North Fork Bancorp Reports Earnings for the Second Quarter of 2003, Loan and Deposit Milestones and Progress toward Restructuring Plan.

Business Editors

MELVILLE, N.Y.--(BUSINESS WIRE)--July 16, 2003

North Fork Bancorporation, Inc. (NYSE: NFB) reported earnings for the second quarter, robust operating trends and achievement toward its balance sheet repositioning plan. Highlights in the current period included:

-- Loan growth of $462 million or 16%, with continued pristine

asset quality

-- Deposit growth of $1.1 billion or 33% and demand deposit

growth of $387 million or 46%

-- Returns on average equity and assets of 25% and 1.7%,

respectively

-- The repurchase of 1.7 million common shares to date at an

average per share price of $34.56

-- Declaration of the quarterly cash dividend of $.27 per share

-- Significant progress toward the previously announced balance

sheet repositioning

Earnings and Returns

Net income for the quarter ended June 30, 2003 was $96.1 million or diluted earnings per share of $.62 compared to $104.5 million or $.64 diluted earnings per share in 2002. Second quarter results included debt restructuring costs and gains on the sales of facilities and securities. Earnings per share in the quarter were solidly in line with...

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