 
24,780,764
 
24,263,328
 
24,601,401
 
Diluted earnings per share

$                      0.53

$                    0.38

$                    1.56

$                  1.33

Weighted average shares outstanding for diluted            earnings per share calculation

24,754,168
 
25,448,654
 
24,900,187
 
25,244,331
 
                  See accompanying notes to the unaudited consolidated financial statements.

2

**PFF BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS  (Dollars in thousands)  (Unaudited)**

**For the Three Months Ended          December 31,**

**For the Nine Months Ended          December 31,**
 
**2005**
 
**2004**
 
**2005**
 
**2004**
 
Net earnings

  $     13,170
 
$    9,575
 
$   38,887
 
$   33,554
 
Other comprehensive earnings (losses), net

  Changes in unrealized gains (losses) on:

    U.S. Treasury and agency securities and other                investment securities          available-for-sale, at fair value

20

 

(57

)

209

267

             Mortgage-backed securities available-for-sale,

                at fair value

(516)
283
(103)
(1,472)
    Reclassification of realized securities gains          included                in earnings

          -

 

          -

 

          (785

          )

(4,503

)

  Change in fair value of interest rate swaps

157

99

 

225

72

 
 
(339

)

325
 
(454

)

(5,636

)

Tax benefit on minimum pension liability

-

-

-

367

Other comprehensive (losses)

(339

)

325
 
(454

)

(5,269

)

Comprehensive earnings

$     12,831
 
$    9,900
 
$    38,433
 
$   28,285
 
See accompanying notes to the unaudited consolidated financial statements.

3

**PFF BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY  (Dollars in thousands, except per share data)  (Unaudited)**
 
**Number of          Shares**
 
**Common          Stock**

**Additional          Paid-in          Capital**
 
**Retained          Earnings,          Substantially          Restricted**
 
**Unearned          Stock-based          Compensation**
 
**Treasury          Stock**
 
**Accumulated          Other          Comprehensive          Income (Losses)**
 
**Total**
  
 

Balance at March 31, 2005

24,782,623

$    248

$  164,536

$   178,288

$    (352

)

$                   (1

)

$

(5,793

)

$  336,926

 

 

Net earnings

-

-

-

38,887

-

-

-

38,887

 

Purchases of treasury stock

(783,960)
-
(3,723)
(19,620)
- 
                   (9

)

 
- 
(23,352)
 

Stock issued under 2004          Equity Incentive Plan

81,000

1

2,313

 

-

(1,757

)

 

-

 

-

557

 

Amortization under Stock-based Compensation Plans

-

-

3,948

-

352

-

-

4,300

 

Stock options exercised

259,697

3

1,883

-

-

-

-

1,886

 

Treasury stock retirement

-

(8)

-

-

-

8

-

-

 

Dividends ($0.15 per share paid for June, September and December          2005)

-

-

-

(11,007

)

-

-

-

(11,007

)

 

Change in unrealized losses          on   

             securities available-for-sale, net

-

          -

-

-

 

-

-

(679

)

(679

)

 

Change in unrealized gain          on 

    interest          rate swaps, net

-

-

-

-

-

-

225

 

225

 

Tax benefit from stock          options and 

    awards

-

-

3,454

-

-

-

-

3,454

 

Balance at December 31, 2005

24,339,360
 
$    244

$  172,411
 
$   186,548
 
$    (1,757

)

$        (2

)

$

(6,247

)

$  351,197
  
See accompanying notes to the unaudited consolidated financial statements.

4
****
**PFF BANCORP, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Dollars in thousands)**

**(Unaudited)**

**Nine Months Ended December 31,**
 
**2005**
 
**2004**
 
Cash flows from operating activities:

   Net earnings

$

38,887

$

33,554

   Adjustments to        reconcile net earnings to net cash provided by operating activities:

            Amortization of premiums, net of discount accretion, on                 loans, leases and        securities and deferred loan origination costs, net

(13,128)
(11,222)
     Loan and lease fees collected

15,643

13,101

     Provisions for losses on loans, leases and        foreclosed asset operations

3,095

2,801

            Gains on sales of loans, securities available-for-sale, real estate,        property and   

              equipment

(1,022

)

(5,084
)
     Depreciation and amortization of property        and equipment

2,762

2,543

     Loans originated for sale

(11,975

)

(25,531

)

     Proceeds from sale of loans held-for-sale

12,874

26,146

            Amortization of unearned stock-based compensation and stock issued under        2004

             equity incentive plan

4,857
7,435
     Dividends on FHLB stock

(1,866

)

(1,301

)

     Other, net

13,672

(17,128

)

          Net cash        provided by operating activities
 
63,799
  
25,314
 
Cash flows from investing activities:

     Loans and leases originated for investment

(2,011,788

)

(1,893,723

)

     Increase in construction loans in process

86,821

31,736

     Purchases of loans held-for-investment

(51,476

)

(240,865

)

     Principal payments on loans and leases

1,850,928

1,857,827

     Principal payments on mortgage-backed        securities available-for-sale

55,210

68,419

     Principal payments on investment securities        available-for- sale

10,035

56

     Purchases of investment securities        available-for-sale

(20,000

)

(9,960

)

     Purchases of investment securities        held-to-maturity

-

(1,005

)

     Purchases of mortgage-backed securities        available-for-sale

(50,766

)

(30,147

)

     Redemption (purchases) of FHLB stock, net

8,808

(4,550

)

     Proceeds from sale of investment securities        available-for-sale

1,315

7,983

     Proceeds from sale of property and equipment

2

736

     Purchases of property and equipment

(15,943

)

(4,903

)

          Net cash used        in investing activities
 
(136,854

)
 
(218,396

)

Cash flows from financing activities:

     Net change in deposits

149,905

249,575

     Proceeds from long-term FHLB advances and        other borrowings

408,150

331,250

     Repayment of long-term FHLB advances and        other borrowings

(380,000

)

(394,000

)

     Net change in short-term FHLB advances and        other borrowings

(68,673

)

(32,600

)

     Proceeds from issuance of junior        subordinated debentures

25,774

29,700

     Proceeds from exercise of stock options

1,886

8,507

     Excess tax benefit from stock-based payment        arrangements

3,454

7,565

     Cash dividends

(11,007

)

(9,913

)

     Purchases of treasury stock

(23,352

)

(11,463

)

     Net cash provided by financing activities
 
106,137
  
178,621
 
     Net increase in cash and cash equivalents

33,082

(14,461

)

     Cash and cash equivalents, beginning of        period

44,844

60,151

Cash and cash equivalents, end of period

$

77,926
 
$

45,690
 
Supplemental information:

   Interest paid, including interest credited

$

59,977

$

41,844

   Income taxes paid

$

24,960

$

33,707

Non-cash investing and financing activities:

Net transfers from loans and leases receivable to assets acquired        through foreclosure

$

8,390

$

-

 

****
See accompanying notes to theunaudited consolidated financial statements.

 

5

 

**PFF BANCORP, INC.AND SUBSIDIARIES**

**Notes to UnauditedConsolidated Financial Statements**

 

**(1)    Basis of Consolidation**

The accompanying unaudited consolidated financial statements include the  accounts of PFF Bancorp, Inc. and its wholly-owned subsidiaries PFF Bank &  Trust, Glencrest Investment Advisors, Inc. ("Glencrest") and  Diversified Builder Services, Inc. ("DBS") (collectively  "Bancorp", "we", "us" and  "our").  Our business is conducted primarily through PFF Bank  & Trust and its subsidiary, Pomona Financial Services, Inc. (collectively,  the "Bank").  Pomona Financial Services, Inc. includes the  accounts of Diversified Services, Inc. Glencrest includes the accounts of  Glencrest Insurance Services, Inc. The Bancorp owns 100% of the common stock  of two unconsolidated special purpose business trusts "PFF  Bancorp Capital Trust I" and "PFF Bancorp Capital Trust II"  created for the purpose of issuing capital securities. All material  intercompany balances and transactions have been eliminated in consolidation.

Our unaudited consolidated financial statements have been prepared in  accordance with accounting principles generally accepted in the United States  of America for interim financial information and with the instructions to Form  10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include  all of the information and footnotes required by accounting principles  generally accepted in the United States of America for complete financial  statements.  In our opinion, all adjustments (consisting principally of  normal recurring accruals) necessary for a fair presentation have been  included.  We have made certain reclassifications to the prior year's  consolidated financial statements to conform to the current  presentation.  The results of operations for the three and nine months  ended December 31, 2005 are not necessarily indicative of results that may be  expected for the entire fiscal year ending March 31, 2006.

These interim consolidated financial statements should be read in  conjunction with our consolidated financial statements, and the notes thereto,  included in our Form 10-K for the year ended March 31, 2005.

**(2)    New Accounting Pronouncements**

In March 2004, the Financial Accounting Standards Board ("FASB")  issued Emerging Issues Task Force ("EITF") Issue No. 03-1, "The  Meaning of Other-Than-Temporary Impairment and Its Application to Certain  Investments" ("EITF issue 03-1"). EITF issue 03-1 describes a  model involving three steps: (1) determine whether an investment is impaired,  (2) determine whether the impairment is other-than-temporary, and (3)  recognize the impairment loss in earnings.  EITF issue 03-1 also requires  several additional disclosures for cost-method investments.  The  disclosure guidance contained in this EITF is effective for annual reporting  periods beginning after June 15, 2004.  In September 2004, FASB Staff  Position, FSP EITF Issue 03-1-a delayed the effective date for the measurement  and recognition guidance contained in EITF Issue 03-1.  In November 2005,  the FASB issued FASB Staff Position No. 115-1, "The Meaning of  Other-Than-Temporary Impairment and its Application to Certain  Investments" ("FSP 115-1").  FSP 115-1 contains disclosure  recognition and measurement guidance similar to that found in EITF 03-1,  although it also nullifies some of the guidance found in EITF 03-1.  FSP  115-1 is effective for annual and interim reporting periods beginning after  December 15, 2005.  The adoption of FSP 115-1 is not expected to have a  material impact on our consolidated financial statements.

In May 2005, FASB issued Statement of Financial Accounting Standards  ("SFAS") No. 154, "Accounting Changes and Error  Corrections" ("SFAS 154"), which replaces Accounting Principles  Board ("APB") Opinion No. 20 "Accounting Changes,"  ("APB No. 20") and FASB Statement No. 3, "Reporting Changes in  Interim Financial Statements." APB 20 previously required that most  voluntary changes in accounting principle be recognized by including in net  income of the period of the change the cumulative effect of changing to the  new accounting principle. SFAS 154 changes the accounting for, and reporting  of, a change in accounting principle. SFAS 154 requires retrospective  application to prior period's financial statements of voluntary changes in  accounting principle and changes required by new accounting standards when the  standard does not include specific transition provisions, unless it is  impracticable to do so. SFAS 154 is effective for accounting changes and  corrections of errors made in fiscal years beginning after December 15, 2005,  though early adoption is permitted as of the date this Statement was issued.  The adoption of this new standard is not expected to have a material impact on  our consolidated financial statements.

6

**PFF BANCORP, INC.AND SUBSIDIARIES**

**Notes to UnauditedConsolidated Financial Statements**

**(Continued)**

**(3)   ****Stock-Based  Compensation Plans**

Prior to April 1, 2005, we accounted for stock options under Accounting  Principles Board Opinion No. 25 ("APB 25") using the intrinsic value  method.  Accordingly, no stock option expense was recorded in periods  prior to the nine months ended December 31, 2005, since the exercise price of  all options issued has always been equal to the fair value at the date of  grant.  In December 2004, FASB issued SFAS No. 123 (Revised),  "Share-Based Payment" ("SFAS 123R"), which requires  companies to recognize in the statement of earnings the grant-date fair value  of stock options and other equity-based compensation issued to employees and  directors.  Effective April 1, 2005we adopted SFAS 123R using the  modified prospective method under which we will apply the provisions of SFAS  123R to new awards and to awards modified, repurchased or cancelled after  March 31, 2005 and to awards outstanding on March 31, 2005 for which requisite  service had not yet been rendered.

Had we determined compensation cost based on the fair value at the grant  date for stock options exercisable under SFAS 123R prior to April 1, 2005, our  results of operations would have been adjusted to the pro forma amounts for  the period indicated below:

**Three Month Ended**
**Nine Months Ended**

**December 31, 2004**

**December 31, 2004**

**(Dollars in        thousands, except per share data)** 
Net earnings:

 

As reported

$

9,575

$

33,554

 

Add: Stock-based employee compensation          expense included in reported net income,          net of related tax effects

 

 

 

2,544

 

6,885

 

Deduct: Total stock-based employee compensation expense        determined under fair value based method for all awards, net of related        tax effects

 

(2,579

 

)

 

(7,041
         
)

 

Pro forma net earnings

$

9,540
 
$

33,398
  
Earnings per share:

 

Basic - as reported

$
0.39

$

1.36

 

Basic - pro forma

$
0.38
 
$

1.36
  
 

Diluted - as reported

$
0.38

$

1.33

 

Diluted - pro forma

$
0.37
 
$

1.32
  
 
** **
7

**PFF BANCORP, INC.AND SUBSIDIARIES**

**Notes to UnauditedConsolidated Financial Statements**

**(Continued)**

During October 1996, our stockholders approved the PFF Bancorp, Inc. 1996  Incentive Plan (the "1996 Plan"). During September 1999, our  stockholders approved the PFF Bancorp, Inc. 1999 Incentive Plan (the  "1999 Plan"). The 1996 Plan authorized the granting of options to  purchase our common stock, option related awards, and grants of common stock  (collectively "Awards"). The 1999 Plan authorized the granting of  options to purchase our common stock.  Any shares issued under the 1996  and 1999 Plans will be distributed from previously authorized but unissued  shares.

A summary of option activity under the 1996 and 1999 Plans as of December  31, 2005, and changes during the nine months ended December 31, 2005 is  presented below:

**For the Nine        Months Ended December 31, 2005**

**Weighted Average**

**Weighted Average**

**Remaining**

**Aggregate**

**Shares**
 
**Exercise Price**

**Contractual Term**

**Intrinsic Value**

**(Dollars in thousands, except per share data)**

Outstanding at April 1, 2005

1,019,615

$

10.82

-

$

-

Granted

-

-

-

-

Exercised

(259,697

)

7.26

-

-

Forfeited or expired

(2,813

)

9.39

-

-

Outstanding at December 31, 2005

757,105
 
$

12.05

4.7

$

13,983
 
Exercisable at December 31, 2005

748,800

$

12.01

4.7

$

13,864

There were no options granted during the three and nine months ended  December 31, 2005 and December 31, 2004.  The total intrinsic value of  options exercised during the three and nine months ended December 31, 2005  were $1.8 million and $5.8 million, respectively.  Cash received from  options exercised under the 1996 and 1999 Plans for the three and nine months  ended December 31, 2005 was $550,000 and $1.9 million, respectively.  The  actual tax benefit realized for the tax deductions from options exercised  totaled $737,000 and $2.3 million for the three months and nine months ended  December 31, 2005, respectively.

The fair value of each option is estimated on the date of the grant using  the Black-Scholes model that uses the following assumptions:  Volatility  is based on the historical volatility of our stock.  The expected term of  options granted represents the period of time the options granted are expected  to be outstanding.  The risk-free rate is the yield from United States  government securities with the same terms as the life of the options.   Dividend yield is calculated using the anticipated dividend payout rate of the  stock over the life of the option.

Compensation expense under the 1996 and 1999 Plans was $23,000 and $86,000  for the three and nine months ended December 31, 2005 based upon the vesting  of 3,309 options and 12,351 options, respectively.  Compensation expense  of $24,000 associated with an additional 4,824 previously issued, but unvested  options outstanding at December 31, 2005, will be recorded in future periods  ending in October 2006 as the applicable service is rendered.

During September 2004, our stockholders approved the PFF Bancorp, Inc. 2004  Equity Incentive Plan (the "2004 Plan").  The 2004 Plan  authorizes the granting of 1,112,632 options or 556,315 restricted stock  awards to Directors or employees.  Additionally, any ungranted options or  awards along with options or awards previously granted under the 1996 and 1999  Plans that expire, lapse or otherwise terminate for any reason without having  been settled in full will become available for issuance under the 2004  Plan.  Concurrent with shareholder approval of the 2004 Equity Incentive  Plan, 62,636 options available for grant under the 1996 and 1999 Plans were  transferred into the 2004 Equity Incentive Plan.  Additionally, during  the three months ended December 31, 2005, 1,350 options issued under the 1996  Plan were forfeited or expired and transferred to the 2004 Plan. During the  nine months ended December 31, 2005, 2,813 options issued under the 1996 Plan  were forfeited or expired and transferred to the 2004 Plan. 

8

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes to  Unaudited Consolidated Financial Statements**

**(Continued)**

For the three and nine months ended December 31, 2005, compensation expense  associated with the 2004 Plan was $970,000 and $2.6 million,  respectively.  As of December 31, 2005, based upon current performance  levels, there was $5.5 million of total unrecognized compensation cost related  to non-vested awards granted under the 2004 Plan.  The unrecognized  compensation cost is expected to be recognized over a weighted average period  of 1.9 years.

A summary of our nonvested awards principally to Directors that vest solely  based on service as of December 31, 2005 and changes during the nine months  ended December 31, 2005 are presented below:

**Weighted Average**

**Grant Date**

**Shares (1)**

**Fair Value**

Nonvested at April 1, 2005

-

$

-

Granted

81,900

28.59

Vested

-

-

Forfeited

-

-

Nonvested at December 31, 2005

81,900

$

28.59

(1) The stock related to the 81,000 nonvested Director awards was issued on  August 25, 2005.  The stock related to the 900 nonvested employee awards  has not been issued.

 

A summary of our nonvested awards to employees that vest based on a  combination of service and performance as of December 31, 2005 and changes  during the nine months ended December 31, 2005 are presented below:

**Weighted Average**

**Grant Date**

**Shares**
** **
**Fair Value**

Nonvested at April 1, 2005

-

$

-

Granted

436,760

27.42

Vested

-

-

Forfeited

(8,680
)
27.42

Nonvested at December 31, 2005

428,080
 
$

27.42

 

9

 

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes to  Unaudited Consolidated Financial Statements**

**(Continued)**
**(4)    Earnings Per Share**

Earnings per share is calculated on both a basic and diluted basis,  excluding common shares in treasury. Basic earnings per share  ("EPS") is calculated by dividing net earnings available to common  stockholders by the weighted average common shares outstanding during the  period.  Diluted EPS includes the potential dilution resulting from the  assumed exercise of stock options, including the effect of shares exercisable  under our stock-based compensation plans.

The following table presents a reconciliation of the numerators and  denominators of the basic and diluted EPS computations for the three months  ended December 31, 2005 and 2004.
  
**For the Three Months Ended December 31,**
  
**2005**

**2004 **
 
**Earnings          (Numerator)**

**Shares          (Denominator)**

**Per-Share          Amount**
 
**Earnings            (Numerator)**

**Shares          (Denominator)**

**Per-Share          Amount**

**(Dollars in thousands, except per share data)**

Net Earnings

$

13,170

$

9,575
**Basic EPS**
Earnings available to common stockholders

13,170

24,136,345

$

0.55

9,575

24,780,764

$

0.39
**Effect of Dilutive          Securities**
Options and stock awards
  
617,823
  
667,890

**Diluted EPS**

Earnings available to          common stockholders          and assumed conversions

 

$

 

13,170

24,754,168

 

$

 

0.53

 

$

9,575

 

25,448,654

 

$

 

0.38
     
         The exercise price of all options was less than the average market price of  the common shares during the three month period ended December 31, 2005.   As a result, there were no options excluded from the computation of earnings  per share due to anti-dilution.

10

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes to  Unaudited Consolidated Financial Statements**

**(Continued)**

The following table presents a reconciliation of the numerators and  denominators of the basic and diluted EPS computations for the nine months  ended December 31, 2005 and 2004.
 
**For the Nine Months Ended December 31,**

**2005 (a)**

**2004 (b)**
 
**Earnings          (Numerator)**

**Shares          (Denominator)**

**Per-Share          Amount**
 
**Earnings            (Numerator)**

**Shares          (Denominator)**

**Per-Share          Amount**

**(Dollars in thousands, except per share data)**

Net Earnings

$

38,887

$

33,554
**Basic EPS**
Earnings available to common stockholders

38,887

24,263,328

$

1.60

33,554

24,601,401

$

1.36
**Effect of Dilutive Securities**
Options and stock awards
  
636,859
  
642,930

**Diluted EPS**

Earnings available to          common stockholders          and assumed conversions

 

$

38,887

24,900,187

 

$

1.56

 

$

 

33,554

 

25,244,331

 

$

 

1.33
     
(a)    The exercise price of all options was less than the    average market price of the common shares outstanding during the nine month    period ended December 31, 2005.  As a result, there were no options    excluded from the computation of earnings per share due to anti-dilution.
    (b)    Options to purchase 3,419 shares of common stock at a    weighted average price of $26.11 per share were outstanding during the    nine-month period ended December 31, 2004, but were not included in the    computation of diluted EPS because the option's exercise prices were greater    than the average market price of the common shares.  The options, which    expire January 28, 2014, were outstanding at December 31, 2004.  
11
 

**PFF BANCORP, INC.AND SUBSIDIARIES**

**Notes to UnauditedConsolidated Financial Statements**

**(Continued)**

**(5)    Derivative Hedging Activities**

The Company enters into financial derivatives in order to mitigate exposure  to the issuance of its junior subordinated debentures.

On September 30, 2004, we entered into an interest rate swap with a  financial institution in the notional amount of $30.0 million for a period of  five years.  This interest rate swap was transacted concurrent with and  for the purpose of hedging the cash outflows from $30.0 million of variable  rate junior subordinated debentures against increasing interest rates.   This interest rate swap qualifies as a cash flow hedge with changes in the  fair value of the swap recognized in other comprehensive income, net of  taxes.  The terms of the interest rate swap require us to pay a fixed  rate of 6.08 percent and receive three month LIBOR plus 2.20 percent quarterly  on dates which mirror those of the junior subordinated debentures through the  termination of the interest rate swap on November 23, 2009.  We recognize  all derivatives on the balance sheet at fair value based on dealer  quotes.  At December 31, 2005, the interest rate swap had a fair value of  $1.0 million.  For the nine months ended December 31, 2005 the change in  fair value was $213,000, before taxes of $90,000.  The periodic net  settlement of this swap increased (decreased) interest expense by ($24,000)  and $53,000 for the three and nine months ended December 31, 2005.

On September 16, 2005, we entered into an interest rate swap with a  financial institution in the notional amount of $10.0 million for a period of  five years.  The interest rate swap was transacted concurrent with and  for the purpose of hedging the cash outflows from a portion of an additional  $25.0 million of variable rate junior subordinated debentures against  increasing interest rates. This interest rate swap qualifies as a cash flow  hedge with changes in the fair value of the swap recognized in other  comprehensive income, net of taxes.  The terms of the interest rate swap  require us to pay a fixed rate of 5.98 percent and receive three month LIBOR  plus 1.52 percent quarterly on dates which mirror those of the junior  subordinated debentures through the termination of the interest rate swap on  November 23, 2010.  At December 31, 2005, the interest rate swap with a  notional amount of $10.0 million had a fair value of $176,000.  For the  nine months ended December 31, 2005, the change in fair value was $176,000,  before taxes of $74,000.  The periodic net settlement of this swap  increased interest expense by $7,000 and $9,000 for the three and nine months  ended December 31, 2005.

12

**Item 2.  Management's Discussion and Analysis of Financial  Condition and Results of Operations**

**Average Balance Sheets**

The following table sets forth certain information relating to our average  balances of assets, liabilities and equity for the three months ended December  31, 2005 and 2004.  The yields and costs are derived by dividing interest  income or expense by the average balance of interest-earning assets or  interest-bearing liabilities, respectively, for the periods shown.   Average balances are generally derived from average daily balances.  The  yields and costs include fees that are considered adjustments to yields.
 
**Three Months Ended December 31,**
 
**2005**
 
**2004**
 
**Average        Balance**

**Interest**
 
**Average        Yield/        Cost**
 
**Average        Balance**

**Interest**

**Average        Yield/        Cost**

**(Dollars in thousands)**

**Assets:**

  Interest-earning assets:

    Interest-earning deposits and short-term        investments

$                 8,241

$                 108

5.20
%

$    18,037

$         88

1.94
%

    Investment securities, net

62,471
531
3.37
68,036
568
3.31
    Mortgage-backed securities, net

238,453
2,422
4.06
258,611
2,460
3.80
    Loans and leases receivable, net

3,468,485
60,264
6.92
3,437,473
51,118
5.93
    FHLB stock

37,183
428
4.57
48,081
366
3.02
        Total interest-earning        assets

3,814,833
63,753
6.66
3,830,238
54,600
5.68
    Non-interest-earning assets

168,089
117,841
        Total assets

$   3,982,922

$3,948,079
 
**Liabilities and Stockholders' Equity:**

  Deposits:

    Non-interest bearing liabilities

$      304,525

-
0.00%
$   259,819

-
0.00%    Savings accounts
168,835
128
0.30
170,110
129
0.30
    Money market accounts

888,340
5,516
2.46
819,318
3,562
1.72
    NOW accounts

427,616
602
0.56
508,035
855
0.67
    Certificate accounts

1,074,062
9,810
3.62
907,521
6,127
2.68
        Total Deposits

2,863,378
16,056
2.22
2,664,803
10,673
1.59
    FHLB advances and other borrowings

632,569
5,644
3.54
871,267
4,821
2.20
    Junior subordinated debentures

56,702
842
5.94
30,940
476
6.10
        Total interest-bearing        liabilities

3,552,649
22,542
2.52
3,567,010
15,970
1.78
    Non-interest-bearing liabilities

81,204
42,904
        Total liabilities

3,633,853
3,609,914
  Stockholders' equity

349,069
338,165
        Total liabilities and        stockholders' equity

$   3,982,922

$3,948,079

Net interest income

$     41,211

$    38,630

Net interest spread

4.14
3.90
Net interest margin

4.32
4.03
Ratio of interest-earning assets to interest-bearing liabilities

107.38%

107.38%

13

**Average Balance Sheets**

The following table sets forth certain information relating to our average  balances of assets, liabilities and equity for the nine months ended December  31, 2005 and 2004.  The yields and costs are derived by dividing interest  income or expense by the average balance of interest-earning assets or  interest-bearing liabilities, respectively, for the periods shown.   Average balances are generally derived from average daily balances.  The  yields and costs include fees that are considered adjustments to yields.
 
**Nine Ended December 31,**
 
**2005**
 
**2004**
  
**Average        Balance**

**Interest**
 
**Average        Yield/        Cost**
 
**Average        Balance**

**Interest**

**Average        Yield/        Cost**

**(Dollars in thousands)**

**Assets:**

  Interest-earning assets:

           Interest-earning deposits and short-term investments

$
10,303
$               328 

4.23
%

$             11,611

$               143

1.63
%

    Investment securities, net

66,248
1,649
3.30
67,160
1,641
3.24
    Mortgage-backed securities, net

237,429
6,969
3.91
265,809
7,449
3.74
    Loans and leases receivable, net

3,449,687
172,131
6.64
3,286,628
143,454
5.81
    FHLB stock
   
40,352
1,339
4.40
44,865
1,352
4.00
        Total interest-earning        assets
  
3,804,019
182,416
6.38
3,676,073
154,039
5.58
    Non-interest-earning assets
 
151,276
123,660
        Total assets
$
3,955,295
$  3,799,733
 
**Liabilities and Stockholders' Equity:**

  Deposits:

    Non-interest bearing liabilities
$
286,070
-
0.00%
$     239,324

-
0.00%    Savings accounts
172,608
394
0.30
169,756
379
0.30
    Money market accounts

880,967
15,724
2.37
709,985
8,191
1.53
    NOW accounts

453,870
2,033
0.59
535,722
3,001
0.74
    Certificate accounts
  
1,010,141
25,606
3.36
895,247
17,093
2.53
        Total Deposits
 
2,803,656
43,757
2.07
2,550,034
28,664
1.49
    FHLB advances and other borrowings

700,678
16,345
3.10
860,489
12,878
1.99
    Junior subordinated debentures

40,956
1,844
6.00
10,463
481
6.10
        Total interest-bearing        liabilities

3,545,290
61,946
2.32
3,420,986
42,023
1.63
    Non-interest-bearing liabilities
 
65,368
49,375
        Total liabilities

3,610,658
3,470,361
  Stockholders' equity
 
344,637
329,372
        Total liabilities and        stockholders' equity
$
3,955,295
$  3,799,733

Net interest income

$    120,470

$   112,016

Net interest spread

4.06
3.95
Net interest margin

4.22
4.06
Ratio of interest-earning assets to interest-bearing liabilities

107.30%

107.46%

 
14**Rate/Volume Analysis**
The following table presents the extent to which changes in interest rates  and changes in the volume of interest-earning assets and interest-bearing  liabilities have affected our interest income and interest expense during the  periods indicated.  Information is provided in each category with respect  to:  (i) changes attributable to changes in volume (changes in volume  multiplied by prior rate); (ii) changes attributable to changes in rate  (changes in rate multiplied by prior volume); (iii) changes attributable to  changes in rate/volume (change in rate multiplied by change in volume); and  (iv) the net change.

**Three Months Ended December 31, 2005**

**Nine Months Ended December 31, 2005**

**Compared to**

**Compared to**

**Three Months Ended December 31, 2004**

**Nine Months Ended December 31, 2004**
 
**Increase (Decrease)**
 
**Increase (Decrease)**

**Due to**

**Due to**
 
**Volume**
 
**Rate**

**Rate/**

**Volume**
 
 

**Net**
 
 

**Volume**
 
 

**Rate**

**Rate/**

**Volume**
 
 

**Net**

**(In thousands)**

**  Interest-earning assets:**

    Interest-earning deposits and               short-term investments

$      (48
)
                       148

(80)
20
$     (16

)
227
(26)
185
    Investment securities, net

(46)
10
(1)
(37)
(22)
30
-

8
    Mortgage-backed securities, net

(192

)

166
(12

)

(38

)

(799

)

357
(38

)

(480)

    Loans receivable, net

460

8,609
77
 

9,146
7,138

20,519
1,020
 

28,677
    FHLB stock

(82

)

186
(42)
62 
(136)
137
(14)
(13)

        Total interest-earning        assets

92
 
9,119
(58)
9,153 
6,165 
21,270
942 
28,377
**  Interest-bearing liabilities:**

    Savings accounts

(1)
-
-

 

(1)
6
9
-

 

15
    Money market savings accounts

300
1,525
129
1,954
1,973
4,481
1,079
7,533
    NOW and other demand deposit accounts

(135

)

(140)

22
(253
)
(459
)
(601)

92
(968)

    Certificate accounts

1,124
2,162
397
3,683
 

2,194
 

5,600
719
8,513
    FHLB advances and other borrowings

(1,321

)

2,953
(809
)
823
(2,392

)

7,195
(1,336
)
3,467
    Junior subordinated debentures

396
(30)

-
366
1,402
(16)
(23)
1,363
        Total interest-bearing        liabilities

363 
6,470
(261)
6,572 
2,724 
16,668
531 
19,923
        Change in net interest        income

$   (271
)
2,649
203 
2,581 
$   3,441
 
4,602
411 
8,454
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

**Forward-Looking Statements**

"Safe Harbor" statement under the Private Securities Litigation  Reform Act of 1995: This Form 10-Q contains forward-looking statements that  are subject to risks and uncertainties, including, but not limited to, changes  in economic conditions in our market areas, changes in policies by regulatory  agencies, the impact of competitive loan and deposit products, the quality or  composition of our loan or investment portfolios, fluctuations in interest  rates and changes in the relative differences between short and long-term  interest rates, levels of nonperforming assets and operating results, the  impact of domestic or world events on our loan and deposit inflows and  outflows and other risks detailed from time to time in our filings with the  Securities and Exchange Commission. We caution readers not to place undue  reliance on forward-looking statements.  We do not undertake and  specifically disclaim any obligation to revise or update any forward-looking  statements to reflect the occurrence of anticipated or unanticipated events or  circumstances after the date of such statements.  These risks could cause  our actual results for fiscal year 2006 and beyond to differ materially from  those expressed in any forward-looking statements by, or on behalf of, us.

**Critical Accounting Policies**

  Our management has established various accounting policies, which govern the  application of accounting principles generally accepted in the United States  of America in the preparation of our consolidated financial statements.   The significant accounting policies are described in our Annual Report on Form  10-K for the year ended March 31, 2005 and there has not been any material  change in those policies since that date, other than changes discussed in this  report. Certain accounting policies require significant estimates and  assumptions, which have a material impact on the carrying value of certain  assets and liabilities, and these are considered to be critical accounting  policies.  The estimates and assumptions used are based on historical  experience and other factors, which we believe are reasonable under the  circumstances.  Actual results could differ significantly from these  estimates and assumptions which could have a material impact on the carrying  values of assets and liabilities at the balance sheet dates and on the results  of operations for the reporting periods.  The following represents  critical accounting policies that require the most significant estimates and  assumptions that are particularly susceptible to significant change in the  preparation of the consolidated financial statements:
-  Allowance for losses on loans,      leases and foreclosed assets.  For further information, see      "Comparison of Financial Condition at December 31, 2005 and March 31,      2005" in this report and "Item 1 - Business - Lending Activities      - Allowance for Loan and Lease Losses" in our March 31, 2005 Annual      Report on Form 10-K.-  Other-Than-Temporary-Impairment.       For further information, see "Item 1 - Business - Investment      Activities" in our March 31, 2005 Annual Report on Form 10-K and      "Note 2 - New Accounting Pronouncements" under the Notes to      Unaudited Consolidated Financial Statements in this Form 10-Q.
  16  
 

**Comparison  of Operating Results for the Three Months Ended December 31, 2005 and 2004**

**Overview**

The following discussion compares the results of operations for the three  months ended December 31, 2005 with the corresponding period of 2004. This  discussion should be read in conjunction with the consolidated financial  statements and footnotes included therein.

We recorded net earnings of $13.2 million or $0.53 per diluted share for  the three months ended December 31, 2005 compared to net earnings of $9.6  million or $0.38 per diluted share for the comparable period of 2004 (adjusted  for the three-for-two stock split effected in the form of a stock dividend  paid on March 3, 2005 to shareholders of record on February 15, 2005). 
-  Net interest      income rose $2.6 million or 7 percent to $41.2 million for the current      quarter compared to the same quarter of 2004.  On a sequential      quarter basis, net interest income increased $1.5 million or 4      percent.  Net interest margin expanded 29 basis points to 4.32%      between the quarters ended December 31, 2004 and 2005 and was up 14 basis      points on a sequential quarter basis. -  Construction,      commercial business, commercial real estate and consumer loans (the      "Four-Cs") increased $57.0 million during the current quarter to      $1.88 billion or 53 percent of loans and leases receivable, net compared      to $1.66 billion or 49 percent of loans and leases receivable, net, one      year ago.
Our loan    origination focus continues to be on the Four-Cs.  Four-Cs originations    totaled $472.4 million or 81 percent of total originations in the current    quarter, compared to $582.1 million originated or 87 percent of total    originations for the comparable period of the prior year.  The Four-Cs    origination figures include $31.2 million and $38.6 million originated by    DBS during the quarters ended December 31, 2004 and 2005.  At December    31, 2005, DBS has outstanding loans receivable of $76.1 million compared to    $37.8 million one year ago.  The majority of DBS's loans are classified    as construction and land.
-  Average total      deposits increased $34.7 million compared to the quarter ended September      30, 2005 and increased $198.6 million from the quarter ended December 31,      2004.  The average balances of certificates of deposit      ("CDs") and lower cost passbook, money market, NOW and other      demand accounts ("core deposits") increased $166.6 million and      $32.0 million, respectively, between the three months ended December      31,2004 and 2005.
Reflecting a    widening rate differential between CDs and interest bearing liquid accounts    arising from increases in the general level of interest rates, the average    balance of CDs increased $83.8 million during the quarter, while core    deposits decreased $49.1 million.   At December 31, 2005, core    deposits totaled $1.74 billion or 60 percent of total deposits, compared to    $1.78 billion or 65 percent of total deposits at March 31, 2005 and $1.78    billion or 66 percent of total deposits one year ago. The average balance of    non-interest-bearing demand deposits increased $18.9 million during the    current quarter to $304.5 million or 11 percent of total deposits at    December 31, 2005, and is up $44.7 million or 17 percent from the comparable    quarter of the prior year.

Deposits, particularly core deposits, provide a more preferable source of  funding than do FHLB advances and other borrowings. However, as and to the  extent competitive or market factors do not allow us to meet our funding needs  with deposits, FHLB advances and other borrowings provide a readily available  source of liquidity.  At December 31, 2005, FHLB advances and other  borrowings increased to $728.9 million or 20 percent of total liabilities from  $620.0 million or 17 percent of total liabilities at September 30, 2005.

Asset quality remained strong with non-accrual loans declining to $1.6  million or 0.04 percent of gross loans and leases at December 31, 2005  compared to $12.2 million or 0.30 percent of gross loans and leases at March  31, 2005 and $13.1 million or 0.33 percent of gross loans and leases at  December 31, 2004.  The distribution of the non-accrual loan balance of  $1.6 million as of December 31, 2005 by loan type is $804,000 single-family,  $577,000 commercial and $188,000 consumer.

17

During the quarter ended December 31, 2005, we were successful in having a  receiver appointed to oversee the completion of a 20 home development in  Murrieta, California on which we had a loan of $10.3 million and a specific  valuation allowance of $2.1 million.  Fifteen of the twenty homes were  pre-sold ("Buyer's Group") prior to the commencement of initial  construction and remain in that status.  Difficulties encountered between  the original equity provider, developer and contractor resulted in long delays  and the problems were compounded when mold was discovered in the uncompleted  units.  The Bank has advanced $250,000 to the receiver to date for  upfront costs.  PFF and the Buyer's Group have agreed to a sharing of  completion costs with 50% to be paid by each (pro data).  This loan had  been on non-accrual status since July 2002 when a dispute arose between the  developer and the third party equity provider.  Upon appointment of the  receiver, the $2.1 million specific valuation allowance was charged-off and  the resulting $8.2 million net loan balance was transferred to assets acquired  through foreclosure, net.  This transfer to assets acquired through  foreclosure reduced our ratio of non-performing loans to gross loans and  leases by 24 basis points, based on December 31, 2005 balances.  At  December 31, 2005, that ratio is 0.04 percent compared to 0.30 percent at  March 31, 2005.  We expect the project will be completed during calendar  2006 at no additional loss to the Company.   

We repurchased 173,930 shares of our common stock at a weighted-average  price of $30.71 per share during the current quarter, bringing fiscal  year-to-date repurchases to 783,960 shares at a weighted average price of  $29.79 per share.  At December 31, 2005, 954,310 shares remain under a  1.0 million share repurchase authorization adopted by our Board of Directors  on October 26, 2005.  As of December 31, 2005 and March 31, 2005, our  treasury stock was comprised of 150,100 shares and 126,200 shares of our  common stock, respectively. During the quarter ended December 31, 2005, we  retired 74,230 shares of our common stock that had been primarily repurchased  during the quarter ended December 31, 2005 and held as treasury stock.

At December 31, 2005, our consolidated capital to assets ratio was  8.64%.  The Bank's core and total risk-based capital ratios were 8.43%  and 11.28%, respectively, compared to 5.00% and 10.00%, respectively, needed  to be considered "Well Capitalized."  Our internal target  floors for the Bank's core and total risk-based capital ratios are 7.75% and  11%, respectively.

**Net Interest Income**

Net interest income is the difference between interest and dividends earned  on loans and leases, mortgage-backed and other investment securities  (collectively, "securities") and other interest-earning investments  ("interest-earnings assets") and the interest paid on deposits and  borrowings ("interest-bearing liabilities"). The spread between the  yield on interest-earning assets and the cost of interest-bearing liabilities  and the relative dollar amounts of these assets and liabilities are the  principle items affecting net interest income.

Our net interest income totaled $41.2 million for the current quarter, up 7  percent or $2.6 million from $38.7 million for the quarter ended December 31,  2004.  The increase was primarily attributable to an increase in the net  interest spread by 24 basis points to 4.14% for the current quarter from 3.90%  for the quarter ended December 31, 2004.  Average interest-earning assets  decreased $15.4 million between the quarters ended December 31, 2004 and  2005.  The average balance of loans and leases receivable, net increased  $31.0 million.  The average balance of the Four-Cs increased $146.9  million or 9 percent between the quarters ended December 31, 2004 and 2005.

Reflecting the higher interest rate environment and the sensitivity of our  loan and lease portfolio to changes in rates, the average yield on loans and  leases receivable, net, increased 99 basis points to 6.92% for the quarter  ended December 31, 2005 as compared to the quarter ended December 31,  2004.  Loan and lease principal repayments totaled $605.3 million for the  quarter ended December 31, 2005 compared to $660.7 million for the comparable  period of 2004.  Expressed as an annualized percentage of average loans  and leases receivable, net, this represented 70  percent of the portfolio compared to 77 percent for the quarter ended December  31, 2004.  Premium amortization, net of discount accretion on the loan  and lease portfolio for the quarters ended December 31, 2004 and 2005 was  $342,000 and $253,000, respectively.  Amortization of loan origination  fees, net of direct costs of origination was $3.5 million for the quarter  ended December 31, 2005 compared to $3.6 million for the comparable period of  2004.  For the quarter ended December 31, 2005, this fee amortization  increased yield on average loans receivable, net, and yield on average  interest-earning assets by 40 basis points and 37 basis points, respectively,  compared to 42 basis points and 37 basis points for the comparable period of  2004.

18

Our average cost of interest-bearing liabilities increased 74 basis points  to 2.52% between the quarters ended December 31, 2004 and 2005.  Our  average cost of deposits rose 63 basis points between the quarter ended  December 31, 2004 and 2005 while our average cost of FHLB advances, other  borrowings and junior subordinated debentures rose 141 basis points. The  increase in our average cost of interest-bearing liabilities was partially  mitigated by the continued growth and increasing utilization of deposits as  our principal and preferable source of funding.  The average balance of  our deposit portfolio increased $198.6 million or 7 percent to $2.86 billion  or 81 percent of our average interest-bearing liabilities compared to 75  percent of our average interest-bearing liabilities for the comparable period  of 2004.  During the quarter ended December 31, 2005, we capitalized  $48,000 of interest expense associated with our $10.2 million administrative  facility we are developing in Rancho Cucamonga, California.  This  interest capitalization had less than 1 basis point effect on the average cost  of interest-bearing liabilities for the quarter ended December 31, 2005.   We expect to capitalize a similar amount of interest expense each quarter  through June 30, 2006.

**Provision for Loan and Lease Losses**

We recorded a $1.9 million provision for loan and lease losses for the  current quarter compared to $1.0 million for the comparable period of  2004.  At December 31, 2005, the allowance for loan and lease losses was  $33.8 million or 0.80% of gross loans and leases and 2,157% of non-accrual  loans compared to $33.3 million or 0.83% of gross loans and leases and 273% of  non-accrual loans at March 31, 2005. The $2.1 million charge-off on the  Murrieta development loan discussed above represented 5 basis points of gross  loans and leases.  Annualized net charge-offs to average loans and leases  receivable, net, were 0.29 percent for the current quarter, 0.24 percent of  which was represented by the $2.1 million charge-off.  We will continue  to monitor and modify the allowance for loan and lease losses based upon  economic conditions, loss experience, changes in portfolio composition, and  other factors.

**Non-Interest Income**

Total non-interest income increased $1.5 million or 25 percent to $7.3  million between the quarters ended December 31, 2005 and 2004. 

*Deposit and Related Fees*

Deposit and related fees increased 25 percent or $650,000 to $3.3 million  for the current quarter. This increase reflects the continued growth in our  core deposit transaction accounts and the fee income opportunities associated  with those accounts.  At December 31, 2005, we have approximately 69,200  transaction accounts compared to approximately 67,200 transaction accounts at  December 31, 2004.  The $650,000 increase is comprised principally of the  following:
- Monthly service charges and overdraft fees increased $521,000 to $1.8      million for the current quarter.
- Automated Teller Machine ("ATM") fees increased $79,000 to      $970,000 for the current quarter.

*Loan and Servicing Fees*

Loan and servicing fees rose 37 percent or $673,000 between the quarters  ended December 31, 2005 and 2004 to $2.5 million.  The $673,000 increase  is comprised principally of the following:
- Amortization of extension fees on construction loans increased $417,000      to $1.1 million for the current quarter.
- Loan prepayment fees increased $253,000 to $684,000 for the current      quarter.

At December 31, 2005, our mortgage servicing rights asset was $294,000.

*Trust, Investment and Insurance Fees*

Trust, investment and insurance fees increased $113,000 or 11 percent to  $1.2 million for the quarter ended December 31, 2005. This reflects an  increase in market value of trust and investment assets under management or  advisory by Glencrest and the Bank's trust department to $603.7 million at  December 31, 2005, compared to $422.4 million at December 31, 2004.   These assets under management or advisory include $451.1 million

19

managed or advised by Glencrest at December 31, 2005 compared to $255.2  million at December 31, 2004.  The average annual fee per dollar of  assets managed or advised by Glencrest and the Bank's trust department was  approximately 54 basis points for the quarter ended December 31, 2005 compared  to 74 basis points for the comparable period of 2004.

*Gain on Sale of Loans*

Our community banking business strategy does not include aggressively  pursuing the origination of loans for sale. Accordingly, the principal  balances of loans sold during the quarters ended December 31, 2005 and 2004  were $3.5 million and $8.7 million, respectively.  This activity  generated net gain on sales of $31,000 and $136,000 for the quarters ended  December 31, 2005 and 2004, respectively. 

*Gain on Sale of Securities*

We generally follow a "buy and hold" strategy with respect to our  securities portfolio.  While 98 percent of our securities portfolio is  classified as "available for sale", our securities sales activity  has been and is expected to continue to be infrequent.

**Non-Interest Expense**

Non-interest expense decreased $1.1 million to $23.5 million for the  quarter ended December 31, 2005 as compared to the same period last  year.  General and administrative ("G&A") expense decreased  $1.0 million or 4 percent between the quarters ended December 31, 2005 and  2004 to $23.5 million.  Employee Stock Ownership Plan ("ESOP")  expense was $747,000 for the current quarter compared to $2.8 million, for the  comparable quarter of 2004, reflecting a reduction in the number of shares  amortized from 95,771 for the quarter ended December 31, 2004 to 25,658 for  the current quarter.  Excluding the reduction in ESOP expense, total  G&A expense increased $1.0 million or 5 percent between the quarters ended  December 31, 2004 and 2005.  The non-cash charge associated with our  Supplemental Executive Retirement Plan ("SERP") was $101,000 for the  quarter ended December 31, 2005, compared to $854,000 for the quarter ended  December 31, 2004.  SERP expense or credit is a function of the change in  the average market price of our common stock during the period.  Our SERP  serves only to deliver benefits that would otherwise be reduced below the  level available to all other employees of the Company because of salary  limitations imposed by law on our "qualified" benefit plans (e.g.  ESOP and 401k). 

The ratio of G&A expense to average assets improved  to 2.36%, on an annualized basis for the quarter ended December 31, 2005  compared to 2.48% for the comparable period of 2004.  Our efficiency  ratio improved to 48.46% for the current quarter compared to 55.17% for the  comparable period of 2004. 

**Income Taxes**

Our effective income tax rate decreased from 49.3 percent for the quarter  ended December 31, 2004 to 43.0 percent for the current quarter.  The  reduction in our effective tax rate was attributable principally to the  reduction in ESOP expense, a significant portion of which is non-deductible  for income tax purposes. 

**Comparison of Operating Results for the Nine Months Ended December  31, 2005 and 2004**

**Overview**

The following discussion compares the results of operations for the nine  months ended December 31, 2005 with the corresponding period of 2004. This  discussion should be read in conjunction with the consolidated financial  statements and footnotes included herein.

We recorded net earnings of $38.9 million or $1.56 per diluted share for  the nine months ended December 31, 2005 compared to net earnings of $33.6  million or $1.33 per diluted share for the comparable period of 2004 (adjusted  for the three-for-two stock split effected in the form of a stock dividend  paid on March 3, 2005 to shareholders of record on February 15, 2005).   Excluding gains on sales of securities of $923,000 and $4.8 million during the  nine months ended December 31, 2005 and 2004, respectively, earnings before  income taxes increased $10.3 million or 18 percent to $68.7 million for the  nine months ended December 31, 2005, compared to $58.5 million for the  comparable period of the prior year.

20  
**Net Interest Income**

Our net interest income totaled $120.5 million for the nine months ended  December 31, 2005, up 8 percent or $8.5 million from $112.0 million for the  comparable period of 2004.  Average interest-earning assets increased  $127.9 million or 3 percent between the nine months ended December 31, 2004  and 2005 and net interest spread increased 11 basis points to 4.06% for the  nine months ended December 31, 2005 from 3.95% for the same period of  2004.  The average balance of loans and leases receivable, net increased  $163.1 million between the nine months ended December 31, 2004 and 2005.   The average balance of the Four-Cs increased $213.3 million or 14 percent  between the nine months ended December 31, 2004 and 2005.

Reflecting the higher interest rate environment and the sensitivity of our  loan portfolio to changes in rates, the average yield on loans and leases  receivable, net increased 83 basis points between the nine months ended  December 31, 2004 and 2005 to 6.64%.  Loan and lease principal repayments  totaled $1.85 billion for the nine months ended December 31, 2005 compared to  $1.86 billion for the comparable period of 2004.  Expressed as an  annualized percentage of average loans and leases receivable, net, this  represented 72 percent and 75 percent of the portfolio for the nine months  ended December 31, 2005 and 2004.  Premium amortization, net of discount  accretion on the loan and lease portfolio for the nine months ended December  31, 2005 was $1.1 million compared to $2.3 million for the comparable period  of 2004.  Amortization of loan origination fees, net of direct costs of  origination was $10.7 million for the nine months ended December 31, 2005  compared to $10.0 million for the comparable period of 2004.  For the  nine months ended December 31, 2005, this fee amortization increased yield on  average loans receivable, net, and interest earning assets by 42 basis points  and 38 basis points, respectively, compared to 40 basis points and 36 basis  points for the comparable period of 2004.

Our average cost of interest-bearing liabilities increased 69 basis points  to 2.32% between the nine months ended December 31, 2004 and 2005.  Our  average cost of deposits rose 58 basis points, while our average cost of FHLB  advances, other borrowings and junior subordinated debentures rose 122 basis  points.  The increase in our average cost of interest-bearing liabilities  was partially mitigated by the continued growth and increasing utilization of  deposits as our principal and preferable source of funding.  The average  balance of total deposits increased $253.6 million or 10 percent to $2.80  billion or 79 percent of average interest-bearing liabilities compared to 75  percent of average interest-bearing liabilities for the comparable period of  2004.  The average balances of total core and non-interest bearing  deposits increased $92.0 million and $46.7 million, respectively, between the  nine months ended December 31, 2004 and 2005.

The $118,000 of interest capitalized on our administrative facility  discussed above had a less than 1 basis point effect on the average cost of  interest-bearing liabilities during the nine months ended December 31, 2005.

**Provision for Loan and Lease Losses**

We recorded a $3.1 million provision for loan and lease losses for the nine  months ended December 31, 2005 compared to $2.7 million for the comparable  period of 2004.  The increase in provision for loan and lease losses  between the nine- month periods was primarily attributable to an increase in  construction and land loans.  We will continue to monitor and modify the  allowance for loan and lease losses based upon economic conditions, loss  experience, changes in portfolio composition, and other factors.

**Non-Interest Income**

Our total non-interest income was $21.8 million and $21.7 million for the  nine months ended December 31, 2005 and 2004, respectively.  The increase  was attributable to a $1.8 million increase in deposit and related fees and a  $2.2 million increase in loan and servicing fees, partially offset by a $3.8  million reduction in gain on sales of securities.

21

*Deposit and Related Fees*

Deposit and related fees totaled $9.7 million for the nine months ended  December 31, 2005, up $1.8 million or 23 percent from the comparable nine  months in 2004. This increase reflects the continued growth in our transaction  accounts.  The $1.8 million increase is principally comprised of the  following:
- Monthly service charges and overdraft fees increased $1.4 million to      $5.4 million for the nine months ended December 31, 2005.
- ATM fees increased $236,000 to $2.8 million for the nine months ended      December 31, 2005.

*Loan and Servicing Fees*

Loan and servicing fees rose $2.2 million or 45 percent between the nine  months ended December 31, 2005 and 2004 to $7.0 million.  The $2.2  million increase is comprised principally of the following items:
- Amortization of extension fees on construction loans increased $1.7      million to $3.1 million for the nine months ended December 31, 2005.
- Loan prepayment fees increased $732,000 to $1.8 million for the nine      months ended December 31, 2005.

*Trust, Investment and Insurance Fees*

Trust, investment and insurance fees were relatively flat at $3.3 million  for the nine months ended December 31, 2005 and 2004.

*Gain on Sale of Loans*

The net gain on sale of loans was $134,000 on $12.7 million of principal  sold for the nine months ended December 31, 2005 compared to a net gain of  $260,000 on $26.0 million of principal sold for the same period last year.

*Gain on Sale of Securities*

Securities with a cost basis aggregating $392,500 and $3.2 million were  sold during the nine months ended December 31, 2005 and 2004, respectively,  generating gains on sales of $923,000 and $4.8 million, respectively.   The gain on sales for the nine months ended December 31, 2004 and 2005  consisted entirely of an investment in a single equity security and a hedge  fund investment, the entire balances of which were sold prior to December 31,  2005.

**Non-Interest Expense**

Non-interest expense increased $1.8 million to $69.6 million for the nine  months ended December 31, 2005 as compared to the same period last year.   G&A expense increased $1.8 million or 3 percent between the nine months  ended December 31, 2005 and 2004 to $69.6 million.  Compensation and  benefits expense accounted for approximately 47 percent of the increase in  total G&A.  ESOP expense was $2.3 million for the nine months ended  December 31, 2005, compared to $7.5 million for the comparable quarter of  2004, reflecting a reduction in the number of shares amortized for the nine  months ended December 31, 2005, as compared to the same period last  year.  The non-cash charge associated with our SERP was $553,000 for the  nine months ended December 31, 2005, compared to $907,000 for the comparable  period in 2004.

The ratio of G&A expense to average assets improved to 2.34%, on an  annualized basis for the nine months ended December 31, 2005 compared to 2.38%  for the comparable period of 2004.  Our efficiency ratio was 48.88% for  the nine months ended December 31, 2005 compared to 50.66% for the comparable  period of 2004.  Excluding gains on sales of securities, our efficiency  ratios would have been 49.20% and 52.53% for the nine months ended December  31, 2005 and 2004, respectively.

22

**Income Taxes**

Our effective tax rates were 44.2 percent and 46.9 percent, respectively,  for the nine months ended December 31, 2005 and 2004.  The reduction in  our effective tax rate was attributable principally to the reduction in ESOP  expense, a significant portion of which is non-deductible for income tax  purposes. 

**Comparison of Financial Condition at December 31, 2005 and March 31,  2005**

Total assets were $4.06 billion at December 31, 2005 compared to $3.91  billion at March 31, 2005.  Loans and leases receivable, net, totaled  $3.53 billion at December 31, 2005, a $100.4 million increase from $3.43  billion at March 31, 2005.  The balance of the Four-Cs increased $167.5  million or 10 percent from $1.71 billion at March 31, 2005 to $1.88 billion at  December 31, 2005.  These loan balances are shown net of undisbursed  construction loan funds of $641.3 million and $554.5 million at December 31  and March 31, 2005, respectively.  These undisbursed balances represent  funds that will be disbursed and begin earning interest as construction  progresses on projects.

At December 31, 2005, the allowance for loan and lease losses was $33.8  million or 0.80% of gross loans and leases and 2,157% of non-accrual loans  compared to $33.3 million or 0.83% of gross loans and leases and 273% of  non-accrual loans at March 31, 2005.  The charge-off of the $2.1 million  in connection with the transfer of our Murrieta construction loan to assets  acquired through foreclosure, net, reduced the ratio of allowance for loan and  lease losses to gross loans and leases by 5 basis points based on December 31,  2005 balances contributing to a reduction in that ratio from 0.82% at  September 30, 2005 to 0.80% at December 31, 2005.  Assets classified  "Substandard" and "Doubtful" under our Internal Asset  Review ("IAR") system were $23.2 million and none, respectively at  December 31, 2005 compared to $27.0 million and none, respectively at March  31, 2005.  The $23.2 million primarily consists of 27 commercial business  loans totaling $13.4 million, four single-family loans totaling $804,000, a  commercial real estate loan of $452,000, and the Murrieta asset acquired  through foreclosure of $8.2 million.

The allowance for loan and lease losses is maintained at an amount  management considers adequate to cover probable losses on loans and leases  receivable. The determination of the adequacy of the allowance for loan and  lease losses is influenced to a significant degree by the evaluation of the  loan and lease portfolio by our IAR function.  The IAR system is designed  to identify problem loans and leases and probable losses.  As the  percentage of our loan and lease portfolio comprised by the Four-Cs has  increased, the IAR function has become increasingly important not only for the  timely and accurate identification of probable losses, but also to minimize  our exposure to such losses through early intervention.  Among the  factors taken into account by the IAR function in identifying probable losses  and determining the adequacy of the allowance for loan and lease losses are  the nature, level and severity of classified assets, historical loss  experience adjusted for current economic conditions, and composition of the  loan and lease portfolio by type.  In addition, various regulatory  agencies, as an integral part of their examination process, periodically  review the Bank's allowance for loan and lease losses.  Such agencies may  require the Bank to make additional provisions for loan and lease losses based  upon information available at the time of the review.  We will continue  to monitor and modify our allowance for loan and lease losses as economic  conditions, loss experience, changes in asset quality, portfolio composition  and other factors dictate.

The following table sets forth activity in our allowance for loan and  leases losses.

**Three Months Ended**
**Nine Months Ended**
**December 31,**
**December 31,**
**2005**
**2004**
**2005**
**2004**
**(Dollars in thousands)**Beginning balance
$
34,482
$
31,887
$
33,302
$
30,819Provision for loan losses
1,875
1,030
3,095
2,694Charge-offs
(2,553        )
(268
)
(2,721
)
(992
)Recoveries
35
68
163
196Ending balance
$
33,839 
$
32,717 
$
33,839 
$
32,717 
23

The charge-offs of $2.7 million for the nine months ended December 31, 2005  includes $2.1 million applicable to the construction loan moved to assets  acquired through foreclosure.  The charge-offs of $992,000 for the nine  months ended December 31, 2004 included $510,000 related to commercial  business loans and $482,000 related to consumer loans.

Total liabilities increased $138.0 million to $3.71 billion at December 31,  2005 from $3.57 billion at March 31, 2005. Deposits increased $149.9 million  or 5 percent to $2.89 billion or 78 percent of total liabilities at December  31, 2005 compared to $2.74 billion or 77 percent of total liabilities at March  31, 2005.  Since March 31, 2005, we have opened three new full service  branches in Rancho Cucamonga, Riverside and Mira Loma, California bringing our  total to 30 branches.  Reflecting a widening rate differential between  certificate accounts and interest-bearing liquid accounts arising from  increases in the general level of interest rates, core deposits decreased  $40.4 million while certificates of deposits increased $190.3 million during  the past nine months.  Non-interest bearing demand deposits increased  $65.3 million or 23 percent during the past nine months to $346.6 million or  12 percent of total deposits at December 31, 2005.  The three branches  opened during the past nine months have been open an average of approximately  7 months and have aggregate total deposits of $35.7 million as of December 31,  2005.

Total stockholders' equity increased $14.3 million to $351.2 million at  December 31, 2005 compared to $336.9 million at March 31, 2005. The increase  in total stockholders' equity was comprised principally of a $7.9 million  increase in additional paid-in-capital and a $8.3 million increase in retained  earnings, substantially restricted, partially offset by a $1.4 million  increase in unearned stock based compensation and $454,000 increase in  accumulated other comprehensive losses. 

The $7.9 million increase in additional paid-in-capital reflects the  following:
- A net increase of $9.3 million attributable to the exercise of 259,697      stock options, along with the associated tax benefit and the amortization      of shares under our stock-based compensation plans,
- An increase of $2.3 million attributable to the issuance of 81,000      shares related to the 2004 Equity Incentive Plan,
- A decrease of $3.7 million representing the original issuance price of      783,960 shares of our common stock repurchased during the nine months      ended December 31, 2005. 

The $1.4 million net increase in unearned stock-based compensation is  comprised of a $1.8 million increase related to the unearned portion of stock  issued under the 2004 Equity Incentive Plan and a reduction of $352,000  related to amortization under the Company's stock based compensation plans.

The $8.3 million increase in retained earnings, substantially restricted,  is comprised of:
- An increase of $38.9 million representing net earnings for the nine      months ended December 31, 2005,
- A decrease of $19.6 million representing amounts paid in excess of the      original issuance price for 783,960 shares of our common stock repurchased      during the period; and
- A decrease of $11.0 million representing quarterly cash dividends of      $0.15 per common share paid on June 24, September 30 and December 28, 2005      to shareholders of record as of June 10, September 10 and December 15,      2005.

**Liquidity and Capital Resources**

The objective of liquidity management is to ensure that we have the  continuing ability to meet our funding needs on a cost-effective basis.   Our most liquid assets are cash and short-term investments.  The levels  of these assets are dependent on our operating, financing, lending and  investing activities during any given period. 

Our primary sources of funds are deposits, principal and interest payments  on loans, leases and securities, FHLB advances and other borrowings, and to a  lesser extent, proceeds from the sale of loans and securities.  While  maturities and scheduled amortization of loans, leases and securities are  predictable sources of funds, deposit flows and loan and security prepayments  are greatly influenced by the general level of interest rates, economic  conditions and competition.

24

The Office of Thrift Supervision has no statutory liquidity requirement,  but rather a policy, consistent with that of the other Federal banking  regulatory agencies, that liquidity be maintained at a level which provides  for safe and sound banking practices and financial flexibility.  Our  internal policy is to seek to maintain at approximately three percent the  ratio of cash and readily marketable debt securities with final maturities of  one year or less to total deposits, FHLB advances and other borrowings  maturing within one year (our "defined liquidity ratio").  In  determining the adequacy of liquidity and borrowing capacity, we also consider  large customer deposit concentrations, particularly with respect to core  deposits, which provide immediate withdrawal opportunity.  At  December 31, 2005, our largest core deposit relationship was $28.6 million and  our ten largest core deposit relationships aggregated $125.1 million.    At December 31, 2005, our defined liquidity ratio was 3.12% and our average  defined liquidity ratio for the quarter ended December 31, 2005 was  3.33%.  At December 31, 2005, cash and short-term investments totaled  $77.9 million.  As an additional component of liquidity management, we  seek to maintain sufficient mortgage loan and securities collateral at the  FHLB to enable us to immediately borrow an amount equal to at least five  percent of the Bank's total assets.  At December 31, 2005, our immediate  borrowing capacity from the FHLB was $333.7 million or 8 percent of the Bank's  total assets. Additionally, we have the capability to borrow funds from the  Federal Reserve Bank discount window.  As of December 31, 2005, our  borrowing capacity at the Federal Reserve Bank was approximately $16.9  million.  We also have $11.1 million of immediate borrowing capacity at  December 31, 2005, under commercial lines of credit at the Bancorp and DBS  aggregating $25.0 million.

Our strategy is to manage liquidity by investing excess cash flows in  higher yielding interest-earning assets, such as loans, leases and securities,  or paying down FHLB advances and other borrowings, depending on market  conditions.  Conversely, if the need for funds is not met through  deposits and cash flows from loans, leases and securities, we initiate FHLB  advances and other borrowings or, if necessary and of economic benefit, sell  loans and/or securities.  Only when no other alternatives exist will we  constrain loan and lease originations as a means of addressing a liquidity  shortfall.  We have not found it necessary to constrain loan and lease  originations due to liquidity considerations.

Our cash flows are comprised of three primary classifications: cash flows  from operating activities, investing activities and financing activities.

Net cash provided by operating activities was $63.8 million and $25.3  million for the nine months ended December 31, 2005 and 2004,  respectively.  The increase in net cash provided by operating activities  is primarily due to an increase in net earnings between the nine months ended  December 31, 2004 and 2005, an increase in net deferred loan fees collected on  loan originations, a net increase in interest payable, a decrease in income  tax receivable, and an increase of assets acquired through foreclosure.

Investing activities consist primarily of disbursements for loan and lease  originations, purchases of loans, leases and securities, offset by principal  collections on loans, leases and securities and to a lesser degree proceeds  from the sale of securities. The levels of cash flows from investing  activities are influenced by the general level of interest rates. 

Net cash used in investing activities was $136.9 million for the nine  months ended December 31, 2005 compared to $218.4 million for the comparable  period of the prior year.  The decrease in net cash used in investing  activities during the nine months ended December 31, 2005 was attributable  principally to a decrease in purchases of loans held-for-investment.  The  generally lower yields on loans available for purchase as compared to internal  originations along with the importance to us of having a customer relationship  associated with the loans in our portfolio has prompted us to deemphasize loan  purchases in favor of internal originations.  This strategic focus is  also reflected in the increase in loan and lease originations.  The  increase in purchases of property and equipment was primarily related to a  $10.0 million purchase of a commercial office building in Rancho Cucamonga,  California to be used for consolidating our administrative functions.   The net book value of that administrative building, land and capitalized costs  is $10.4 million at December 31, 2005.

Cash flows provided by financing activities were $106.1 million for the  nine months ended December 31, 2005 compared to $178.6 million for the  comparable period of the prior year.  Financing activities consist  primarily of net activity in deposit accounts and FHLB advances and other  borrowings. Our net increases in deposits were $149.9 million and $249.6  million for the nine months ended December 31, 2005 and 2004,  respectively.  During the nine months ended December 31, 2005, we were  able to decrease our use of FHLB advances and other borrowings by a net $40.5  million compared to a net decrease of $95.4 million for the comparable period  of 2004.

25

At December 31, 2005, the Bank exceeded all of its regulatory capital  requirements with tangible capital of $335.0 million, or 8.43% of adjusted  total assets, which is above the required level of $59.6 million, or 1.5%;  core capital of $335.0 million, or 8.43% of adjusted total assets, which is  above the required level of $159.0 million, or 4.0%; and total risk-based  capital of $367.0 million, or 11.28% of risk-weighted assets, which is above  the required level of $260.3 million, or 8.0%.

We currently have no material contractual obligations or commitments for  capital expenditures. At December 31, 2005, we had outstanding commitments to  originate and purchase loans of $286.0 million and $10.4 million,  respectively, compared to $167.8 million and none, respectively, at December  31, 2004.  Standby letters of credit are conditional commitments we issue  to guarantee the performance of a customer to a third party.  At December  31, 2005 and 2004, we had standby letters of credit of $40.8 million and $22.5  million, respectively.  We anticipate that we will have sufficient funds  available to meet our commitments. Certificate accounts that are scheduled to  mature in less than one year from December 31, 2005 totaled $884.4  million.  We expect that we will retain a substantial portion of the  funds from maturing certificates of deposit ("CDs") at maturity  either in certificate or liquid accounts. The low interest rate environment  through the early stages of fiscal 2005 resulted in a reduction in the  differential between CDs and more liquid instruments such as money market  accounts. Accordingly, a portion of our maturing CDs were reinvested by  customers into more liquid accounts until such time as the rate differential  between CDs and liquid accounts increased.  Increases in interest rates  over the past year have eliminated this rate differential.  As a result,  we have begun seeing and expect to continue to experience some shift of  deposits back into CDs from liquid accounts. While we believe this change in  customer preference will create an additional upward bias to our cost of  deposits, we also believe that our continued growth in non-interest bearing  and lower cost core deposits should mitigate some of the earnings pressure  that will arise from the migration of interest-bearing core deposits into CDs.

**Segment Reporting**

Through our branch network, lending operations and investment advisory  offices, we provide a broad range of financial services to individuals and  companies located primarily in Southern California.  These services  include demand, time, and savings deposits; real estate, business and consumer  lending; cash management; trust services; investment advisory services and  diversified financial services for homebuilders.  While our chief  decision makers monitor the revenue streams of our various products and  services, operations are managed and financial performance is evaluated on a  company-wide basis.  Accordingly, we consider all of our operations are  aggregated in one reportable operating segment.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

We believe there have been no significant changes to our qualitative and  quantitative disclosures of market risk (consisting primarily of interest rate  risk) during the nine months ended December 31, 2005.

**Item 4. Controls and Procedures**

Our management, including our Chief Executive Officer and Chief Financial  Officer, has evaluated the effectiveness of our disclosure controls and  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d - 15(e)) as of  the end of the period covered by this report.  Based upon that  evaluation, the Chief Executive Officer and Chief Financial Officer concluded  that our disclosure controls and procedures are effective, as of December 31,  2005, to ensure that information relating to us, which is required to be  disclosed in the reports we file with the Securities and Exchange Commission  under the Exchange Act, is (i) recorded, processed, summarized and reported as  and when required and (ii) accumulated and communicated to our management,  including our principal executive officer and principal financial officer, as  appropriate to allow timely decisions regarding required disclosures.

There has been no change in our internal control over financial reporting  identified in connection with the evaluation that occurred during our last  fiscal quarter that has materially affected, or that is reasonably likely to  materially affect, our internal control over financial reporting.

26

 

**PART II -- OTHER INFORMATION**

**PFF BANCORP, INC. AND SUBSIDIARIES**
 **Item 1.****Legal Proceedings.**Other than ordinary routine litigation        incidental to our business, neither we, nor any of our subsidiaries or        any of their properties, are the subject of any material pending legal        proceeding and, to the best of our knowledge, no such proceedings are        contemplated by any governmental authorities.
   
**Item 2.****Unregistered Sales of Equity Securities        and Use of Proceeds.**

This table provides certain        information with respect to our purchases of common stock during        the  quarter ended December 31, 2005.
 

**Common Stock Repurchased**

 

**Period**

**Total**

**Number of        Shares**

**Purchased        (2)**

**Average**

**Price**

**Paid Per        Share**

**Total Shares Purchased Under Repurchase Program**

**Total        Shares Remaining**

**Under        Repurchase Program (1) (3)**

October 1, 2005 through October 31, 2005

-

$

-

-

1,128,240

November 1, 2005 through November 30, 2005

23,830

$

29.94

23,830

1,104,410

December 1, 2005 through December 31, 2005

150,100

$

30.84

150,100

954,310

 

 

 

 

 

 

(1)  On    January 26, 2005, our Board of Directors authorized the repurchase of    1,200,000 shares (adjusted  for the three-for-two stock split effected    in the form of a stock dividend paid on March 3, 2005 to shareholders of    record on February 15, 2005).  During the quarter ended December 31,    2005, we repurchased 128,240 shares under that program. At October 1, 2005,    128,240 shares remained under that program.  On October 26, 2005 the    Company's Board of Directors authorized the addition of 1.0 million shares    to the 128,240 shares remaining under previous repurchase authorizations.

(2)  During    quarter ended December 31, 2005 and 2004, we repurchased 173,930 and none of    our common shares, respectively, at weighted average prices of $30.71.    
(3)  At    December 31, 2005, the maximum amount of our common shares that can be    repurchased was 954,310 shares.    
 

**Item 3.**

**Defaults Upon Senior        Securities.**

None
 **Item 4.****Submission of Matters to a Vote of Security Holders.**None** ****Item 5.****Other Information.**None 
 
**Item 6.****Exhibits**
31.1Rule 13a-14(a)/15d-14(a) Certifications
32.1
Section 1350 Certifications

 

27

**PFF BANCORP, INC. AND SUBSIDIARIES        SIGNATURES**
  
Pursuant to the requirements of the Securities Exchange Act of 1934,        the Registrant has duly caused this report to be signed on its behalf by        the undersigned, thereunto duly authorized.
 
PFF BANCORP, INC.
 
DATED: February 9, 2006

BY: /s/ LARRY M. RINEHART

Larry M. Rinehart        Chief Executive Officer        and Director
  
DATED: February 9, 2006

BY: /s/ GREGORY C. TALBOTT

Gregory C. Talbott

Executive Vice President,        Chief        Financial Officer and Treasurer

 

 

 

 

28 |