SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                -----------------

                                    FORM 10-Q

   (Mark One)

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

            For the quarterly period ended June 30, 2003

                                       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 000-24811

                           SOUND FEDERAL BANCORP, INC.
             (Exact name of registrant as specified in its charter)

          Delaware                                          22-3887679
 ------------------------------                          ---------------
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                         Identification No.)

               1311 Mamaroneck Ave., White Plains, New York 10605
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (914) 761-3636
               (Registrant's telephone number including area code)

                                      N/A
              (Former name, former address and former fiscal year,
                           if changed from 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  twelve  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 the number of shares  outstanding of each of the issuer's  classes
of common stock as of the latest practicable date.

                                                       Shares
                                                    Outstanding at
       Class                                       August 12, 2003
    --------------                              ---------------------
     Common Stock,                                   13,247,133
   par value, $0.01


<PAGE>

                                TABLE OF CONTENTS


                         PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

         Consolidated Balance Sheets at June 30, 2003 and March 31, 2003.......1

         Consolidated Statements of Income for the Three Months
         Ended June 30, 2003 and 2002..........................................2

         Consolidated Statement of Changes in Stockholders' Equity for the Three
         Months Ended June 30, 2003............................................3

         Consolidated Statements of Cash Flows for the Three Months
         Ended June 30, 2003 and 2002..........................................4

         Notes to Unaudited Consolidated Financial Statements..................5

Item 2. Management's Discussion and Analysis of Financial Condition and
         Results of Operations.................................................9

Item 3.  Quantitative and Qualitative Disclosures about Market Risk...........15

Item 4.  Controls and Procedures..............................................15


                          PART II -- OTHER INFORMATION

Item 1.  Legal Proceedings....................................................16

Item 2.  Changes in Securities and Use of Proceeds............................16

Item 3.  Defaults upon Senior Securities......................................16

Item 4.  Submission of Matters to a Vote of Security Holders..................16

Item 5.  Other Information....................................................16

Item 6.  Exhibits and Reports on Form 8-K.....................................16

         Signatures...........................................................17



<PAGE>

Part 1. - Financial Information
Item 1.  Financial Statements

<TABLE>
<CAPTION>

Sound Federal Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)                                                                       June 30,       March 31,
                                                                                       ---------------------------------
                                                                                               2003           2003
                                                                                       ---------------------------------

Assets
<S>                                                                                             <C>             <C>
Cash and due from banks                                                                         $ 7,387         $ 8,776
Federal funds sold and other overnight deposits                                                  37,157          36,121
                                                                                              ---------       ---------
     Total cash and cash equivalents                                                             44,544          44,897
                                                                                              ---------       ---------
Securities available for sale, at fair value (including $28,484 and $29,100
pledged as collateral for borrowings under repurchase agreements at
June 30, 2003 and March 31, 2003, respectively)                                                 339,281         295,048
Loans, net:
  Mortgage loans                                                                                423,470         428,575
  Consumer loans                                                                                  1,483           1,551
  Allowance for loan losses (Note 5)                                                             (2,492)         (2,442)
                                                                                              ---------       ---------
            Total loans, net                                                                    422,461         427,684
                                                                                              ---------       ---------
 Accrued interest receivable                                                                      3,547           3,678
 Federal Home Loan Bank stock                                                                     5,302           4,141
 Premises and equipment, net                                                                      5,401           5,467
 Deferred income taxes                                                                              120             392
 Goodwill                                                                                        13,970          13,970
 Other assets                                                                                     1,009             811
                                                                                              ---------       ---------
            Total assets                                                                      $ 835,635       $ 796,088
                                                                                              =========       =========

Liabilities and Stockholders' Equity
Liabilities:
  Deposits                                                                                    $ 633,265       $ 604,260
  Borrowings (Note 6)                                                                            35,000          35,000
  Mortgagors' escrow funds                                                                        3,646           4,603
  Due to brokers for securities purchased                                                        20,899          10,495
  Accrued expenses and other liabilities                                                          3,003           3,409
                                                                                              ---------       ---------
            Total liabilities                                                                   695,813         657,767
                                                                                              ---------       ---------
Stockholders' equity (Note 1):
   Preferred stock ($0.01 par value; 1,000,000 shares authorized;
   none issued and outstanding)                                                                       -               -
   Common stock ($0.01 par value; 24,000,000 shares authorized; 13,247,133
      shares issued and outstanding)                                                                132             132
   Additional paid-in capital                                                                    95,467          95,395
   Common stock held by Employee Stock Ownership Plan ("ESOP")                                   (6,934)         (7,059)
   Common stock awards under the Recognition and Retention Plan ("RRP")                             (64)           (100)
   Retained earnings                                                                             50,992          49,937
   Accumulated other comprehensive income, net of taxes (Note 7)                                    229              16
                                                                                              ---------       ---------
            Total stockholders' equity                                                          139,822         138,321
                                                                                              ---------       ---------
            Total liabilities and stockholders' equity                                        $ 835,635       $ 796,088
                                                                                              =========       =========

</TABLE>

See accompanying notes to unaudited consolidated financial statements.
                                       1
<page>
<TABLE>
<CAPTION>

Sound Federal Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
                                                                                        For the Three Months Ended
                                                                                    ---------------------------------
                                                                                                June 30,
                                                                                         2003                2002
                                                                                    ---------------------------------
Interest and Dividend Income
<S>                                                                                      <C>                 <C>
 Loans                                                                                   $ 6,769             $ 7,614
 Mortgage-backed and other securities                                                      2,837               2,040
 Federal funds sold and other overnight deposits                                             128                 105
 Other earning assets                                                                         57                  46
                                                                                       ---------          ----------
 Total interest and dividend income                                                        9,791               9,805
                                                                                       ---------          ----------
Interest Expense
 Deposits                                                                                  2,879               3,084
 Borrowings                                                                                  365                 416
 Other interest-bearing liabilities                                                           17                  20
                                                                                       ---------          ----------
 Total interest expense                                                                    3,261               3,520
                                                                                       ---------          ----------
 Net interest income                                                                       6,530               6,285
 Provision for loan losses (Note 5)                                                           50                  75
                                                                                       ---------          ----------
 Net interest income after provision for loan losses                                       6,480               6,210
                                                                                       ---------          ----------
Non-Interest Income
 Service charges and fees                                                                    285                 170

Non-Interest Expense
 Compensation and benefits                                                                 1,992               1,428
 Occupancy and equipment                                                                     562                 444
 Data processing service fees                                                                242                 229
 Advertising and promotion                                                                   414                 148
 Other                                                                                       774                 594
                                                                                       ---------          ----------
 Total non-interest expense                                                                3,984               2,843
                                                                                       ---------          ----------
 Income before income tax expense                                                          2,781               3,537
 Income tax expense                                                                        1,064               1,376
                                                                                       ---------          ----------
 Net income                                                                              $ 1,717             $ 2,161
                                                                                    ============         ===========

Earnings per share (Note 4)(1):
Basic                                                                                     $ 0.14              $ 0.17
                                                                                    ============         ===========
Diluted                                                                                   $ 0.14              $ 0.17
                                                                                    ============         ===========

</TABLE>

(1)  Earnings  per share data for the 2002  period has been  adjusted to reflect
     the shares  issued in the  second-step  conversion  completed on January 6,
     2003.

See accompanying notes to unaudited consolidated financial statements.
                                       2
<PAGE>

<TABLE>
<CAPTION>

Sound Federal Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended June 30, 2003
(Unaudited)
(Dollars in thousands, except per share data)

                                                                   Common     Common                  Accumulated
                                                     Additional    Stock      Stock                     Other             Total
                                          Common       Paid-In     Held By    Awards      Retained  Comprehensive     Stockholders'
                                          Stock        Capital      ESOP     Under RRP    Earnings      Income           Equity
<S>                                      <C>         <C>         <C>          <C>         <C>           <C>         <C>
Balance at March 31, 2003                 $ 132       $95,395     $ (7,059)    $ (100)     $ 49,937      $ 16        $ 138,321
Net income                                    -             -            -          -         1,717         -            1,717
Other comprehensive income (Note 7)           -             -            -          -             -       213              213
                                                                                                                      --------
  Total comprehensive income                  -             -            -          -             -         -            1,930
Dividends paid ($0.05 per share)              -             -            -          -          (662)        -             (662)
Vesting of RRP shares                         -             -            -         36             -         -               36
ESOP shares committed to be released
    for allocation                            -            72          125          -             -         -              197
                                        --------  ------------  ----------- ----------  ------------ --------- ----------------
Balance at June 30, 2003                  $ 132       $95,467     $ (6,934)     $ (64)     $ 50,992     $ 229        $ 139,822
                                        ========  ============  =========== ==========  ============ ========= ================

</TABLE>

See accompanying notes to unaudited consolidated financial statements.

                                       3
<PAGE>

<TABLE>
<CAPTION>
Sound Federal Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)                                                                               For the Three Months Ended
(In thousands)                                                                                    June 30,
                                                                                       ----------------------------------
                                                                                            2003              2002
                                                                                       ----------------------------------
OPERATING ACTIVITIES
<S>                                                                                           <C>                <C>
  Net income                                                                                  $ 1,717            $ 2,161
  Adjustments to reconcile net income to net cash provided
      by operating activities:
  Provision for loan losses                                                                        50                 75
  Depreciation, amortization and accretion                                                        527                193
  ESOP and RRP expense                                                                            233                128
  Income taxes                                                                                   (283)               131
  Other adjustments, net                                                                         (202)               342
                                                                                            ---------          ---------
           Net cash provided by operating activities                                            2,042              3,030
                                                                                            ---------          ---------
INVESTING ACTIVITIES
  Purchases of securities available for sale                                                  (85,675)           (13,272)
  Proceeds from principal payments, maturities and calls of securities
     available for sale                                                                        52,221             20,826
  Net receipts (disbursements) for loan originations and principal payments                     4,956            (19,238)
  Proceeds from sales of real estate owned                                                          -                114
  Purchase of Federal Home Loan Bank stock                                                     (1,161)                 -
  Purchases of premises and equipment                                                            (122)              (208)
                                                                                             ---------          ---------
          Net cash used in investing activities                                               (29,781)           (11,778)
                                                                                             ---------          ---------

FINANCING ACTIVITIES
  Net increase in deposits                                                                     29,005             24,721
  Net decrease in mortgagors' escrow funds                                                       (957)              (619)
  Issuance of stock pursuant to stock option plan                                                   -                 27
  Dividends paid on common stock                                                                 (662)              (138)
          Net cash provided by financing activities                                            27,386             23,991

 (Decrease) increase in cash and cash equivalents                                                (353)            15,243
  Cash and cash equivalents at beginning of period                                             44,897             26,778
                                                                                             --------          ---------
  Cash and cash equivalents at end of period                                                 $ 44,544           $ 42,021
                                                                                             ========          =========
SUPPLEMENTAL INFORMATION
Interest paid                                                                                 $ 3,361            $ 3,348
Income taxes paid                                                                               1,261              1,250
Increase in due to brokers for securities purchased                                            10,404                  -

</TABLE>

See accompanying notes to unaudited consolidated financial statements.
                                        4
<PAGE>

Sound Federal Bancorp, Inc. and Subsidiary

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.       Reorganization and Stock Offering

         Initial Public Offering

     On October 8, 1998, Sound Federal Bancorp issued shares of its common stock
in connection with a Plan of Reorganization ("the  "Reorganization") and related
Subscription  and Community  Offering (the "Initial  Offering").  In the Initial
Reorganization,   Sound  Federal  Savings  and  Loan  Association  (the  "Bank")
converted from a federally  chartered mutual savings  association to a federally
chartered stock savings association.  Sound Federal Savings and Loan Association
became the wholly-owned  subsidiary of Sound Federal  Bancorp,  which became the
majority-owned subsidiary of Sound Federal, MHC (the "Mutual Holding Company").

     Sound  Federal  Bancorp  issued a total of  5,212,218  shares of its common
stock,  consisting of 2,810,510  shares (or 53.92%) issued to the Mutual Holding
Company and  2,401,708  shares (or  46.08%)  issued to other  stockholders.  The
shares issued to other stockholders consisted of 192,129 shares purchased by the
Company's  Employee  Stock  Ownership  Plan (the  "ESOP")  using $1.9 million in
proceeds from a loan made by Sound Federal Bancorp;  102,200 shares  contributed
by the Company to  establish  the Sound  Federal  Savings  and Loan  Association
Charitable Foundation (the "Charitable  Foundation");  and 2,107,379 shares sold
for cash of $21.1  million  ($10.00  per share) in the Initial  Offering.  After
deducting offering costs of $1.1 million, the net cash proceeds from the Initial
Offering were $20.0 million.

         Second Step Conversion

     On June 13, 2002,  the  respective  Boards of  Directors  of Sound  Federal
Bancorp and the Mutual Holding Company adopted a plan to convert from the mutual
holding form of organization  to a fully public holding  company  structure (the
"Conversion").  The  Conversion  was completed on January 6, 2003. At that time,
the Mutual Holding  Company  merged into the Bank,  and no longer exists.  Sound
Federal  Bancorp was  succeeded  by a new  Delaware  corporation  known as Sound
Federal Bancorp,  Inc. Common shares  representing the ownership interest of the
Mutual  Holding  Company  were sold in a  subscription  offering and a community
offering.  Common shares owned by public  shareholders  (shareholders other than
the Mutual Holding  Company) were converted into the right to receive new shares
of Sound Federal Bancorp,  Inc. common stock determined  pursuant to an exchange
ratio.  The exchange  ratio ensured that  immediately  after the  Conversion and
exchange of existing shares for new shares,  the public  shareholders  owned the
same aggregate percentage of Sound Federal Bancorp,  Inc. common stock that they
owned immediately prior to the Conversion, excluding any shares purchased in the
offering.  As part  of  these  transactions,  Sound  Federal  Savings  and  Loan
Association changed its name to Sound Federal Savings (the "Bank"), which is now
a  wholly-owned   subsidiary  of  Sound  Federal  Bancorp,  Inc.  (the  "Holding
Company").  The Bank and the  Holding  Company  are  referred  to herein as "the
Company".

     The Holding  Company  sold  7,780,737  shares of common stock at $10.00 per
share in the offering  completed on January 6, 2003,  including  622,458  shares
purchased by the ESOP.  In addition,  each of the  outstanding  shares of common
stock of Sound  Federal  Bancorp  (1,967,782  shares,  net of  444,926  treasury
shares) was  converted  into 2.7667 shares of the Holding  Company  resulting in
5,444,263 outstanding shares. A total of 13,225,000 shares were outstanding as a
result of the offering and share exchange.

                                       5
<page>

     Net cash proceeds from the offering were as follows (in thousands):


Total cash proceeds (7,780,737 shares)                                 $ 77,807
Offering costs                                                           (1,897)
                                                                ----------------
   Net offering proceeds                                                 75,910
Assets received from the Mutual Holding Company                             366
                                                                ----------------
Increase in common stock and additional paid-in capital                  76,276
Shares purchased by the ESOP (622,458 shares)                            (6,225)
                                                                ----------------
Net cash proceeds                                                      $ 70,051
                                                                ================

     The  Conversion and related  transactions  were accounted for at historical
cost, with no resulting change in the historical  carrying amounts of assets and
liabilities.  Consolidated  stockholders'  equity  increased  by  the  net  cash
proceeds from the  offering.  Share and per share data for all periods have been
adjusted  to  reflect  the  additional  shares  outstanding  as a result  of the
offering and share exchange.

2.       Basis of Presentation

     The consolidated financial statements included herein have been prepared by
the  Company  without  audit.  In  the  opinion  of  management,  the  unaudited
consolidated financial statements include all adjustments,  consisting of normal
recurring accruals,  necessary for a fair presentation of the financial position
and results of operations for the periods  presented.  Certain  information  and
footnote disclosures normally included in accordance with accounting  principles
generally  accepted  in the United  States of  America  have been  condensed  or
omitted  pursuant to the rules and  regulations  of the  Securities and Exchange
Commission;  however,  the Company believes that the disclosures are adequate to
make the  information  presented not misleading.  The operating  results for the
periods  presented are not necessarily  indicative of results to be expected for
any other interim period or for the entire fiscal year ending March 31, 2004.

     The consolidated financial statements have been prepared in conformity with
accounting  principles  generally  accepted in the United States of America.  In
preparing the consolidated financial statements,  management is required to make
estimates  and  assumptions   that  affect  the  reported   amounts  of  assets,
liabilities,  income and expense. Actual results could differ significantly from
these  estimates.  A  material  estimate  that is  particularly  susceptible  to
near-term change is the allowance for loan losses, which is discussed in Note 4.

     The unaudited interim  consolidated  financial  statements presented herein
should be read in  conjunction  with the annual audited  consolidated  financial
statements of the Company for the fiscal year ended March 31, 2003,  included in
the Company's 2003 Annual Report on Form 10-K.

3.       Stock-Based Compensation

     Statement of Financial  Accounting  Standards ("SFAS") No. 123,  Accounting
for Stock-Based Compensation, encourages the use of a fair-value-based method of
accounting for employee stock compensation  plans, but permits the continued use
of the  intrinsic-value-based  method of  accounting  prescribed  by  Accounting
Principles Board ("APB") Opinion No. 25. Under SFAS No. 123, the grant-date fair
value of options is recognized as compensation  expense over the vesting period.
The Company has elected to continue to apply APB Opinion No. 25 and disclose the
pro forma  information  required by SFAS No. 123. Had  stock-based  compensation
expense been recognized in accordance with SFAS No. 123, the
                                       6
<page>

     Company's net income and earnings per common share would have been adjusted
to the following pro forma amounts:
<TABLE>
<CAPTION>

                                                                   Three months ended
                                                                       June 30,
                                                        --------------------------------------
                                                                2003               2002
                                                        --------------------------------------
                                                           (In thousands, except per share data)
<S>                                                     <C>                 <C>        <C>
Net income, as reported                                 $            1,717  $           2,161
Add RRP expense included in reported
   net income, net of related tax effects                               22                 22
Deduct RRP and stock option expense determined
   under the fair-value-based method, net of                           (39)               (40)
   related tax effects
Pro forma net income                                    $            1,700  $           2,143

Earnings per share:
   Basic, as reported                                   $             0.14  $            0.17
   Basic, pro forma                                     $             0.14  $            0.17

   Diluted, as reported                                 $             0.14  $            0.17
   Diluted, pro forma                                   $             0.13  $            0.16

</TABLE>


4.       Earnings Per Share

     Weighted  average  common  shares  used in  calculating  basic and  diluted
earnings per share for the three months ended June 30, 2003 were  12,383,041 and
12,716,898,  respectively. For the quarter ended June 30, 2002, weighted average
common  shares used in  calculating  basic and diluted  earnings  per share were
12,866,422 and 13,125,590, respectively.

5.       Allowance for Loan Losses

     The allowance  for loan losses is increased by  provisions  for loan losses
charged to income and by  recoveries of prior  charge-offs,  and is decreased by
charge-offs. Losses are charged to the allowance when all or a portion of a loan
is deemed to be  uncollectible.  Recoveries of loans previously  charged-off are
credited to the allowance for loan losses when realized.  Management's  periodic
determination of the allowance is based on continuing  reviews of the portfolio,
using a consistently-applied methodology. The allowance for loan losses consists
of losses that are both  probable  and  estimable  at the date of the  financial
statements.  In determining the allowance for loan losses,  management considers
factors  such as the  Company's  past loan loss  experience,  known risks in the
portfolio,  adverse  situations  affecting a  borrower's  ability to repay,  the
estimated value of underlying collateral, and current economic conditions.

     Determining the allowance for loan losses involves  significant  management
judgments utilizing the best information available.  Those judgments are subject
to further  review by  various  sources,  including  the  Company's  regulators.
Changes in the  allowance  may be  necessary  in the future  based on changes in
economic and real estate market conditions,  new information  obtained regarding
known problem loans, the  identification  of additional  problem loans and other
factors, certain of which are outside of management's control.
                                       7
<Page>

     Activity in the  allowance  for loan losses for the  periods  indicated  is
summarized as follows:
<TABLE>
<CAPTION>

                                              Three Months Ended               Year Ended
                                        -----------------------------------------------------
                                                   June 30,                     March 31,
                                        -----------------------------------------------------
                                            2003              2002                2003
                                        -----------------------------------------------------
                                                           (in thousands)
<S>                                    <C>                 <C>                  <C>
Balance at beginning of period         $    2,442          $  2,221             $  2,221
Provision for loan losses                      50                75                  275
Mortgage loans charged off                      -                 -                  (54)
                                        ---------          --------             ----------
Balance at end of period               $    2,492          $  2,296             $  2,442
                                        =========          ========             ==========

</TABLE>

6.       Borrowings

     The Company  had the  following  outstanding  borrowings  under  securities
repurchase  agreements  with the Federal Home Loan Bank (the "FHLB") at June 30,
2003:

       Maturity Date                  Coupon Rate         Borrowings
                                         (dollars in thousands)
January 2008(1)                         5.42 %            $ 10,000
December 2008(1)                        4.72                 5,000
March 2004                              3.57                 7,000
March 2005                              4.22                 6,000
March 2006                              2.27                 7,000
                                        4.11 %            $ 35,000

Accrued interest payable                                     $ 149

(1) Callable Quarterly

     The securities transferred to the FHLB subject to the repurchase agreements
include U.S. Government and agency securities available for sale with a carrying
value of $11.6 million and mortgage-backed  securities available for sale with a
carrying value of $16.8 million.  Accrued interest  receivable on the securities
was $243,000 at June 30, 2003.

7.       Comprehensive Income

     Comprehensive  income  represents the sum of net income and items of "other
comprehensive  income  or loss"  that are  reported  directly  in  stockholders'
equity,  such as the change during the period in the  after-tax  net  unrealized
gain or loss on  securities  available  for sale and minimum  pension  liability
adjustments.  The Company has  reported  its total  comprehensive  income in the
consolidated statement of changes in stockholders' equity.
                                       8
<page>

     The Company's other comprehensive income is summarized as follows:
<TABLE>
<CAPTION>

                                                                  Three Months Ended
                                                                        June 30,
                                                                2003                  2002
                                                                      (In thousands)
Net unrealized holding gain arising
     during the period on securities available
<S>                                                          <C>              <C>
     for sale                                                $   369          $      1,023
Related deferred income tax effect                              (156)                (396)
Other comprehensive income                                   $   213          $       627

</TABLE>

     The Company's  accumulated other comprehensive income, which is included in
stockholders' equity, is summarized as follows:

<TABLE>
<CAPTION>
                                                                             June 30,          March 31,
                                                                               2003              2003
                                                                                   (In thousands)
<S>                                                                  <C>                    <C>
Net unrealized holding gain on securities available for sale         $     3,864            $     3,495
Additional minimum pension liability                                      (3,468)                (3,468)
Related deferred income taxes                                               (167)                   (11)
                                                                     ------------           ------------
Accumulated other comprehensive income                               $       229            $        16
                                                                     ============           ============

</TABLE>


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

General

     Our principal  business has historically  consisted of offering savings and
other  deposits to the general public and using the funds from these deposits to
make loans secured by residential real estate.  Our net income depends primarily
upon our net interest  income,  which is the difference  between interest income
earned  on  interest-earning  assets,  such as loans  and  investments,  and the
interest  expense paid on deposits.  To a much lesser degree,  our net income is
affected by non-interest  income,  such as banking service charges and fees. Net
income is also affected by, among other things,  provisions  for loan losses and
non-interest   expenses.   Our  principal   non-interest   expenses  consist  of
compensation  and benefits,  occupancy and equipment,  data  processing  service
fees,  advertising  and  promotion  and other  expenses,  such as ATM  expenses,
professional  fees and  insurance  premiums.  Our net  income  also is  affected
significantly  by general  economic  and  competitive  conditions,  particularly
changes in market interest rates;  government legislation and policies affecting
fiscal affairs,  housing and financial  institutions;  monetary  policies of the
Federal Reserve System; and the actions of bank regulatory authorities.
                                       9
<page>

Forward-Looking Statements

     When used in this report on Form 10-Q,  the words or phrases  "will  likely
result," "are  expected  to," "will  continue,"  "is  anticipated,"  "estimate,"
"project"  or similar  expressions  are  intended to  identify  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995. Such statements reflect our current view with respect to future-looking
events and are  subject  to certain  risks and  uncertainties  that could  cause
actual results to differ  materially  from  Management's  current  expectations.
Among others, these risks and uncertainties  include changes in general economic
conditions,  changes in policies by regulatory agencies,  hostilities  involving
the United  States,  fluctuations  in  interest  rates,  demand for loans in the
Company's  market area,  changes in the quality or  composition of the Company's
loan and investment portfolios,  changes in accounting  principles,  policies or
guidelines  and other  economic,  competitive,  governmental  and  technological
factors  affecting our operations,  markets and products.  The Company wishes to
caution  readers  not  to  place  undue  reliance  on any  such  forward-looking
statements,  which speak only as of the date made.  The Company wishes to advise
readers  that the factors  listed  above could  affect the  Company's  financial
performance  and could cause the Company's  actual results for future periods to
differ  materially  from its  forward-looking  statements.  We do not  intend to
update these forward-looking statements.

Second Step Conversion

     For additional information concerning the second step conversion,  see Note
1 of the Notes to Unaudited Consolidated Financial Statements in this report.

Financial Condition

     Assets.  The Company's  total assets amounted to $835.6 million at June 30,
2003 as compared to $796.1 million at March 31, 2003. The $39.5 million increase
in total  assets is due  primarily  to a $44.2  million,  or 15.0%,  increase in
securities available for sale to $339.3 million,  partially offset by a decrease
of $5.2  million in net loans to $422.5  million.  The  decrease in loans is the
result of an increase in  prepayments  by borrowers  refinancing  their mortgage
loans as market  interest  rates  continued to decline  during fiscal 2003.  The
$39.5 million  increase in total assets was funded  primarily by a $29.0 million
increase in deposits and a $10.4 million  increase in amounts due to brokers for
securities purchased.

     Liabilities.  Total  deposits  were  $633.3  million at June 30,  2003,  as
compared to $604.3 million at March 31, 2003.  Certificates of deposit increased
$17.1 million to $380.8 million from $363.7  million,  savings and club accounts
increased  $5.5 million to $142.3  million from $136.8  million and money market
and NOW accounts  increased $6.5 million to $110.2 million from $103.7  million.
Borrowings totaled $35.0 million at both June 30, 2003 and March 31, 2003.

     Amounts that were due to brokers for securities purchased amounted to $20.9
million at June 30,  2003  compared  to $10.5  million at March 31,  2003.  This
amount  represents  securities  purchased  on trade dates prior to June 30, 2003
with transaction settlement dates after June 30, 2003.

     Stockholders'  Equity. Total stockholders' equity increased $1.5 million to
$139.8 million at June 30, 2003 as compared to $138.3 million at March 31, 2003.
The increase in stockholders'  equity reflects $1.7 million in net income and an
increase of $213,000 in accumulated other comprehensive income, partially offset
by  dividends of $662,000.  The  Company's  equity to assets ratio was 16.73% at
June 30,  2003,  as  compared  to 17.38% at March 31,  2003.  In July  2003,  we
announced the  commencement  of a stock  repurchase  program to repurchase up to
530,482  (4%) of our  outstanding  shares  of common  stock in order to  provide
shares for reissuance upon exercise of outstanding stock options. The repurchase
of  our  shares  at  current  market  prices  will  result  in  a  reduction  in
stockholders'  equity.  The  timing of the  repurchases  will  depend on certain
factors,  including  but not  limited to,  market  conditions  and  prices,  the
Company's liquidity requirements and alternative uses of the Company's capital.
                                       10
<page>

Comparison of Results of Operations for the Three Months Ended June 30, 2003
 and 2002

     Net Income.  Net income  amounted to $1.7  million or diluted  earnings per
share of $0.14 for the quarter  ended June 30, 2003, as compared to $2.2 million
or diluted  earnings per share of $0.17 for the quarter ended June 30, 2002. The
decrease  in net income for the  current  quarter  was due  primarily  to a $1.1
million  increase  in  non-interest  expense  partially  offset by a decrease of
$312,000 in income tax expense and increases of $245,000 in net interest  income
and $115,000 in non-interest income.

     Interest Income.  Interest income decreased $14,000 to $9.8 million for the
quarter  ended June 30,  2003,  as  compared  to the same  quarter in 2002.  The
decrease  is  due  to a 145  basis  point  decrease  in  the  average  yield  on
interest-earning  assets to  5.09%,  substantially  offset  by a $170.6  million
increase in average interest-earning assets to $772.1 million during the quarter
ended June 30, 2003 as compared  to $601.5  million for the same  quarter in the
prior year. The increase in the average balance of  interest-earning  assets was
due primarily to a $150.3 million  increase in the average balance of securities
to $292.1  million and a $22.1 million  increase in Federal funds sold and other
overnight  deposits to $51.1 million.  The increase in average  interest-earning
assets was funded  principally  by deposit  growth in the Bank's  branches.  The
decrease  in  the  average  yield  on   interest-earning   assets  reflects  the
origination  of  fixed-rate  loans at lower rates and the downward  repricing of
adjustable-rate securities during recent periods of declining interest rates. In
addition,  Federal  funds  sold and other  overnight  deposits,  which earn less
interest than longer-term  interest-earning assets, represented a larger portion
of  average  interest-earning  assets  (6.6% of total  average  interest-earning
assets for the fiscal  2004  quarter,  as  compared  to 4.8% for the fiscal 2003
quarter).

     Loans. Interest income on loans decreased $845,000 or 11.1% to $6.8 million
for the  current  quarter as compared  to $7.6  million for the same  quarter in
2002. This decrease is due to a $3.9 million  decrease in the average balance of
loans to $422.6  million  and a 74 basis point  decrease in the yield  earned to
6.42%.

     The  decrease in the loan  portfolio is  principally  a result of increased
principal  prepayments as a result of continued low market interest  rates.  The
Bank originated $84.6 million of loans during the quarter ended June 30, 2003 as
compared to $57.4  million for the same  quarter in the prior year.  These loans
were originated at rates lower than the yields being earned on the existing loan
portfolio. As a result, the average yield earned on the loan portfolio decreased
during  fiscal  2003 and the  first  quarter  of fiscal  2004.  The Bank has not
historically sold mortgage loans it originates.

     Mortgage-Backed   Securities.   Interest  on   mortgage-backed   securities
increased  $636,000  to $2.1  million for the quarter  ended June 30,  2003,  as
compared to the same  quarter in 2002,  due  primarily  to an increase of $114.6
million in the average balance to $212.1 million, partially offset by a decrease
of 216 basis points in the average  yield to 4.06%.  The increase in the average
balance  of  mortgage-backed  securities  is a result of the  investment  of the
proceeds from the Company's  stock  offering as well as the  investment of funds
from  deposit  growth.  The  decrease  in the  average  yield is a result of the
downward repricing of adjustable rate mortgage-backed  securities.  In addition,
as existing  mortgage-backed  securities repay, new purchases of mortgage-backed
securities are at lower rates than the existing portfolio.

     Other  Securities.  Interest  on other  securities  increased  $161,000  to
$689,000 for the quarter ended June 30, 2003, as compared to the same quarter in
2002, due to a $35.7 million increase in the average balance of other securities
to $80.0 million,  partially offset by a 132 basis point decrease in the average
yield to 3.46%. The decrease in the average yield is the result of the continued
low market interest rates.

     Federal Funds Sold and Other Overnight Deposits. For the quarter ended June
30, 2003,  interest on Federal funds sold and other overnight deposits increased
$23,000 to $128,000,  reflecting a $22.1 million increase in the average balance
to $51.1 million  partially  offset by a 44 basis point  decrease in the average
yield earned to 1.01%.  The  decrease in the average  yield is the result of the
continued low market interest rates.
                                       11
<page>

     Interest  Expense.  Interest  expense for the  quarter  ended June 30, 2003
totaled $3.3 million, as compared to $3.5 million for the quarter ended June 30,
2002.  The  average  balance of  interest-bearing  liabilities  increased  $87.2
million  to $649.0  million  for the  quarter  ended June 30,  2003 from  $561.8
million for the same quarter in the prior year,  while the average cost of these
liabilities  decreased  49 basis  points to 2.02%.  The  increase in the average
balance of  interest-bearing  liabilities  includes deposit growth in the Somers
branch,  which was  opened  in July  2002,  as well as  growth  in the  existing
branches.  The  decrease in the  average  cost of  liabilities  is the result of
declining market interest rates during recent periods.

     Interest  expense on time  deposits  totaled  $2.4  million for the current
quarter as compared to $2.6 million for the same  quarter in 2002.  The decrease
is due  primarily  to a 65 basis point  decrease  in the  average  cost to 2.55%
offset  partially  by a $58.0  million  increase in the average  balance of time
deposits to $378.6  million from $320.6  million for the same quarter last year.
The  increase in the average  balance  includes  growth in the Bank's new branch
office as well as in existing branches.

     Interest on savings  accounts  amounted to $283,000 for the current quarter
as compared to $311,000 for the quarter  ended June 30, 2002.  This  decrease is
the result of a 24 basis point decrease in the average cost of savings  accounts
to 0.81% offset  partially by a $21.1 million increase in the average balance of
savings accounts to $139.8 million.

     Interest expense on other deposits (NOW and money market accounts) amounted
to $188,000 for quarter ended June 30, 2003 as compared to $214,000 for the same
quarter in the prior year.  The average cost  decreased 21 basis points to 0.82%
and the  average  balance  of these  accounts  increased  $8.7  million to $91.9
million.

     For the  quarter  ended  June 30,  2003,  interest  expense  on  borrowings
amounted to $365,000 as compared to $416,000  for the same  quarter in the prior
year.  The  average  balance of  borrowings  for the  current  quarter was $35.0
million and the average cost was 4.18%. For the quarter ended June 30, 2002, the
average balance of borrowings was $34.9 million and the average cost was 4.78%.

     Net Interest  Income.  Net interest  income for the quarter  ended June 30,
2003 amounted to $6.5 million,  a $245,000  increase from the same period in the
prior year.  The interest rate spread was 3.07% and 4.02% for the quarters ended
June 30, 2003 and 2002, respectively.  The net interest margin for those periods
was 3.39% and 4.19%, respectively. The decreases in interest rate spread and net
interest margin are primarily the result of the effect of mortgage  refinancings
and lower returns on our  investment  portfolio as interest rates remained at 40
year lows.  If interest  rates  remain at these low levels or decrease  further,
mortgage  refinancings may continue to adversely  affect the Company's  interest
rate spread and net interest margin.

     Provision for Loan Losses.  Management regularly reviews the loan portfolio
and makes  provisions  for loan  losses in  amounts  required  to  maintain  the
allowance  for loan losses in  accordance  with  generally  accepted  accounting
principles.  The  allowance  consists  of  losses  that  are both  probable  and
estimable at the date of the financial statements. The allowance for loan losses
consists of amounts  allocated to specific  nonperforming  loans and to loans in
each major portfolio category. Loan categories such as single-family residential
mortgage  loans,  which  represented  91.1% of total loans at June 30, 2003, are
generally  evaluated on an aggregate or "pool"  basis.  Our  allowance  for loan
losses is  predominately  determined on a pool basis by applying loss factors to
the current  balances  of the  various  loan  categories.  The loss  factors are
determined  by  management  based  on  an  evaluation  of  our  historical  loss
experience,  delinquency trends,  volume and type of lending conducted,  and the
impact of current economic conditions in our market area.

     The  provision  for loan losses was $50,000 for the quarter  ended June 30,
2003 as compared to $75,000 for the quarter ended June 30, 2002.  Non-performing
loans amounted to $889,000 or 0.21% of total loans at June 30, 2003, as compared
to $952,000 or 0.22% of total loans at June 30,  2002.  The  allowance  for loan
losses  amounted to $2.5 million and $2.4 million at June 30, 2003 and March 31,
2003,  respectively.  There were no  charge-offs  or  recoveries in the quarters
ended June 30, 2003 and June 30, 2002.
                                       12
<Page>

     Non-Interest Income.  Non-interest income totaled $285,000 and $170,000 for
the  quarters  ended  June 30,  2003 and 2002,  respectively.  The  increase  in
non-interest  income was  primarily  due to higher levels of income from service
charges on deposit  accounts,  late charges on loans and various  other  service
fees.

     Non-Interest  Expense.  Non-interest  expense  totaled $4.0 million for the
quarter  ended June 30, 2003 as compared to $2.8  million for the quarter  ended
June 30,  2002.  This  increase  is due  primarily  to a  $564,000  increase  in
compensation and benefits,  a $266,000 increase in advertising and promotion,  a
$118,000  increase in occupancy and equipment expense and a $180,000 increase in
other non-interest expense.

     The increase in  compensation  and benefits is primarily  due to a $327,000
increase in  compensation  costs and a $105,000  increase in ESOP  expense.  The
increase in compensation expense is due primarily to normal salary increases and
increases in staff to support the growth in the Company's lending operations and
for the Somers branch, which opened in July 2002, and the Stamford branch, which
is expected to open in September 2003. The increase in ESOP expense reflects the
increase in shares  committed to be released for  allocation  as a result of the
second-step conversion and the increase in the market value of those shares.

     The increase in advertising  and promotion  reflects a change in the Bank's
marketing  strategy.  The Bank is concentrating  its advertising  efforts during
seasonal  product  promotions in the spring and fall.  The increase in occupancy
and equipment is primarily  due to the Company's new corporate  office which was
opened in April 2003.

     Income Taxes.  Income tax expense amounted to $1.1 million and $1.4 million
for the quarters ended June 30, 2003 and 2002,  respectively.  The effective tax
rates for those same periods were 38.3% and 38.9%, respectively.

Liquidity and Capital Resources

     The  Company's  primary  sources of funds are  deposits,  the proceeds from
principal and interest payments on loans and mortgage-backed securities, and the
proceeds  from  maturities  of  investments.   While  maturities  and  scheduled
amortization of loans and securities are a predictable source of funds,  deposit
flows and mortgage prepayments are greatly influenced by general interest rates,
economic conditions and competition.

     The Company's primary investing  activities are the origination of mortgage
loans,  and the purchase of  short-term  investments,  government  agency bonds,
adjustable-rate   mortgage-backed   securities  and  fixed-rate   collateralized
mortgage  obligations.  These  activities are funded primarily by deposit growth
and  principal  repayments  on  loans,   mortgage-backed  securities  and  other
investment  securities.  For the  quarter  ended  June  30,  2003,  the  Company
originated   loans  totaling  $84.6  million  and  purchased  $85.7  million  of
securities.  These  disbursements  were  funded by $52.2  million  in  principal
payments, maturities and calls of securities and $89.5 million in loan principal
repayments.  For the year ended March 31, 2003,  the Company  originated  $216.3
million of loans and purchased $229.7 million of securities.

     Liquidity  management for the Company is both a daily and long-term process
which is part of the Company's  overall  management  strategy.  Excess funds are
generally  invested  in  short-term   investments  such  as  Federal  funds  and
certificates  of deposit.  In the event that the Bank should require  additional
sources of funds,  it could  borrow from the Federal  Home Loan Bank of New York
under an available line of credit.

     At June 30, 2003,  the Company had  outstanding  loan  commitments of $80.0
million. The Company anticipates that it will have sufficient funds available to
meet its current loan commitments. Time deposits scheduled to mature in one year
or less from June 30, 2003, totaled $275.1 million.  Management  believes that a
significant portion of such deposits will remain with the Company.
                                       13
<page>

     The Bank is subject to certain  minimum  leverage,  tangible and risk-based
capital  requirements  established by regulations of the OTS. These  regulations
require savings associations to meet three minimum capital standards: a tangible
capital  ratio  requirement  of 1.5% of total  assets as adjusted  under the OTS
regulations;  a  leverage  ratio  requirement  of 4.0% of core  capital  to such
adjusted  total assets;  and a risk-based  capital ratio  requirement of 8.0% of
core and  supplementary  capital  to total  risk-based  assets.  The OTS  prompt
corrective  action  regulations  impose  a 4.0%  core  capital  requirement  for
categorization  as an  "adequately  capitalized"  thrift and a 5.0% core capital
requirement for categorization as a "well capitalized" thrift. Goodwill and most
other  intangible  assets are  deducted in  determining  regulatory  capital for
purposes of all  capital  ratios.  In  determining  the amount of  risk-weighted
assets for purposes of the risk-based capital requirement, a savings association
must  compute  its  risk-based  assets by  multiplying  its assets  and  certain
off-balance  sheet  items  by  risk-weights,  which  range  from 0% for cash and
obligations  issued by the United States  Government or its agencies to 100% for
consumer and commercial  loans, as assigned by the OTS capital  regulations.  At
June 30,  2003,  the Bank  exceeded  all of the OTS minimum  regulatory  capital
requirements,   and  was  classified  as  a  well-capitalized   institution  for
regulatory purposes.

     The following table sets forth the capital  position of the Bank as of June
30, 2003 and March 31,  2003.  The actual  capital  amounts and ratios set forth
below are for the Bank only and, accordingly,  do not include additional capital
retained by Sound Federal Bancorp, Inc.

Recent Accounting Standards and Interpretations

     SFAS No. 149,  Amendment of Statement  133 on  Derivative  Instruments  and
Hedging  Activities,  was  issued in April 2003 to clarify  the  application  of
certain  aspects of the accounting for these  instruments  and  activities.  The
adoption of SFAS No. 149, which is generally  effective for  transactions  after
June 30, 2003, is not expected to affect our consolidated financial statements.

     SFAS  No.  150,   Accounting  for  Certain   Financial   Instruments   with
Characteristics  of Both  Liabilities and Equity,  was issued in May 2003. Under
the  Statement,   certain   freestanding   financial   instruments  that  embody
obligations  for the  issuer  and that are now  classified  in  equity,  must be
classified as liabilities (or as assets in some circumstances).  Generally, SFAS
No.150 is effective for financial instruments entered into or modified after May
31, 2003 and is otherwise effective at the beginning of the first interim period
beginning  after June 15,  2003.  Adoption of this  standard is not  expected to
affect our consolidated financial statements.

     In January  2003,  the FASB  issued FIN No. 46,  Consolidation  of Variable
Interest  Entities,  to  provide  guidance  on the  identification  of  entities
controlled  through means other than voting  rights.  FIN No. 46 specifies how a
business  enterprise should evaluate its interests in a variable interest entity
to determine whether to consolidate that entity. A variable interest entity must
be  consolidated  by its primary  beneficiary if the entity does not effectively
disperse  risks among the parties  involved.  A public  company  with a variable
interest in an entity created  before  February 1, 2003 must apply FIN No. 46 in
the first interim or annual period  beginning  after June 15, 2003. The adoption
of FIN No. 46 is not expected to have a significant  effect on our  consolidated
financial statements.
                                       14
<page>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

     The Company's most  significant  form of market risk is interest rate risk,
as the majority of the Company's assets and liabilities are sensitive to changes
in interest rates. The Company's assets consist primarily of fixed rate mortgage
loans, which have longer maturities than the Company's liabilities which consist
primarily  of  deposits.  The  Company's  mortgage  loan  portfolio,  consisting
primarily of loans secured by residential  real property  located in Westchester
County,  New York and Fairfield  County,  Connecticut,  is also subject to risks
associated with the local economy.  The Company does not own any trading assets.
At June 30, 2003,  the Company did not have any hedging  transactions  in place,
such as  interest  rate  swaps  and  caps.  The  Company's  interest  rate  risk
management  program focuses primarily on evaluating and managing the composition
of the Company's  assets and liabilities in the context of various interest rate
scenarios.  Factors beyond management's  control,  such as market interest rates
and competition, also have an impact on interest income and interest expense.

     During the quarter ended June 30, 2003,  there were no significant  changes
in the Company's assessment of market risk.

Item 4.  Controls and Procedures

     The Company's  management,  including the Chief Executive Officer and Chief
Financial  Officer,  evaluated the  effectiveness of the design and operation of
the Company's  disclosure  controls and procedures (as defined in Rule 13a-14(c)
under the Securities  Exchange Act of 1934, as amended) (the "Exchange  Act") as
of June 30,  2003 (the  "Evaluation  Date").  Based  upon that  evaluation,  the
Company's management,  including the Chief Executive Officer and Chief Financial
Officer,  concluded  that, as of the Evaluation  Date, the Company's  disclosure
controls and procedures  were effective in timely  alerting them to any material
information relating to the Company and its subsidiaries required to be included
in the Company's Exchange Act filings.

     There were no significant  changes made in the Company's  internal controls
or in other  factors that could  significantly  affect these  internal  controls
during the period covered by this report.

                                       15
<PAGE>

Part II--OTHER INFORMATION

Item 1.  Legal Proceedings

     The Company is not  involved in any pending  legal  proceedings  other than
routine legal  proceedings  occurring in the ordinary  course of business.  Such
routine  legal  proceedings  in the  aggregate  are believed by management to be
immaterial to the Company's financial condition and results of operations.

Item 2.  Changes in Securities and Use of Proceeds

         None

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 and Reports on Form 8-K

(a)  Exhibit 31.1 - Certification of Chief Executive Officer pursuant to Section
     302 of the Sarbanes-Oxley Act of 2002.

(b)  Exhibit 31.2 - Certification of Chief Financial Officer pursuant to Section
     302 of the Sarbanes-Oxley Act of 2002.

(c)  Exhibit 32.1 - Certification pursuant to 18 U.S.C. Section 1350, as adopted
     pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(d)  Reports on Form 8-K

     The Company filed a Form 8-K on April 30, 2003 that contained the Company's
     news  release  announcing  earnings  for the  quarter and fiscal year ended
     March 31, 2003.
                                       16
<page>

                                   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.

                                             Sound Federal Bancorp, Inc.
                                             --------------------------------
                                             (Registrant)



  August 12, 2003                         By: /s/ Anthony J. Fabiano
                                           -----------------------------------
                                             Anthony J. Fabiano
                                             Duly Authorized and Chief Financial
                                              and Accounting Officer

                                       17
<page>

Exhibit 31.1

                    Certification of Chief Executive Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard P. McStravick, President and Chief Executive Officer, certify that:

1.   I have  reviewed  this  quarterly  report  on Form  10-Q of  Sound  Federal
     Bancorp, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


August 12, 2003                            /s/ Richard P. McStravick
---------------                           ----------------------------------
Date                                       Richard P. McStravick
                                           President and Chief Executive Officer


<page>


Exhibit 31.2
                    Certification of Chief Financial Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Anthony J. Fabiano, Chief Financial Officer, certify that:

1.   I have  reviewed  this  quarterly  report  on Form  10-Q of  Sound  Federal
     Bancorp, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control  over  financial  reporting;  and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


August 12, 2003                                   /s/ Anthony J. Fabiano
------------------                                   ----------------------
Date                                                 Anthony J. Fabiano
                                                     Senior Vice President and
                                                      Chief Financial Officer

<Page>



 Exhibit 32.2

                            Certification pursuant to
                             18 U.S.C. Section 1350,
                             as adopted pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



Richard P.  McStravick,  President and Chief Executive  Officer,  and Anthony J.
Fabiano,  Senior Vice  President  and Chief  Financial  Officer of Sound Federal
Bancorp, Inc. (the "Company"), each certify in his capacity as an officer of the
Company that he has reviewed  the  Quarterly  Report of the Company on Form 10-Q
for the quarter ended June 30, 2003 and that to the best of his knowledge:

     (1)  the report fully complies with the  requirements of Sections 13(a) and
          15(d) of the Securities Exchange Act of 1934; and

     (2)  the  information  contained  in the  report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company.

The purpose of this  statement  is solely to comply  with Title 18,  Chapter 63,
Section  1350 of the United  States  Code,  as  amended  by  Section  906 of the
Sarbanes-Oxley Act of 2002.



August 12, 2003                            /s/ Richard P. McStravick
---------------                            -------------------------
Date                                       President and Chief Executive Officer


August 12, 2003                            /s/ Anthony J. Fabiano
---------------                            ----------------------
Date                                       Senior Vice President and
                                             Chief Financial Officer