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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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|  

For the          quarterly period ended June 30, 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 an accelerated filer          (as defined in rule 12b-2 of the Exchange Act).

Yes               X       No                     .
 
           The          registrant had 24,581,645 shares of common stock, par value $.01 per          share, outstanding as of July 31, 2005.
****
**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 June 30, 2005 and

March 31, 2005

 

1

 

 

Consolidated Statements of          Earnings for the three months ended

June 30, 2005 and 2004

2

 

 

Consolidated Statements of          Comprehensive Earnings for the three months ended June 30, 2005 and          20043
 

 

Consolidated Statement of          Stockholders' Equity

for the three months ended          June 30, 2005

4

 

 

Consolidated Statements of          Cash Flows for the

three months ended June 30,          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

11

 

 

Item 3

Quantitative and          Qualitative Disclosures about

Market Risk

20

 

 

Item 4

Controls and Procedures

20

 
** **
**PART II**

**OTHER INFORMATION**

 

 

Item 1

Legal Proceedings

21
 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

21
 

 

Item 3

Defaults Upon Senior Securities

21
 

 

Item 4

Submission of Matters to a Vote of Security Holders

21
 

 

Item 5

Other Information

21
 

 

Item 6Exhibits
21 **SIGNATURES**
22
 

**PART I -- FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**PFF BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEETS  (Dollars in thousands, except per share data)**
 
**June 30,          2005**
 
**March 31,          2005**

**(Unaudited)**

**Assets**
Cash and cash equivalents

$

66,473

$

44,844

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

    $6,684          at June 30, 2005, and $6,647 at March 31, 2005)
6,733
6,736
Investment securities available-for-sale, at fair value

61,962

61,938

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

235,810

250,954

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

989

1,466

Loans and leases receivable, net

3,474,098

3,431,544

Federal Home Loan Bank (FHLB) stock, at cost

41,884

41,839

Accrued interest receivable

17,420

16,413

Assets acquired through foreclosure, net

63

-

Property and equipment, net

41,135

30,385

Prepaid expenses and other assets

23,796

24,942

          Total assets

$

3,970,363
 
$

3,911,061

**Liabilities and Stockholders' Equity**
 

Liabilities:

 

   Deposits

$

2,773,893

$

2,735,937

   FHLB advances and other borrowings

782,649

769,423

   Junior subordinated debentures

30,928

30,928

   Accrued expenses and other liabilities
 
40,749
  
37,847

                     Total liabilities

3,628,219

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 24,622,833 and          24,908,823; outstanding                24,575,733 and 24,782,623 at June 30,          2005 and                March 31, 2005, respectively

 

245

 

248

   Additional paid-in capital

166,670

164,536

   Retained earnings, substantially restricted

180,204

178,288

   Unearned stock-based compensation

(236

)

(352

)

   Treasury stock (47,100 and 126,200 at June 30, 2005,          and                March 31, 2005, respectively)

-
(1)
   Accumulated other comprehensive income (losses)

(4,739

)

(5,793

)

          Total          stockholders' equity
 
342,144
  
336,926

          Total          liabilities and stockholders' equity

$

3,970,363
 
$

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          June 30,**
 
**2005**
 
**2004**

Interest income:

  Loans and leases receivable

$

54,574

$

44,541

  Mortgage-backed securities

2,346

2,548

  Investment securities and deposits

1,133

982

      Total interest income
 
58,053
  
48,071

Interest expense:

  Deposits

12,604

8,639

  Borrowings

5,894

3,566

      Total interest expense
 
18,498
  
12,205

Net interest income

39,555

35,866

Provision for loan and lease losses
 
-
  
524

Net interest income after          provision for loan and       

lease losses
 
39,555
  
35,342

Non-interest income:

  Deposit and related fees

2,947

2,552

  Loan and servicing fees

2,033

1,614

  Trust, investment and insurance fees

1,146

1,078

  Gain on sale of loans, net

67

43

  Gain on sale of securities, net

-

1,439

  Other non-interest income

206

182

      Total non-interest income
 
6,399
  
6,908

Non-interest expense:

  General and administrative:

    Compensation and benefits

12,949

12,411

    Occupancy and equipment

3,457

3,339

    Marketing and professional services

2,987

2,315

    Other non-interest expense
 
3,273
  
3,806

      Total general and administrative

22,666

21,871

  Foreclosed asset operations, net

(1

)

76

      Total non-interest expense
 
22,665
  
21,947

Earnings before income taxes

23,289

20,303

  Income taxes

10,931

9,528

Net earnings

$

12,358
 
$

10,775

Basic earnings per share

$

0.51
 
$

0.44

Weighted average shares outstanding for basic            earnings per share calculation
 
24,398,414
  
24,459,201

Diluted earnings per share

$

0.49
 
$

0.43

Weighted average shares outstanding for diluted            earnings per share calculation
 
25,006,953
  
25,328,103

                   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          June 30,**
 
**2005**
 
**2004**
  
Net earnings

$

12,358
 
$

10,775
  
Other comprehensive          earnings (losses), net of income tax  

              expense (benefit) of $763 and $(4,004) at June 30,          2005   

              and June 30,  2004, respectively:

   Changes in unrealized gains (losses) on:

   U. S. Treasury          and agency securities and other investment

              securities available-for-sale, at fair value

11

(890

)

            Mortgage-backed securities available-for-sale,

     at          fair value

1,358

          (3,281

          )

            Reclassification of realized securities

              gains included in earnings

          -

          (1,358

)

   Change in value of interest rate swap
 
(315

)
 
-
 
1,054

 

(5,529

)

Tax benefit on minimum pension liability

-

367

Other comprehensive earnings (losses)
 
1,054

 
 
(5,162

)

Comprehensive earnings

$

13,412
 
$

5,613
 
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

-

-

-

12,358

-

-

-

12,358

Purchases of treasury stock

(281,140

)

-

(1,335

)

(6,772

)

-

(3

)

-

(8,110

)

Amortization under Employee          Stock

   Ownership Plan

-
-
1,187
-
116
-

-
1,303 
Stock options exercised

74,250

1

482

-

-

-

-

483

Treasury stock retirement

-

(4)

-

-

-

4

-

-

Dividend ($0.15 per share paid for June 2005)

-

-

-

(3,670

)

-

-

-

(3,670

)

Change in unrealized losses          on securities   

              available-for-sale, net

-
-
-
-
-
- 
1,369
1,369
Change in unrealized gain          on 

              interest rate swap, net

-

-

-

-

-

-

(315

)

(315

)

Tax benefit from stock options and awards

-

-

1,800

-

-

-

-

1,800

Balance at June 30, 2005

24,575,733
 
$    245

$ 166,670
 
$   180,204
 
$    (236

)

$         -
 
$

(4,739

)

$  342,144

See accompanying notes to the unaudited consolidated financial statements.

4

**PFF BANCORP, INC.  AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF CASH FLOWS  (Dollars in thousands)**

**(Unaudited)**
 
**Three Months Ended June 30,**
 
**2005**
 
**2004**
 
Cash flows from operating activities:

     Net earnings

$

12,358

$

10,775

              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

(3,899)
(3,892
)
       Provisions for losses on          loans, leases and foreclosed asset operations

5

601

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

(65)
(1,465
          )

       Depreciation and amortization          of property and equipment

887

826

       Loans originated for sale

(4,389

)

(5,809

)

       Proceeds from sale of loans          held-for-sale

4,933

3,779

       Amortization of unearned          stock-based compensation

1,303

2,305

       Dividends on FHLB stock

(941

)

(394

)

       Other, net

8,915

2,099

                     Net cash provided by operating activities
 
19,107
  
8,825

 
 
Cash flows from investing activities:

     Loans and leases originated for investment

(693,538

)

(660,658

)

     Increase in construction loans in process

46,288

16,327

     Purchases of loans held-for-investment

-

(72,043

)

     Principal payments on loans and leases

603,401

701,169

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

17,213

-

              Proceeds from maturities on mortgage-backed securities

                available-for-sale

16

-

     Principal payments on investment          securities available-for- sale

-

28,089

     Redemption of FHLB stock

896

-

     Proceeds from sale of investment          securities available-for-sale

-

1,795

     Proceeds from sale of property and          equipment

-

3

     Purchases of property and equipment

(11,639

)

(1,684

)

        Net cash provided by          (used in) investing activities
 
(37,363

)
 
12,998

 
 
Cash flows from financing activities:

     Net change in deposits

37,956

48,895

     Proceeds from long-term FHLB advances and          other borrowings

215,000

86,000

     Repayment of long-term FHLB advances and          other borrowings

(100,000

)

(189,000

)

     Net change in short-term FHLB advances and          other borrowings

(101,774

)

22,400

     Proceeds from exercise of stock options

483

3,199

     Cash dividends

(3,670

)

(3,313

)

     Purchases of treasury stock

(8,110

)

(4,899

)

       Net cash provided by (used in)          financing activities
 
39,885
  
(36,718

)

       Net increase (decrease) in          cash and cash equivalents

21,629

(14,895

)

Cash and cash equivalents, beginning of period

44,844

60,151

Cash and cash equivalents, end of period

$

66,473
 
$

45,256
 
Supplemental information:

   Interest paid, including interest credited

$

18,263

$

12,433

   Income taxes paid

$

1,500

$

  6,316

Non-cash investing and financing activities:

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

$
63
$
-
See accompanying notes to the unaudited consolidated financial statements.

5

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes of  Unaudited Consolidated 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. and Diversified Builder Services,  Inc. ("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 Investment Advisors, Inc.  includes the accounts of Glencrest Insurance Services, Inc. The Bancorp owns  100% of the common stock of an unconsolidated special purpose business trust  "PFF Bancorp Capital Trust I" 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 months ended June  30, 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 FASB issued Emerging Issues Task Force ("EITF")  Issue No. 03-1, "The Meaning of Other-Than-Temporary Impairment and Its  Application to Certain Investments."  This EITF 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.  The EITF 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 December 2003, the Accounting Standards Executive Committee of the AICPA  issued Statement of Position No. 03-3 ("SOP 03-3"), "Accounting  for Certain Loans or Debt Securities Acquired in a Transfer", which  addresses accounting for differences between the contractual cash flows of  certain loans and debt securities and the cash flows expected to be collected  when loans or debt securities are acquired in a transfer and those cash flow  differences are attributable, at least in part, to credit quality.  SOP  03-3 applies to loans and debt securities acquired individually, in pools or  as part of a business combination but does not apply to originated loans. The  application of SOP 03-3 limits the interest income, including accretion of  purchase price discounts that may be recognized for certain loans and debt  securities.  SOP 03-3 requires that increases in expected cash flows  subsequent to acquisition be recognized prospectively through adjustment of  the yield on the loan or debt security over its remaining life. Decreases in  expected cash flows subsequent to acquisition should be recognized as  impairment. In the case of loans acquired in a business combination where the  loans show signs of credit deterioration at the time of acquisition, SOP 03-3  represents a significant change from current practice whereby the acquiree's  allowance for loan losses is typically added to the acquirer's allowance for  loan losses. SOP 03-3 is effective for loans and debt securities acquired by  us beginning April 1, 2005. The adoption of this new standard did not have a  material impact on our consolidated financial statements.

In December 2004, the FASB issued FASB Statement No. 123R,  "Share-Based Payment, an Amendment of FASB Statement No. 123"  ("SFAS 123R"). SFAS 123R requires companies to recognize in the  statement of operations the grant-date fair value of stock options and other  equity-based compensation issued to employees. SFAS 123R is effective for  periods beginning after June 15, 2005.  We have adopted SFAS 123R as of  April 1, 2005. See "Notes to Consolidated Financial Statements Note 3 --  Stock-Based Compensation Plans".

6

**PFF BANCORP, INC.AND SUBSIDIARIES**

**Notes of UnauditedConsolidated Financial Statements**

**(Continued)**

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

Prior to the three months ended June 30, 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 three months ended June 30, 2005, since  the exercise price of all options issued has always been equal to the fair  value at the date of grant.  SFAS 123R 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 123 prior to April 1, 2005, our  results of operations would have been adjusted to the pro forma amounts for  the period indicated below:

**Three Months Ended**

**June        30, 2004**

**(Dollars in thousands,**

**except per share data)**

Net earnings:

As reported

$

10,775

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

 

 

2,185
Deduct: Total stock-based employee compensation expense        determined under fair value based method for all awards, net of related        tax effects

 

 

(2,249
)
Pro forma net earnings

$

10,711
 
Earnings per share:

Basic - as reported

$

0.44
 
Basic - pro forma

$

0.44
 
Diluted - as reported

$

0.43
 
Diluted - pro forma

$

0.42
 
 

 

 

 

 

 

 

 

 

 

 

A summary of option activity under the 1996 and 1999 Plans as of June 30,  2005, and changes during the three months ended June 30, 2005 is presented  below:

**For        the Three Months Ended June 30, 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

(74,250
)
6.50

-

-

Forfeited or expired

(1,463

)

11.67

-

-

Outstanding at June 30, 2005

943,902
 
 
$         11.16

4.7

 
$     18,057
 
Exercisable at June 30, 2005

922,328

$         11.01

4.6

$     17,782

 

    7

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes of  Unaudited Consolidated Financial Statements**

**(Continued)**
There were no options granted during the three months ended June 30, 2005  and June 30, 2004.  The total intrinsic value of options exercised during  the three months ended June 30, 2005 was $1.3 million.  Cash received  from options exercised under the 1996 and 1999 Plans for the three months  ended June 30, 2005 was $483,000.  The actual tax benefit realized for  the tax deductions from options exercised totaled $680,000 for the three  months ended June 30, 2005.

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.

*1996 and 1999 Incentive Plans*

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.

The maximum number of shares reserved for Awards under the 1996 Plan was  5,832,225 shares, with 4,165,875 shares reserved for purchase pursuant to  options and 1,666,350 shares reserved for awards of our common stock.   The maximum number of shares reserved under the 1999 Plan was 1,312,500, all  of which were reserved for purchase pursuant to options. The exercise price of  all options under both plans was 100% of the fair value of our common stock at  the time of grant and the term of the options did not exceed 10 years. All of  the 1,666,350 shares reserved for stock awards under the 1996 Plan vested  prior to March 31, 2002.  Balances and activity with respect to the  options under the 1996 and 1999 Incentive Plans are shown in the accompanying  table.

Compensation expense under the 1996 and 1999 Plans was $35,000 for the  quarter ended June 30, 2005 based upon the vesting of 4,941 options.   Compensation expense of $79,000 associated with an additional 12,234  previously issued, but unvested options outstanding at June 30, 2005 will be  recorded in future periods ending October 2006 as the applicable service is  rendered.

*2004 Equity Incentive Plan*

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  quarter ended June 30, 2005, 1,463 options issued under the 1996 Plan were  cancelled and transferred to the 2004 Plan. 

On May 25, 2005, 436,760 restricted stock awards, all of which are  performance-based, were granted to employees.  Subject to meeting or  exceeding the specified performance measures, the maximum number of shares  vesting as of March 31, 2006, 2007 and 2008 will be 72,062, 146,318 and  218,380, respectively, and the grant date fair values of those shares is $2.0  million, $4.0 million, and $5.9 million, respectively.  The specified  performance measures include percentage growth in diluted earnings per share,  return on average equity, total shareholder return and efficiency ratio (all  of which are to be measured relative to a defined peer group) as well as  percentage growth in the Bank's deposit households and percentage growth in  construction, commercial business, commercial real estate and consumer loans  (the "Four-Cs"), both of which are to be measured relative to  internal targets.  Additionally, should percentage growth in diluted  earnings per share not meet or exceed the specified target, all shares subject  to vesting for that particular performance period will be forfeited.   Once at least three of the six performance measures (including percentage  growth in diluted earnings per share) are met, a pro-rata portion of the  awards are earned.  In order for the full number of shares specified to  be earned, performance must meet or exceed the specified targets for all  six-performance measures.  Also during May 2005, an additional 81,000  restricted stock awards with a grant date fair value of $2.3 million were  granted to non-employee Directors.  These restricted stock awards to  non-employee Directors vest in generally equal annual installments beginning  in May 2006.  Any shares under the 2004 Plan will be distributed from  previously authorized but unissued shares.

8

**PFF BANCORP, INC.  AND SUBSIDIARIES**

**Notes of  Unaudited Consolidated Financial Statements**

**(Continued)**
Compensation expense for the service-based component of the 2004 Plan will  be recorded based upon the service period, using the closing market price of  our common stock on the date of the grant of $28.57.  Compensation  expense for the service and performance-based components of the 2004 Plan will  be recorded based upon the service period and performance relative to  established goals using the closing market price of our common stock on the  date of the grant of $27.42, which has been discounted for the awards not  bearing dividends until vesting.  Employees holding nonvested awards are  not entitled to receive dividends, therefore, as a result, the fair value of  the award is lower than the market price of our stock on the grant date.   To estimate the fair value of nonvested shares not entitled to dividends  during the service (vesting) period, the market value of traded equity shares  has been reduced by the present value of expected dividends to be paid prior  to the service (vesting) period, discounted using an appropriate risk-free  interest rate.  The risk-free interest rate used to calculate the  discounted fair value is the one, two and three year constant maturity  treasury rate for the 2006, 2007 and 2008 components of the plan,  respectively.  The discounted market price for the 2006, 2007 and 2008  components of the plan are $28.02, $27.54 and $27.14, respectively.  For  the quarter ended June 30, 2005, compensation expense associated with the 2004  Plan was $654,000.  As of June 30, 2005, there was $13.6 million of total  unrecognized compensation cost related to non-vested awards granted under the  2004 Plan; that cost is expect to be recognized over a 2.75 year period.

A summary of our nonvested service-based awards as of June 30, 2005 and  changes during the quarter ended June 30, 2005 is presented below:

**Weighted Average**

**Grant Date**

**Shares**

**Fair Value**

Nonvested at April 1, 2005

-

$                        -

Granted

81,000

28.57

Vested

-

-

Forfeited

-
 
-

Nonvested at June 30, 2005
81,000
 

$                 28.57

A summary of our nonvested service and performance-based awards as of June  30, 2005 and changes during the three months ended June 30, 2005 is presented  below:

**Weighted average**

**Grant Date**

**Shares**
 
**Fair Value**

Nonvested at April 1, 2005

-

$                        -

Granted

436,760

27.42

Vested

-

-

Forfeited

-

-

Nonvested at June 30, 2005
436,760
 

$         27.42

 

9
**(4)  Earnings Per Share**

We calculate our basic and diluted earnings per share ("EPS") in  accordance with FASB Statement No. 128 "Earnings Per Share".   Basic EPS is calculated by dividing net earnings available to common shares by  the 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 June 30, 2005 and 2004.

 
 
**For the Three Months Ended June 30,**
 
**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

$

12,358

$

10,775
 **Basic EPS**
Earnings available to common stockholders

12,358

24,398,414

$

0.51

10,775

24,459,201

$

0.44
**Effect of Dilutive Securities**
Options and stock awards
  
608,539
  
868,902
  
**Diluted EPS**

Earnings available to common stockholders             and assumed conversions

$
12,358
25,006,953
$
0.49 
$
10,775
25,328,103
$
0.43- The exercise price of all options was less than the average market price      of the common shares outstanding during the three-month period ended June      30, 2005.  As a result, all options to purchase shares of common      stock were included in the computation of diluted EPS.
-  Options to purchase 3,419      shares of common stock at a weighted average price of $26.11 per share      were outstanding during the three-month period ended June 30, 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 on January 28, 2014, were      outstanding at June 30, 2004.
 

10

**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 June 30,  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 June 30,**
 
**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

$   7,361

$                 77

4.20
%

$    10,600

$                   27

1.02
%

    Investment securities, net

67,399
576
3.43
66,485
550
3.32
    Mortgage-backed securities, net

242,951
2,346
3.86
272,613
2,548
3.74
    Loans and leases receivable, net

3,435,548
54,574
6.36
3,112,687
44,541
5.73
    FHLB stock

41,839
480
4.60
42,686
405
3.81
        Total interest-earning        assets

3,795,098
58,053
6.12
3,505,071
48,071
5.49
    Non-interest-earning assets

132,156
149,098
        Total assets

$3,927,254

$3,654,169
 
**Liabilities and Stockholders' Equity:**

  Deposits:

    Non-interest bearing liabilities

$  267,890

-
0.00%
$   216,516

-
0.00%    Saving accounts
176,316
132
0.30
167,328
123
0.29
    Money market accounts

818,579
4,301
2.11
619,761
2,109
1.36
    NOW accounts

489,591
775
0.63
561,684
1,099
0.78
    Certificate accounts

965,573
7,396
3.07
882,711
5,308
2.41
        Total Deposits

2,717,949
12,604
1.86
2,448,000
8,639
1.42
    FHLB advances and other borrowings

786,746
5,423
2.76
814,362
3,566
1.76
    Junior subordinated debentures

30,928

471
6.11
-

-

0.00

        Total interest-bearing        liabilities

3,535,623
18,498
2.10
3,262,362
12,205
1.50
    Non-interest-bearing liabilities

51,922
70,029
        Total liabilities

3,587,545
3,332,391
  Stockholders' equity

339,709
321,778
        Total liabilities and        stockholders' equity

$3,927,254

$3,654,169

Net interest income

$     39,555

$    35,866

Net interest spread

4.02
3.99
Net interest margin

4.17
4.09
Ratio of interest-earning assets to interest-bearing liabilities

107.34%

107.44%

 

11
     
**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 June 30, 2005**

**Compared to**

**Three        Months Ended June 30, 2004**

**Increase (Decrease)**

**Due        to**

**Volume**
 
**Rate**

**Rate/**

**Volume**
 
**Net**
 
**(Dollars in thousands)**

**Interest-earning assets:**

  Interest-earning        deposits and

            short-term investments

$
(8 )
84
(26)
50
  Investment securities, net

8

18

-

26

  Mortgage-backed securities, net

(277

)

83

(8

)

(202

)

  Loans and leases receivable, net

4,625

4,911

497

10,033

  FHLB stock

(9

)

84

-

75

  Total interest-earning assets
 
4,339
 
5,180

463
 
9,982
 
**Interest-bearing liabilities:**

  Savings accounts

6

4

(1

)

9

  Money market accounts

674

1,155

363

2,192

  NOW accounts

(102

)

91

(313

)

(324

)

  Certificate accounts

498

1,458

132

2,088

  FHLB advances and other borrowings

(121

)

2,040

(62

)

1,857

  Junior subordinated debentures

471

-

-

471

Total interest-bearing liabilities
 
1,426
 
4,748

119
 
6,293

Change in net interest income

$

2,913
 
432

344
 
3,689

**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. 

    12

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 June      30, 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.
- Mortgage Servicing Rights.  For further information, see "Item      1 - Business - Lending Activities - Loan Servicing" and "Note 9      to the Consolidated Financial Statements" 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.

13  
**Comparison of Operating Results for the Three Months Ended June 30,  2005 and 2004**

**Overview**

The following discussion compares the results of operations for the three  months ended June 30, 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 $12.4 million or $0.49 per diluted share for  the three months ended June 30, 2005 compared to net earnings of $10.8 million  or $0.43 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).  Earnings  before income taxes increased 23 percent to $23.3 million for the current  quarter, compared to $18.9 million, excluding a $1.4 million gain on sales of  securities, net, for the comparable period of the prior year.

An independent review of our income tax liability accounts in connection  with a change in our tax advisors resulted in an $809,000 non-recurring  increase in income tax expense for the current quarter, reducing diluted  earnings per share ("EPS") by $0.03.  This adjustment increased  our effective tax rate for the quarter by 3.5 percentage points to 46.9  percent.

The increase in our earnings before income taxes between the quarters ended  June 30, 2005 and 2004 reflected the following items with respect to our core  community banking business:
-  Net interest income rose $3.7      million or 10 percent to $39.6 million for the current quarter compared to      the same quarter of 2004.  On a sequential quarter basis, net      interest income increased $104,000.  Net interest margin expanded 8      basis points between the quarters ended June 30, 2004 and 2005 and was      unchanged at 4.17 percent on a sequential quarter basis. -  Total deposits increased $38.0      million during the current quarter (an annualized rate of 5.5 percent) and      are up $270.0 million or 11 percent from one year ago.
           Lower cost passbook, money market, NOW and other demand accounts ("core  deposits")

           increased $13.4 million during the current quarter and are up $171.6 million  or 11 percent from one

           year ago.  Non-interest bearing demand deposits, which totaled $298.4  million or 11 percent of total  

          deposits at June 30, 2005, represented $34.3 million or 20 percent of the  growth in core deposits over

          the past year.
- Construction, commercial business, commercial real estate and consumer      loans (the "Four-Cs") increased $79.5 million during the current      quarter (an annualized rate of 19 percent) to $1.79 billion and are up      $279.9 million or 19 percent from one year ago.

Our asset focus is on our Four-Cs portfolio.  At June 30, 2005, the  aggregate disbursed balance of the Four-Cs was $1.79 billion or 52 percent of  loans and leases receivable, net, compared to $1.71 billion or 50 percent at  March 31, 2005.  One year ago, the Four-Cs were $1.51 billion or 48  percent of loans and leases receivable, net.  Our Four-C originations  were $590.9 million or 85 percent of total originations for the current  quarter compared to $552.5 million or 83 percent of total originations for the  comparable period of the prior year.

On the liability side of our balance sheet, we are continuing to focus our  deposit gathering activities on core deposits. At June 30, 2005, core deposits  totaled $1.80 billion or 65 percent of total deposits, compared to $1.78  billion or 65 percent of total deposits at March 31, 2005 and $1.63 billion or  65 percent of total deposits one year ago.  The funding cost advantage to  core deposits over CDs and Federal Home Loan Bank ("FHLB") advances  and other borrowings continues to play a significant role in our strong net  interest spread and profitability.

14

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 June 30, 2005, FHLB advances and other  borrowings increased slightly to $782.6 million or 22 percent of total  liabilities from $769.4 million or 22 percent of total liabilities at March  31, 2005. 

Asset quality remained strong with non-accrual loans down to $11.1 million  or 0.27 percent of gross loans and leases at June 30, 2005 compared to $12.2  million or 0.30 percent of gross loans and leases at March 31, 2005 and $11.9  million or 0.32 percent of gross loans and leases at June 30, 2004.  The  non-accrual loan balance of $11.1 million as of June 30, 2005 primarily  consists of six loans, a construction loan totaling $10.0 million located in  Murrieta, California and five single family loans totaling $926,000.

We repurchased 281,140 shares of our common stock at a weighted-average  price of $28.85 per share during the current quarter.  At June 30, 2005,  457,130 shares remain under a 1,200,000-share repurchase authorization adopted  by our Board of Directors on January 26, 2005.  At June 30, 2005 and  March 31, 2005, our treasury stock was comprised of 47,100 shares and 126,200  shares of our common stock, respectively.  During the quarter ended June  30, 2005, we retired 360,240 shares of our common stock that had been  repurchased during fiscal 2005 and the three months ended June 30, 2005 and  held as treasury stock.

At June 30, 2005, our consolidated capital to assets ratio was 8.62%.   The Bank's core and risk-based capital ratios were 8.21% and 11.33%,  respectively, compared to 5.00% and 10.00%, respectively, needed to be  considered "Well Capitalized." 

**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-earnings 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 $39.6 million for the current quarter, up  10 percent or $3.7 million from $35.9 million for the quarter ended June 30,  2004.  This increase primarily was attributable to a $290.0 million or 8  percent increase in average interest-earning assets from the comparable period  of the prior year.  Net interest spread increased to 4.02% for the  current quarter from 3.99% for the quarter ended June 30, 2004. 

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 63 basis points to 6.36% for the quarter ended June  30, 2005 as compared to the quarter ended June 30, 2004.  Loan and lease  principal repayments totaled $603.4 million for the quarter ended June 30,  2005 compared to $701.2 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,  which compares favorably with 90 percent for the quarter ended June 30,  2004.  Premium amortization, net of discount accretion on the loan and  lease portfolio for the quarter ended June 30, 2005 was $320,000 compared to  $1.4 million for the comparable period of 2004.  These levels reduced  average yield on interest-earning assets for the quarters ended June 30, 2005  and 2004 by 3 and 16 basis points, respectively.

Our average cost of interest-bearing liabilities increased 60 basis points  to 2.10% between the quarters ended June 30, 2004 and 2005.  Our average  cost of deposits rose 44 basis points between the quarter ended June 30, 2004  and 2005 while our average cost of FHLB advances, other borrowings and junior  subordinated debentures rose 113 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 $269.9 million to $2.72 billion or 77 percent of our  average interest-bearing liabilities compared to 75 percent of our average  interest-bearing liabilities for the comparable period of 2004.

15

**Provision for Loan and Lease Losses**

We did not record a provision for loan and lease losses for the current  quarter primarily due to declines in our non-accrual loans and classified  assets.  For the quarter ended June 30, 2004, provision for loan and  lease losses was $524,000.  At June 30, 2005, the allowance for loan and  lease losses was $33.2 million or 0.81% of gross loans and leases and 299% 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.  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 $6.4 million and $6.9 million for the  quarters ended June 30, 2005 and 2004, respectively.  The decrease was  attributable to the $1.4 million gain on sales of securities reflected in the  comparable period last year, partially offset by increases in deposit and  related fees, and loan and servicing fees.

*Deposit and Related Fees*

Deposit and related fees totaled $2.9 million for the current quarter, up  $395,000 from the comparable quarter in 2004. This increase reflects the  continued growth in our core deposits and related transaction fee income.

*Loan and Servicing Fees*

Loan and servicing fees rose $419,000 between the quarters ended June 30,  2005 and 2004 to $2.0 million.  Loan and servicing fees income is shown  net of amortization of our mortgage servicing rights ("MSR") asset  of $12,400 and $7,000 for the quarters ended June 30, 2005 and 2004,  respectively.  At June 30, 2005, our MSR asset was $307,000.

*Trust, Investment and Insurance Fees*

Trust, investment and insurance fees were relatively flat at $1.1 million  for the quarter ended June 30, 2005 and 2004. Assets under management or  advisory by Glencrest Investment Advisors, Inc. ("Glencrest") and  the Bank's trust department rose to $521.1 million at June 30, 2005 compared  to $382.4 million at June 30, 2004.  These assets under management or  advisory include $402.4 million managed or advised by Glencrest at June 30,  2005 compared to $237.8 million at June 30, 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 June 30, 2005 and 2004 were  only $4.9 million and $3.8 million, respectively.  This activity  generated net gain on sales of $67,000 and $43,000 for the quarters ended June  30, 2005 and 2004, respectively.

*Gain on Sale of Securities*

We generally follow a "buy and hold" strategy with respect to our  securities portfolio.  While the overwhelming majority of our securities  portfolio is classified as "available for sale", our securities  sales activity has been and is expected to continue to be infrequent.   Securities with a cost basis aggregating $356,000 were sold during the quarter  ended June 30, 2004 generating gain on sales of $1.4 million.  We sold no  securities during the quarter ended June 30, 2005.

*Other Non-Interest Income*

Other non-interest income was $206,000 for the current quarter compared to  $182,000 for the comparable quarter of prior year. 

16

**Non-Interest Expense**

Non-interest expense increased $718,000 to $22.7 million for the quarter  ended June 30, 2005 as compared to the same period last year.  General  and administrative ("G&A") expense increased $795,000 or 4  percent between the quarters ended June 30, 2005 and 2004 to $22.7  million.  Compensation and benefits expense accounted for approximately  68 percent of the increase in total G&A.  Employee Stock Ownership  Plan ("ESOP") expense was $751,000 for the current quarter compared  to $2.4 million, for the comparable quarter of 2004, reflecting a reduction in  the number of shares amortized from 95,771 for the quarter ended June 30, 2004  to 25,658 for the current quarter.  The non-cash charge associated with  our Supplemental Executive Retirement Plan ("SERP") was $443,000 for  the quarter ended June 30, 2005, compared to a credit to expense of $64,000  for the quarter ended June 30, 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).  During the  current quarter, we made grants under our 2004 Equity Incentive Plan (the  "Plan") previously approved by shareholders.  The performance  based nature, terms and financial impact of the Plan are discussed earlier in  this Form 10-Q and in our Form 8-K filed with the Securities and Exchange  Commission on June 1, 2005.

The ratio of G&A expense to average assets decreased to 2.31%, on an  annualized basis for the quarter ended June 30, 2005 compared to 2.39% for the  comparable period of 2004.  Our efficiency ratio improved to 49.32% for  the current quarter compared to 51.13% for the comparable period of  2004.  These efficiency ratios indicate that the growth in our net  revenue has been improving over our growth in operating costs.

**Income Taxes**

An independent review of our income tax liability accounts in connection  with a change in our tax advisors resulted in an $809,000 non-recurring  increase in our income tax expense to $10.9 million for the current quarter  compared to $9.5 million for the comparable period last year.  The  adjustment did not arise from any tax exposure items such as shelters or  aggressive tax positions.  The effective tax rate was 46.9 percent for  both the quarters ended June 30, 2005 and 2004. Excluding the $809,000  non-recurring adjustment noted above, the effective tax rate for the quarter  ended June 30, 2005 was 43.5 percent.  The reduction in our effective tax  rate, as adjusted, from 46.9 percent for the quarter ended June 30, 2004 to  43.5 percent for the comparable period of 2005 was attributable principally to  the reduction in ESOP expense, a significant portion of which is  non-deductible for income tax purposes.  We expect our effective tax rate  to average approximately 43 percent for the remainder of the current fiscal  year.

**Comparison of Financial Condition at June 30, 2005 and March 31, 2005**

Total assets were $3.97 billion at June 30, 2005 compared to $3.91 billion  at March 31, 2005.  Loans and leases receivable, net of the allowance for  loan and lease losses totaled $3.47 billion at June 30, 2005, a slight  increase from $3.43 billion at March 31, 2005.

At June 30, 2005, the allowance for loan and lease losses was $33.2 million  or 0.81% of gross loans and leases and 299% 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 slight decrease in the ratio of the allowance for  loan and lease losses to gross loans and leases between March 31 and June 30,  2005 reflects an improvement in the level and severity of non-accrual loans  and classified assets as well as improvement in historical loss experience  relating to charge-offs.  The improvement in charge-offs is reflected in  the table below.  Assets classified "Substandard" and  "Doubtful" under our Internal Asset Review ("IAR") system  were $15.6 million and none, respectively at June 30, 2005 compared to $27.0  million and none, respectively at March 31, 2005.

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.

17

As our loan and lease portfolio has become comprised to a greater degree by  the Four-Cs, 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**

**June 30,**

**2005**
 
**2004**

**(Dollars in thousands)**
Beginning balance
$

33,302

$

30,819

Provision for loan losses

-

524

Charge-offs

(138

)

(384

)

Recoveries

28

89

Ending balance

$

33,192
 
$

31,048
 
The charge-offs of $138,000 for the current quarter primarily related to  commercial business loans.  The charge-offs of $384,000 for the three  months ended June 30, 2004 included $266,000 related to a commercial business  loan and $118,000 related to consumer loans. 

Total liabilities increased $54.1 million to $3.63 billion at June 30, 2005  from $3.57 billion at March 31, 2005 with deposits accounting for $38.0  million of the increase.  During the current quarter we opened our 29th  full service branch in Riverside, California.  Reflecting the higher  interest rate environment, our weighted average cost of core deposits for the  current quarter increased to 1.19% compared to 1.09% for the quarter ended  March 31, 2005.  The weighted average cost of core deposits was  positively influenced by strong growth in non-interest bearing demand  deposits, which increased $17.1 million or an annualized rate of 24 percent to  $298.4 million or 11 percent of total deposits at June 30, 2005.

Total stockholders' equity was $342.1 million at June 30, 2005 compared to  $336.9 million at March 31, 2005. The $5.2 million increase in total  stockholders' equity was comprised principally of a $2.1 million increase in  additional paid-in-capital, a $1.9 million increase in retained earnings,  substantially restricted, and a $1.1 million decrease in accumulated other  comprehensive losses.  The $2.1 million increase in additional  paid-in-capital reflects the exercise of 74,250 stock options, along with the  associated tax benefit and the amortization of shares under our stock-based  compensation plans, partially offset by $1.3 million representing the original  issuance price of 281,140 shares of our common stock repurchased during the  current quarter.  The $1.9 million increase in retained earnings,  substantially restricted, is comprised of $12.4 million of net earnings for  the three months ended June 30, 2005, partially offset by: (1) $6.8 million  paid in excess of the original issuance price for 281,140 shares of our common  stock repurchased during the period; and (2) $3.7 million applicable to the  quarterly dividend of $0.15 per common share paid on June 24, 2005 to  shareholders of record as of June 10, 2005.  The net decrease in  accumulated other comprehensive losses during the quarter ended June 30, 2005  primarily consists of a change in value of $1.4 million in unrealized losses,  net of tax, on available-for-sale securities, partially offset by a $315,000  change in fair value, net of tax, of the interest rate swap associated with  our junior subordinated debentures.

18

**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.

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  June 30, 2005, our largest core deposit relationship was $25.0 million and our  ten largest core deposit relationships aggregated $101.9 million.    At June 30, 2005, our defined liquidity ratio was 3.60% and our average  defined liquidity ratio for the quarter ended June 30, 2005 was 3.61%.   At June 30, 2005, cash and short-term investments totaled $66.5 million.   As an additional component of liquidity management, we seek to maintain  sufficient mortgage and securities collateral at the FHLB to enable us to  immediately borrow an amount equal to at least five percent of total  assets.  At June 30, 2005, our immediate borrowing capacity from the FHLB  was $267.8 million or 6.9 percent of our bank subsidiary total assets.  Additionally, we have the capability to borrow funds from the Federal Reserve  Bank discount window.  As of June 30, 2005, our borrowing capacity at the  Federal Reserve Bank was approximately $15.5 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 $19.1 million and $8.8  million for the quarters ended June 30, 2005 and 2004, respectively.  The  increase in net cash provided by operating activities is primarily due to a  $1.6 million increase in net earnings between the quarters, and a change in  our current income tax position from a receivable at March 31, 2005 to a  payable at June 30, 2005.

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 $37.4 million for the current  quarter compared to net cash provided of  $13.0 million for the  comparable period of the prior year.  The change from net cash provided  to net cash used in investing activities in the current quarter was  attributable to an increase in purchases of property and equipment and a  decrease in principal payments on loans and leases.  Reflecting a  deceleration in cash flows arising from the change from a flat rate  environment during 2004 to a rising rate environment during 2005, principal  payments on loans and leases decreased to $603.4 million for the quarter ended  June 30, 2005 from $701.2 million for the quarter ended June 30, 2004.   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.

19

Cash flows provided by financing activities were $39.9 million for the  current quarter compared to net cash used of $36.7 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 $38.0 million and $48.9 million for the three  months ended June 30, 2005 and 2004, respectively.  During the quarter  ended June 30, 2005, we increased our use of FHLB advances and other  borrowings by a net $13.2 million compared to a net decrease of $80.6 million  for the comparable period of 2004.  The increase in FHLB advances and  other borrowings during the current quarter was used to fund higher loan  origination volume.

At June 30, 2005, the Bank exceeded all of its regulatory capital  requirements with tangible capital of $320.3 million, or 8.21% of adjusted  total assets, which is above the required level of $58.5 million, or 1.5%;  core capital of $320.3 million, or 8.21% of adjusted total assets, which is  above the required level of $156.0 million, or 4.0%; and total risk-based  capital of $349.5 million, or 11.33% of risk-weighted assets, which is above  the required level of $246.8 million, or 8.0%.

We currently have no material contractual obligations or commitments for  capital expenditures. At June 30, 2005, we had outstanding commitments to  originate and purchase loans of $188.7 million and zero, respectively,  compared to $112.6 million and $54.6 million, respectively, at June 30,  2004.  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 June 30, 2005 totaled $684.9 million.  We expect that  we will retain a substantial portion of the funds from maturing CDs at  maturity either in certificate or liquid accounts. The continued 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 reduced or eliminated this rate  differential.  However, until such time as rates on CDs increase further  relative to rates on more liquid accounts, we do not expect a significant  shift back into CDs from liquid accounts. Additionally, our focus on growth in  non-interest bearing core deposits should mitigate some of our exposure to 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 three months ended June 30, 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 June 30,  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.

20

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.

**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 June 30, 2005.
 
**Common Stock        Repurchased (1)**
 
 

**Period**

**Total**

**Number of        Shares**

**Purchased        (2)**

**Average**

**Price**

**Paid Per        Share**

**Total Shares Purchased Under Repurchase Program**

**Total        Shares Remaining**

**Under        Repurchase Program (3)**

April 1, 2005 through April 30, 2005

70,000

$

27.83

70,000

668,270

May 1, 2005 through May 31, 2005

122,100

$

28.66

122,100

546,170

June 1, 2005 through June 30, 2005

89,040

$

29.89

89,040

457,130

 

(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  March 31, 2005, we

        repurchased 461,730 shares under that program.

(2)  During quarter ended June  30, 2005 and 2004, we repurchased 281,140 and 201,150 of our common

        shares, respectively, at weighted average prices of $28.85 and $24.35,  respectively.

(3)  At June 30, 2005, the  maximum amount of our common shares that can be repurchased was 457,130

        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.**
31.1

Rule 13a-14(a)/15d-14(a) Certifications

32.1

Section 1350 Certifications

21

**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: August 9, 2005

BY: /s/ LARRY M. RINEHART

Larry M. Rinehart        President, Chief Executive Officer        and Director
 
DATED: August 9, 2005

BY: /s/ GREGORY C. TALBOTT

Gregory C. Talbott

Executive Vice President,        Chief        Financial Officer and Treasurer

 

 

 

22

 

 

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