North Fork Bancorp Reports a 22% Increase in Earnings Per Share for th

North Fork Bancorp Reports a 22% Increase in Earnings Per Share for the First Quarter of 2005, Demonstrating Record Loan and Deposit Growth Trends

    Business Editors

    MELVILLE, N.Y.--(BUSINESS WIRE)--April 21, 2005--North Fork Bancorporation, Inc. (NYSE: NFB) continued to show exceptional performance for the first quarter of 2005 following a year that included two strategically important, accretive acquisitions that transformed the company into a major regional banking franchise. Highlights in the current period include:

--	A 153% increase in earnings for the first quarter compared to 2004, with a 22% increase in diluted earnings per share.
--	A 20% annualized growth rate for total deposits, linked quarter.
--	Demand deposits, running counter to cyclical trends, grew at an annualized rate of 22%, linked quarter.
--	Annualized loan growth of 18% or $1.4 billion, linked quarter.
--	A return on tangible equity and assets of approximately 36% and 2%, respectively.
--	Non-performing loans and net charge-offs declined further from their existing low levels, improving reserve coverage.
--	A $1.7 billion reduction in short-term borrowings, while short-term interest rates climbed.
--	Mortgage loan originations from the Company's mortgage banking subsidiary were $10 billion in the current quarter compared to $8.2 billion in 2004. The Company retained approximately 17% of the 2005 originations or $1.8 billion.
--	A net interest income increase of 128% over 2004 to $471 million for the quarter. The net interest margin was 3.79% in the current quarter.
--	The successful integration of GreenPoint's systems and operations in mid-quarter.
--	Declaration of the regular quarterly cash dividend of $.22 per common share, a current yield of approximately 3.3%.

    "These tangible results confirm our original conviction that the 2004 acquisitions would create enormous value for our shareholders," said John Adam Kanas, Chairman, President and Chief Executive Officer. "We are beginning to reap the benefit of our new scale even though total cost savings aren't fully integrated as yet," he added. North Fork ranks third in total deposits in the Metro New York region and seventh in Northern New Jersey. The Company advised that the announced cost savings estimates from the GreenPoint acquisition will be fully realized by the third quarter.

    Net Earnings and Returns

    Net income for the quarter ended March 31, 2005 was $259 million or $.55 diluted earnings per share as compared to $102.5 million or diluted earnings per share of $.45 for the comparable period in 2004, a 153% increase in earnings and 22% increase in diluted earnings per share.
    The Company's returns on average tangible equity and assets in the current quarter were 35.94% and 1.98%, respectively.
    For the quarter ended March 31, 2005, net interest income and net interest margin were $471.3 million and 3.79%, respectively, compared to $206.8 million and 4.33% for 2004. The decline period over period and linked quarter was caused principally by the 2004 acquisitions of GreenPoint and the Trust Company of New Jersey and by the flattening yield curve as short-term interest rates rose. Utilizing its strong liquidity position, the Company paid down $1.7 billion in short term borrowings in the quarter.

    Loans

    Loans held-for-investment at March 31, 2005 amounted to $31.9 billion compared to $12.7 billion at March 31, 2004. Sustained organic growth and acquired loans from both acquisitions were responsible for the increase. The principal funding source for the organic loan growth continues to be deposit inflows. On a linked quarter basis, loans held-for-investment increased by $1.4 billion for an annualized growth rate of 18%. Interest rate sensitive commercial loans increased 25% to $8.9 billion, on an annualized basis. High quality loans of approximately $1.8 billion originated by the Company's mortgage banking subsidiary were retained in the portfolio continuing the trend of previous quarters. "We have the flexibility of retaining these originations as deposit funding and other sources of liquidity remain strong," said Mr. Kanas. "We will eventually migrate toward a greater component of variable rate commercial loans as we grow," he added. Commercial loan originations are expected to accelerate. "The new commercial lenders are making meaningful and positive contributions," said Mr. Kanas.
    On a linked quarter basis, non-performing loans held-for-investment declined by $19 million or 14%. Net charge-offs in the quarter declined to 6 basis points. Total non-performing loans held-for-investment at March 31, 2005 were $114.8 million and consisted of $92.7 million in residential loans and $22.1 million of commercial loans. The allowance for loan losses of $215 million when allocated to these two components provides for 37 basis points of coverage for residential loans and 126 basis points of coverage for all other commercial banking loans.
    During the current quarter, the Company commenced a program to bulk sell non-performing mortgages. It is expected that non-performing mortgage loans will decline in subsequent periods from this program. Furthermore, any losses arising from these sales are not expected to be significant. In the quarter ended March 31, 2005, approximately $8 million of non-performing mortgage loans were sold for amounts exceeding their carrying value.

    Non-Interest Income and Expense

    Non-interest income, excluding securities gains, now constitutes 20% of total revenue compared to 11% for the prior year. The Company's mortgage banking segment was 18% of net income for the quarter. Residential loan originations are tracking last year's record level performance.
    The Company advised that it was beginning to realize the original cost savings estimates from the GreenPoint acquisition since the systems conversion that occurred mid quarter. Full realization is expected by the third quarter. The efficiency ratio in the current quarter was 35.96%.

    Cash Dividends

    On March 22, 2005, the Board declared its regular quarterly dividend of $.22 per common share. The dividend will be payable May 16, 2005, to shareholders of record at the close of business on April 29, 2005. The current yield rose to 3.3%.

    North Fork is a regional bank holding company headquartered in New York conducting commercial and retail banking from approximately 360 branch locations in the Tri-State area, with a complementary national mortgage banking business.

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about North Fork's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of North Fork's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in the interest rate environment; changes in the securities and real estate markets; increased competition and its effect on pricing, spending, third-party relationships and revenues; and the risk of new and changing regulation in the U.S. and internationally. Additional factors that could cause North Fork's results to differ materially from those described in the forward-looking statements can be found in the 2004 Annual Report on Form 10-K of North Fork (including under the heading "Forward-Looking Statements"), and in the Quarterly Reports on Form 10-Q of North Fork filed with the Securities and Exchange Commission ("SEC") and available at the SEC's internet site (http://www.sec.gov). The forward-looking statements in this press release speak only as of the date of the press release, and North Fork assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

North Fork Bancorporation, Inc. Consolidated Statements of Income (Unaudited)

Three Months Ended (in thousands, except per share March 31, December 31, March 31, amounts) 2005 2004 2004 ----------------------------------

Interest Income: Loans Held-for-Investment $452,217 $432,826 $194,200 Loans Held-for-Sale 66,848 64,391 -- Mortgage-Backed Securities 142,007 142,562 59,137 Other Securities 29,407 29,345 14,123 Money Market Investments 733 662 203 ---------------------------------- Total Interest Income 691,212 669,786 267,663 ----------------------------------

Interest Expense: Savings, NOW & Money Market Deposits 69,596 56,042 15,011 Time Deposits 33,466 29,204 10,736 Federal Funds Purchased & Collateralized Borrowings 99,007 93,217 28,603 Other Borrowings 17,824 16,501 6,484 ---------------------------------- Total Interest Expense 219,893 194,964 60,834 ---------------------------------- Net Interest Income 471,319 474,822 206,829 Provision for Loan Losses 9,000 7,689 6,500 ---------------------------------- Net Interest Income after Provision for Loan Losses 462,319 467,133 200,329 ----------------------------------

Non-Interest Income: Customer Related Fees & Service Charges 42,006 43,901 21,771 Gain on Sale of Loans 105,369 52,938 289 Mortgage Servicing Fees 5,576 4,148 871 Investment Management, Commissions & Trust Fees 11,071 12,852 3,924 Other Operating Income 14,228 14,736 6,986 ---------------------------------- Subtotal 178,250 128,575 33,841 Securities Gains, net 4,635 951 7,888 ---------------------------------- Total Non-Interest Income 182,885 129,526 41,729 ----------------------------------

Non-Interest Expense: Employee Compensation & Benefits 135,369 135,568 51,077 Occupancy & Equipment, net 45,954 46,253 17,625 Amortization of Identifiable Intangibles 9,133 9,444 781 Other Operating Expenses 56,197 64,277 17,946 ---------------------------------- Total Non-Interest Expense 246,653 255,542 87,429 ---------------------------------- Income Before Income Taxes 398,551 341,117 154,629 Provision for Income Taxes 139,516 119,367 52,110 ---------------------------------- Net Income $259,035 $221,750 $102,519 ==================================

Earnings Per Share: Basic $0.56 $0.48 $0.46 Diluted $0.55 $0.47 $0.45

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Consolidated Balance Sheets (Unaudited)

(in thousands, except per share March 31, December 31, March 31, amounts) 2005 2004 2004 ------------------------------------ Assets: Cash & Due from Banks $712,195 $972,506 $407,025 Money Market Investments 40,809 90,394 239,081 Securities: Available-for-Sale 14,983,603 15,444,625 7,706,879 Held-to-Maturity 133,745 142,573 169,264 ------------------------------------ Total Securities 15,117,348 15,587,198 7,876,143 ------------------------------------ Loans: Loans Held-for-Sale 5,350,823 5,775,945 3,209

Loans Held-for-Investment 31,857,021 30,453,334 12,655,744 Less: Allowance for Loan Losses 215,307 211,097 124,364 ------------------------------------ Net Loans Held-for- Investment 31,641,714 30,242,237 12,531,380 ------------------------------------

Goodwill 5,886,693 5,878,277 410,494 Identifiable Intangibles 141,601 150,734 11,984 Premises & Equipment 417,900 416,003 160,151 Mortgage Servicing Rights 283,268 254,857 -- Accrued Income Receivable 213,195 205,189 92,375 Other Assets 974,854 1,093,715 242,295 ------------------------------------ Total Assets $60,780,400 $60,667,055 $21,974,137 ====================================

Liabilities and Stockholders' Equity: Deposits: Demand $7,106,826 $6,738,302 $4,233,526 Savings, NOW & Money Market 21,725,437 20,598,994 8,973,720 Time 7,705,470 7,475,132 2,736,242 ------------------------------------ Total Deposits 36,537,733 34,812,428 15,943,488 ------------------------------------

Federal Funds Purchased & Collateralized Borrowings 12,931,678 14,593,027 2,955,362 Other Borrowings 1,484,468 1,506,318 762,344 ------------------------------------ Total Borrowings 14,416,146 16,099,345 3,717,706 ------------------------------------

Accrued Expenses & Other Liabilities 818,330 874,203 729,164 ------------------------------------ Total Liabilities $51,772,209 $51,785,976 $20,390,358 ------------------------------------

Stockholders' Equity: Common Stock, par value $0.01; authorized 500,000,000 shares; issued 477,452,783 shares at March 31, 2005 4,775 4,745 1,746 Additional Paid in Capital 7,004,048 6,968,493 376,408 Retained Earnings 2,218,134 2,064,148 1,872,989 Accumulated Other Comprehensive (Loss)/Income (87,300) 240 31,855 Deferred Compensation (121,011) (125,174) (88,502) Treasury Stock at Cost; 526,577 shares at March 31, 2005 (10,455) (31,373) (610,717) ------------------------------------ Total Stockholders' Equity 9,008,191 8,881,079 1,583,779 ------------------------------------ Total Liabilities and Stockholders' Equity $60,780,400 $60,667,055 $21,974,137 ====================================

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Selected Financial Data and Balance Sheet Components (Unaudited)

March December March 31, 31, 31, SELECTED FINANCIAL DATA: 2005 2004 2004 ------------------------ (in thousands, except ratios and per share amounts)

Per Share: Net Income - Basic $0.56 $0.48 $0.46 Net Income - Diluted $0.55 $0.47 $0.45 Average Shares Outstanding - Basic 466,476 463,909 222,404 Average Shares Outstanding - Diluted 473,314 471,651 225,369 Cash Dividends $0.22 $0.22 $0.20 Dividend Payout Ratio 41% 47% 45% Book Value $18.89 $18.78 $6.90 Tangible Book Value $6.25 $6.03 $5.06 Selected Financial Data: Return on Average Total Assets 1.74% 1.50% 1.96% Return on Average Tangible Assets (1) 1.98% 1.71% 2.01% Return on Average Equity 11.65% 10.00% 26.58% Return on Average Tangible Equity (1) 35.94% 30.35% 36.72% Efficiency Ratio (2) 35.96% 40.24% 35.41% Yield on Interest Earning Assets (3) 5.52% 5.39% 5.57% Cost of Funds 2.04% 1.82% 1.62% Net Interest Margin (3) 3.79% 3.85% 4.33%

March December March 31, 31, 31, 2005 2004 2004 ------------------------ Risk Based Capital: Tier 1 10.31% 9.90% 10.61% Total 12.86% 12.50% 15.43% Leverage Ratio 6.48% 6.22% 6.66%

March 31, December 31, March 31, 2005 2004 2004 ------------------------------------ Quarterly Average Balance Sheet: Total Assets $60,206,882 $58,746,739 $21,060,732 Securities 15,195,094 15,315,473 7,212,411 Loans Held-for-Sale 4,990,885 4,887,454 - Loans Held-for-Investment 31,284,812 29,883,578 12,474,528 Goodwill & Identifiable Intangibles 6,027,487 5,833,655 422,792 Demand Deposits 6,853,159 6,593,969 4,077,535 Interest Bearing Deposits 28,738,597 27,302,465 11,309,570 Federal Funds Purchased & Collateralized Borrowings 13,371,436 13,859,327 3,025,446 Other Borrowings 1,505,984 1,516,032 743,491 Stockholders' Equity 9,017,358 8,820,845 1,551,429 Tangible Stockholders' Equity $2,989,871 $2,987,190 $1,128,637

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Selected Financial Data and Balance Sheet Components (Unaudited)

BALANCE SHEET COMPONENTS:

The following table shows the securities portfolio composition for the periods ended:

March 31, December 31, March 31, (in thousands) 2005 2004 2004 Securities - Available-for-Sale: ----------------------------------- Collateralized Mortgage Obligations $9,670,492 $9,820,056 $4,849,533 Agency Pass-Through Certificates 2,491,331 2,737,067 1,266,341 State & Municipal Obligations 979,304 920,112 714,308 Equity Securities 776,108 794,005 176,950 U.S. Treasury & Government Agencies 357,407 363,775 109,980 Other Securities (4) 708,961 809,610 589,767 ----------------------------------- Total Available-for-Sale Securities $14,983,603 $15,444,625 $7,706,879

Held-to-Maturity Securities 133,745 142,573 169,264 ----------------------------------- Total Securities $15,117,348 $15,587,198 $7,876,143 ===================================

The following table represents the components of the loans held-for-sale and held-for-investment portfolios for the periods ended:

March 31, December 31, March 31, 2005 2004 2004 (in thousands) ------------------------------------ Loans Held-for-Sale: Residential Mortgages $4,239,366 $4,339,581 $3,209 Home Equity 1,061,352 1,380,247 - ------------------------------------ Total 5,300,718 5,719,828 3,209 Deferred Origination Costs 50,105 56,117 - ------------------------------------ Total Loans Held-for-Sale $5,350,823 $5,775,945 $3,209 ====================================

March 31, December 31, March 31, 2005 2004 2004 (in thousands) ------------------------------------ Loans Held-for-Investment: Commercial Mortgages $5,535,281 $5,369,656 $2,836,434 Commercial & Industrial 3,408,006 3,046,820 2,248,285 ------------------------------------ Total Commercial 8,943,287 8,416,476 5,084,719 Residential Mortgages 16,445,902 15,668,938 2,503,107 Multi-Family Mortgages 4,328,879 4,254,405 3,658,070 Consumer 1,554,499 1,604,863 1,113,982 Construction and Land 541,280 480,162 326,703 ------------------------------------ Total $31,813,847 $30,424,844 $12,686,581 Unearned Income & Deferred Costs 43,174 28,490 (30,837) ------------------------------------ Total Loans Held-for- Investment, net $31,857,021 $30,453,334 $12,655,744 ====================================

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Selected Financial Data and Balance Sheet Components (Unaudited)

The following tables represent the components of non-performing assets for the periods ended:

March December March 31, 31, 31, 2005 2004 2004 (dollars in thousands) -------------------------- Non-Performing Assets: Commercial Mortgages $11,459 $16,890 $33 Commercial & Industrial 8,152 8,730 5,471 -------------------------- Total Commercial 19,611 25,620 5,504 Residential Mortgages 91,411 103,745 4,230 Multi-Family Mortgages 1,293 1,290 - Consumer 2,527 3,178 1,568 Construction and Land - - - -------------------------- Non-Performing Loans Held-for-Investment $114,842 $133,833 $11,302 Non-Performing Loans Held-for-Sale 45,780 60,858 - Other Real Estate 14,243 17,410 93 -------------------------- Total Non-Performing Assets $174,865 $212,101 $11,395 ==========================

March December March 31, 31, 31, 2005 2004 2004 -------------------------- Allowance for Loan Losses to Non-Performing Loans Held-for-Investment 187% 158% 1100% Allowance for Loan Losses to Total Loans Held-for-Investment 0.68% 0.69% 0.98% Non-Performing Loans Held-for-Investment to Total Loans Held-for-Investment 0.36% 0.44% 0.09% Non-Performing Assets to Total Assets 0.29% 0.35% 0.05% Quarterly Net Charge-offs to Average Loans Held-for-Investment 0.06% 0.14% 0.16%

The following table represents the impact of allocating the allowance for loan losses as of March 31, 2005 and December 31, 2004, into our two primary portfolio segments:

March 31, 2005 ------------------------------------ Residential Commercial & & All Other (dollars in thousands) Total Multi-Family Loans ------------------------------------

Loans Held for Investment $31,813,847 $20,774,781 $11,039,066 Allowance for Loan Losses Allocated $215,307 $76,104 $139,203 Non-Performing Loans Held-for-Investment $114,842 $92,704 $22,138

Allowance for Loan Losses to Loans Held-for-Investment 0.68% 0.37% 1.26% ====================================

Allowance for Loan Losses to Non Performing Loans Held-for-Investment 187% 82% 629% ====================================

December 31, 2004 ------------------------------------ Residential Commercial & & All Other (dollars in thousands) Total Multi-Family Loans ------------------------------------

Loans Held for Investment $30,424,844 $19,923,343 $10,501,501 Allowance for Loan Losses Allocated $211,097 $76,043 $135,054 Non-Performing Loans Held-for-Investment $133,833 $105,035 $28,798

Allowance for Loan Losses to Loans Held-for-Investment 0.69% 0.38% 1.29% ====================================

Allowance for Loan Losses to Non Performing Loans Held-for-Investment 158% 72% 469% ====================================

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Net Interest Margin Analysis (Unaudited)

The following table presents on a linked quarter basis, an analysis of net interest income by each major category of interest earning assets and interest bearing liabilities:

For the Three Months Ended: March 31, 2005 --------------------------------- Average Average (dollars in thousands) Balance Interest Rate --------------------------------- Interest Earning Assets: Loans Held-for-Investment (3) $31,284,812 $453,563 5.88% Loan Held-for-Sale 4,990,885 66,848 5.43% Securities (3) 15,195,094 180,687 4.82% Money Market Investments (3) 86,989 747 3.48% -------------------------- Total Interest Earning Assets $51,557,780 $701,845 5.52% --------------------------

Non-Interest Earning Assets: Cash and Due from Banks $1,056,382 Other Assets 7,592,720 ---------------- Total Assets $60,206,882 ----------------

Interest Bearing Liabilities: Savings, NOW & Money Market Deposits $21,179,399 $69,596 1.33% Time Deposits 7,559,198 33,466 1.80% -------------------------- Total Savings and Time Deposits 28,738,597 103,062 1.45%

Fed. Funds Purchased & Collateralized Borrowings 13,371,436 99,007 3.00% Other Borrowings 1,505,984 17,824 4.80% -------------------------- Total Borrowings 14,877,420 116,831 3.18% -------------------------- Total Interest Bearing Liabilities $43,616,017 $219,893 2.04% -------------------------- Interest Rate Spread 3.48%

Non-Interest Bearing Liabilities: Demand Deposits $6,853,159 Other Liabilities 720,348 ---------------- Total Liabilities 51,189,524 Stockholders' Equity 9,017,358 ---------------- Total Liabilities and Stockholders' Equity $60,206,882 ---------------- Net Interest Income and Net Interest Margin $481,952 3.79% Less: Tax Equivalent Adjustment (10,633) ---------- Net Interest Income $471,319 ----------

For the Three Months Ended: December 31, 2004 --------------------------------- Average Average (dollars in thousands) Balance Interest Rate --------------------------------- Interest Earning Assets: Loans Held-for-Investment (3) $29,883,578 $433,954 5.78% Loan Held-for-Sale 4,887,454 64,391 5.24% Securities (3) 15,315,473 181,187 4.70% Money Market Investments (3) 87,504 691 3.14% -------------------------- Total Interest Earning Assets $50,174,009 $680,223 5.39% --------------------------

Non-Interest Earning Assets: Cash and Due from Banks $947,502 Other Assets 7,625,228 ---------------- Total Assets $58,746,739 ----------------

Interest Bearing Liabilities: Savings, NOW & Money Market Deposits $19,982,763 $56,042 1.12% Time Deposits 7,319,702 29,204 1.59% -------------------------- Total Savings and Time Deposits 27,302,465 85,246 1.24%

Fed. Funds Purchased & Collateralized Borrowings 13,859,327 93,217 2.68% Other Borrowings 1,516,032 16,501 4.33% -------------------------- Total Borrowings 15,375,359 109,718 2.84% -------------------------- Total Interest Bearing Liabilities $42,677,824 $194,964 1.82% -------------------------- Interest Rate Spread 3.57%

Non-Interest Bearing Liabilities: Demand Deposits $6,593,969 Other Liabilities 654,101 ---------------- Total Liabilities 49,925,894 Stockholders' Equity 8,820,845 ---------------- Total Liabilities and Stockholders' Equity $58,746,739 ---------------- Net Interest Income and Net Interest Margin $485,259 3.85% Less: Tax Equivalent Adjustment (10,437) ---------- Net Interest Income $474,822 ----------

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Mortgage Banking - Quarterly Highlights (Unaudited)

(dollars in thousands) March 31, December 31, 2005 2004 ------------------------ Comparative Mortgage Loan Volumes ---------------------------------

Total Applications Received $18,281,837 $16,403,008 ------------------------

Loans Originated: Specialty Products (5) $4,231,111 $4,494,452 Home Equity/Seconds 1,488,748 1,630,798 Jumbo/Agency 4,302,340 4,316,658 ------------------------ $10,022,199 $10,441,908 ========================

Pipeline (6) $7,407,671 $6,264,104 Interest Rate Lock Commitments (7) 2,523,344 1,950,504 Loans Held-for-Sale 5,350,823 5,775,945

Mortgage Loans Sold and Average Margins (8) ------------------------------------------- Whole Loan Sales: Specialty Products $4,333,784 $3,783,245 Home Equity/Seconds 1,580,497 953,463 Jumbo/Agency 2,438,998 2,753,521 ------------------------ Total Whole Loan Sales $8,353,279 $7,490,229 ========================

Gain on Sale of Whole Loans (9) $106,159 $109,297

Margins on Whole Loans: Specialty Products 1.45% 1.84% Home Equity/Seconds 1.45% 1.30% Jumbo/Agency 0.84% 0.99% ------------------------ Total Whole Loan Sales 1.27% 1.46% ========================

Gains on Sale of Whole Loans: Specialty Products $62,750 $69,759 Home Equity/Seconds 22,858 12,395 Jumbo/Agency 20,551 27,143 ------------------------ Total Whole Loan Sales $106,159 $109,297 ========================

GreenPoint Mortgage (10) Pre-Acquisition Financial Information ------------------------------------ (dollars in thousands) September 30, June 30, March 31, 2004 2004 2004 ------------------------------------ Comparative Mortgage Loan Volumes ---------------------------------

Total Applications Received $17,001,566 $19,868,351 $18,306,711 ------------------------------------

Loans Originated: Specialty Products (5) $3,860,338 $3,452,674 $2,772,195 Home Equity/Seconds 1,613,625 1,255,026 874,590 Jumbo/Agency 4,513,854 6,460,685 4,564,646 ------------------------------------ $9,987,817 $11,168,385 $8,211,431 ====================================

Pipeline (6) $7,623,547 $8,641,744 $9,488,257 Interest Rate Lock Commitments (7) 2,512,433 2,559,331 2,722,844 Loans Held-for-Sale 5,060,115 5,240,641 4,600,887

Mortgage Loans Sold and Average Margins (8) ------------------------------- Whole Loan Sales: Specialty Products $3,262,425 $3,029,038 $2,693,523 Home Equity/Seconds 1,288,899 588,597 504,254 Jumbo/Agency 3,349,777 3,904,792 3,911,844 ------------------------------------ Total Whole Loan Sales $7,901,101 $7,522,427 $7,109,621 ====================================

Gain on Sale of Whole Loans (9) $105,104 $123,332 $120,351

Margins on Whole Loans: Specialty Products 1.64% 2.60% 2.59% Home Equity/Seconds 1.55% 1.81% 2.02% Jumbo/Agency 0.94% 0.87% 1.04% ------------------------------------ Total Whole Loan Sales 1.33% 1.64% 1.69% ====================================

Gains on Sale of Whole Loans: Specialty Products $53,530 $78,698 $69,664 Home Equity/Seconds 20,031 10,636 10,164 Jumbo/Agency 31,543 33,998 40,523 ------------------------------------ Total Whole Loan Sales $105,104 $123,332 $120,351 ====================================

See accompanying notes appended to the financial data and summaries

North Fork Bancorporation, Inc. Notes to the Financial Data and Summaries

This press release contains certain supplemental financial information, described in the following notes, which has been determined by methods other than Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of the Company's performance. The Company's management believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the Company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry.

(1) Return on average tangible assets and return on average tangible equity, which represent non-GAAP measures are computed, on an annualized basis, as follows:

Return on average tangible assets is computed by dividing net income, plus amortization of identifiable intangible assets, net of taxes by average total assets less average goodwill and average identifiable intangible assets.

Return on average tangible equity is computed by dividing net income, plus amortization of identifiable intangible assets, net of taxes by average total stockholders' equity less average goodwill and average identifiable intangible assets.

Three Months Ended March 31, December 31, March 31, 2005 2004 2004 ------------------------------------

(in thousands) Net Income, as Reported $259,035 $221,750 $102,519 Add: Amortization of Identifiable Intangibles, Net of taxes 5,937 6,139 518 ------------------------------------

Net Income, as Adjusted $264,972 $227,889 $103,037 ------------------------------------

Average Total Assets: $60,206,882 $58,746,739 $21,060,732 Less: Average Goodwill 5,879,891 5,677,527 410,385 Less: Average Identifiable Intangible Assets 147,596 156,128 12,407 ------------------------------------ Average Total Tangible Assets $54,179,395 $52,913,084 $20,637,940 ------------------------------------

Average Equity: $9,017,358 $8,820,845 $1,551,429 Less: Average Goodwill 5,879,891 5,677,527 410,385 Less: Average Identifiable Intangible Assets 147,596 156,128 12,407 ------------------------------------ Average Tangible Equity $2,989,871 $2,987,190 $1,128,637 ------------------------------------

Return on Average Tangible Assets 1.98% 1.71% 2.01% Return on Average Tangible Equity 35.94% 30.35% 36.72%

(2) The efficiency ratio, which represents a non-GAAP measure, is defined as the ratio of non-interest expense net of amortization of identifiable intangibles, other real estate related expenses and other non-recurring charges, to net interest income on a tax equivalent basis and other non-interest income net of securities gains and other non-recurring items.

(3) Presented on a tax equivalent basis.

(4) Includes retained interests in securitizations of $10.8 million and $31.8 million at March 31, 2005 and December 31, 2004, respectively.

(5) Specialty products include: Alt A, No Doc and A minus programs.

(6) The pipeline represents applications received, but not yet funded.

(7) Represents commitments to lend where the rates are guaranteed to the borrower for a specific period of time.

(8) Gain on sale of whole loans and the margins on the whole loan sales include the impact of the valuation of mortgage loans held-for-sale and interest rate lock commitments, the impact of the valuation of derivatives utilized to manage the exposure to interest rate risk associated with mortgage loan commitments and mortgage loans held-for-sale, and the impact of adjustments related to reserves established for representations and warranties made in conjunction with loan sales.

(9) The gain on sale of whole loans for the quarters ended March 31, 2005 and December 31, 2004, differ from the amounts reported under generally accepted accounting principles on the accompanying income statement due to the fair value adjustment of loans held-for-sale at October 1, 2004 and sold during the quarter, totaling and $ 0.8 million and $56.4 million, respectively.

(10) GreenPoint Mortgage Pre-acquisition Financial Information.

--30--KL/ny*

CONTACT: North Fork Bancorp Daniel M. Healy, 631-844-1258

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING EARNINGS DIVIDEND SOURCE: North Fork Bancorporation, Inc.

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