****SECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549****
****FORM 10-Q****
|    | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|----|------------------------------------------------------------------------------------------|
|    | For the quarterly period ended June 30, 2004                                             |
| 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: 0-23293                                                          |

****Warwick Community Bancorp, Inc.***(Exact name of registrant as specified in its charter)***
| **Delaware***(State or other jurisdictionof incorporation or organization)* |                                                                                    | **06-1497903***(I.R.S. EmployerIdentification No.)* |
|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------|-----------------------------------------------------|
|                                                                             | **18 Oakland Avenue, Warwick, New York***(Address of principal executive offices)* | **10990-0591***(Zip code)*                          |
|                                                                             | **(845) 986-2206***(Registrant's telephone number, including area code)*           |                                                     |

            Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13or 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 suchfiling 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 theAct).

YES   X              NO        

            

As of August 9, 2004, there were 4,498,923 shares of the registrant's common stock outstanding.

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****FORM 10-Q****
****Warwick Community Bancorp, Inc.****
****INDEX****
|                                    |                                                                                                | Page  |
|------------------------------------|------------------------------------------------------------------------------------------------|-------|
| **PART I - FINANCIAL INFORMATION** | Number                                                                                         |
|                                    |                                                                                                |       |
| Item 1.                            | Financial Statements -- Unaudited                                                              |       |
|                               |                                                                                                |       |
|                                    | Consolidated Statements of Financial Condition at June 30, 2004 and December 31, 2003          | 4     |
|                               |                                                                                                |       |
|                                    | Consolidated Statements of Operations for the three and six monthsended June 30, 2004 and 2003 | 5     |
|                               |                                                                                                |       |
|                                    | Consolidated Statement of Changes in Equity for the six months ended June 30, 2004 and 2003    | 6     |
|                               |                                                                                                |       |
|                                    | Consolidated Statements of Cash Flows for the six months ended June 30, 2004 and 2003          | 7     |
|                               |                                                                                                |       |
|                                    | Notes to Unaudited Consolidated Financial Statements                                           | 8-12  |
|                               |                                                                                                |       |
| Item 2.                            | Management's Discussion and Analysis of Financial Condition and Results of Operations          | 12-23 |
|                               |                                                                                                |       |
| Item 3.                            | Quantitative and Qualitative Disclosures about Market Risk                                     | 23    |
|                               |                                                                                                |       |
| Item 4.                            | Controls and Procedures                                                                        | 23    |
|                               |                                                                                                |       |
| **PART II - OTHER INFORMATION**    |                                                                                                |
|                               |                                                                                                |       |
| Item 1.                            | Legal Proceedings                                                                              | 24    |
|                               |                                                                                                |       |
| Item 2.                            | Changes in Securities, Use of Proceeds and Issuer Purchase of Equity Securities                | 24    |
|                               |                                                                                                |       |
| Item 3.                            | Defaults Upon Senior Securities                                                                | 24    |
|                               |                                                                                                |       |
| Item 4.                            | Submission of Matters to a Vote of Security Holders                                            | 24    |
|                               |                                                                                                |       |
| Item 5.                            | Other Information                                                                              | 24    |
|                               |                                                                                                |       |
| Item 6.                            | Exhibits and Reports on Form 8-K                                                               | 24    |
|                               |                                                                                                |       |
| Signature Page                     | 25                                                                                             |
|                               |                                                                                                |       |
| Exhibit Index                      |                                                                                                |

**2**
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| Statements contained in this Form 10-Q which are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Such risks and uncertainties include, but arenot limited to, general economic conditions; changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies or guidelines;changes in legislation or regulation; other economic, competitive, governmental, regulatory or technological factors affecting the Company's operations, pricing, products and services; and otherrisks detailed in documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements made by us are based on beliefs, plans, objectives, goals,expectations, anticipations, estimates and intention of management as of the date made and are not guarantees of future performance. We expressly disclaim any obligation to update or revise anyforward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**3**
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**PART I - FINANCIAL INFORMATION**

**Item 1.  Financial Statements - Unaudited**

****WARWICK COMMUNITY BANCORP, INC. AND SUBSIDIARIES****
****CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION****
****(Unaudited)****
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |                                            | June 30,2004           | December 31,2003 |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|--------------------------------------------|------------------------|------------------|
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |                                            | (Dollars in thousands) |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            | **ASSETS**                                                                                                 |                                            |                        |
|              | Cash on hand and in banks                                                                                                                                                                                                                                                                                                                                                                                  | $  70,842                                                                                   | $  55,344                   |
|              | Securities:                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                            |                                            |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            | Available-for-sale, at fair value                                                                          | 309,998                               | 337,705           |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            | Held-to-maturity, at amortized cost (fair value of $2,402 atJune 30, 2004 and $3,185 at December 31, 2003) | 2,397                                 | 3,178             |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total securities                           | 312,395           | 340,883     |
|              | Real estate loans, net                                                                                                                                                                                                                                                                                                                                                                                     | 236,893                                                                                               | 255,078                               |
|              | Consumer loans, net                                                                                                                                                                                                                                                                                                                                                                                        | 30,264                                                                                                | 45,564                                |
|              | Commercial business loans, net                                                                                                                                                                                                                                                                                                                                                                             | 27,295                                                                                                | 25,261                                |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total loans                                | 294,452           | 325,903     |
|              | Allowance for loan losses                                                                                                                                                                                                                                                                                                                                                                                  | (3,660)                                                                                                    | (4,925)                                    |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total loans, net                           | 290,792           | 320,978     |
|              | Accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                                | 2,891                                                                                                 | 3,229                                 |
|              | Federal Home Loan Bank stock                                                                                                                                                                                                                                                                                                                                                                               | 8,600                                                                                                 | 9,175                                 |
|              | Bank premises & equipment, net                                                                                                                                                                                                                                                                                                                                                                         | 9,227                                                                                                 | 9,416                                 |
|              | Other real estate owned, net                                                                                                                                                                                                                                                                                                                                                                               | 96                                                                                                    | 505                                   |
|              | Bank owned life insurance                                                                                                                                                                                                                                                                                                                                                                                  | 13,144                                                                                                | 12,801                                |
|              | Goodwill and other intangible assets                                                                                                                                                                                                                                                                                                                                                                       | 2,299                                                                                                 | 2,402                                 |
|              | Other assets                                                                                                                                                                                                                                                                                                                                                                                               | 7,667                                                                                                 | 5,263                                 |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total assets                               | $717,953          | $759,996    |
|         |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |                                            |                        |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            | **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                   |                                            |                        |
| Liabilities: |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |
|              | Deposits:                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                            |                                            |
|              | Time                                                                                                                                                                                                                                                                                                                                                                                                       | $  91,619                                                                                   | $  98,163                   |
|              | Money market                                                                                                                                                                                                                                                                                                                                                                                               | 62,353                                                                                                | 70,120                                |
|              | Savings and NOW                                                                                                                                                                                                                                                                                                                                                                                            | 254,319                                                                                               | 248,306                               |
|              | Non-interest-bearing checking                                                                                                                                                                                                                                                                                                                                                                              | 77,022                                                                                                | 70,983                                |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total depositor accounts                   | 485,313           | 487,572     |
|              | Mortgage escrow funds                                                                                                                                                                                                                                                                                                                                                                                      | 2,178                                                                                                      | 1,878                                 |
|              | Accrued interest payable                                                                                                                                                                                                                                                                                                                                                                                   | 988                                                                                                   | 1,191                                 |
|              | Federal Home Loan Bank advances                                                                                                                                                                                                                                                                                                                                                                            | 152,100                                                                                               | 183,495                               |
|              | Other liabilities                                                                                                                                                                                                                                                                                                                                                                                          | 9,408                                                                                                 | 12,026                                |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total liabilities                          | 649,987           | 686,162     |
|         |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |                                            |                        |                  |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | **STOCKHOLDERS' EQUITY**                   |                        |                  |
|              | Preferred stock, $.01 par value; 5,000,000 authorized; none      issued                                                                                                                                                                                                                                                                                                      | ---                                                                                                   | ---                                   |
|              | Common stock, $.01 par value; 15,000,000 shares authorized;       6,767,083 and 6,739,465 shares issued as of June 30, 2004 and      December 31, 2003, respectively; 4,498,923 and 4,495,724 shares      outstanding as of June 30, 2004 and December 31, 2003,      respectively | 68                                                                                                    | 67                                    |
|              | Additional paid-in capital                                                                                                                                                                                                                                                                                                                                                                                 | 68,398                                                                                                | 67,329                                |
|              | Retained earnings                                                                                                                                                                                                                                                                                                                                                                                          | 48,417                                                                                                | 51,580                                |
|              | Accumulated other comprehensive income, net                                                                                                                                                                                                                                                                                                                                                                | (5,046)                                                                                                    | (1,365)                                    |
|              | Unallocated ESOP common stock                                                                                                                                                                                                                                                                                                                                                                              | (2,774)                                                                                                    | (3,221)                                    |
|              | Unearned RRP common stock                                                                                                                                                                                                                                                                                                                                                                                  | (804)                                                                                                      | (1,023)                                    |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            |                                            | 108,259           | 113,367     |
|              | Treasury stock (2,268,160 and 2,243,741 shares at June 30,      2004 and December 31, 2003, respectively)                                                                                                                                                                                                                                                                    | (40,293)                                                                                                   | (39,533)                                   |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total stockholders' equity                 | 67,966            | 73,834      |
|              |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                            | Total liabilities and stockholders' equity | $717,953          | $759,996    |

***See accompanying Notes to Unaudited Financial Statements.***
**4**
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**WARWICK COMMUNITY BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)**

|  |  |  | For the Three MonthsEnded June 30, | For the Six MonthsEnded June 30,2004200320042003(In thousands, except per share amounts)Interest Income:Interest on loans$  5,129 $  7,096 $  10,521 $  14,956 Interest and dividends on securities3,135 2,763 6,706 5,703 Interest on short-term money market instruments139 69 221 182 Total interest income8,403 9,928 17,448 20,841 Interest Expense:Time deposits433 695 909 1,466 Money market deposits152 231 299 507 Savings and NOW deposits598 877 1,188 1,986 Mortgagors' escrow deposits9 17 15 30 Borrowed funds2,254 2,782 4,564 5,571 Total interest expense3,446 4,602 6,975 9,560 Net interest income4,957 5,326 10,473 11,281 Provision for Loan Losses(2,635)(10)(6,058)(90)Net interest income after provision for loan losses2,322 5,316 4,415 11,191 Non-Interest Income:Service and fee income1,403 1,442 2,634 2,871 Gain on securities transactions12 229 12 352 Net gain on sale of loans53129 69265 Other income154 77 326 274 Total non-interest income1,6221,877 3,041 3,762 Non-Interest Expense:Salaries and employee benefits2,504 2,489 5,363 5,139 FDIC insurance21 20 42 40 Occupancy568 521 1,134 1,062 Data processing358 311 732 645 Advertising33 99 87 153 Professional fees554 259 1,407 452 Other729 837 1,511 1,587 Total non-interest expense4,767 4,536 10,276 9,078 Income(loss) before provision (benefit)for income taxes(823)2,657 (2,820)5,875Provision (benefit) for Income Taxes(392)971 (1,009)2,212Net income (loss)$(431)$  1,686 $(1,811)$ 3,663Weighted Average:Common shares4,278 4,294 4,263 4,358 Dilutive stock options--- 237 --- 234 4,278 4,531 4,263 4,592 Earnings(loss) per Share:Basic$  (0.10)$    0.39 $  (0.42)$   0.84Diluted$  (0.10)$    0.37 $  (0.42)$   0.80
*See accompanying Notes to Unaudited Financial Statements.*
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**WARWICK COMMUNITY BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Unaudited)**
CommonStockAdditionalPaid InCapitalRetainedEarningsAccumulated OtherComprehensiveIncome (Loss), netUnallocatedCommon StockHeld by ESOPUnearnedCommon StockHeld by RRPTreasuryStockComprehensiveIncome (Loss)(In thousands)BALANCE, December 31, 2002$66$64,518$47,855 $ 585 $(4,069)$(1,488)$ (26,359)Net Income, January 1, 2003 -June 30, 2003------3,663 --- --- --- --- $3,663 Unrealized appreciation onsecurities available-for-sale, net--------- 1,130 --- --- --- 1,130 Comprehensive income--------- --- --- --- $4,793 Purchase of treasury stock--------- --- --- --- (8,993)Allocation of ESOP stock---436--- --- 419 --- --- Cash dividends paid------(1,373)--- --- --- --- Stock option plan---30--- --- --- --- 4 Earned portion of RRP--126-- -- -- 246 -- BALANCE, June 30, 2003$66$65,110$50,145 $ 1,715 $(3,650)$(1,242)$(35,348)BALANCE, December 31, 2003$67$67,329$51,580 $(1,365)$(3,221)$(1,023)$(39,533)Net Loss, January 1, 2004 -June 30, 2004------(1,811)--- --- --- --- $ (1,811)Unrealized appreciation onsecurities available-for-sale, net--------- (3,681) --- --- --- (3,681) Comprehensive income--------- --- --- --- --- $ (5,492) Purchase of treasury stock--------- --- --- --- (760)Allocation of ESOP stock---477--- --- 447 --- --- Cash dividends paid------(1,352)--- --- --- --- Stock option plan.1462--- --- --- --- --- Earned portion of RRP--130-- -- -- 219 -- BALANCE, June 30, 2004$68$68,398$48,417 $(5,046) $(2,774)$(804)$(40,293)*See accompanying Notes to Unaudited Financial Statements.*6NEXT PAGE
**WARWICK COMMUNITY BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)**
For the Six MonthsEnded June 30,20042003(In thousands)CASH FLOWS FROM OPERATING ACTIVITIESNet income (loss)$  (1,811)$      3,663 Adjustments to reconcile net income to net cash used in operating activities:Depreciation459 413 Amortization of core deposit intangibles103 103 Net amortization on investment securities, net1,050 2,407 Net decrease (increase) in accrued interest receivable338 (316)Net increase BOLI, other real estate and other assets(2,338)(260) Provision for loan losses6,058 90 Net gain on sales of loans(69)(265)Mortgage loans originated for sale(13,383)(40,298)Proceeds from mortgage loan sales13,570 41,274 Net gain on sales of securities(12)(352)Net decrease in accrued interest payable(203)(27)Net increase (decrease) in accrued expenses and other liabilities(2,618) 598Total reconciliation adjustments2,955 3,367 Net cash provided by operating activities1,144 7,030 CASH FLOWS FROM INVESTING ACTIVITIESProceeds from maturities and calls of securities19,141 2,546 Purchases of securities(48,605)(256,034)Proceeds from sale of securities available-for-sale1,004 2,280 Principal repayments from mortgage-backed securities49,866 84,389 Redemption (purchase) of Federal Home Loan Bank capital stock575 (462)Purchase of commercial loan portfolio--- (3,097)Net decrease in loans26,980 83,074 Purchases of fixed assets, net(270)(606)Net cash provided by (used in) investing activities48,691 (87,910)CASH FLOWS FROM FINANCING ACTIVITIESNet (decrease)increase in deposits(2,259)33,454 Net increase in escrow deposits300141Net (decrease) increase in borrowed funds(31,395)16,750Dividends on common stock( 1,352)(1,373)Purchase of treasury stock(760) (8,993)Stock options exercised463 34 ESOP allocation447 419 Earned portion of RRP219 246 Net cash provided by (used in) financing activities(34,337)40,678 Net increase (decrease) in cash15,498 (40,202) Cash and Cash Equivalents, beginning of year55,344 59,667 Cash and Cash Equivalents, end of period$  70,842 $    19,465 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Cash paid during the year for-Interest on deposits and borrowed funds$    7,178 $      9,587 Income taxes1,480 3,104 
*See accompanying Notes to Unaudited FinancialStatements.*
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**WARWICK COMMUNITY BANCORP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

          Certain information and footnote disclosures normally included in theconsolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules andregulations of the Securities and Exchange Commission ("SEC"). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements andnotes thereto included in the December 31, 2003 Annual Report on Form 10-K, filed on March 15, 2004.

**          Basis of Presentation**

          The accompanying unaudited consolidated financial statements include theaccounts of Warwick Community Bancorp, Inc. (" Parent Company"), its savings bank subsidiary, The Warwick Savings Bank ("Warwick Savings"), and its commercial bank subsidiary, The Towne Center Bank("Towne Center") and its title business subsidiary, Hardenburgh Abstract Company of Orange County, Inc. ("Hardenburgh"). The consolidated financial statements of the Parent Company and itssubsidiaries (collectively, the "Company") conform to generally accepted accounting principles and reporting practices followed by the banking industry. All significant intercompany balances andtransactions are eliminated in consolidation.

          The unaudited consolidated financial statements included herein reflectall normal recurring adjustments which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. The results of operations for the sixmonths ended June 30, 2004 are not necessarily indicative of the results of operations that may be expected for the entire year ending December 31, 2004.

          **Earnings (Loss) PerShare**

           Basic earnings (loss) per share is computed by dividing net income(loss) by the weighted average number of common shares outstanding for the period, adjusted for the unallocated portion of the shares held by the Warwick Community Bancorp, Inc. Employee StockOwnership Plan ("ESOP") in accordance with American Institute of Certified Public Accountants ("AICPA") Statement of Position 93-6, "Employers Accounting for Employee Stock Ownership Plans," andunearned shares held by the Recognition and Retention Plan of Warwick Community Bancorp, Inc. ("RRP"). Diluted earnings (loss) per share, which reflects the potential dilution that could occur ifoutstanding stock options were exercised and resulted in the issuance of common stock that then shared in the earnings of the Company, is computed by dividing net income (loss) by the weightedaverage number of common shares and dilutive instruments.
**For the Three Months EndedJune 30,****For the Six Months EndedJune 30,****2004****2003****2004****2003**(In thousands, except per share amounts) Net income (loss)$(431)$1,686$(1,811)$3,663Basic weighted-average common shares outstanding4,278 4,2944,263 4,358Plus: Dilutive stock options-- 237-- 234Diluted weighted-average common shares outstanding4,278 4 ,5314 ,2634 ,592Net income(loss) per common share:Basic$ ( 0.10)$  0.39$ ( 0.42)$  0.84Diluted$ ( 0.10)$  0.37$ ( 0.42)$  0.808NEXT PAGE
**          Stock-Based Compensation**

          At June 30, 2004, the Company had stock-based employee compensationplans, including a stock option plan. The Company accounts for this stock option plan under the recognition and measurement principles of Accounting Principles Board Opinion No. 25, "Accounting forStock Issued to Employees" ("APB No. 25"), and related Interpretations. No stock-based employee compensation cost is reflected in net income, as all options granted under the plan had an exerciseprice equal to the market value of the underlying common stock on the date of grant. The following table illustrates the effect on net income and earnings per share if the Company had applied thefair value recognition provisions of Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards ("SFAS") No. 123, "Accounting forStock-Based Compensation," to stock-based employee compensation.
**For the Three MonthsEnded June 30,****For the Six MonthsEnded June 30,****2004****2003****2004****2003**(In thousands, except per share amounts) Net income(loss), as reported$(431)$1,686 $(1,811)$3,663 Add: Stock-based compensation expenseincluded in reported net income, net ofrelated tax effects58 72 133 148 Deduct: Total stock-based compensationexpense determined under fairvalue based method for all awards, net ofrelated tax effect(79)(237)(177)(472)Pro forma net income(loss)$(452)$1,521 $(1,855)$3,339 Earnings(loss) per share:Basic-as reported$(0.10)$0.39 $(0.42)$0.84 Basic-pro forma$(0.10)$0.35 $(0.43)$0.77 Diluted - as reported$(0.10)$0.37 $(0.42) $0.80 Diluted-pro forma$(0.10)$0.34 $(0.43)$0.73 
There are 371,277 options that are currently exercisable. The fair value of each option was estimated on the date granted using the Black-Scholes option pricing model.There were no options granted during the first six months of 2004. The fair value of the options granted in 2003 and 2002 was estimated to be $5.86 and $7.25, respectively. The followingweighted-average assumptions were used for grants in 2003 and 2002: risk free interest rate of 1.96% and 4.49%; expected dividend yield of 1.2%; expected life of five years; and expected volatilityof 25.87% and 28.75%.

**          Comprehensive Income**

          Comprehensive income includes net income and all other changes in equity during a period except thoseresulting from investments by owners and distributions to owners. Other comprehensive income includes revenues, expenses, gains and losses that, under accounting principles generally accepted in theUnited States of America, are included in comprehensive income but excluded from net income. Comprehensive income and accumulated other comprehensive income are reported net of related income taxes.Accumulated other comprehensive income for the Company consists solely of unrealized holding gains or losses on available for sale securities and an adjustment for the minimum pensionliability.
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**2.       Agreement to Merge with Provident Bancorp, Inc.**

          On March 16, 2004, the Company announced that it had executed a definitive agreement with ProvidentBancorp, Inc. ("Provident") in which Provident will acquire the Company in exchange for cash and stock. The transaction was valued at approximately $153.4 million based upon the March 15 closingprice for Provident. The total value of the transaction, and the implied value of the stock portion of the merger consideration, will fluctuate prior to completion of the merger as a result offluctuations in the market price of Provident common stock prior to closing. Under the terms of the agreement, stockholders of the Company will be entitled to receive either cash or shares ofProvident common stock, subject to election and allocation procedures which are intended to ensure that, in the aggregate, 50% of the shares of the Company are converted into the right to receivecash of $32.26 per share and that 50% are converted into the right to receive 2.781 shares of Provident common stock. It is currently anticipated that the merger will close in the fourth quarter of2004 and is subject to receiving requisite regulatory and shareholder approvals and other customary conditions. The date of the annual meeting of shareholders has been set for September 22,2004.

**3.       Loan Portfolio Composition**

          The following table sets forth the composition of the Company's loan portfolio in dollar amounts andpercentage of the portfolio at the dates indicated.
At June 30, 2004At December 31, 2003AmountPercentof TotalAmountPercentof Total(Dollars in thousands)**Real Estate Loans**:One- to four-family$  72,048 24.53%$  96,286 29.61%One-to four-family held for sale351 0.12   445 0.14   Multi family and commercial real estate158,905 54.10   154,180 47.41   Construction and development5,585 1.90   4,118 1.27             Total real estate loans236,889 80.65   255,029 78.43   Commercial business loans27,293 9.29   25,253 7.77   **Consumer loans:**Automobile693 0.24   17,562 5.40   Home equity28,130 9.58   26,588 8.18   Other consumer loans722 0.24   735 0.22             Total consumer loans29,545 10.06   44,885 13.80             Total loans293,727 100.00%325,167 100.00%Premiums and deferred loan costs, net725 736 Allowance for loan losses(3,660)(4,925)Total loans, net$290,792 $320,978 
          During the second quarter of 2004, the Company disposed of all of the automobiles and related lease receivables in the automobile lease portfolio for totalconsideration of $7.1 million, of which $7.0 million was received by Warwick Savings in cash and $44,000 is being held in escrow. The Company realized a loss on the sale of $2.6 million beyond the$4.1 million of reserves established for this portfolio through March 31, 2004. The net after tax amount of the proceeds from the sales of automobiles in this portfolio may be paid as a special cashdividend to shareholders pursuant to provisions of the previously announced merger agreement between the Company and Provident Bancorp.10NEXT PAGE
While the Company has disposed of such automobiles, theultimate amount of the dividend, (if any) will depend on a number of additional factors, including legal limitations (including the approval of the New York State Banking Department in respect of anyspecial dividend payment by Warwick Savings). While there can be no assurance as to the amount or timing of the dividend, or whether any dividend will be declared and paid, based upon the amountsreceived and the applicable expenses, the Company and Provident Bancorp have agreed that the amount available that may be declared as a special dividend is $4,150,000. However, the ultimatedeclaration of that dividend is subject to, among other things, approval of the New York State Banking Department.

**4.       Non-Performing Assets**

          The following table sets forth information regarding non-accrual loans, other past due loans and otherreal estate owned at the dates indicated.
June 30,2004December 31,2003(Dollars in thousands)Non-accrual loans:One- to four-family$977   $1,460   Multi family and commercial real estate---   ---   Commercial business loans---   ---   Consumer loans11   11   Total non-accrual loans988   1,471   Accruing loans delinquent 90 days or more:One- to four-family---   740   Multi family and commercial real estate98   --   Total98   740   Total non-performing loans1,086   2,211   Foreclosed real estate:One- to four-family96   505   Total96   505   Total non-performing assets$1,182   $2,716   Non-performing loans to total loans0.37%0.68%Total non-performing assets to total assets0.16%0.36%11NEXT PAGE**5.       Allowance for Loan Losses**
          The following table sets forth the activity in the Company's allowance for loan losses at and for theperiods indicated.
Six Months EndedJune 30,Year EndedDecember 31,200420032003(Dollars in thousands)**Allowance for loan losses:**Balance at beginning of period$4,925$4,932$4,932**Charge-offs**:Commercial business---36112Consumer loans7,3271830Total charge-offs7,32754142**Recoveries**:Commercial business---619Consumer loans41726Total recoveries42345Provision for loan losses6,0589090Balance at end of Period$3,660$4,991$4,925Ratio of net charge-offs during the period to average loans outstanding2.29%0.01%0.03%Ratio of allowance for loan losses to total loansat end of period1.25%1.29%1.51%Ratio of allowance for loan losses to non-performing loans337.02%214.85%222.75%
**Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations**

**General**

          The primary business of Warwick is the operation of its wholly owned subsidiaries, Warwick Savings,Towne Center and Hardenburgh. Presently, the only significant assets of Warwick are the capital stock of Warwick Savings, Towne Center and Hardenburgh, the note evidencing the loan Warwick made tothe Warwick Community Bancorp, Inc. Employee Stock Ownership Plan ("ESOP") to allow the ESOP to purchase 8% of the Company's common stock issued in the Company's initial public offering and theinvestment of the net proceeds of the offering retained by the Company. The results of operations of the Company consists primarily those of Warwick Savings' activities.

          The Company's results of operations are dependent primarily on net interest income, which is thedifference between the interest income earned on its interest-earning assets, such as loans and securities, and the interest expense on its interest-bearing liabilities, such as deposits and borrowedfunds. Results of operations are also affected by non-interest income(loss) and expense, the provision for loan losses and income tax expense. Non-interest income(loss) consists primarily of servicecharges, gain on sales of loans, gains (loss) on securities available for sale, net increases in the cash surrender value of bank-owned life insurance ("BOLI") and other fees. Non-interest expensesconsist primarily of employee
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compensation and benefits, occupancy expenses, federal deposit insurance premiums, net costs of real estate owned, data processing fees and other operating expenses. TheCompany's results of operations are also significantly affected by general economic and competitive conditions (particularly changes in market interest rates), government policies, changes inaccounting standards and actions of regulatory agencies.

**Critical Accounting Policies and Estimates**

          "Management's Discussion and Analysis of Financial Condition and Results of Operation," is based uponthe Company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of thesefinancial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Accounting policy considered critical to ourfinancial results is our determination of the allowance for loan losses. Note 1 of the Company's Audited Consolidated Financial Statements for the year ended December 31, 2003 contains a summary ofthe Company's significant accounting policies. Management believes the Company's policy with respect to the methodology for the determination of the allowance for loan losses involves a higher degreeof complexity and requires management to make difficult and subjective judgments which often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptionsor estimates could materially impact results of operations. This critical policy and its application is periodically reviewed by the Audit Committee and the Board of Directors.

          The allowance for loan losses is based upon management's evaluation of the adequacy of the allowance,including an assessment of known and inherent risks in the portfolio, giving consideration to the size and composition of the loan portfolio, actual loan loss experience, level of delinquencies,detailed analysis of individual loans for which full collectibility may not be assured, the existence and estimated net realizable value of any underlying collateral and guarantees securing theloans, and current economic and market conditions. Although management uses the best information available to it, the level of the allowance for loan losses remains an estimate which is subject tosignificant judgment and short-term change. Various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses. Such agenciesmay require the Company to make additional provisions for loan losses based upon information available to them at the time of their examination. Furthermore, the majority of the Company's loans aresecured by real estate in the states of New York and New Jersey. Accordingly, the collectibility of a substantial portion of the carrying value of the Company's loan portfolio is susceptible tochanges in local market conditions and may be adversely affected should real estate values decline or the New York and New Jersey areas experience adverse economic shock. Further adjustments to theallowance for loan losses may be necessary due to economic, operating, regulatory and other conditions beyond the Company's control.

**Financial Condition**

          *Total assets.* Total assets as of June 30, 2004 were $718.0 million, a decrease of $42.0million, or 5.5%, from total assets of $760.0 million at December 31, 2003. Average total assets for the six months ended June 30, 2004 were $745.7 million, a decrease of $60.8 million, or 7.5%, fromaverage total assets of $806.5 million at June 30, 2003.

          *Total securities.* Total securities decreased by $28.5 million, or 8.4%, to $312.4 million atJune 30, 2004 from $340.9 million at December 31, 2003. Securities available for sale decreased by $27.7 million, or 8.2%, primarily as the result of the prepayments on its mortgage-backed securitiesportfolio coupled with investment security calls due to the prevailing low interest rate environment.
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          *Net loans.* Net loans as of June 30, 2004 were $290.8 million, a decrease of $30.2 million, or9.4%, from net loans of $321.0 million at December 31, 2003. The decrease in net loans was primarily attributable to the $24.3 million decrease in one-to four- family real estate loans resulting fromvery high loan repayments and the $15.4 million decrease in consumer loans as a result of the sale of the automobile lease portfolio.

          *Deposits.* Deposits as of June 30, 2004 were $485.3 million, down $2.3 million, or 0.5%, fromDecember 31, 2003. The Company's deposit mix has continued to change. Savings and NOW account balances, which totaled $254.3 million at June 30, 2004, represented 52.4% of deposits as of that date,compared with 50.9% at December 31, 2003. Demand accounts totaled $77.0 million and represented 15.9% of total deposits at June 30, 2004, compared to 14.6% at December 31, 2003. Money market accountbalances, which totaled $62.3 million at June 30, 2004, represented 12.8% of deposits as of that date, compared to 14.4% at December 31, 2003. Time certificates declined to 18.9% of deposits at June30, 2004 from 20.1% at December 31, 2003.

          *FHLBNY advances.* Advances from the FHLBNY decreased $31.4 million, or 17.1%, to $152.1 millionat June 30, 2004 from $183.5 million at December 31, 2003. The decrease in borrowings was funded with the significant cash flows from loan and security repayments as set forthabove.

          *Stockholders' Equity.* Stockholders' equity decreased $5.8 million to $68.0 million at June 30,2004, compared to $73.8 million at December 31, 2003. The decrease was primarily due to the increase of $3.7 million in the after-tax unrealized losses on securities available for sale. In addition,equity decreased due to the net loss of $1.8 million and the payment of cash dividends of $1.4 million. Partially offsetting these decreases was the $1.3 million increase due to the allocation ofemployee stock ownership plan shares and the vesting of shares issued under the Company's recognition and retention plan.

          During the first six months of 2004, the Company repurchased 24,419 shares of its common stock at a costof $760,000. On July 21, 2004, the Company declared a dividend on its common stock of $0.15 per share of common stock. The dividend will be paid on August 12, 2004 to stockholders of record on July31, 2004.

**Analysis of Net Interest Income**

          Net interest income represents the difference between income on interest-earning assets and expense oninterest-bearing liabilities. Net interest income depends upon the volume of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on them.

          *Average Balance Sheets*. The following table shows average balances, interest earned or paid,and average interest rates for the periods indicated. Such yields and costs were derived by dividing interest income or expense by the average balance of assets or liabilities, respectively, for theperiods shown. The yields include deferred fees and discounts, which are considered yield adjustments. Average balances were computed based on month-end balances. Average balances onavailable-for-sale securities are computed on fair value. Management believes the use of average monthly balances instead of average daily balances does not have a material effect on the informationpresented.
14NEXT PAGEThree Months Ended June 30,20042003AverageBalanceInterestAverageYield/CostAverageBalanceInterestAverageYield/CostAssets:(Dollars in thousands)Interest-earning assets:One-to four-family loans, net$  79,988$1,4577.29%$179,544$  3,0716.84%Multi family and commercial real estate loans, net162,9362,8607.02   155,6282,8447.31   Commercial business loans, net29,7993424.59   27,4124015.85   Consumer loans, net41,7934704.50   46,4377806.72   Mortgage-backed securities140,0351,3353.81   187,7911,6183.45   Collateralized mortgage obligations106,1149003.39   78,0573121.60   Interest earning accounts at banks65,3841390.85   25,460691.08   Investment securities75,5249004.77   66,7868334.99   Total interest-earning assets (1)701,5738,4034.79   767,1159,9285.18   Non-interest earning assets42,61544,460Total assets$744,188$811,575Liabilities and stockholders' equity:Interest-bearing liabilities:Savings and NOW deposits$250,3605980.96%$249,2648771.41%Mortgagor's escrow deposits1,94191.85   3,365172.02   Money market accounts64,0831520.95   83,3812311.11   Time deposits92,2384331.88   108,5636952.56   Total deposits408,6221,1921.17   444,5731,8201.64   Borrowed funds173,7742,2545.19   213,3262,7825.22   Total interest-bearing liabilities582,3963,4462.37   657,8994,6022.80   Non-interest bearing liabilities89,81276,742Total liabilities672,208734,641Stockholders' equity71,98076,934Total liabilities and stockholders'equity$744,188$811,575Net interest income/interest rate spread$4,9572.42%$5,3262.38%Net interest-earning assets/netinterest margin$119,1772.83%$109,2162.78%Ratio of interest-earning assets tointerest-bearing liabilities120.46%116.60%(1)  In computing the average balances of loans, non-accrual loans have been included.15NEXT PAGESix Months Ended June 30,20042003AverageBalanceInterestAverageYield/CostAverageBalanceInterestAverageYield/CostAssets:(Dollars in thousands)Interest-earning assets:One-to four-family loans, net$  86,210$3,0297.03%$200,624$  6,8876.87%Multi family and commercial real estate loans, net160,3465,6507.05   153,7075,6497.35   Commercial business loans, net28,9977014.83   28,3618125.73   Consumer loans, net43,6241,1415.23   48,0241,6086.70   Mortgage-backed securities137,4612,9304.26   173,0963,3293.85   Collateralized mortgage obligations112,6441,9353.44   60,3417342.43   Interest earning accounts at banks52,1972210.85   34,7531821.05   Investment securities81,4451,8414.52   63,5911,6405.16   Total interest-earning assets (1)702,92417,4484.96   762,49720,8415.47   Non-interest earning assets42,77543,955Total assets$745,699$806,452Liabilities and stockholders' equity:Interest-bearing liabilities:Savings and NOW deposits$247,1131,1880.96%$241,4591,9861.64%Mortgagor's escrow deposits1,715151.75   2,852302.10   Money market accounts65,3392990.92   82,7205071.23   Time deposits94,0689091.93   111,1051,4662.64   Total deposits408,2352,4111.18   438,1363,9891.82   Borrowed funds176,9014,5645.16   214,7755,5715.19   Total interest-bearing liabilities585,1366,9752.38   652,9119,5602.93   Non-interest bearing liabilities86,93374,782Total liabilities672,069727,693Stockholders' equity73,63078,759Total liabilities and stockholders'equity$745,699$806,452Net interest income/interest rate spread$10,4732.58%$11,2812.54%Net interest-earning assets/netinterest margin$117,7882.98%$109,5862.96%Ratio of interest-earning assets tointerest-bearing liabilities120.13%116.78%(1)  In computing the average balance of loans, non-accrual loans have been included.16NEXT PAGE
*          Rate/Volume Analysis*. The following table presents the extent to which changes in interestrates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected the Company's interest income and interest expense during the periods indicated. Informationis provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in ratemultiplied by prior volume) and (iii) the net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and thechanges due to rate.
Three Months EndedJune 30, 2004Compared toThree Months EndedJune 30, 2003Six Months EndedJune 30, 2004Compared toSix Months EndedJune 30, 2003Increase (Decrease) in NetInterest Income Due toIncrease (Decrease) in NetInterest Income Due toVolumeRateNetVolumeRateNet(In thousands)(In thousands)Interest-earning assets:One-to four-family loans, net$(1,703)$  89$(1,614)$(3,928)$  70$(3,858)Multi family and commercial realestate loans, net134 (118)16 244 (243)1 Commercial business loans, net35 (94)(59)18 (129)(111)Consumer loans, net(78)(232)(310)(147)(320)(467)Mortgage-backed securities(411)128 (283)(685)286 (399)Collateralized mortgage obligations112 476 588 636 565 1,201 Interest earning accounts at banks108 (38)70 91 (52)39 Investment securities109 (42)67 460 (259)201           Total(1,694)169 (1,525)(3,311)(82)(3,393)Interest-bearing liabilities:Savings and NOW deposits4 (283)(279)47 (845)(798)Mortgagor's escrow deposits(7)(1)(8)(12)(3)(15)Money market deposits(53)(26)(79)(107)(101)(208)Time deposit(105)(157)(262)(225)(332)(557)Borrowed funds(516)(12)(528)(982)(25)(1,007)          Total(677)(479)(1,156)(1,279)(1,306)(2,585)Net change in net interest income$  (1,017)$  648 $   (369)$  (2,032)$  1,224 $   (808)**Comparison of Operating Results for the Three Months Ended June 30, 2004 and 2003**
          *General*. For the three months ended June 30, 2004, the Company recognized a net loss of$431,000, or $0.10 per diluted share, as compared to net income of $1.7 million, or $0.37 per diluted share, for the three months ended June 30, 2003, which represents a $2.1 million decrease. Thedecrease was due to the $2.6 million provision for loan loss that resulted from the sale of the Company's automobile lease portfolio. For the second quarter ended June 30, 2004, annualized return onaverage assets ("ROAA") and annualized return on average equity ("ROAE") were (0.23%) and (2.40)%, respectively. The ROAA and ROAE for the corresponding quarter of 2003 were 0.83% and 8.77%,respectively.
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          *Interest Income*. Interest income amounted to $8.4 million for the three months ended June 30,2004, as compared to $9.9 million for the three months ended June 30, 2003. This decrease of $1.5 million, or 15.2%, reflects the impact of the Federal Reserve Bank's interest rate reductions, whichled to a significant increase in one-to four-family mortgage loan and mortgage-backed securities prepayments that were reinvested at lower yields. The Company chose to reinvest these funds primarilyin agency mortgage-backed securities and agency collateralized mortgage obligations at relatively lower yields rather than in long-term fixed-rate residential mortgages in order to manage itsexposure in an anticipated rising rate environment. Average interest-earning assets for the quarter ended June 30, 2004 decreased $65.5 million, or 8.5% over average interest-earning assets for thequarter ended June 30, 2003. Average loan balances decreased by $94.5 million for the quarter ended June 30, 2004 while the average balances of securities and other earning assets grew by $29.0million. Average yields on interest-earning assets fell by 39 basis points to 4.79% for the quarter ended June 30, 2004 from 5.18% for the comparable period in 2003.

          *Interest Expense*. Total interest expense for the three-month period ended June 30, 2004decreased by $1.2 million when compared to the same three-month period one year earlier. The decrease was primarily due to the decrease in the average balance of borrowed funds, lower rates paid oninterest-bearing deposits, and a higher concentration of non-interest-bearing and low interest-bearing deposits in 2004. Average rates paid on interest-bearing liabilities for the three-month periodended June 30, 2004 declined 43 basis points to 2.37% from 2.80% the prior year.

          *Net Interest Income*. Net interest income for the three months ended June 30, 2004 decreased$369,000, or 6.9%, to $5.0 million compared to $5.3 million for the three months ended June 30, 2003, which was due primarily to the $99.6 million decrease in average one-to four-family loans. Netinterest margin is net interest income expressed as a percentage of total average earning assets. For the quarter ended June 30, 2004, the net interest margin was 2.83% as compared to 2.78% for thequarter ended June 30, 2003. Average interest-earning assets decreased $65.5 million from $767.1 million for the quarter ended June 30, 2003 to $701.6 million for the quarter ended June 30, 2004,while average interest-bearing liabilities decreased $75.5 million from $657.9 million to $582.4 million for the same period.

          *Provision for Loan Losses*. The provision for loan losses for the three months ended June 30,2004 increased $2.6 million compared to the three months ended June 30, 2003. The increase in the provision was a result of the sale of the automobile lease portfolio.

          During the second quarter of 2004, the Company disposed of all of the automobiles and related lease receivables in the automobile lease portfolio for totalconsideration of $7.1 million; of which $7.0 million was received by Warwick Savings in cash and $44,000 is being held in escrow. The Company realized a loss on the sale of $2.6 million beyond the$4.1 million of reserves previously established for this portfolio through March 31, 2004. The net after tax amount of the proceeds from the sale of automobiles and leases in this portfolio may be paid as aspecial cash dividend to shareholders pursuant to provisions of the previously announced merger agreement between the Company and Provident Bancorp. While the Company has disposed of theautomobile lease portfolio, the ultimate amount of the dividend, (if any) will depend on a number of additional factors, including legal limitations (including the approval of the New York State Banking Departmentin respect of any special dividend payment by Warwick Savings). While there can be no assurance as to the amount or timing of the dividend, or whether any dividend will be declared and paid, basedupon the amounts received and the applicable expenses, the Company and Provident Bancorp have agreed that the amount available that may be declared as a special dividend is $4,150,000. However, theultimate declaration of that dividend is subject to, among other things, approval of the New York State Banking Department.
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          *Non-Interest Income*. Non-interest income, net, for the quarter ended June 30, 2004 was $1.6million as compared to non-interest income of $1.9 million for the respective quarter of 2003. The decrease was primarily attributable to the $217,000 decrease in net gain on securities transactionsfor the quarter ended June 30, 2004, as compared to the quarter ended June 30, 2003.

          *Non-Interest Expense*. Non-interest expense for the three-months ended June 30, 2004 increased$231,000 when compared to the same period in 2003. Professional fees increased $295,000 due to costs incurred in the administration and sale of the Company's automobile leaseportfolio.

          *Provision for Income Taxes*. The $1.4 million decrease in the provision for income taxes for thethree-month period ended June 30, 2004, as compared to the three-month period ended June 30, 2003, was primarily attributable to the 131.0% decrease in pre-tax income. The applicable tax rates forthe second quarter of 2004 and 2003 were (47.63)% and 36.54%, respectively. The tax rate for the second quarter of 2004 was affected by non-deductible merger costs and higher fair market valueadjustments related to the Company's Employee Stock Option Plan as compared to the second quarter of 2003.

**Comparison of Operating Results for the Six Months Ended June 30, 2004 and 2003**

          *General*. For the six months ended June 30, 2004, the Company recognized a net loss of $1.8million, or $0.42 per diluted share, as compared to net income of $3.7 million, or $0.80 per diluted share, for the six months ended June 30, 2003, which represents a $5.5 million decrease. Thedecrease was primarily due to the $3.4 million provision for loan loss that was taken in the first quarter as a result of an assessment of the Company's automobile lease portfolio and the additional$2.6 million provision for loan loss on the sale of the automobile lease portfolio. For the six months ended June 30, 2004, annualized return on average assets ("ROAA") and annualized return onaverage equity ("ROAE") were (0.49%) and (4.92)%, respectively. The ROAA and ROAE for the corresponding period of 2003 were 0.91% and 9.30%, respectively.

          *Interest Income*. Interest income amounted to $17.4 million for the six months ended June 30,2004, as compared to $20.8 million for the six months ended June 30, 2003. This decrease of $3.4 million, or 16.3%, reflects the impact of the Federal Reserve Bank's interest rate reductions, whichled to a significant increase in one-to four-family mortgage loan and mortgage-backed securities prepayments that were reinvested at lower yields. The Company chose to reinvest these funds primarilyin agency mortgage-backed securities and agency collateralized mortgage obligations at relatively lower yields rather than in long-term fixed-rate residential mortgages in order to manage itsexposure in an anticipated rising rate environment. Average interest-earning assets for the six months ended June 30, 2004 decreased $59.6 million, or 7.8% over average interest-earning assets forthe six months ended June 30, 2003. Average loan balances decreased by $111.5 million for the six months ended June 30, 2004 while the average balances of securities and other earning assets grew by$52.0 million. Average yields on interest-earning assets fell by 51 basis points to 4.96% for the six months ended June 30, 2004 from 5.47% for the comparable period in 2003.

          *Interest Expense*. Total interest expense for the six-month period ended June 30, 2004 decreasedby $2.6 million when compared to the same six-month period one year earlier. The decrease was primarily due to the decrease in the average balance of borrowed funds, lower rates paid oninterest-bearing deposits, and a higher concentration of non-interest-bearing and low interest-bearing deposits in 2004. Average rates paid on interest-bearing liabilities for the six-month periodended June 30, 2004 declined 55 basis points to 2.38% from 2.93% the prior year.
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          *Net Interest Income*. Net interest income for the six months ended June 30, 2004 decreased$808,000, or 7.1%, to $10.5 million compared to $11.3 million for the six months ended June 30, 2003, which was due primarily to the $114.4 million decrease in average one-to four-family loans. Forthe six months ended June 30, 2004, the net interest margin was 2.98% as compared to 2.96% for the comparable period in 2003. Average interest-earning assets decreased $59.6 million from $762.5million for the six months ended June 30, 2003 to $702.9 million for the period ended June 30, 2004, while average interest-bearing liabilities decreased $67.8 million from $652.9 million to $585.1million for the same period.

          *Provision for Loan Losses*. The provision for loan losses for the six months ended June 30, 2004increased $6.0 million compared to the six months ended June 30, 2003. The increase in the provision was a result of the assessment done of the automobile leases during the first quarter of 2004 andthe $2.6 million loss that was recognized on the sale of this portfolio during the second quarter of 2004.

          At March 31, 2004, the Company had $13.7 million in automobile leases originated through a third party.Substantially all of these leases were scheduled to expire in 2004 and no leases have been originated since August 30, 2001. The third party that originated the leases was responsible for anyshortfall between the loan amount and the proceeds from any insurance and the sale of the automobiles. In March 2004, the Company learned that this third party did not have the financial capabilityto pay any such shortfall. The Company reviewed the actual sales prices of terminated lease vehicles as well as an independent assessment of the anticipated value of the automobiles as they becomeavailable for sale throughout 2004. The Company used this information to determine the appropriate provision for losses on this portion of its portfolio. During the second quarter of 2004, theCompany disposed of all of the automobiles and related lease receivables in the automobile lease portfolio for total consideration of $7.1 million; of which $7.0 million was received by WarwickSavings in cash and $44,000 is being held in escrow. The Company realized a loss on the sale of $2.6 million beyond the $4.1 million of reserves previously established for this portfolio throughMarch 31, 2004. The net after tax amount of the proceeds from the sale of automobiles and leases in this portfolio may be paid as a special cash dividend to shareholders pursuant to provisions of thepreviously announced merger agreement between the Company and Provident Bancorp. While the Company has disposed of the automobile lease portfolio, the ultimate amount of the dividend, (if any) will depend on anumber of additional factors, including legal limitations (including the approval of the New York State Banking Department in respect of any special dividend payment by Warwick Savings). While therecan be no assurance as to the amount or timing of the dividend, or whether any dividend will be declared and paid, based upon the amounts received and the applicable expenses, the Company andProvident Bancorp have agreed that the amount available that may be declared as a special dividend is $4,150,000. However, the ultimate declaration of that dividend is subject to, among other things,approval of the New York State Banking Department.

          *Non-Interest Income*. Non-interest income, net, for the six months ended June 30, 2004 and 2003totaled $3.0 million and $3.8 million, respectively. Net gain on securities transactions and service and fee income decreased $340,000 and $237,000, respectively, for the six month period ended June30, 2004, as compared to the same period ended June 30, 2003. The decrease in service and fee income resulted primarily from the decrease in loan prepayment penalties and the decrease in the incomegenerated from the sales of mutual funds and tax-deferred annuities.

          *Non-Interest Expense*. Non-interest expense for the six-months ended June 30, 2004 increased$1.2 million when compared to the same period in 2003. Professional fees increased $1.0 million due to merger costs incurred and costs associated with the sale of the Company's automobile leaseportfolio. Salaries and employee benefits increased $224,000 for the six months ended June 30, 2004. The increase in salaries and employee benefits was primarily related to annual merit increases,staff for the new branch in Goshen which opened in June 2003 and an increase in medical claims.
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          *Provision for Income Taxes*. The $3.2 million decrease in the provision for income taxes for thesix-month period ended June 30, 2004, as compared to the six-month period ended June 30, 2003, was primarily attributable to the 148.0% decrease in pre-tax income. The applicable tax rates for thefirst half of 2004 and 2003 were (35.78)% and 37.65%, respectively.

**Liquidity and Capital Resources**

          The overall objective of our liquidity management is to ensure the availability of sufficient cash fundsto meet all financial commitments and to take advantage of investment opportunities. The Company manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repayborrowings as they mature and to fund new loans and investments as opportunities arise.

          The Company's primary sources of funds are retail deposits, wholesale funding from FHLBNY or other bankborrowings, principal and interest payments on loans and securities and, to a lesser extent, proceeds from the sale of securities. While maturities and scheduled amortization of loans and securitiesprovide an indication of the timing of the receipt of funds, changes in interest rates, economic conditions and competition strongly influence mortgage prepayment rates and deposit flows, reducingthe predictability of the timing of sources of funds.

          The Company's cash flows are derived from operating activities, investing activities and financingactivities as reported in the Consolidated Statements of Cash Flows in the Company's consolidated financial statements. The primary investing activities of the Company are the origination ofmulti-family and commercial real estate and commercial business loans, a variety of consumer loans, the purchase of mortgage-backed securities and debt and equity securities and the funding ofmortgage loans originated for sale. The Company's investing activities are funded primarily by net deposit inflows, sales of loans and securities and principal repayments on loans andsecurities.

          At June 30, 2004, loan origination commitments totaled $16.7 million and the unadvanced/unused portionof lines of credit totaled $38.0 million. Management of the Company believes it will have sufficient funds available to meet its current originations and other lending commitments.

          Deposit flows are generally affected by the level of market interest rates, the interest rates and otherconditions on deposit products offered by the Company's banking competitors, and other factors. The net decrease in total deposits was $2.3 million for the six months ended June 30, 2004.Certificates of deposit scheduled to mature in under one year from June 30, 2004 totaled $72.8 million. Based on historical experience and pricing strategy, management believes that a significantportion of such deposits will remain with the Company.

          The Warwick Savings Bank and Towne Center Bank maintain appropriate levels of liquid assets. As a memberof the FHLBNY, Warwick Savings has the availability of a line of credit in the amount of $36.2 million on an over-night basis. In accordance with the FHLBNY's credit policy, the Company now has totalcredit facilities available of nearly $76.8 million, inclusive of the aforementioned amounts, before the delivery of qualifying collateral is required.

          At June 30, 2004, the Company had cash and due from banks of $70.8 million and securities available forsale of $310.0 million. Management believes these amounts, together with the Company's borrowing capabilities, to be more than adequate to meet its short-term cash needs.
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          The Company's liquidity is available to, among other things, support future expansion of operations ordiversification into other banking related businesses, pay dividends or repurchase its common stock. Total dividends declared and paid for the six-months ended June 30, 2004 aggregated $0.30 pershare, or a total of $1.3 million. The declaration and payment of dividends are subject to, among other things, Warwick's financial condition and results of operations, regulatory capitalrequirements, tax considerations, industry standards, economic conditions, regulatory restrictions, general business practices and other factors.

**Regulatory Capital Position**

          The Company's primary regulator, the Federal Reserve Board (the "Federal Reserve") which regulates bankholding companies, has issued guidelines classifying and defining bank holding company capital into the following components: (1) Tier I capital, which includes tangible stockholders' equity forcommon stock and certain perpetual preferred stock, and (2) Tier II capital, which includes a portion of the allowance for loan losses and preferred stock that does not qualify as Tier I capital. Therisk-based capital guidelines require financial institution holding companies to maintain specific capital levels according to defined credit risk factors (risk-adjusted assets). As of June 30, 2004,the minimum Tier I and combined Tier I and Tier II capital ratios required by the Federal Reserve for capital adequacy were 4% and 8%, respectively.

          Warwick Savings and Towne Center are subject to minimum regulatory capital requirements imposed by theFederal Deposit Insurance Corporation ("FDIC"), which requirements are, as a general matter, based on the amount and composition of an institution's assets. Insured institutions in the strongestfinancial and managerial condition, with a rating of 1 (the highest examination rating of the FDIC under the Uniform Financial Institutions Rating System) are required to maintain Tier 1 capital ofnot less than 3.0% of total assets (the "leverage capital ratio"). For all other banks, the minimum leverage capital ratio is 4.0%, unless a higher leverage capital ratio is warranted by theparticular circumstances or risk profile of the institution.

The following table shows Warwick Savings' regulatory capital positions and ratios at June 30, 2004.
ActualFor Capital AdequacyPurposesTo Be WellCapitalized UnderPrompt CorrectiveAction ProvisionsAmountPercentAmountPercentAmountPercentTotal Capital     (to risk-weighted assets)$57,26017.22%$26,5998.00%$33,24910.00%Tier 1 Capital     (to risk-weighted assets)54,08716.27   13,3004.00   19,9496.00   Tier 1 Capital     (to average assets)54,0877.69   28,1454.00   35,1815.00   22NEXT PAGE
The following table shows the Parent Company's regulatory capital positions and ratios as of June 30, 2004.
Actual CapitalFor Capital AdequacyPurposesTo Be WellCapitalizedAmountPercentAmountPercentAmountPercentTotal Capital     (to risk-weighted assets)$72,49619.60%$29,5978.00%$36,99710.00%Tier 1 Capital     (to risk-weighted assets)68,83618.61   14,7994.00   22,1986.00   Tier 1 Capital     (to average assets)68,8369.28   29.6764.00   N/AN/A   
**Item 3.  Quantitative And Qualitative Disclosures About Market Risk**

          Quantitative and qualitative disclosure about market risk is presented at December 31, 2003 in theCompany's Annual Report on Form 10-K, which was filed with the SEC on March 15, 2004. There have been no material changes in the Company's market risk at June 30, 2004 as compared to December 31,2003. The Company's most significant form of market risk is interest rate risk, as the majority of its assets and liabilities are sensitive to changes in interest rates. As noted in Item 2,Management's Discussion and Analysis, the decrease in the Company's net interest income is due primarily to the decline in the volume of interest earning assets in 2004. Market risk is reviewedquarterly by the Company's Asset Liability Committee.

**Item 4.  Controls and Procedures**

          Evaluation of Disclosure Controls and Procedures: An evaluation of the Company's disclosurecontrols and procedures (as defined in Section 13(a)-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) as of June 30, 2004 was carried out under the supervision and with theparticipation of the Company's Chief Executive Officer, Chief Financial Officer and several other members of the Company's senior management. The Company's Chief Executive Officer and Chief FinancialOfficer concluded that the Company's disclosure controls and procedures as currently in effect are effective in ensuring that the information required to be disclosed by the Company in the reports itfiles or submits under the Exchange Act is (i) accumulated and communicated to the Company's management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and(ii) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. There have been no changes in internal controls over financial reporting (as definedin Rule 13a-15(f) of the Exchange Act) that occurred during the six months ended June 30, 2004, that have materially affected, or are reasonably likely to materially affect, our internal control overfinancial reporting.

          The Company intends to continually review and evaluate the design and effectiveness of its disclosurecontrols and procedures and to improve its controls and procedures over time and to correct any deficiencies that it may discover in the future. The goal is to ensure that senior management hastimely access to all material financial and non-financial information concerning the Company's business. While the Company believes the present design of its disclosure controls and procedures iseffective to achieve its goal, future events affecting its business may cause the Company to modify its disclosure controls and procedures.
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**PART II - OTHER INFORMATION**
**Item 1.****Legal Proceedings**The Company is involved in legal proceedings incurred in the normal course of business. In the opinion of management, none of these proceedings are expected to have a material effect on theconsolidated financial position or results of operations of the Company.**Item 2.**Changes in Securities, Use of Proceeds and Issuer Purchase of Equity Securities**Period(a) TotalNumberof SharesPurchased(b) AveragePrice PaidPer Share(c) Number ofShares Purchasedas Part of a PubliclyAnnounced Plan(1) (2)(d) MaximumNumber of Sharesthat May Yet bePurchased Underthe Plans(1)April 1 - April 30, 2004------------May 1 - May 31, 200424,419$31.1224,4192,873June 1 - June 30, 2004---------2,87324,419$31.1224,4192,873(1)Ninth stock repurchase program that was announced on March 19, 2003 which allows the Company to repurchase up to 229,706 shares of its outstanding common stock.(2)Tenth stock repurchase program that was announced on November 19, 2003 which allows the Company to repurchase 224,803 shares of its outstanding common stock. There are been norepurchases under this program.All shares were repurchased in open market purchases. **Item 3.****Defaults upon Senior Securities** Not applicable. **Item 4.****Submission of Matters to a Vote of Security Holders** Not applicable. **Item 5.****Other Information** Not applicable. **Item 6.****Exhibits and Reports on Form 8-K** (a)Exhibits See Index to Exhibits. (b)Reports on Form 8-K On April 12, 2004, the Company filed a Form 8-K with the SEC announcing its intention to select a new date for the annual meeting of shareholders.24NEXT PAGE**SIGNATURES**
          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused thisreport to be signed on its behalf by the undersigned thereunto duly authorized.
**Warwick Community Bancorp, Inc.**(Registrant)  Date: August 9, 2004By:/s/ Fred G.KowalFred G. Kowal Chairman and Chief Executive Officer(Duly Authorized Officer)    Date: August 9, 2004By:/s/ Arthur W. BudichArthur W. BudichSenior Vice President and Chief Financial Officer(Principal Financial Officer)25NEXT PAGE
**INDEX TO EXHIBITS**
ExhibitNumberDocument 3.1       Certificate of Incorporation of Warwick Community Bancorp, Inc. (11) 3.2       Bylaws of Warwick Community Bancorp, Inc., as amended. (13) 4.1       Certificate of Incorporation of Warwick Community Bancorp, Inc. (11) 4.2       Bylaws of Warwick Community Bancorp, Inc., as amended. See Exhibit 3.2. 4.3       Form of Stock Certificate of Warwick Community Bancorp, Inc. (1) 4.4       Rights Agreement between Warwick Community Bancorp, Inc. and Registrar and Transfer Company, dated as of October 17, 2000, as amended by Amendment No. One to the rights Agreement dated September17, 2002 (6) 4.5       Form of Right Certificate (7) 4.6       Certificate of Designations, Preferences and Rights of Series A Junior Participating Preferred Stock of Warwick Community Bancorp, Inc. (7) 10.1       Employment Agreement by and between Warwick Community Bancorp, Inc. and Fred G. Kowal (8) 10.2       Amendment No. 1 to the Employment Agreement by and between Warwick Community Bancorp, Inc. and Fred G. Kowal (10) 10.3       Employment Agreement by and between Warwick Community Bancorp, Inc. and Ronald J. Gentile (2) 10.4       First Amendment to Employment Agreement by and between Warwick Community Bancorp, Inc. and Ronald J. Gentile (4) 10.5       Employment Agreement by and between Warwick Community Bancorp, Inc. and Arthur W. Budich (2) 10.6       First Amendment to Employment Agreement by and between Warwick Community Bancorp, Inc. and Arthur W. Budich (4) 10.7       Recognition and Retention Plan of Warwick Community Bancorp, Inc. (3) 10.8       First Amendment to the Recognition and Retention Plan of Warwick Community Bancorp, Inc. (5) 10.9       Second Amendment to the Recognition and Retention Plan of Warwick Community Bancorp, Inc. (8)26NEXT PAGE10.10       Trust Agreement between Warwick Community Bancorp, Inc. and Orange County Trust Company for the Recognition and Retention Plan of Warwick Community Bancorp, Inc. (2) 10.11       Stock Option Plan of Warwick Community Bancorp, Inc. (3) 10.12       First Amendment to the Stock Option Plan of Warwick Community Bancorp, Inc. (5) 10.13       Form of Amended Stock Option Agreement for Directors under the Stock Option Plan of Warwick Community Bancorp, Inc (9) 10.14       Form of Amended Stock Option Agreement for Employees under the Stock Option Plan of Warwick Community Bancorp, Inc.(9) 10.15       Benefit Restoration Plan of The Warwick Savings Bank (1) 10.16       Grantor Trust Agreement by and between The Warwick Savings Bank and HSBC Bank USA for the Benefit Restoration Plan of The Warwick Savings Bank (2) 10.17       Change in Control Severance Plan of Warwick Community Bancorp, Inc. and Affiliates (9) 10.18       Supplemental Executive Retirement Plan of Warwick Community Bancorp, Inc. (12) 31.1       Rule 13a-14(a) Certification of Chief Executive Officer 31.2       Rule 13a-14(a) Certification of Chief Financial Officer 32          Section 1350 Certifications.(1)Incorporated herein by reference to the Exhibits to the Company's Registration Statement on Form S-1, filed on September 19, 1997, Registration No. 333-36021. (2)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 1998. (3)Incorporated herein by reference to the Company's definitive Proxy Statement for the Special Meeting of Shareholders held on June 24, 1998. (4)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the transition period from June 1, 1998 to December 31, 1998. (5)Incorporated herein by reference to the Company's definitive Proxy Statement for the Annual Meeting of Shareholders held on April 20, 1999. (6)Incorporated herein by reference to the Exhibits to the Company's Registration Statement on Form 8-A, filed on October 18, 2000. (7)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000.27NEXT PAGE(8)Incorporated herein by reference to the Exhibits to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2001. (9)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001. (10)Incorporated herein by reference to Exhibit 10.23 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002. (11)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002. (12)Incorporated herein by reference to the Exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003. (13)Incorporated herein by reference to the Exhibits to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.28** |
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