2004

N O R T H F O R K B A N C O R P O R A T I O N

A N N U A L R E P O R T

A n n u a l Re p o r t 2 0 0 4 1

F i n a n c i a l H i g h l i g h t s

NORTH FORK BANCORPORATION(dollars in thousands, except per share amounts)

For the Year Ended December 31, 2004 2003

Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,175,221 $ 815,514

Provision for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,189 26,250

Non-Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,847 129,069

Securities Gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,656 15,762

Non-Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,802 333,915

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,996 396,365

Earnings Per Share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.88 $ 1.75

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.85 1.73

Weighted Average Shares Outstanding:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294,491 226,304

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,219 228,774

Actual Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472,843 228,783

Cash Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.84 $ 0.74

Tangible Book Value Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.03 4.61

Actual Balance Sheet at December 31, 2004 2003

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,667,055 $20,969,374

Loans Held-for-Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,775,945 4,074

Loans Held-for-Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,453,334 12,341,199

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,587,198 7,326,560

Goodwill & Intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,029,011 423,259

Demand Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,738,302 4,080,134

Interest Bearing Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,074,126 11,035,981

Federal Funds Purchased & Collateralized Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,593,027 3,221,154

Other Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,506,318 743,476

Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,881,079 1,478,489

Financial Ratios:

Return on Average Tangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.82% 1.91%

Return on Average Tangible Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.88 36.54

Net Interest Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.09 4.24

Dividend Payout Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.00 43.00

Efficiency Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.55 34.30

Risk Adjusted Capital Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.50 15.53

Leverage Capital Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.22 6.47

Execution of our Company’s growth strategy reached new heights in 2004. Each acqui-

sition we complete is a building block—some are cornerstones of our franchise and

others are centerpieces. The acquisitions of GreenPoint Financial Corp. and the Trust

Company of New Jersey completed in 2004 can be characterized in the same manner. With the

addition of 170 branches and a national mortgage company from these two transactions, we now

rank as a major regional bank. The scale of our operations makes us a formidable competitor

for both consumers and commercial customers. We are the 16th largest bank holding company

in the United States, based on asset size.

By every measure, we had an impressive year. Total assets surged to $60.7 billion; total

deposits grew to $34.8 billion and both net interest income and net income for the year were at

record levels of $1.2 billion and $553 million, respectively. Our financial statistics reflect our

achievements and the strength, commitment and dedication of our management team: a net

interest margin of 4.09%, returns on tangible assets and tangible equity of 1.82% and 33.88%,

respectively, and an efficiency ratio of 37.55%. But we are much more than these measures of

financial performance. Every day we are committed to delivering the best products and services

to our customers and strong company performance to our shareholders.

As demonstrated by our substantial

growth, we are focused on teamwork and

execution of our strategy. Our organic growth

during 2004 highlights our work ethic as we

opened 12 new branches and established

three new lending groups—each designed to

capitalize upon the opportunities afforded to

us by our size and the marketplace. The long

hours and the extra effort in planning the

combinations and systems conversions of

TCNJ and GreenPoint have paid off with the

seamless integration of operations for our

customers. All of these accomplishments

epitomize our culture and the unique people

who are North Fork.

Our transformation continues as our corporate headquarters expands into a campus

setting with the addition of another 130,000 square foot building next to our existing

Melville, NY facility. During 2004, our Long Island Operations Center was enlarged and a

new processing facility was opened in New Jersey. With these additions, we are well-

positioned to support our expanded customer base as well as future growth, while enhancing

service and productivity.

One constant

in the midst of our

transformation is

our corporate identity.

2 No r t h Fo r k B a nco r p o rat i on

L e t t e r t o S h a r e h o l d e r s

49th Street & Madison AvenueManhattan, New York

With 279 branches located in New York, we are the third largest commercial bank in this

market as measured by aggregate deposits and market share. We are a powerful bank franchise,

whose market presence is unquestionable. Through our deposit services initiatives, we believe our

potential to continue to excel in this market is substantial. We are transforming the 95 branches

acquired from GreenPoint, with their strong consumer franchise by introducing them to our

commercial bank model (aggressive incentive plans and reduced cost of funds) which will drive

commercial deposits, fee income and generate commercial assets. We are also unlocking the

consumer potential in the 260 existing North Fork branches using many of the strategies success-

fully used to build consumer deposits and fee income taken from the old GreenPoint model.

Our marketing initiatives in 2005 will intensify as we reinforce the recognition of the

North Fork brand. It is a brand synonymous with our retail branch network whereby each

branch design reflects the neighborhood and community rather than a cookie cutter approach;

it is a brand that is recognized for delivery of high quality service, and most importantly, it is

a brand that is recognized by its strong management team with a proven track record.

Our newest lending units in the commercial lending division are expected to spur C&I

lending over the next three years by focusing on all aspects of the market from the entrepreneur

to mid-sized, local publicly traded companies. We remain diligent in our commitment to loan

quality and will not lower or undermine our underwriting standards even at the risk of sacrificing

short term growth goals.

GreenPoint Mortgage, headquartered in California is recognized as a superior national

originator of specialty mortgage products. As a top 10 wholesale lender with $40 billion in orig-

inations in 2004, its expertise is exemplified by its continued success.

One constant in the midst of our transformation is our corporate identity. Integrity and

innovation are two fundamental core values. We will continue our unwavering dedication to

“listening, responding and acting”. It fuels our success. It is the essence of North Fork.

Looking beyond our Company, an important milestone in the history of banking in the U.S.

occurred in the fourth quarter of 2004. For the first time, the number of insured commercial banks

and savings institutions declined to under 9,000. It is a reminder of how the banking landscape

continues to evolve and provide opportunities for all bankers. Our transformation mirrors this

evolution. What lies ahead? Undoubtedly, more change and greater challenges. It is a compelling

moment in our history—for our employees, customers and shareholders. We are anxious to write

the next chapter of our story and excited to share our future successes with all of our stakeholders.

3

John Adam Kanas

Chairman, President and Chief Executive Officer

A n n u a l Re p o r t 2 0 0 4

Each year… presents challenges and opportunities.

Each year… presents changes of varying degrees of magnitude.

2004 was a notable year in the history of our Company.

It was… a year in which we became a major regional franchise.

It was…a transformational year for our employees, customers and shareholders.

The combination of an evolving banking landscape and the Company’s growth has

provided us with a dominant market position from which we provide a full lineup of finan-

cial services for our customers. As we look ahead to 2005, our fundamental focus will be on

our customers—both long term and new—who demand quality and innovative service from

a company that understands their needs.

The two acquisitions we completed in 2004 changed our geographic and corporate profile. In

fact for us, 2004 can be characterized as “Extreme Makeover–Banking Edition”. We were princi-

pally a retail banking franchise based in the New York Metropolitan area. Now we are a regional

franchise with a retail banking network operating in New York, New Jersey and Connecticut, with a

complementary national mortgage company.

We were principally a commercial bank, which

focused our products and services to serve the

commercial market. Now we are a commercial

bank, with a dual focus: the business customer

and the retail customer.

The distinguishing feature of the

GreenPoint Financial transaction, compared

to all other thrift acquisitions that we have

completed, is that we will be leveraging our fran-

chise from both the commercial and consumer

side. It’s a classical example of 1+1=3. We are

implementing the consumer–oriented ideas that

worked well into our existing North Fork

branches, while at the same time infusing the

GreenPoint branches with our success factors

for commercial customers. Early reports indicate that our strategy is working as planned.

The critical test of our transformation will be our ability to keep our perspective and main-

tain our corporate identity. Just like any “makeover”, our ultimate success will be based upon

the fundamentals and the foundation that pre-existed the changes. We remain dedicated to the

basics: Listening, Responding and Acting—in all that we do. Our new in-branch campaign—

Right where YOU need us—exemplifies how we listen, respond and act for our customers.

4 No r t h Fo r k B a nco r p o rat i on

R e f l e c t i o n s a n d I n s i g h t s : 2 0 0 4 i n t o 2 0 0 5

Bronxville BranchWestchester County, New York

In each segment below, we will identify how we have acted upon those tenets during 2004

and how we plan to further them in 2005.

Focused TeamworkListening, Responding and Acting

The North Fork culture is based upon working together to serve our customers. From those

who cultivate and service relationships to the operational and corporate divisions, we are

meticulous, hardworking, and creative. We promote a “no-nonsense, keep it simple” philos-

ophy. Our employees are empowered and recognize that each individual’s extra effort enables

us to excel collectively. Our culture is as ubiquitous as the “NFB coffee cup”, whose presence

on the streets of Manhattan and in our local towns is becoming our unofficial trademark.

Seamless system conversions and a sound, balanced infrastructure were the primary initiatives

for 2004 into 2005.

Designed and installed new infrastructure for wide area network and email services.

Successfully implemented numerous initiatives to automate operations, including

online wire transfers, online loan payments, voice response unit (VRU) for loans

and check processing.

Coordinated with area management the successful implementation of numerous software

applications for operational, lending and retail activities.

Increased capacity for all key functional systems: VRU, internet banking system,

check processing and computer hardware.

Supported growth initiatives for Company facilities, particularly in New Jersey and

Long Island, including additional training centers for our employee base.

Retail BankingListening, Responding and Acting

Client service tops the list of priorities for the Retail Division. In 2004, we grew to 355 branches

from 175 locations, principally through the aforementioned acquisitions. Our De-Novo branch

strategy continues as we select strategic opportunities to expand market share. We know and

understand our communities; we know and understand our customers. Executing the details of

each transaction is vital to the combined success of our customers and our Company. Competition

in the Tri-State marketplace continues to intensify as financial service companies seek to build a

national presence. This base is our “home field”, and we believe strongly in the advantages it

affords us to consistently deliver and concentrate on our ability to foster relationships. We have

realigned our staff and technology, as well as our products and services, to support our growing

franchise. Brand recognition enables us to better reach our customers through diverse outlets.

Acting as a “facilitator”, the Business Concierge links customer needs to the appropriate

A n n u a l Re p o r t 2 0 0 4 5

We remain dedicated

to the basics: Listening,

Responding and Acting –

in all that we do.

individual and/or product within the Company; this service is flourishing as it generated over

$500 million in deposits in 2004. Our retail team has expanded, and new hardware and

software have been installed to provide enhanced efficiencies.

At December 31, 2004, our customer base approximated 2 million accounts for over

$35 billion in deposits, reflecting core growth and the acquisition of 75 branches from

Trust Company of New Jersey and 95 branches from GreenPoint Financial.

Opened 12 new branches, including a branch on 125th Street in Harlem.

Extended branch hours to better meet the needs of our growing customer base.

Expanded the Business Concierge program to New Jersey.

Conducted numerous First Time Home Buyers Seminars, featured on NBC’s “Today Show”.

Contracted several sponsorships promoting cultural and entertainment events on Long

Island: Atlantis Marine World, the Tilles Center became North Fork Hall and Westbury

Music Fair became North Fork Theatre at Westbury. Sponsorships have also been

pledged for Carnegie Hall and Chelsea Piers in Manhattan.

Continued to participate in many worthy causes

and sponsorships, including: local professional

and semi-professional teams such as the NY

Jets, NY Knicks, NY Islanders, NY Rangers,

Long Island Ducks and Brooklyn Cyclones.

Cash Management/Municipal Banking Listening, Responding and Acting

Complementing our core retail banking services, our

Cash Management services offer innovative products

for business customers. This segment of our product

lineup serves the needs of government entities, small

business, middle market and large corporations. We

provide a broad array of products and services

tailored to meet the diverse needs of businesses.

Provided eCash customers with the ability to obtain foreign exchange rates and transact

foreign wires.

Added over 7,000 new clients to Cash Management products as a result of the acquisitions.

Increased Municipal Deposits 181% to $2.1 billion.

Will introduce e-LockBox – a new product allowing customers to make secure payments

using a third party processor.

6 No r t h Fo r k B a nco r p o rat i on

R e f l e c t i o n s a n d I n s i g h t s : 2 0 0 4 i n t o 2 0 0 5 c o n t i n u e d

Hampton Bays BranchSuffolk County, New York

A n n u a l Re p o r t 2 0 0 4 7

Seamless delivery of

our consumer financial

services is of primary

importance…

Call Center/Electronic Banking/Internet BankingListening, Responding and Acting

Seamless delivery of our consumer financial services through all of our channels, including our

ATM network as well as our call center and internet banking service, is of primary importance

to our consumer banking segment. We have made significant investments in resources to service

our growing customer base. In 2004, call center software was installed to accommodate large

numbers of agents and multiple centers in anticipation of the 2004 acquisitions and future expan-

sions. Most notably, to assure high quality consumer-oriented service, we closed the GreenPoint

consumer banking call center in India and relocated those positions back to New York. In 2005,

we plan to improve our on-line bill pay services to include, direct payments from multiple

accounts and to install additional software that will further simplify the customer call experience

and will expedite the call center process.

Developed Personal Online Banking for Superior Savings of New England.

Enhanced the Voice Response Unit (VRU) to accept loan payments and perform stop payments.

Installed CTI (Computer Telephony Integration) to streamline the customer interface.

Implemented the AVS (Address Verification System) providing merchants with automatic

verification at POS (Point of Sale).

Test launched “Debit Perks”, a Debit Card Rewards Program, for full roll-out in 2005.

Trust Services/Investment ServicesListening, Responding and Acting

The 2004 acquisitions broadened the market and product array for Trust Services which now

manages more than $2 billion in assets. Corporate and Municipal Trust Administration have

been added to the product lineup to fully service the entire spectrum of our expanded

customer base. In 2005, insurance products, both corporate and personal, will be added to the

product menu.

Residential Lending – New York Regional MarketListening, Responding and Acting

Residential Mortgage lending is transforming and continuing to evolve. Residential closings

were at a record level during 2004, fueled by a second wave of refinancing activity. Consumers

converted adjustable rate and longer term debt to shorter term fixed rate loan products, taking

advantage of record low interest rates in the first half of the year. As key interest rates climbed,

consumers became increasingly focused on interest-only adjustable rate mortgages.

Additionally, borrowers are using home equity plans to finance home improvement and college

costs. This trend is expected to continue into 2005.

42nd & Madison AvenueManhattan, New York

The 2004 acquisitions expanded our geographic reach, delivery channels and program

offerings and also provided experienced loan originators to compliment our trained Home

Mortgage Experts located throughout the branch network. With these focused groups of dedi-

cated employees, our goal is to increase our penetration into the regional market by developing

and expanding relationships.

The residential product menu offered in our markets was immediately expanded upon

acquiring GreenPoint. The Alt-A and No Doc loan programs that are synonymous with the

GreenPoint brand are now offered throughout our business channels. This increased product

line, coupled with the upcoming conversion to a more enhanced computer origination system,

will take us into 2005 as a more dynamic lending institution providing greater efficiencies and

service to our customers.

Multifamily LendingListening, Responding and Acting

Our asset size and the breadth of our branch network have propelled us to the “next level” in

Multifamily Lending. Our client base has grown, not only in number, but in “net worth” as we

are able to provide larger loan facilities. We

are arguably the major real estate bank in the

Tri-State area. We expect our loan origina-

tions to continue to increase and deposit

accounts to grow substantially as our market

presence continues to expand. Our adher-

ence to prudent underwriting criteria and our

obsession with providing impeccable client

service, as a team, will enable the

Multifamily and Commercial Real Estate

portfolios to prosper.

Total mortgage loan originations for

the Multifamily and Commercial

Real Estate departments approxi-

mated $2.5 billion.

Despite the very competitive market in 2004, the Multifamily portfolio grew by 14.7%

and the Commercial Real Estate mortgage portfolio will grow by almost 26%.

Established a New Jersey Commercial Real Estate Division to service our expanded

customer base.

Acquired a commercial mortgage loan portfolio from GreenPoint consisting of relatively

smaller loans on properties throughout the United States.

8 No r t h Fo r k B a nco r p o rat i on

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Port Washington BranchNassau County, New York

A n n u a l Re p o r t 2 0 0 4 9

Commercial/Middle Market Lending – North Fork Business CapitalListening, Responding and Acting

Our transformation to a financial institution with a multitude of commercial lending products

combined with a desire to expand our presence beyond our traditional geographic market,

fueled the formation of North Fork Business Capital, a 100% wholly owned subsidiary of North

Fork Bank. The new unit provides an asset based and structured finance product to finance

middle market companies with needs between $5 million and $150 million. The products

include acquisition, working capital and restructure financing to manufacturers, distributors,

retailers, select service companies and financial buyers. The business is nationwide with full

service offices in New York and Chicago.

Our commitment to transform the Company into a full service commercial bank and grow

the commercial loan portfolio in a controlled manner, while using sound credit judgment is

exemplified by this new initiative. The strong support from all functional and operational areas

enabled us to take advantage of the marketplace and originate numerous transactions and build

a commitment pipeline.

Middle Market Lending/Small Business Lending/Corporate LendingListening, Responding and Acting

The commercial loan product array offered reflects our ability to design tailored, innovative

lending solutions for today’s entrepreneurs, small businesses, middle market companies and with

the addition of a highly experienced group of lenders focusing on large corporate customers, we

now serve the full spectrum of businesses.

Middle Market Lending continued to build upon our reputation as the bank of choice for

small and middle market businesses. Our Small Business Lending department implemented a

web-based origination process in the last quarter of 2004. We anticipate that this platform will

provide enhanced efficiencies and flexibility for future expansion. The NJ Commercial Lending

staff gives us the opportunity to service into the New Jersey market. Our products are competi-

tive, our responsiveness is outstanding, and our service quality is unsurpassed.

During 2004, we added two new segments of commercial lending, again demonstrating

our commitment to be “the bank of choice”. One group of seasoned lenders has a target

market of corporate publicly traded and privately held companies–principally based on Long

Island. The other group of highly experienced lenders focuses on middle market lending for

customers in Central and Northern New Jersey. Both lending groups understand their respec-

tive markets and customer base to capitalize on the service opportunities available. We offer

the experience and financial resources to meet our customer’s borrowing requirements,

a state-of-the-art cash management system, and the ability to offer financial solutions that rival

the biggest competitors in our marketplace.

Journal Square BranchJersey City , New Jersey

Our asset size and the

breadth of our branch

network have propelled us

to the “next level”...

All Points Capital Corp.Listening, Responding, Acting

In 2004, All Points Capital Corp. (APCC) completed its own transformation from a De-

Novo operation to one of the highest-ranked bank-owned leasing subsidiaries in the country.

Record marks were achieved in all major financial categories, including income, loan

growth, productivity and portfolio performance with lease receivables aggregating in excess

of $1 billion.

APCC has become a substantial force in each of its business channels as robust

lease/loan originations topped $500 million. Combined with strong volume in its core

commercial products, APCC successfully launched its Municipal Lease Department. Over

$100 million in financings for a wide variety of municipal entities, including local and state

governments, were generated in 2004.

APCC’s direct sales arm, North Fork Equipment Leasing, flourished by teaming with

complimentary Bank lending and product groups to “win and keep” valued customers in

New York and New Jersey. Our array of leasing products, together with the our enhanced

lending capabilities, has transformed the Bank’s commercial product mix to state-of-the-

market status. In 2005, APCC plans to

become a true national player, as

reflected by the recently announced

opening of an origination office head-

quartered in Seattle, Washington. Four

satellite offices are open in Detroit,

Boston, Dallas and Minneapolis, with

several more planned.

Processed over 11,500 new lease

applications; approved approxi-

mately 8,300 transactions.

Expanded the reach of APCC

products and market penetration

in 2005 through the opening of

sales offices throughout the

country, including a fully

staffed West Coast operation.

10 No r t h Fo r k B a nco r p o rat i on

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White Plains BranchWestchester County, New York

A n n u a l Re p o r t 2 0 0 4 11

We offer the experience

and financial resources

to meet our customer’s

borrowing requirements…

Consumer LendingListening, Responding, Acting

Another mainstay of our product array is consumer lending. Principally through an extensive

indirect automobile network in our market, we originate automobile loans. Our auto loan

portfolio increased 53% reflecting organic growth and the impact of the 2004 acquisitions.

Loans originated in New Jersey climbed by 28%, demonstrating our expanded presence.

GreenPoint Mortgage Listening, Responding, Acting

GreenPoint Mortgage, headquartered in Novato, California is the 18th largest national lender

of residential mortgage loans in the country. GreenPoint Mortgage originates single-family

and commercial mortgages through over 40 wholesale, correspondent, and retail branches. Its

specialty is Alt-A lending, offering highly competitive mortgage products and services that

are tailored to meet the needs of consumers. GreenPoint Mortgage leverages its state-of-the-

art technology to develop long-term relationships with mortgage brokers across the nation and

offers diverse mortgage products directly to consumers.

2004 was very challenging for the mortgage industry. The mortgage market experi-

enced a 25% decrease in originations compared to the record setting levels experienced in

2003. As interest rates increased in the second half of 2004, refinance originations in the

industry slowed.

In contrast, we increased our market share from 2003, while maintaining our profitability

levels and experienced significant growth in our specialty Adjusted-Rate Mortgage and Home

Equity Loan mortgage products. GreenPoint Mortgage continued its geographic expansion

strategy in 2004 and continues to hire exceptional sales people throughout the country to

further penetrate current and new markets. The 2003 technology investments made in our

Empower! loan origination system paid off handsomely in 2004. As the product mix shifted,

we were able to process more units, as well as handle the increased origination volume.

Achieved record production volume of $40 billion in 2004.

Opened four new wholesale offices in Maryland, Detroit, Minneapolis

and Salt Lake City.

e-Point, our web-based loan portal for mortgage brokers, handled 90% of all

broker-submitted applications. The decision engine can provide brokers with

instant loan decisions on our loans.

Astoria BranchQueens, New York

Community Involvement/Community ReinvestmentListening, Responding and Acting

Our Community Reinvestment program is founded upon “listening, responding, and

acting”. These attributes enable us to better understand our communities and deliver

customized CRA programs. The impact of our 2004 transformation was significant. Most

notably, the transformation will allow us to enrich our focus on participating in youth

development initiatives.

Building on our numerous financial literacy programs targeting youth and our Grace

Dodge High School Scholarship Program, the newly renamed North Fork Foundation will

award 150 renewable scholarships to income-eligible high school seniors in 2005.

Scholarships will be awarded based on a student’s strength of character as demonstrated by a

student’s willingness to work hard and ability to overcome obstacles.

The transformation will also provide additional opportunities for our staff to meaning-

fully work with high school students. In 2004, we collaborated with the New York State

Banking Department to provide a 50-hour internship for Grace Dodge High School students

enrolled in the school’s Academy of Finance. We anticipate increasing the number of these

programs to reach more students.

Community development lending

also underwent a transformation this year

with our participation in the New

Markets Tax Credit Program adminis-

tered by the United States Treasury

Department. This program will provide

us with enhanced opportunities to partic-

ipate in commercial development proj-

ects that seek to revitalize and stabilize

targeted distressed communities.

We understand that to succeed

consistently, we must partner with our

customer. A partnership is fostered

through focused commitment to build

upon a relationship. By listening, responding and acting, each product line or delivery channel

within the Company satisfies the needs of the marketplace and our customers.

We understand that

to succeed consistently,

we must partner with

our customer.

12 No r t h Fo r k B a nco r p o rat i on

R e f l e c t i o n s a n d I n s i g h t s : 2 0 0 4 i n t o 2 0 0 5 c o n t i n u e d

Borough Park BranchBrooklyn, New York

Executive ManagementJohn Adam Kanas

Chairman, President & Chief Executive Officer

John Bohlsen

Vice Chairman

Daniel M. Healy

Executive Vice President & Chief Financial Officer

Aurelie S. Campbell

Vice President & Corporate Secretary

Corporate Headquarters275 Broadhollow Road

P.O. Box 8914

Melville, NY 11747

Board of DirectorsJohn Adam Kanas, Chairman

John Bohlsen, Vice Chairman

Josiah T. Austin

Karen M. Garrison

Daniel M. Healy

Katherine Heaviside

William M. Jackson

Thomas S. Johnson

Raymond A. Nielsen

Dr. Alvin N. Puryear

James F. Reeve

George H. Rowsom

Dr. Kurt R. Schmeller

A. Robert Towbin

Alan J. Wilzig

Directors EmeritusAllan C. Dickerson

Lloyd A. Gerard

Investor RelationsShareholders seeking information about the Company may

obtain analyst presentations, press releases and government

filings from North Fork’s website www.northforkbank.com.

Additional inquiries can be directed to the Corporate

Secretary’s office, 275 Broadhollow Road, P.O. Box 8914,

Melville, New York 11747 or by calling 631-501-4618.

Dividend ServicesDividend Reinvestment Plan (DRP) – The DRP provides

shareholders with a convenient means to acquire additional

shares of stock through the re-investment of dividends

and/or making optional cash payments without a brokerage

commission or service charges. “Registered” holders may

call 1-800-317-4445 for an enrollment package. Accounts

held in “Street” name should contact their broker.

“Registered” shareholders can arrange for direct deposit of

cash dividends. Direct deposit provides a safe, timesaving

method of receiving cash dividends. “Registered” shareholders

can automatically have their dividends deposited on the date of

payment into a checking, savings, or money market account at

any financial institution providing Automated Clearing House

services by calling our Transfer Agent, Equiserve Trust

Company, N.A., at 1-800-870-2340.

Shareholder Account InquiriesShareholders who wish to change the name, address or

ownership of their stock, consolidate accounts, eliminate

duplicate mailings or replace lost certificates or dividend

checks, should contact the Stock Registrar and Transfer

Agent at the address and phone number listed.

Stock Registrar and Transfer AgentEquiserve Trust Company, N.A.

P.O. Box 43069

Providence, RI 02940-3069

Private Couriers/Registered Mail:

Equiserve Trust Company, N.A.

66 Brooks Drive, Braintree, MA 02184

Email access is available through Equiserve’s web page at

www.equiserve.com

Hearing Impaired - TTD: 1-800-952-9245

Shareholder Assistance: 1-800-317-4445

Stock ListingNorth Fork Bancorporation, Inc. is traded on the

New York Stock Exchange under the symbol NFB.

Newspaper stock listings: NoForkBcp or NoFrkBc.

Annual MeetingThe annual meeting will be held May 3, 2005, 10 a.m.

at the Hyatt Regency Wind Watch Hotel, 1717 Vanderbilt

Motor Parkway, Hauppauge, New York 11788, 631-232-9800.

C o r p o r a t e a n d S h a r e h o l d e r I n f o r m a t i o n

275 BROADHOLLOW ROAD • P. O. BOX 8914 • MELVILLE, NY 11747-8914