GreenPoint's Net Income Up 37% to $0.86

Apr 18, 2001, 01:00 ET from GreenPoint Financial Corp.

    NEW YORK, April 18 /PRNewswire/ -- GreenPoint Financial Corp.
 (NYSE:   GPT) today announced record net income of $0.86 per diluted share,
 or $78 million, an increase of 37% over the first quarter of 2000.
 
     Highlights of the Quarter:
                                      Current    Change vs.
                                      Quarter    Prior Year
 
     * Core cash EPS:                 $1.15      +   31%
     * Core cash ROA:                  2.58%     +   21%
     * Core cash ROE:                 20.05%     +   23%
     * Mortgage Production:           $4.2 B     +  112%
 
     Core cash earnings per diluted share were a record $1.15, or $104 million,
 up 31% over the first quarter of 2000.  Core cash earnings are net of
 non-recurring items and include certain non-cash charges related to goodwill
 and the ESOP that do not impact the Company's tangible capital.  Core cash
 return on equity for the quarter was 20.05% compared to 16.33% for the same
 period a year ago.
     "Our record earnings for the first quarter are the result of significant
 volume increases and higher spreads in our specialty mortgage business,
 continued strength in our consumer banking business, and progress in our
 manufactured housing business," said Thomas S. Johnson, Chairman and Chief
 Executive Officer of GreenPoint Financial.
     "GreenPoint Mortgage achieved record origination and application volume,
 and carried a strong warehouse and pipeline into the second quarter.
 Consistent with our tightened underwriting and improved pricing, the
 manufactured housing business continued to experience declining origination
 volume," continued Mr. Johnson.  "While loss severity on repossessed units
 remained high, delinquency and loan defaults on our securitized manufactured
 housing loans were within expectations.  Delinquencies in our mortgage
 portfolio continue to be very favorable, showing no signs of deterioration."
 
     Loan Originations
     Mortgage production for the quarter was $4.2 billion, up 112% from
 $2.0 billion during the first quarter of 2000 and 22% from $3.5 billion during
 the fourth quarter.  Application volume was $10.6 billion, also a record,
 compared to $4.6 billion during the first quarter of 2000 and $7.2 billion in
 the fourth quarter.  The period end pipeline was a record high $5.6 billion
 compared to $3.5 billion at the end of the fourth quarter.
     Manufactured housing loan originations were $187 million, down from
 $731 million during the first quarter of 2000 and $342 million in the fourth
 quarter.  The continued decline in origination volume is the result of
 tightened underwriting standards and risk-based pricing initiatives.
 
     Net Interest Income
     Net interest income on a tax equivalent basis in the quarter was
 $146 million, essentially flat to the $145 million in the first quarter of
 2000 and up from $143 million in the fourth quarter.  Net interest income
 benefited from an increase in average earning assets, which included an
 increase in loans held for sale.  The net interest margin was 3.96%, down from
 4.21% in the first quarter of 2000 and 4.11% in the fourth quarter.  The
 narrower margin resulted from a change in the mix of interest earning assets
 and a rise in CD costs, reflecting an increasingly competitive market for
 these deposits in the New York area.
 
     Non-Interest Income
     Non-interest income in the first quarter was $128 million, 47% above the
 comparable period a year ago and up from $31 million in the fourth quarter.
 The increase over the year ago period was due primarily to a $41 million
 increase in the net gain on sale of mortgage loans.  Consumer banking fees
 rose $1 million, or 16%.  Partly offsetting these increases, the gain recorded
 on the securitization of manufactured housing loans declined by $11 million,
 primarily due to lower volume.  Loan servicing fees fell by $1 million, which
 included a $3 million write-down in the value of mortgage servicing rights.
 The increase over the fourth quarter was primarily due to the fourth quarter
 charge related to the valuation of retained interests in manufactured housing
 loan securitizations.
 
     Whole Loan Sales and Securitizations
     During the quarter, gains on whole loan mortgage sales were $62 million on
 a volume of $2.8 billion.  The sale margin was 218 basis points compared to
 182 basis points for the first quarter of 2000 and 198 basis points for the
 fourth quarter.  The Company did not securitize home equity lines of credit
 and second mortgages during either the current quarter or the first quarter of
 2000.
     The Company securitized $272 million of manufactured housing loans for a
 gain of $11 million and a sale margin of 408 basis points.  The key
 assumptions were a 14% discount rate, a 13% weighted average annual prepayment
 rate and a 1.8% weighted average annual loss rate.
 
     Non-Interest Expense
     Total non-interest expense for the quarter was $136 million, up from
 $124 million for both the first and fourth quarters of 2000.  Relative to the
 same period a year ago, ESOP expense rose $2.5 million, and salaries and
 benefits increased $6 million related to additional staff and commissions
 related to higher mortgage volumes.  Compared to the fourth quarter,
 non-interest expense increased due to an adjustment of incentive and bonus
 accruals in the fourth quarter associated with the retained interests
 valuation change.
 
     Asset Quality
     Asset quality remained good in the mortgage portfolio, and the credit
 performance of manufactured housing loans in the portfolio improved.  The
 provision for loan loss, which equaled charge-offs, was $5.6 million, down
 from $12.4 million during the fourth quarter.  Mortgage loan charge-offs were
 $2.2 million, up slightly from $1.5 million in the fourth quarter.
 Non-performing mortgage loans as a percent of total mortgage loans held for
 investment was 2.27%, down from 2.41% at the end of the fourth quarter.
 Charge-offs on the portfolio of manufactured housing loans held for investment
 were $3.4 million, down from $10.9 million for the fourth quarter.
 Approximately $4 million of the decline was attributable to a change in the
 timing of charge-offs to conform with recent changes in regulatory standards.
     Total non-performing loans at March 31, 2001 were $187 million, down from
 $200 million at the end of the first quarter of 2000 and $197 million at the
 end of the fourth quarter.  Non-performing loans as a percent of total loans
 held for investment was 2.15%, compared with 2.16% at March 31, 2000 and down
 from 2.27% at December 31, 2000.
 
     Capital Management
     During the first quarter of 2001, the Company repurchased approximately
 331,000 shares of its common stock at an approximate cost of $12 million.
 
     Derivative Financial Instruments
     On January 1, the Company adopted FAS 133, "Accounting for Derivative and
 Hedging Activities".  The effect of the adoption of this standard did not have
 any material effect on the Company's first quarter financial statements.
 
     Live Broadcast of Investor Conference Call
     GreenPoint will host an investor conference call and will broadcast the
 call live via the internet.  The call will take place at 10:00 a.m. (EDT) on
 April 18, and will be hosted by Jeffrey R. Leeds, GreenPoint's Executive Vice
 President and Chief Financial Officer.
 
     For instructions on how to listen to the broadcast, please log on to
 GreenPoint's web site at www.greenpoint.com and click on the banner at the
 bottom of the home page.  Requirements for access to the internet broadcast
 are a modem of at least 14.4Kbps and RealPlayer Audio.  RealPlayer Audio can
 be downloaded at no charge from www.real.com/products/player/index.html.
 Please allow adequate time to be connected to the broadcast.
     The broadcast will be archived on GreenPoint's web site two hours
 following the completion of the call and can be accessed at any time during
 the following week at the Investor Relations section of the site.
 
     GreenPoint Financial Corp.
     GreenPoint Financial Corp. (NYSE:   GPT), http://www.greenpoint.com, a
 leading national specialty housing finance company with more than $13 billion
 in annual loan originations, has three principal businesses.  GreenPoint
 Mortgage is a leading national lender in non-conforming residential mortgages,
 specializing in "Alternative A" mortgage loans.  GreenPoint Credit is the
 nation's second largest lender in manufactured housing finance.  GreenPoint
 Bank, a New York State chartered savings bank, is the second largest thrift
 depository in the Greater New York area with $11 billion in deposits in 74
 branches serving more than 400,000 households.
     This release contains certain forward-looking statements, which are based
 on management's current expectations.  These forward-looking statements
 include information concerning possible or assumed future results of
 operations and business plans, including those relating to earnings growth (on
 both a GAAP and cash basis); revenue growth; origination volume in both the
 Company's mortgage and manufactured housing finance businesses; non-interest
 income levels, including fees from product sales; tangible capital generation;
 margins on sales or securitizations of loans; market share; expense levels;
 and other business operations and strategies.  For these statements,
 GreenPoint claims the protection of the safe harbor for forward-looking
 statements contained in the Private Securities Litigation Reform Act of 1995
 to the extent provided by applicable law.  Forward-looking statements involve
 inherent risks and uncertainties.  We caution you that a number of important
 factors could cause actual results to differ materially from those contained
 in any forward-looking statement.  Such factors include, but are not limited
 to: risks and uncertainties related to acquisitions and related integration
 and restructuring activities; prevailing economic conditions; changes in
 interest rates, loan demand, real estate values, and competition, which can
 materially affect origination levels in the Company's mortgage and
 manufactured housing finance businesses; the level of defaults, losses and
 prepayments on loans made by the Company, whether held in portfolio or sold in
 the secondary markets, which can materially affect the Company's quarterly
 valuation of its retained interests from securitizations; changes in
 accounting principles, policies, and guidelines; adverse changes or conditions
 in capital or financial markets, which could adversely affect the ability of
 the Company to sell or securitize mortgage and manufactured housing
 originations on a timely basis or at prices which are acceptable to the
 Company; changes in any applicable law, rule, regulation or practice with
 respect to tax or legal issues; and other economic, competitive, governmental,
 regulatory, and technological factors affecting the Company's operations,
 pricing, products and services.  The forward-looking statements are made as of
 the date of this release, and the Company assumes no obligation to update the
 forward-looking statements or to update the reasons why actual results could
 differ from those projected in the forward-looking statements.
 
 
                  GreenPoint Financial Corp. and Subsidiaries
            Table 1 - Consolidated Statements of Financial Condition
                                  (Unaudited)
 
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                              (In thousands)
     Assets
 
     Cash and due from banks        $163,653        $139,895      $136,386
     Money market investments         48,832         171,260       470,102
     Loans receivable held for
      sale                         2,765,303       1,980,917     1,696,838
     Securities available for
      sale                         3,908,799       3,066,223     1,965,944
     Federal Home Loan Bank of
      New York stock                 117,500          96,284        96,284
     Retained interests in
      securitizations                178,201         158,982        98,347
     Securities held to maturity       2,548           2,480         2,101
     Loans held for investment,
      net                          8,562,743       8,574,394     9,140,908
     Other interest-earning
      assets                         129,705         128,004       122,904
     Servicing assets                199,818         196,665       187,755
     Goodwill                        844,261         863,848       921,836
     Other assets                    390,718         385,858       336,350
 
     Total assets                $17,312,081     $15,764,810   $15,175,755
 
 
     Liabilities and Stockholders' Equity
 
 
     Liabilities:
     Deposits:
       Savings and checking accounts
        due on demand             $4,408,646      $4,291,330    $4,362,003
       Term certificates of
        deposit                    6,635,323       6,885,039     7,097,610
         Total deposits           11,043,969      11,176,369    11,459,613
     Mortgagors' escrow              110,761          90,319       120,262
     Securities sold under agreements
      to repurchase                  395,179         350,180       122,945
     Federal Home Loan Bank
      advances                     2,215,000       1,000,000       675,000
     Notes payable                     1,579           2,043         4,112
     Senior bank notes               134,403         137,696       199,915
     Subordinated bank notes         149,742         149,739           ---
     Long term debt                  199,752         199,750       199,743
     Liability under recourse
      exposure                       105,583         131,761        36,002
     Other liabilities               818,200         477,396       339,404
         Total liabilities        15,174,168      13,715,253    13,156,996
 
     Stockholders' equity:
      Common stock                     1,103           1,103         1,103
      Additional paid-in capital
       (A)                           765,413         760,122       752,613
      Retained earnings            1,587,403       1,531,464     1,443,199
      Accumulated other
       comprehensive income, net      36,196          17,338      (11,570)
      Treasury stock, at cost      (252,202)       (260,470)     (166,586)
         Total stockholders'
           equity                  2,137,913       2,049,557     2,018,759
 
         Total liabilities and
           stockholders' equity  $17,312,081     $15,764,810   $15,175,755
 
     Note (A): Net of ESOP and stock plans unallocated/unearned shares.
 
                  GreenPoint Financial Corp. and Subsidiaries
                  Table 2 - Consolidated Statements of Income
                                  (Unaudited)
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                 (In thousands, except per share amounts)
 
     Interest income                $306,715        $299,630      $288,267
     Interest expense                163,627         158,705       144,879
      Net interest income            143,088         140,925       143,388
     Provision for loan losses       (5,562)        (12,378)       (8,344)
     Net interest income after
       provision for loan losses     137,526         128,547       135,044
 
     Non-interest income:
     Income from fees and commissions:
      Loan servicing fees             30,986          32,331        32,067
      Banking services fees and
       commissions                    10,520          10,125         9,093
      Other                            4,565           3,848         2,713
         Total income from fees and
           commissions                46,071          46,304        43,873
      Net gain on sales of mortgage
       loans                          64,631          59,657        23,819
      Net gain on sale of
       manufactured housing assets    11,073          21,255        22,170
      Change in valuation of retained
       interests:
        Manufactured housing             ---        (94,388)       (3,304)
        Mortgage                         ---         (6,085)           ---
      Net gain on securities           6,466           1,090           751
      Gain on sale of mortgage servicing
       rights                            ---           3,479           ---
         Total non-interest income   128,241          31,312        87,309
 
     Non-interest expense:
      Salaries and benefits           57,451          47,873        51,124
      Employee Stock Ownership and
       stock plans expense             6,005           5,020         3,516
      Net expense of premises and
       equipment                      21,071          20,645        20,534
      Advertising                      2,351           2,136           764
      Federal deposit insurance
        premiums                         561             578           627
      Other administrative expenses   29,432          28,711        28,155
         Total general and
           administrative expenses   116,871         104,963       104,720
      Other real estate owned
       operating income, net           (254)           (378)         (346)
      Goodwill amortization           19,588          19,588        19,892
         Total non-interest expense  136,205         124,173       124,266
 
     Income before income taxes      129,562          35,686        98,087
     Income taxes related to
      earnings                        51,501          12,816        40,216
     Net income                      $78,061         $22,870       $57,871
 
     Basic earnings per share          $0.88           $0.26         $0.63
 
     Diluted earnings per share        $0.86           $0.25         $0.63
 
     Core net income                 $78,061         $22,870       $57,871
 
     Core diluted earnings per share   $0.86           $0.25         $0.63
 
 
                  GreenPoint Financial Corp. and Subsidiaries
                          Table 3 - Core Cash Earnings
                                  (Unaudited)
 
     GreenPoint's operating results include significant amortization of
 goodwill and employee stock compensation plans expense. These non-cash
 expenses, unlike GreenPoint's other expenses, do not reduce
 GreenPoint's tangible capital, thereby enabling the Company to increase
 shareholder value through the growth of earning assets, increases in
 cash dividends and additional repurchases of the Company's stock.
 
                                                Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                 (In thousands, except per share amounts)
 
     Core net income                 $78,061         $22,870       $57,871
 
     Add back:
      Goodwill amortization           19,588          19,588        19,892
      Employee stock plans expense     6,005           5,020         3,516
 
     Core cash earnings             $103,654         $47,478       $81,279
 
     Core cash earnings per share (A)  $1.15           $0.53         $0.88
 
     Average shares                   90,475          90,279        92,479
 
     (A) Based on the weighted average shares used to calculate diluted
         earnings per share.
 
                  GreenPoint Financial Corp. and Subsidiaries
       Table 4 - Average Consolidated Balance Sheets, Interest and Rates
                                  (Unaudited)
 
 
                                                   Quarter Ended
                                                 March 31, 2001
                                     Average                       Average
                                     Balance        Interest    Yield/Cost
         (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment(B)              $8,197,813        $178,601         8.71%
      Other loans (B)                563,868          13,701         9.72%
      Loans held for sale          2,244,708          47,569         8.58%
      Money market investments (C)   190,069           2,708         5.78%
      Securities (D)               3,139,405          55,560         7.08%
      Other interest-earning assets  288,872          11,144        15.65%
         Total interest-earning
           assets                 14,624,735        $309,283         8.48%
     Non-interest earning
      assets (E)                   1,444,712
 
          Total assets           $16,069,447
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,209,226          $6,032         2.02%
      N.O.W.                         276,021             667         0.98%
      Money market and variable
       rate savings                2,541,461          21,680         3.46%
      Term certificates of deposit 6,747,047          96,052         5.77%
      Mortgagors' escrow             102,472             769         3.04%
      Notes payable and other
       borrowings                  1,555,457          22,482         5.79%
      Securities sold under agreements
       to repurchase                 361,353           5,494         6.08%
      Senior bank notes              134,728           2,372         7.04%
      Subordinated bank notes        149,741           3,504         9.36%
      Guaranteed preferred interest in
       Company's junior subordinated
       debentures                    199,751           4,575         9.16%
         Total interest-bearing
           liabilities            13,277,257        $163,627         4.98%
     Other liabilities (F)           723,774
        Total liabilities         14,001,031
     Stockholders' equity          2,068,416
 
         Total liabilities and
          stockholders' equity   $16,069,447
 
     Net interest income/ interest
      rate spread  (G)                              $145,656         3.50%
 
     Net interest-earning assets/
      net interest margin (H)     $1,347,478                        3.96 %
     Ratio of interest-earning
      assets to interest-bearing
       liabilities                    1.10 x
 
 
                                                   Quarter Ended
                                                  December 31, 2000
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
         (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment(B)              $8,123,432        $177,363         8.73%
      Other loans (B)                583,860          14,187         9.72%
      Loans held for sale          2,037,666          45,949         9.02%
      Money market investments (C)   493,547           8,202         6.61%
      Securities (D)               2,398,913          43,322         7.22%
      Other interest-earning assets  376,614          13,038        13.77%
          Total interest-earning
            assets                14,014,032        $302,061         8.62%
      Non-interest earning
       assets (E)                  1,415,694
 
         Total assets            $15,429,726
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,223,345          $6,498         2.11%
      N.O.W.                         275,439             683         0.99%
      Money market and variable rate
       savings                     2,457,560          21,932         3.55%
      Term certificates of deposit 6,990,035         101,454         5.77%
      Mortgagors' escrow             109,817             471         1.71%
      Notes payable and other
       borrowings                    951,336          14,638         6.09%
      Securities sold under agreements
       to repurchase                 177,960           2,649         5.82%
      Senior bank notes              138,018           2,418         7.01%
      Subordinated bank notes        144,853           3,387         9.35%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,748           4,575         9.16%
         Total interest-bearing
           liabilities            12,668,111        $158,705         4.98%
     Other liabilities (F)           690,913
         Total liabilities        13,359,024
     Stockholders' equity          2,070,702
 
         Total liabilities and stockholders'
            equity               $15,429,726
 
     Net interest income/ interest
      rate spread (G)                               $143,356         3.64%
 
     Net interest-earning assets/
      net interest margin (H)     $1,345,921                        4.11 %
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.11 x
 
     (A) Net interest income is calculated on a taxable-equivalent basis.
     (B) In computing the average balances and average yield on loans,
         non-accruing loans have been included.
     (C) Includes interest-bearing deposits in other banks, federal funds
         sold and securities purchased under agreements to resell.
     (D) The average yield does not give effect to changes in fair value
         that are reflected as a component of stockholders' equity.
     (E) Includes goodwill, banking premises and equipment, servicing
         assets, deferred tax assets, accrued interest receivable, and
         other miscellaneous non-interest earning assets.
     (F) Includes accrued interest payable, accounts payable and other
         miscellaneous non-interest bearing obligations of the Company.
     (G) Net interest rate spread represents the difference between the
         average yield on interest-earning assets and the average cost of
         interest-bearing liabilities.
     (H) Net interest margin represents net interest income divided by
         average interest-earning assets.
 
                  GreenPoint Financial Corp. and Subsidiaries
       Table 4 - Average Consolidated Balance Sheets, Interest and Rates
                                  (Continued)
                                  (Unaudited)
 
                                            Quarter Ended
                                            March 31, 2001
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
          (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment (B)             $8,197,813        $178,601         8.71%
      Other loans (B)                563,868          13,701         9.72%
     Loans held for sale           2,244,708          47,569         8.58%
     Money market investments (C)    190,069           2,708         5.78%
     Securities (D)                3,139,405          55,560         7.08%
     Other interest-earning assets   288,872          11,144        15.65%
         Total interest-earning
           assets                 14,624,735        $309,283         8.48%
     Non-interest earning
      assets (E)                   1,444,712
 
         Total assets            $16,069,447
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,209,226          $6,032         2.02%
      N.O.W.                         276,021             667         0.98%
      Money market and variable rate
       savings                     2,541,461          21,680         3.46%
      Term certificates of deposit 6,747,047          96,052         5.77%
      Mortgagors' escrow             102,472             769         3.04%
      Notes payable and other
       borrowings                  1,555,457          22,482         5.79%
      Securities sold under agreements to
       repurchase                    361,353           5,494         6.08%
      Senior bank notes              134,728           2,372         7.04%
      Subordinated bank notes        149,741           3,504         9.36%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,751           4,575         9.16%
         Total interest-bearing
           liabilities            13,277,257        $163,627         4.98%
     Other liabilities (F)           723,774
         Total liabilities        14,001,031
     Stockholders' equity          2,068,416
 
         Total liabilities and stockholders'
           equity                $16,069,447
 
     Net interest income/ interest rate
      spread (G)                                    $145,656         3.50%
 
     Net interest-earning assets/ net
      interest margin (H)         $1,347,478                         3.96%
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.10 x
 
 
                                             Quarter Ended
                                            March 31, 2000
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
            (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
      investment (B)              $8,671,800        $187,529         8.65%
      Other loans (B)                636,254          16,147        10.15%
      Loans held for sale          1,418,739          31,113         8.77%
      Money market investments (C)   598,426           8,810         5.92%
      Securities (D)               2,079,248          36,105         6.94%
      Other interest-earning assets  338,576          10,550        12.53%
         Total interest-earning
           assets                 13,743,043        $290,254         8.45%
      Non-interest earning
        assets (E)                 1,425,770
 
         Total assets            $15,168,813
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,355,757          $7,283         2.16%
      N.O.W.                         296,687             725         0.98%
      Money market and variable rate
       savings                     2,443,575          20,370         3.35%
      Term certificates of
       deposit                     7,132,693          95,422         5.38%
      Mortgagors' escrow             102,494             455         1.79%
      Notes payable and other
       borrowings                    688,540          11,033         6.39%
      Securities sold under
      agreements to repurchase       111,939           1,549         5.57%
      Senior bank notes              199,909           3,468         6.94%
      Subordinated bank notes            ---             ---          ---%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,741           4,574         9.16%
         Total interest-bearing
           liabilities            12,531,335        $144,879         4.65%
     Other liabilities (F)           646,529
         Total liabilities        13,177,864
     Stockholders' equity          1,990,949
 
         Total liabilities and
      stockholders' equity       $15,168,813
 
     Net interest income/ interest
      rate spread (G)                               $145,375         3.80%
 
     Net interest-earning assets/
      net interest margin (H)     $1,211,708                         4.21%
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.10 x
 
 
     (A) Net interest income is calculated on a taxable-equivalent basis.
     (B) In computing the average balances and average yield on loans,
         non-accruing loans have been included.
     (C) Includes interest-bearing deposits in other banks, federal funds
         sold and securities purchased under agreements to resell.
     (D) The average yield does not give effect to changes in fair value
         that are reflected as a component of stockholders' equity.
     (E) Includes goodwill, banking premises and equipment, servicing
         assets, deferred tax assets, accrued interest receivable, and
         other miscellaneous non-interest earning assets.
     (F) Includes accrued interest payable, accounts payable and other
         miscellaneous non-interest bearing obligations of the Company.
     (G) Net interest rate spread represents the difference between
         the average yield on interest-earning assets and the average
         cost of interest-bearing liabilities.
     (H) Net interest margin represents net interest income divided
         by average interest-earning assets.
 
                  GreenPoint Financial Corp. and Subsidiaries
                   Table 5 - Loan Origination and Disposition
                                  (Unaudited)
 
                                              Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                             (Dollars in millions)
 
     Comparative Loan Volumes
 
     Mortgage:
      Total applications received    $10,575          $7,195        $4,619
 
      Total loans originated:
       Specialty products (A)         $2,239          $2,109        $1,108
       Home equity/Seconds               424             575           466
       Agency / Jumbo                  1,554             771           412
                                      $4,217          $3,455        $1,986
 
     (A) Specialty products include: Alt A, No Doc and A minus programs.
 
     Pipeline                         $5,641          $3,534        $2,503
 
     Loans held for sale              $2,643          $1,765        $1,190
 
         Note:The pipeline represents applications in process and approved
              loan commitments.
 
     Manufactured Housing:
      Total loans originated            $187            $342          $731
 
      Loans held for sale               $122            $216          $506
 
     Loans Sold and Average Margins
      Whole loan - Mortgage:
       Sales                          $2,836          $2,452        $1,205
       Gain on sale                      $62             $49           $22
       Average margin                  2.18%           1.98%         1.82%
 
     Securitizations - Mortgage (B):
      Sales                              $79            $366           $53
      Gain on sale                        $3             $11            $2
      Average margin                   3.42%           3.02%         3.42%
 
     Securitizations - Manufactured Housing:
      Sales                             $272            $450          $590
      Gain on sale                       $11             $21           $22
      Average margin                   4.08%           4.72%         3.76%
 
     (B) Includes draws from prior period securitizations.
 
                  GreenPoint Financial Corp. and Subsidiaries
                    Table 6 - Credit Quality and Performance
                                  (Unaudited)
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                               (Dollars in thousands)
 
     Non-performing Assets:
 
     Non-performing loans, net      $186,697        $197,294      $200,339
     Other real estate owned, net     12,548          12,377         9,878
 
         Total non-performing assets,
           net                      $199,245        $209,671      $210,217
 
     Non-performing loans to loans held for
      investment                      2.15 %          2.27 %         2.16%
 
     Non-performing assets to total
      assets                          1.15 %          1.33 %        1.39 %
 
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                            (Dollars in thousands)
 
     Loan Provision and Charge-offs:
 
     Provision for loan losses        $5,562         $12,378        $8,344
 
     Charge-offs:
      Residential mortgage          $(2,206)        $(1,498)      $(1,921)
      Manufactured housing           (3,356)        (10,880)       (6,423)
         Total charge-offs          $(5,562)       $(12,378)      $(8,344)
 
     Allowance for loan losses      $113,000        $113,000      $113,000
 
     Allowance for loan losses as a
      percentage of loans held for
      investment                      1.30 %          1.30 %        1.22 %
 
                  GreenPoint Financial Corp. and Subsidiaries
               Table 7 - Selected Financial Ratios and Other Data
                                  (Unaudited)
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
     Performance Ratios (Annualized):
      Core cash earnings return on average
       assets (A)                      2.58%           1.23%         2.14%
      Core cash earnings return on average
       equity (A)                     20.05%           9.17%        16.33%
      Net interest margin              3.96%           4.11%         4.21%
      Net interest spread              3.50%           3.64%         3.80%
      Operating expense to average
       assets (B)                      2.91%           2.72%         2.76%
      Net interest income to operating
       expense (B)                     1.22x           1.34x         1.37x
      Efficiency ratio (B)             43.1%           60.9%         45.4%
      Average interest-earning assets
       to average interest-bearing
       liabilities                     1.10x           1.11x         1.10x
 
     (A) Excludes goodwill expense and ESOP expense.
     (B) Excludes goodwill expense and ORE income.
 
                                          Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                  (In thousands, except per share amounts)
 
     Per Share Data:
      Core cash earnings per share (C) $1.15           $0.53         $0.88
      Common book value (D)           $23.56          $22.77        $21.87
      Tangible common book value (D)  $14.25          $13.17        $11.88
 
     (C) Average shares used in
           calculation.               90,475          90,279        92,479
     (D) Period end shares used in
           calculation.               90,755          90,024        92,310
         Total shares outstanding.   100,583         100,105       103,832
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
     Capital Ratios:
      Regulatory:
       Company: (E)
        Leverage capital               9.59%           9.39%         9.17%
        Risk-based capital:
          Tier 1                       9.21%           9.17%        10.29%
          Total                       10.87%          10.94%        11.18%
       Bank:
        Leverage capital               9.36%           9.27%         9.09%
        Risk-based capital:
          Tier 1                       8.97%           9.03%        10.19%
          Total                       10.63%          10.79%        11.08%
     Other:
       Tangible equity to tangible
        managed    assets              5.17%           5.10%         5.63%
        Tangible equity to managed
       receivables (F)                 6.45%           6.19%         6.75%
 
     (E) Includes Trust Preferred of $199.7 million classified as long
          term debt.
     (F) Managed receivables is calculated by adding on-balance sheet loans
          to off-balance sheet managed receivables.
 
 

SOURCE GreenPoint Financial Corp.
    NEW YORK, April 18 /PRNewswire/ -- GreenPoint Financial Corp.
 (NYSE:   GPT) today announced record net income of $0.86 per diluted share,
 or $78 million, an increase of 37% over the first quarter of 2000.
 
     Highlights of the Quarter:
                                      Current    Change vs.
                                      Quarter    Prior Year
 
     * Core cash EPS:                 $1.15      +   31%
     * Core cash ROA:                  2.58%     +   21%
     * Core cash ROE:                 20.05%     +   23%
     * Mortgage Production:           $4.2 B     +  112%
 
     Core cash earnings per diluted share were a record $1.15, or $104 million,
 up 31% over the first quarter of 2000.  Core cash earnings are net of
 non-recurring items and include certain non-cash charges related to goodwill
 and the ESOP that do not impact the Company's tangible capital.  Core cash
 return on equity for the quarter was 20.05% compared to 16.33% for the same
 period a year ago.
     "Our record earnings for the first quarter are the result of significant
 volume increases and higher spreads in our specialty mortgage business,
 continued strength in our consumer banking business, and progress in our
 manufactured housing business," said Thomas S. Johnson, Chairman and Chief
 Executive Officer of GreenPoint Financial.
     "GreenPoint Mortgage achieved record origination and application volume,
 and carried a strong warehouse and pipeline into the second quarter.
 Consistent with our tightened underwriting and improved pricing, the
 manufactured housing business continued to experience declining origination
 volume," continued Mr. Johnson.  "While loss severity on repossessed units
 remained high, delinquency and loan defaults on our securitized manufactured
 housing loans were within expectations.  Delinquencies in our mortgage
 portfolio continue to be very favorable, showing no signs of deterioration."
 
     Loan Originations
     Mortgage production for the quarter was $4.2 billion, up 112% from
 $2.0 billion during the first quarter of 2000 and 22% from $3.5 billion during
 the fourth quarter.  Application volume was $10.6 billion, also a record,
 compared to $4.6 billion during the first quarter of 2000 and $7.2 billion in
 the fourth quarter.  The period end pipeline was a record high $5.6 billion
 compared to $3.5 billion at the end of the fourth quarter.
     Manufactured housing loan originations were $187 million, down from
 $731 million during the first quarter of 2000 and $342 million in the fourth
 quarter.  The continued decline in origination volume is the result of
 tightened underwriting standards and risk-based pricing initiatives.
 
     Net Interest Income
     Net interest income on a tax equivalent basis in the quarter was
 $146 million, essentially flat to the $145 million in the first quarter of
 2000 and up from $143 million in the fourth quarter.  Net interest income
 benefited from an increase in average earning assets, which included an
 increase in loans held for sale.  The net interest margin was 3.96%, down from
 4.21% in the first quarter of 2000 and 4.11% in the fourth quarter.  The
 narrower margin resulted from a change in the mix of interest earning assets
 and a rise in CD costs, reflecting an increasingly competitive market for
 these deposits in the New York area.
 
     Non-Interest Income
     Non-interest income in the first quarter was $128 million, 47% above the
 comparable period a year ago and up from $31 million in the fourth quarter.
 The increase over the year ago period was due primarily to a $41 million
 increase in the net gain on sale of mortgage loans.  Consumer banking fees
 rose $1 million, or 16%.  Partly offsetting these increases, the gain recorded
 on the securitization of manufactured housing loans declined by $11 million,
 primarily due to lower volume.  Loan servicing fees fell by $1 million, which
 included a $3 million write-down in the value of mortgage servicing rights.
 The increase over the fourth quarter was primarily due to the fourth quarter
 charge related to the valuation of retained interests in manufactured housing
 loan securitizations.
 
     Whole Loan Sales and Securitizations
     During the quarter, gains on whole loan mortgage sales were $62 million on
 a volume of $2.8 billion.  The sale margin was 218 basis points compared to
 182 basis points for the first quarter of 2000 and 198 basis points for the
 fourth quarter.  The Company did not securitize home equity lines of credit
 and second mortgages during either the current quarter or the first quarter of
 2000.
     The Company securitized $272 million of manufactured housing loans for a
 gain of $11 million and a sale margin of 408 basis points.  The key
 assumptions were a 14% discount rate, a 13% weighted average annual prepayment
 rate and a 1.8% weighted average annual loss rate.
 
     Non-Interest Expense
     Total non-interest expense for the quarter was $136 million, up from
 $124 million for both the first and fourth quarters of 2000.  Relative to the
 same period a year ago, ESOP expense rose $2.5 million, and salaries and
 benefits increased $6 million related to additional staff and commissions
 related to higher mortgage volumes.  Compared to the fourth quarter,
 non-interest expense increased due to an adjustment of incentive and bonus
 accruals in the fourth quarter associated with the retained interests
 valuation change.
 
     Asset Quality
     Asset quality remained good in the mortgage portfolio, and the credit
 performance of manufactured housing loans in the portfolio improved.  The
 provision for loan loss, which equaled charge-offs, was $5.6 million, down
 from $12.4 million during the fourth quarter.  Mortgage loan charge-offs were
 $2.2 million, up slightly from $1.5 million in the fourth quarter.
 Non-performing mortgage loans as a percent of total mortgage loans held for
 investment was 2.27%, down from 2.41% at the end of the fourth quarter.
 Charge-offs on the portfolio of manufactured housing loans held for investment
 were $3.4 million, down from $10.9 million for the fourth quarter.
 Approximately $4 million of the decline was attributable to a change in the
 timing of charge-offs to conform with recent changes in regulatory standards.
     Total non-performing loans at March 31, 2001 were $187 million, down from
 $200 million at the end of the first quarter of 2000 and $197 million at the
 end of the fourth quarter.  Non-performing loans as a percent of total loans
 held for investment was 2.15%, compared with 2.16% at March 31, 2000 and down
 from 2.27% at December 31, 2000.
 
     Capital Management
     During the first quarter of 2001, the Company repurchased approximately
 331,000 shares of its common stock at an approximate cost of $12 million.
 
     Derivative Financial Instruments
     On January 1, the Company adopted FAS 133, "Accounting for Derivative and
 Hedging Activities".  The effect of the adoption of this standard did not have
 any material effect on the Company's first quarter financial statements.
 
     Live Broadcast of Investor Conference Call
     GreenPoint will host an investor conference call and will broadcast the
 call live via the internet.  The call will take place at 10:00 a.m. (EDT) on
 April 18, and will be hosted by Jeffrey R. Leeds, GreenPoint's Executive Vice
 President and Chief Financial Officer.
 
     For instructions on how to listen to the broadcast, please log on to
 GreenPoint's web site at www.greenpoint.com and click on the banner at the
 bottom of the home page.  Requirements for access to the internet broadcast
 are a modem of at least 14.4Kbps and RealPlayer Audio.  RealPlayer Audio can
 be downloaded at no charge from www.real.com/products/player/index.html.
 Please allow adequate time to be connected to the broadcast.
     The broadcast will be archived on GreenPoint's web site two hours
 following the completion of the call and can be accessed at any time during
 the following week at the Investor Relations section of the site.
 
     GreenPoint Financial Corp.
     GreenPoint Financial Corp. (NYSE:   GPT), http://www.greenpoint.com, a
 leading national specialty housing finance company with more than $13 billion
 in annual loan originations, has three principal businesses.  GreenPoint
 Mortgage is a leading national lender in non-conforming residential mortgages,
 specializing in "Alternative A" mortgage loans.  GreenPoint Credit is the
 nation's second largest lender in manufactured housing finance.  GreenPoint
 Bank, a New York State chartered savings bank, is the second largest thrift
 depository in the Greater New York area with $11 billion in deposits in 74
 branches serving more than 400,000 households.
     This release contains certain forward-looking statements, which are based
 on management's current expectations.  These forward-looking statements
 include information concerning possible or assumed future results of
 operations and business plans, including those relating to earnings growth (on
 both a GAAP and cash basis); revenue growth; origination volume in both the
 Company's mortgage and manufactured housing finance businesses; non-interest
 income levels, including fees from product sales; tangible capital generation;
 margins on sales or securitizations of loans; market share; expense levels;
 and other business operations and strategies.  For these statements,
 GreenPoint claims the protection of the safe harbor for forward-looking
 statements contained in the Private Securities Litigation Reform Act of 1995
 to the extent provided by applicable law.  Forward-looking statements involve
 inherent risks and uncertainties.  We caution you that a number of important
 factors could cause actual results to differ materially from those contained
 in any forward-looking statement.  Such factors include, but are not limited
 to: risks and uncertainties related to acquisitions and related integration
 and restructuring activities; prevailing economic conditions; changes in
 interest rates, loan demand, real estate values, and competition, which can
 materially affect origination levels in the Company's mortgage and
 manufactured housing finance businesses; the level of defaults, losses and
 prepayments on loans made by the Company, whether held in portfolio or sold in
 the secondary markets, which can materially affect the Company's quarterly
 valuation of its retained interests from securitizations; changes in
 accounting principles, policies, and guidelines; adverse changes or conditions
 in capital or financial markets, which could adversely affect the ability of
 the Company to sell or securitize mortgage and manufactured housing
 originations on a timely basis or at prices which are acceptable to the
 Company; changes in any applicable law, rule, regulation or practice with
 respect to tax or legal issues; and other economic, competitive, governmental,
 regulatory, and technological factors affecting the Company's operations,
 pricing, products and services.  The forward-looking statements are made as of
 the date of this release, and the Company assumes no obligation to update the
 forward-looking statements or to update the reasons why actual results could
 differ from those projected in the forward-looking statements.
 
 
                  GreenPoint Financial Corp. and Subsidiaries
            Table 1 - Consolidated Statements of Financial Condition
                                  (Unaudited)
 
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                              (In thousands)
     Assets
 
     Cash and due from banks        $163,653        $139,895      $136,386
     Money market investments         48,832         171,260       470,102
     Loans receivable held for
      sale                         2,765,303       1,980,917     1,696,838
     Securities available for
      sale                         3,908,799       3,066,223     1,965,944
     Federal Home Loan Bank of
      New York stock                 117,500          96,284        96,284
     Retained interests in
      securitizations                178,201         158,982        98,347
     Securities held to maturity       2,548           2,480         2,101
     Loans held for investment,
      net                          8,562,743       8,574,394     9,140,908
     Other interest-earning
      assets                         129,705         128,004       122,904
     Servicing assets                199,818         196,665       187,755
     Goodwill                        844,261         863,848       921,836
     Other assets                    390,718         385,858       336,350
 
     Total assets                $17,312,081     $15,764,810   $15,175,755
 
 
     Liabilities and Stockholders' Equity
 
 
     Liabilities:
     Deposits:
       Savings and checking accounts
        due on demand             $4,408,646      $4,291,330    $4,362,003
       Term certificates of
        deposit                    6,635,323       6,885,039     7,097,610
         Total deposits           11,043,969      11,176,369    11,459,613
     Mortgagors' escrow              110,761          90,319       120,262
     Securities sold under agreements
      to repurchase                  395,179         350,180       122,945
     Federal Home Loan Bank
      advances                     2,215,000       1,000,000       675,000
     Notes payable                     1,579           2,043         4,112
     Senior bank notes               134,403         137,696       199,915
     Subordinated bank notes         149,742         149,739           ---
     Long term debt                  199,752         199,750       199,743
     Liability under recourse
      exposure                       105,583         131,761        36,002
     Other liabilities               818,200         477,396       339,404
         Total liabilities        15,174,168      13,715,253    13,156,996
 
     Stockholders' equity:
      Common stock                     1,103           1,103         1,103
      Additional paid-in capital
       (A)                           765,413         760,122       752,613
      Retained earnings            1,587,403       1,531,464     1,443,199
      Accumulated other
       comprehensive income, net      36,196          17,338      (11,570)
      Treasury stock, at cost      (252,202)       (260,470)     (166,586)
         Total stockholders'
           equity                  2,137,913       2,049,557     2,018,759
 
         Total liabilities and
           stockholders' equity  $17,312,081     $15,764,810   $15,175,755
 
     Note (A): Net of ESOP and stock plans unallocated/unearned shares.
 
                  GreenPoint Financial Corp. and Subsidiaries
                  Table 2 - Consolidated Statements of Income
                                  (Unaudited)
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                 (In thousands, except per share amounts)
 
     Interest income                $306,715        $299,630      $288,267
     Interest expense                163,627         158,705       144,879
      Net interest income            143,088         140,925       143,388
     Provision for loan losses       (5,562)        (12,378)       (8,344)
     Net interest income after
       provision for loan losses     137,526         128,547       135,044
 
     Non-interest income:
     Income from fees and commissions:
      Loan servicing fees             30,986          32,331        32,067
      Banking services fees and
       commissions                    10,520          10,125         9,093
      Other                            4,565           3,848         2,713
         Total income from fees and
           commissions                46,071          46,304        43,873
      Net gain on sales of mortgage
       loans                          64,631          59,657        23,819
      Net gain on sale of
       manufactured housing assets    11,073          21,255        22,170
      Change in valuation of retained
       interests:
        Manufactured housing             ---        (94,388)       (3,304)
        Mortgage                         ---         (6,085)           ---
      Net gain on securities           6,466           1,090           751
      Gain on sale of mortgage servicing
       rights                            ---           3,479           ---
         Total non-interest income   128,241          31,312        87,309
 
     Non-interest expense:
      Salaries and benefits           57,451          47,873        51,124
      Employee Stock Ownership and
       stock plans expense             6,005           5,020         3,516
      Net expense of premises and
       equipment                      21,071          20,645        20,534
      Advertising                      2,351           2,136           764
      Federal deposit insurance
        premiums                         561             578           627
      Other administrative expenses   29,432          28,711        28,155
         Total general and
           administrative expenses   116,871         104,963       104,720
      Other real estate owned
       operating income, net           (254)           (378)         (346)
      Goodwill amortization           19,588          19,588        19,892
         Total non-interest expense  136,205         124,173       124,266
 
     Income before income taxes      129,562          35,686        98,087
     Income taxes related to
      earnings                        51,501          12,816        40,216
     Net income                      $78,061         $22,870       $57,871
 
     Basic earnings per share          $0.88           $0.26         $0.63
 
     Diluted earnings per share        $0.86           $0.25         $0.63
 
     Core net income                 $78,061         $22,870       $57,871
 
     Core diluted earnings per share   $0.86           $0.25         $0.63
 
 
                  GreenPoint Financial Corp. and Subsidiaries
                          Table 3 - Core Cash Earnings
                                  (Unaudited)
 
     GreenPoint's operating results include significant amortization of
 goodwill and employee stock compensation plans expense. These non-cash
 expenses, unlike GreenPoint's other expenses, do not reduce
 GreenPoint's tangible capital, thereby enabling the Company to increase
 shareholder value through the growth of earning assets, increases in
 cash dividends and additional repurchases of the Company's stock.
 
                                                Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                 (In thousands, except per share amounts)
 
     Core net income                 $78,061         $22,870       $57,871
 
     Add back:
      Goodwill amortization           19,588          19,588        19,892
      Employee stock plans expense     6,005           5,020         3,516
 
     Core cash earnings             $103,654         $47,478       $81,279
 
     Core cash earnings per share (A)  $1.15           $0.53         $0.88
 
     Average shares                   90,475          90,279        92,479
 
     (A) Based on the weighted average shares used to calculate diluted
         earnings per share.
 
                  GreenPoint Financial Corp. and Subsidiaries
       Table 4 - Average Consolidated Balance Sheets, Interest and Rates
                                  (Unaudited)
 
 
                                                   Quarter Ended
                                                 March 31, 2001
                                     Average                       Average
                                     Balance        Interest    Yield/Cost
         (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment(B)              $8,197,813        $178,601         8.71%
      Other loans (B)                563,868          13,701         9.72%
      Loans held for sale          2,244,708          47,569         8.58%
      Money market investments (C)   190,069           2,708         5.78%
      Securities (D)               3,139,405          55,560         7.08%
      Other interest-earning assets  288,872          11,144        15.65%
         Total interest-earning
           assets                 14,624,735        $309,283         8.48%
     Non-interest earning
      assets (E)                   1,444,712
 
          Total assets           $16,069,447
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,209,226          $6,032         2.02%
      N.O.W.                         276,021             667         0.98%
      Money market and variable
       rate savings                2,541,461          21,680         3.46%
      Term certificates of deposit 6,747,047          96,052         5.77%
      Mortgagors' escrow             102,472             769         3.04%
      Notes payable and other
       borrowings                  1,555,457          22,482         5.79%
      Securities sold under agreements
       to repurchase                 361,353           5,494         6.08%
      Senior bank notes              134,728           2,372         7.04%
      Subordinated bank notes        149,741           3,504         9.36%
      Guaranteed preferred interest in
       Company's junior subordinated
       debentures                    199,751           4,575         9.16%
         Total interest-bearing
           liabilities            13,277,257        $163,627         4.98%
     Other liabilities (F)           723,774
        Total liabilities         14,001,031
     Stockholders' equity          2,068,416
 
         Total liabilities and
          stockholders' equity   $16,069,447
 
     Net interest income/ interest
      rate spread  (G)                              $145,656         3.50%
 
     Net interest-earning assets/
      net interest margin (H)     $1,347,478                        3.96 %
     Ratio of interest-earning
      assets to interest-bearing
       liabilities                    1.10 x
 
 
                                                   Quarter Ended
                                                  December 31, 2000
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
         (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment(B)              $8,123,432        $177,363         8.73%
      Other loans (B)                583,860          14,187         9.72%
      Loans held for sale          2,037,666          45,949         9.02%
      Money market investments (C)   493,547           8,202         6.61%
      Securities (D)               2,398,913          43,322         7.22%
      Other interest-earning assets  376,614          13,038        13.77%
          Total interest-earning
            assets                14,014,032        $302,061         8.62%
      Non-interest earning
       assets (E)                  1,415,694
 
         Total assets            $15,429,726
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,223,345          $6,498         2.11%
      N.O.W.                         275,439             683         0.99%
      Money market and variable rate
       savings                     2,457,560          21,932         3.55%
      Term certificates of deposit 6,990,035         101,454         5.77%
      Mortgagors' escrow             109,817             471         1.71%
      Notes payable and other
       borrowings                    951,336          14,638         6.09%
      Securities sold under agreements
       to repurchase                 177,960           2,649         5.82%
      Senior bank notes              138,018           2,418         7.01%
      Subordinated bank notes        144,853           3,387         9.35%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,748           4,575         9.16%
         Total interest-bearing
           liabilities            12,668,111        $158,705         4.98%
     Other liabilities (F)           690,913
         Total liabilities        13,359,024
     Stockholders' equity          2,070,702
 
         Total liabilities and stockholders'
            equity               $15,429,726
 
     Net interest income/ interest
      rate spread (G)                               $143,356         3.64%
 
     Net interest-earning assets/
      net interest margin (H)     $1,345,921                        4.11 %
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.11 x
 
     (A) Net interest income is calculated on a taxable-equivalent basis.
     (B) In computing the average balances and average yield on loans,
         non-accruing loans have been included.
     (C) Includes interest-bearing deposits in other banks, federal funds
         sold and securities purchased under agreements to resell.
     (D) The average yield does not give effect to changes in fair value
         that are reflected as a component of stockholders' equity.
     (E) Includes goodwill, banking premises and equipment, servicing
         assets, deferred tax assets, accrued interest receivable, and
         other miscellaneous non-interest earning assets.
     (F) Includes accrued interest payable, accounts payable and other
         miscellaneous non-interest bearing obligations of the Company.
     (G) Net interest rate spread represents the difference between the
         average yield on interest-earning assets and the average cost of
         interest-bearing liabilities.
     (H) Net interest margin represents net interest income divided by
         average interest-earning assets.
 
                  GreenPoint Financial Corp. and Subsidiaries
       Table 4 - Average Consolidated Balance Sheets, Interest and Rates
                                  (Continued)
                                  (Unaudited)
 
                                            Quarter Ended
                                            March 31, 2001
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
          (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
       investment (B)             $8,197,813        $178,601         8.71%
      Other loans (B)                563,868          13,701         9.72%
     Loans held for sale           2,244,708          47,569         8.58%
     Money market investments (C)    190,069           2,708         5.78%
     Securities (D)                3,139,405          55,560         7.08%
     Other interest-earning assets   288,872          11,144        15.65%
         Total interest-earning
           assets                 14,624,735        $309,283         8.48%
     Non-interest earning
      assets (E)                   1,444,712
 
         Total assets            $16,069,447
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,209,226          $6,032         2.02%
      N.O.W.                         276,021             667         0.98%
      Money market and variable rate
       savings                     2,541,461          21,680         3.46%
      Term certificates of deposit 6,747,047          96,052         5.77%
      Mortgagors' escrow             102,472             769         3.04%
      Notes payable and other
       borrowings                  1,555,457          22,482         5.79%
      Securities sold under agreements to
       repurchase                    361,353           5,494         6.08%
      Senior bank notes              134,728           2,372         7.04%
      Subordinated bank notes        149,741           3,504         9.36%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,751           4,575         9.16%
         Total interest-bearing
           liabilities            13,277,257        $163,627         4.98%
     Other liabilities (F)           723,774
         Total liabilities        14,001,031
     Stockholders' equity          2,068,416
 
         Total liabilities and stockholders'
           equity                $16,069,447
 
     Net interest income/ interest rate
      spread (G)                                    $145,656         3.50%
 
     Net interest-earning assets/ net
      interest margin (H)         $1,347,478                         3.96%
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.10 x
 
 
                                             Quarter Ended
                                            March 31, 2000
                                     Average                      Average
                                     Balance        Interest    Yield/Cost
            (Taxable-equivalent interest and rates, dollars in thousands) (A)
 
     Assets
 
     Interest-earning assets:
      Mortgage loans held for
      investment (B)              $8,671,800        $187,529         8.65%
      Other loans (B)                636,254          16,147        10.15%
      Loans held for sale          1,418,739          31,113         8.77%
      Money market investments (C)   598,426           8,810         5.92%
      Securities (D)               2,079,248          36,105         6.94%
      Other interest-earning assets  338,576          10,550        12.53%
         Total interest-earning
           assets                 13,743,043        $290,254         8.45%
      Non-interest earning
        assets (E)                 1,425,770
 
         Total assets            $15,168,813
 
     Liabilities and Stockholders' Equity
 
     Interest-bearing liabilities:
      Savings                     $1,355,757          $7,283         2.16%
      N.O.W.                         296,687             725         0.98%
      Money market and variable rate
       savings                     2,443,575          20,370         3.35%
      Term certificates of
       deposit                     7,132,693          95,422         5.38%
      Mortgagors' escrow             102,494             455         1.79%
      Notes payable and other
       borrowings                    688,540          11,033         6.39%
      Securities sold under
      agreements to repurchase       111,939           1,549         5.57%
      Senior bank notes              199,909           3,468         6.94%
      Subordinated bank notes            ---             ---          ---%
      Guaranteed preferred interest
       in Company's junior subordinated
       debentures                    199,741           4,574         9.16%
         Total interest-bearing
           liabilities            12,531,335        $144,879         4.65%
     Other liabilities (F)           646,529
         Total liabilities        13,177,864
     Stockholders' equity          1,990,949
 
         Total liabilities and
      stockholders' equity       $15,168,813
 
     Net interest income/ interest
      rate spread (G)                               $145,375         3.80%
 
     Net interest-earning assets/
      net interest margin (H)     $1,211,708                         4.21%
 
     Ratio of interest-earning assets
      to interest-bearing
      liabilities                     1.10 x
 
 
     (A) Net interest income is calculated on a taxable-equivalent basis.
     (B) In computing the average balances and average yield on loans,
         non-accruing loans have been included.
     (C) Includes interest-bearing deposits in other banks, federal funds
         sold and securities purchased under agreements to resell.
     (D) The average yield does not give effect to changes in fair value
         that are reflected as a component of stockholders' equity.
     (E) Includes goodwill, banking premises and equipment, servicing
         assets, deferred tax assets, accrued interest receivable, and
         other miscellaneous non-interest earning assets.
     (F) Includes accrued interest payable, accounts payable and other
         miscellaneous non-interest bearing obligations of the Company.
     (G) Net interest rate spread represents the difference between
         the average yield on interest-earning assets and the average
         cost of interest-bearing liabilities.
     (H) Net interest margin represents net interest income divided
         by average interest-earning assets.
 
                  GreenPoint Financial Corp. and Subsidiaries
                   Table 5 - Loan Origination and Disposition
                                  (Unaudited)
 
                                              Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                             (Dollars in millions)
 
     Comparative Loan Volumes
 
     Mortgage:
      Total applications received    $10,575          $7,195        $4,619
 
      Total loans originated:
       Specialty products (A)         $2,239          $2,109        $1,108
       Home equity/Seconds               424             575           466
       Agency / Jumbo                  1,554             771           412
                                      $4,217          $3,455        $1,986
 
     (A) Specialty products include: Alt A, No Doc and A minus programs.
 
     Pipeline                         $5,641          $3,534        $2,503
 
     Loans held for sale              $2,643          $1,765        $1,190
 
         Note:The pipeline represents applications in process and approved
              loan commitments.
 
     Manufactured Housing:
      Total loans originated            $187            $342          $731
 
      Loans held for sale               $122            $216          $506
 
     Loans Sold and Average Margins
      Whole loan - Mortgage:
       Sales                          $2,836          $2,452        $1,205
       Gain on sale                      $62             $49           $22
       Average margin                  2.18%           1.98%         1.82%
 
     Securitizations - Mortgage (B):
      Sales                              $79            $366           $53
      Gain on sale                        $3             $11            $2
      Average margin                   3.42%           3.02%         3.42%
 
     Securitizations - Manufactured Housing:
      Sales                             $272            $450          $590
      Gain on sale                       $11             $21           $22
      Average margin                   4.08%           4.72%         3.76%
 
     (B) Includes draws from prior period securitizations.
 
                  GreenPoint Financial Corp. and Subsidiaries
                    Table 6 - Credit Quality and Performance
                                  (Unaudited)
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                               (Dollars in thousands)
 
     Non-performing Assets:
 
     Non-performing loans, net      $186,697        $197,294      $200,339
     Other real estate owned, net     12,548          12,377         9,878
 
         Total non-performing assets,
           net                      $199,245        $209,671      $210,217
 
     Non-performing loans to loans held for
      investment                      2.15 %          2.27 %         2.16%
 
     Non-performing assets to total
      assets                          1.15 %          1.33 %        1.39 %
 
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                            (Dollars in thousands)
 
     Loan Provision and Charge-offs:
 
     Provision for loan losses        $5,562         $12,378        $8,344
 
     Charge-offs:
      Residential mortgage          $(2,206)        $(1,498)      $(1,921)
      Manufactured housing           (3,356)        (10,880)       (6,423)
         Total charge-offs          $(5,562)       $(12,378)      $(8,344)
 
     Allowance for loan losses      $113,000        $113,000      $113,000
 
     Allowance for loan losses as a
      percentage of loans held for
      investment                      1.30 %          1.30 %        1.22 %
 
                  GreenPoint Financial Corp. and Subsidiaries
               Table 7 - Selected Financial Ratios and Other Data
                                  (Unaudited)
 
                                               Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
     Performance Ratios (Annualized):
      Core cash earnings return on average
       assets (A)                      2.58%           1.23%         2.14%
      Core cash earnings return on average
       equity (A)                     20.05%           9.17%        16.33%
      Net interest margin              3.96%           4.11%         4.21%
      Net interest spread              3.50%           3.64%         3.80%
      Operating expense to average
       assets (B)                      2.91%           2.72%         2.76%
      Net interest income to operating
       expense (B)                     1.22x           1.34x         1.37x
      Efficiency ratio (B)             43.1%           60.9%         45.4%
      Average interest-earning assets
       to average interest-bearing
       liabilities                     1.10x           1.11x         1.10x
 
     (A) Excludes goodwill expense and ESOP expense.
     (B) Excludes goodwill expense and ORE income.
 
                                          Quarter Ended
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
                                  (In thousands, except per share amounts)
 
     Per Share Data:
      Core cash earnings per share (C) $1.15           $0.53         $0.88
      Common book value (D)           $23.56          $22.77        $21.87
      Tangible common book value (D)  $14.25          $13.17        $11.88
 
     (C) Average shares used in
           calculation.               90,475          90,279        92,479
     (D) Period end shares used in
           calculation.               90,755          90,024        92,310
         Total shares outstanding.   100,583         100,105       103,832
 
                                   March 31,    December 31,     March 31,
                                        2001            2000          2000
     Capital Ratios:
      Regulatory:
       Company: (E)
        Leverage capital               9.59%           9.39%         9.17%
        Risk-based capital:
          Tier 1                       9.21%           9.17%        10.29%
          Total                       10.87%          10.94%        11.18%
       Bank:
        Leverage capital               9.36%           9.27%         9.09%
        Risk-based capital:
          Tier 1                       8.97%           9.03%        10.19%
          Total                       10.63%          10.79%        11.08%
     Other:
       Tangible equity to tangible
        managed    assets              5.17%           5.10%         5.63%
        Tangible equity to managed
       receivables (F)                 6.45%           6.19%         6.75%
 
     (E) Includes Trust Preferred of $199.7 million classified as long
          term debt.
     (F) Managed receivables is calculated by adding on-balance sheet loans
          to off-balance sheet managed receivables.
 
 SOURCE  GreenPoint Financial Corp.