EXHIBIT 99.1

NEWS RELEASE

90 Park Avenue

New York, NY 10016

LOGO

For Release:

7:00 a.m., Thursday, October 16, 2003

Contact:

Richard Humphrey, 212-834-1201

rhumphrey@greenpoint.com

GreenPoint Third Quarter Net $0.85 Per Share

New York, October 16—GreenPoint Financial Corp. (NYSE: GPT) today announced net income from continuing operations of $0.85 per diluted share, or $104 million, compared to $0.94 for the third quarter of 2002 and $1.03 for the second quarter.

Highlights of the Quarter:

(continuing operations)

•

EPS: $0.85, 10% lower than the prior year period.

•

ROE: 22.5%

•

ROA: 1.81%

•

Retail Core Deposits: $7.7 billion, 26% over the prior year quarter.

•

Mortgage Production: $9.5 billion, compared to $9.7 billion a year ago.

•

Net charge-offs: $1.1 million, 0.05% annualized of average mortgage loans held for investment.

“The sudden increase in interest rates had an immediate, negative impact on mortgage banking, making the third quarter a difficult one,” said Thomas S. Johnson, Chairman and Chief Executive Officer of GreenPoint.

“As a result of this abrupt increase in rates, the benefits of the counter-cyclical relationship between our mortgage and retail banking businesses were not realized during the quarter. Going forward, this balance will reassert itself as balance sheet and retail banking revenues increase in a higher interest rate environment, offsetting some of the decline in mortgage banking revenues.

“Despite the difficulties presented by the sudden interest rate shift,” Mr. Johnson concluded, “GreenPoint remains a very profitable and operationally strong company.”

During the third quarter, the refinance boom began its inevitable decline as interest rates rose sharply in July. The result was a sharp reduction in mortgage originations as well as pressure on loan sale margins.

Net interest margin and net interest income remained under pressure from record mortgage prepayments, as loans initiated in the second quarter at historically low interest rates closed in the third quarter.

These accelerated prepayments resulted in substantial premium amortization in both the mortgage and securities portfolios. Prepayment rates slowed materially in September as the peak of refinance activity worked its way through the system.

In its mortgage business, GreenPoint is taking advantage of its ability to introduce new products rapidly as the industry moves to a higher rate, more purchase-oriented market. In addition, as part of its growth strategy, GreenPoint intends to expand its national footprint in demographically attractive markets. Further, as it always has, the Company is acting aggressively to control operating expenses in line with declines in origination volume.

Reflecting its counter-cyclical business model, GreenPoint’s balance sheet asset sensitivity will result in stronger net interest income and a wider net interest margin. In the short run, net interest income and the margin will benefit from reduced premium amortization. Longer term, in a rising rate environment, net interest margin will benefit from the large volume of core deposits resulting from rapid deposit growth over the last several years, enhanced by the recent new branching program and GreenPoint’s growing small business banking program.

Retail Deposits

Core deposits continued to grow, increasing 26% to $7.7 billion from $6.1 billion in the third quarter a year ago and 2% over the second quarter.

Eleven new branches have opened since September 2002, and leases have been signed for six additional locations. Core deposits in the new branches totaled $462 million at the end of the third quarter, up from $365 million at the end June.

Business banking deposits throughout the network totaled $237 million, up from $215 million at the end of the second quarter. September marked the one-year anniversary of the complete rollout of the small business banking program.

Loan Originations/Sales

Mortgage originations were $9.4 billion, compared to $9.7 billion in the third quarter of 2002 and $11.3 billion in the second quarter. The decline of approximately 17% in overall originations from the second quarter was comprised of a drop of 27% in Agency/Jumbo loans, while Specialty loans actually increased 7% during the quarter. Applications showed a similar trend, with total applications declining 34% compared to the second quarter, consisting of Agency/Jumbo declines of 39% and a drop of 28% in Specialty applications.

Gain-on-sale income from secondary market sales and securitizations was $106 million, versus $89 million in the third quarter of 2002 and $146 million in the second quarter. The increase compared to the year ago period was the result of the higher volume of loans sold. The drop from the second quarter was caused by declines in loans sold and the average sale margin.

A total of $7.4 billion of loans was sold in the secondary market as whole loans with no credit recourse to GreenPoint. Loan sales in the prior quarter were $8.7 billion. Approximately $1.3 billion of loans were sold to the Bank’s held-for-investment portfolio. The average FICO score of all loans originated during the quarter was 716.

The average sale margin for all loans sold and securitized during the quarter was 142 basis points compared to 162 basis points in the second quarter. The average sale margin for specialty loans was 227 basis points, compared to 306 basis points in the second quarter.

The period-end pipeline was $9.1 billion, down from $12.1 billion at the end of the second quarter, in line with the drop in applications. Loans held-for-sale at the end of the quarter were $6 billion compared to $5.4 billion at June 30.

Asset Quality

Measures of asset quality for the on-balance sheet loan portfolio remained strong. The average FICO score of loans in the portfolio was 710, solidly in the “A” quality category. The average loan-to-value ratio in the held-for-investment portfolio was 64% of the original appraised value of the property. Non-performing mortgage loans held for investment as a percent of total mortgage loans held for investment was 1.72%, compared to 1.57% at the end of the third quarter a year ago and 1.62% at June 30.

Non-performing loans held-for-sale, delinquent loans in the mortgage warehouse that primarily have been acquired as repurchases under representation and warranty commitments, were $96 million at September 30, 2003, compared to $86 million at June 30. GreenPoint maintains a valuation reserve through which the value of these loans is adjusted to the estimated fair value.

Net Interest Income

Net interest income on a tax equivalent basis in the current quarter was $159 million, versus $170 million in the second quarter. The decline primarily reflected a lower net interest margin. The net interest margin was 2.93%, down from 3.23% in the second quarter. The decline was due to accelerated premium amortization in the mortgage loans held-for-investment and securities portfolios during July and August resulting from the very high mortgage prepayments related to the high levels of mortgage refinance closings during that period. Net interest income was also affected by a $3.5 million reduction to dividend income resulting from a suspension of the quarterly dividend by the Federal Home Loan Bank of New York.

Non-Interest Income

Non-interest income in the third quarter was $141 million, compared to $110 million in the 2002 third quarter and $164 million in the second quarter. The increase over the year ago period was primarily due to a $17 million increase in the net gain on sale of mortgage loans and a $12 million increase in loan servicing fees. The decline versus the second quarter was primarily due to a $40 million decline in the net gain on sale of mortgage loans, partially offset by a $12 million increase in loan servicing fees. The increase in loan servicing fees for both prior period comparisons reflected a recovery of servicing rights impairment of $7.6 million versus temporary impairments recognized in the prior periods. A temporary impairment reserve of $22 million remained on the books at September 30, 2003.

Non-Interest Expense

Total non-interest expense was $130 million, compared to $102 million in the third quarter of 2002 and $125 million in the second quarter. The increase versus the year ago period was primarily due to an $18 million increase in salaries and benefits related to higher mortgage origination volumes over the past year, as well as a $4 million increase in premises and equipment expense and a $6 million increase in other administrative expense. The increase compared to the second quarter was primarily due to a $2 million rise in other administrative expenses and a similar rise in premises and equipment expense, and $2 million in severance expense related to a 12% reduction in staffing at GreenPoint Mortgage.

Capital Management

During the third quarter of 2003, the Company repurchased 4.4 million shares of its common stock at an average price of $33.44. There are approximately 6 million shares remaining in the current repurchase authorization.

Discontinued Business

Net income from the discontinued manufactured housing business was $0.2 million, reflecting performance that was consistent with projections made at the time the business was discontinued.

Basis of Presentation

In conjunction with the previously announced decision to exit the manufactured housing business, current and comparative prior period income statements present the results of continuing operations and the discontinued business separately. The balance sheet is a consolidation of continuing operations and the discontinued business. All supporting tables are presented for continuing operations only, with the exception of the per share data and capital ratios included in Table 7, which are presented for the combined operations.

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 October 16, and will be hosted by Jeffrey R. Leeds, GreenPoint’s Executive Vice President and Chief Financial Officer.

GreenPoint Financial Corp.

GreenPoint Financial Corp. (NYSE: GPT), www.greenpoint.com, a $22 billion asset bank holding company, is among the most profitable of the 50 largest banking companies in the country. GreenPoint’s businesses, a national mortgage business and a New York retail bank, are complementary to each other and therefore reduce the cyclical nature of earnings growth inherent in the financial services industry.

GreenPoint Mortgage, with originations of more than $33 billion in 2002, originates a wide variety of exclusively “A” quality loans, including agency qualifying loans and Jumbo A loans, and specializes in Alternative A mortgages. “Alt A” borrowers meet Fannie Mae and Freddie Mac standards for credit score, but want flexibility beyond agency guidelines for documentation requirements, property type, debt ratio or loan-to-value ratio, and are willing to pay a premium for that flexibility. GreenPoint’s “Alt A” loan charge-off experience is comparable to conventional Fannie Mae and Freddie Mac loans.

GreenPoint Bank, a New York State chartered savings bank, is the second largest thrift depository in the Greater New York area with $13 billion in deposits in 85 branches serving over 450,000 households.

This earnings 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, trends, financial results and business plans, including those relating to earnings growth; revenue growth; origination volume in the Company’s mortgage business; interest and non-interest income levels; fees from product sales; credit performance on loans made by the Company; tangible capital generation; margins on sales or securitizations of loans; market share; expense levels; results from new business initiatives in the retail banking business; 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, divestitures and terminating business segments, including 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, interest and non-interest income levels, gain on sale results in the Company’s mortgage business and other aspects of our financial performance; the level of defaults, losses and prepayments on loans made by the Company, whether held in portfolio, sold in the whole loan secondary markets or securitized, which can materially affect charge-off levels, required loan loss reserve levels and the Company’s periodic valuation of its retained interests from securitizations; changes in accounting principles, policies, and guidelines; adverse changes or conditions in capital or financial markets, which can adversely affect the ability of the Company to sell or securitize loan originations on a timely basis or at prices which are acceptable to the Company, as well as other aspects of our financial performance; actions by rating agencies and the effects of these actions on the Company’s businesses, operations and funding requirements; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues, whether of general applicability or specific to the Company and its subsidiaries; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services; and the risk factors or other uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission, including the Risk Factors section included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Securities and Exchange Commission on March 28, 2003. 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)

(In millions)	Sept. 30, 2003			June 30, 2003			Dec. 31, 2002
Assets
Cash and due from banks	$	227		$	420		$	277
Money market investments		16			14			92

Total cash and cash equivalents		243			434			369

Securities:
Securities available for sale		5,396			5,102			4,093
Retained interests in securitizations		58			84			108
Federal Home Loan Bank of New York stock		195			255			300
Securities held to maturity		5			3			3

Total securities		5,654			5,444			4,504

Loans receivable held for sale		6,010			5,370			5,595
Loans held for investment, net		9,431			9,962			9,901
Other interest-earning assets		142			145			141
Servicing assets		159			120			117
Goodwill		395			395			395
Other assets		837			806			792

Total assets	$	22,871		$	22,676		$	21,814

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Core deposits	$	7,693		$	7,518		$	6,444
Wholesale money market deposits		328			121			43
Term certificates of deposit		4,490			4,686			5,309

Total deposits		12,511			12,325			11,796

Borrowings:
Securities sold under agreements to repurchase		2,799			2,100			2,000
Other short term borrowings		870			215			285
Federal Home Loan Bank advances		3,300			4,500			4,600
Senior notes		350			349			—
Subordinated bank notes		150			150			150
Long term debt		200			200			200

Total borrowings		7,669			7,514			7,235

Mortgagors’ escrow		74			67			68
Liability under recourse exposure		256			280			301
Other liabilities		515			571			490

Total liabilities		21,025			20,757			19,890

Stockholders’ equity:
Common stock		2			1			1
Additional paid-in capital (A)		851			839			818
Retained earnings		1,843			1,768			1,563
Accumulated other comprehensive income, net		(18	)		7			24
Treasury stock, at cost		(832	)		(696	)		(482	)

Total stockholders’ equity		1,846			1,919			1,924

Total liabilities and stockholders’ equity	$	22,871		$	22,676		$	21,814

Note (A): Net of ESOP and stock plans unallocated/unearned shares.

GreenPoint Financial Corp. and Subsidiaries

Table 2 – Consolidated Statements of Operations

(Unaudited)

	Quarter Ended									Nine Months Ended
	Sept. 30,			June 30,			Sept. 30,			Sept. 30,
(In millions, except per share amounts)	2003			2003			2002			2003			2002
Interest income	$	277.8		$	291.8		$	329.1		$	867.9		$	975.5
Interest expense		120.7			123.9			138.2			368.1			414.1

Net interest income		157.1			167.9			190.9			499.8			561.4
Provision for loan losses		(1.1	)		(0.6	)		(0.5	)		(2.0	)		(1.2	)

Net interest income after provision for loan losses		156.0			167.3			190.4			497.8			560.2

Non-interest income:
Fees, commissions and other income:
Loan servicing income		11.7			(0.4	)		(0.4	)		17.1			10.7
Banking services fees and commissions		18.6			17.2			15.4			50.3			42.4
Other		4.2			3.1			4.2			10.7			11.2

Total fees, commissions and other income		34.5			19.9			19.2			78.1			64.3
Net gain on sales of mortgage loans		105.9			145.7			89.2			375.9			265.2
Change in valuation of retained interests		(1.1	)		(0.7	)		(0.1	)		(2.5	)		(7.2	)
Net (loss) gain on sales of securities		1.4			(0.6	)		1.8			2.0			5.6

Total non-interest income		140.7			164.3			110.1			453.5			327.9

Non-interest expense:
Salaries and benefits		66.8			66.5			49.2			194.9			145.9
Employee Stock Ownership and stock plans expense		6.9			6.7			6.3			19.7			19.3
Net expense of premises and equipment		22.3			20.9			18.1			64.1			53.6
Advertising		4.3			4.5			4.0			13.2			12.6
Federal deposit insurance premiums		0.5			0.5			0.4			1.5			1.4
Other administrative expenses		29.6			27.3			23.6			84.0			72.2

Total general and administrative expenses		130.4			126.4			101.6			377.4			305.0
Other real estate owned operating (income) expense, net		(0.7	)		(1.7	)		—			(2.2	)		(1.1	)

Total non-interest expense		129.7			124.7			101.6			375.2			303.9

Income from continuing operations before income taxes		167.0			206.9			198.9			576.1			584.2
Income taxes related to earnings from continuing operations		62.8			77.1			72.4			215.2			214.6

Net income from continuing operations		104.2			129.8			126.5			360.9			369.6

Discontinued operations:
Net income from disposal of discontinued business		0.2			0.1			(0.2	)		0.6			1.5

Net income from discontinued operations		0.2			0.1			(0.2	)		0.6			1.5

Net income	$	104.4		$	129.9		$	126.3		$	361.5		$	371.1

Diluted earnings per share:
Net income from continuing operations	$	0.85		$	1.03		$	0.94		$	2.86		$	2.72
Net income from discontinued operations		—			—			—			0.01			0.01

Net income	$	0.85		$	1.03		$	0.94		$	2.87		$	2.73

Dividends declared per share	$	0.24		$	0.21		$	0.17		$	0.66		$	0.50

GreenPoint Financial Corp. and Subsidiaries

Table 3 – Supplemental Performance Measurements – Cash Earnings

– Continuing Operations

(Unaudited)

Cash earnings is a non-GAAP measurement that is defined as net income from continuing operations less a non-cash charge related to the Employee Stock Ownership Plan. This non-cash expense, unlike GreenPoint’s other expenses, does 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						Nine Months Ended
	Sept. 30,		June 30,		Sept. 30,		Sept. 30,
(In millions, except per share amounts)	2003		2003		2002		2003		2002
Net income from continuing operations	$	104.2	$	129.8	$	126.5	$	360.9	$	369.6
Add back:
Employee stock plans expense		6.9		6.7		6.3		19.7		19.3

Cash earnings from continuing operations	$	111.1	$	136.5	$	132.8	$	380.6	$	388.9

Diluted earnings per share from continuing operations	$	0.85	$	1.03	$	0.94	$	2.86	$	2.72
Effect of employee stock plans expense		0.05		0.05		0.05		0.16		0.14

Cash earnings per share	$	0.90	$	1.08	$	0.99	$	3.02	$	2.86

GreenPoint Financial Corp. and Subsidiaries

Table 4 – Average Consolidated Balance Sheets, Interest and Rates – Continuing Operations

(Unaudited)

	Quarter Ended
	Sept. 30, 2003							June 30, 2003
	Average Balance			Interest		Average Yield/Cost		Average Balance			Interest		Average Yield/Cost
	(Taxable-equivalent interest and rates, dollars in millions)
Assets:
Interest-earning assets:
Mortgage loans held for investment	$	9,777		$	147.2	6.02	%	$	9,809		$	156.7	6.39	%
Other loans		24			0.4	7.14			22			0.4	7.62
Loans held for sale		5,901			81.6	5.52			5,089			70.6	5.55
Securities		5,875			45.9	3.12			5,883			61.0	4.15
Other interest-earning assets		267			4.2	6.41			276			5.0	7.22

Total interest-earning assets		21,844		$	279.3	5.11			21,079		$	293.7	5.57
Non-interest earning assets		1,144							1,154

Total assets	$	22,988						$	22,233

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
Savings	$	1,512		$	2.3	0.60		$	1,465		$	2.5	0.68
Demand deposits and N.O.W.		2,628			8.5	1.29			2,462			9.3	1.51
Money market and variable rate savings		3,487			10.5	1.19			3,460			11.8	1.38

Total core deposits		7,627			21.3	1.12			7,387			23.6	1.28
Wholesale money market deposits		280			1.0	1.39			40			0.2	1.53
Term certificates of deposit		4,581			33.3	2.87			4,852			36.6	3.02

Total deposits		12,488			55.6	1.76			12,279			60.4	1.97
Mortgagors’ escrow		65			0.3	1.88			66			0.3	2.12
Borrowed funds		7,572			53.8	2.78			7,322			54.3	2.94
Senior notes		350			3.0	3.41			96			0.8	3.27
Subordinated bank notes		150			3.5	9.36			150			3.5	9.36
Guaranteed preferred interest in Company’s junior subordinated debentures		200			4.5	9.16			200			4.6	9.16

Total interest-bearing liabilities		20,825			120.7	2.29			20,113			123.9	2.46
Other liabilities		312							229

Total liabilities		21,137							20,342
Stockholders’ equity		1,851							1,891

Total liabilities and stockholders’ equity	$	22,988						$	22,233

Net interest income / interest rate spread				$	158.6	2.82	%				$	169.8	3.11	%

Net interest-earning assets / net interest margin	$	1,019				2.93	%	$	966				3.23	%

Ratio of interest-earning assets to interest-bearing liabilities		1.05	x						1.05	x

GreenPoint Financial Corp. and Subsidiaries

Table 4 – Average Consolidated Balance Sheets, Interest and Rates – Continuing Operations

(Continued)

(Unaudited)

	Nine Months Ended
	Sept. 30, 2003							Sept. 30, 2002
	Average Balance			Interest		Average Yield/Cost		Average Balance			Interest		Average Yield/Cost
	(Taxable-equivalent interest and rates, dollars in millions)
Assets:
Interest-earning assets:
Mortgage loans held for investment	$	9,779		$	470.2	6.41	%	$	10,019		$	561.9	7.48	%
Other loans		22			1.2	7.47			20			1.3	8.49
Loans held for sale		5,364			228.1	5.68			4,355			212.2	6.51
Securities		5,535			160.2	3.86			4,419			185.6	5.60
Other interest-earning assets		294			13.2	6.02			291			22.1	10.20

Total interest-earning assets		20,994		$	872.9	5.55			19,104		$	983.1	6.86
Non-interest earning assets		1,143							1,060

Total assets	$	22,137						$	20,164

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
Savings	$	1,446		$	7.8	0.72		$	1,284		$	13.1	1.36
Demand deposits and N.O.W.		2,371			25.5	1.44			1,083			10.3	1.28
Money market and variable rate savings		3,429			35.1	1.37			3,115			43.9	1.89

Total core deposits		7,246			68.4	1.26			5,482			67.3	1.64
Wholesale money market deposits		121			1.3	1.42			42			0.7	2.12
Term certificates of deposit		4,858			109.0	3.00			5,463			152.1	3.72

Total deposits		12,225			178.7	1.95			10,987			220.1	2.68
Mortgagors’ escrow		65			0.9	1.91			83			1.1	1.72
Borrowed funds		7,190			160.5	2.95			6,653			163.8	3.25
Senior notes		150			3.8	3.35			—			—	—
Senior bank notes		—			—	—			96			4.9	6.76
Subordinated bank notes		150			10.5	9.36			150			10.5	9.36
Guaranteed preferred interest in Company’s junior subordinated debentures		200			13.7	9.16			200			13.7	9.16

Total interest-bearing liabilities		19,980			368.1	2.45			18,169			414.1	3.03
Other liabilities		272							199

Total liabilities		20,252							18,368
Stockholders’ equity		1,885							1,796

Total liabilities and stockholders’ equity	$	22,137						$	20,164

Net interest income / interest rate spread				$	504.8	3.10	%				$	569.0	3.83	%

Net interest-earning assets / net interest margin	$	1,014				3.22	%	$	935				3.98	%

Ratio of interest-earning assets to interest-bearing liabilities		1.05	x						1.05	x

GreenPoint Financial Corp. and Subsidiaries

Table 5 – Mortgage Loan Origination and Disposition – Continuing Operations

(Unaudited)

	Quarter Ended						Nine Months Ended
	Sept. 30,		June 30,		Sept. 30,		Sept. 30,
(In millions)	2003		2003		2002		2003		2002
Comparative Mortgage Loan Volumes
Total applications received	$	15,409	$	23,189	$	20,478	$	56,987	$	47,552

Total loans originated:
Specialty products ⁽¹⁾	$	3,132	$	2,921	$	2,689	$	8,813	$	7,335
Home equity / Seconds		616		614		646		1,758		1,958
Agency / Jumbo		5,701		7,808		6,395		19,549		13,912

Total loans originated ⁽²⁾	$	9,449	$	11,343	$	9,730	$	30,120	$	23,205

Pipeline	$	9,107	$	12,136	$	9,415	$	9,107	$	9,415

Loans held for sale	$	6,010	$	5,370	$	6,336	$	6,010	$	6,336

	Quarter Ended									Nine Months Ended
	Sept. 30,			June 30,			Sept. 30,			Sept. 30,
(In millions)	2003			2003			2002			2003			2002
Mortgage Loans Sold and Average Margins
Whole loan sales:
Loans sold	$	7,445		$	8,686		$	6,293		$	24,933		$	17,690
Gain on sale	$	105.3		$	140.7		$	88.1		$	369.8		$	258.2
Average margin		1.42	%		1.62	%		1.40	%		1.48	%		1.46	%
Average margin by product type:
Specialty products⁽¹⁾		2.27	%		3.06	%		2.86	%		2.75	%		2.93	%
Home Equity / Seconds		1.50	%		1.19	%		1.13	%		1.42	%		1.23	%
Agency / Jumbo		0.95	%		1.02	%		0.59	%		0.88	%		0.62	%
Securitizations ⁽³⁾:
Loans securitized	$	32		$	319		$	49		$	385		$	275
Gain on sale	$	0.6		$	5.0		$	1.1		$	6.1		$	7.0
Average margin		1.87	%		1.57	%		2.27	%		1.60	%		2.53	%

(1)

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

(2)

Total loans originated include correspondent purchases for the held for investment portfolio which totaled $286 million in the third quarter of 2003 and $1.1 billion in the second quarter of 2003.

(3)

Includes draws from prior period securitizations.

GreenPoint Financial Corp. and Subsidiaries

Table 6 – Credit Quality and Performance – Continuing Operations

(Unaudited)

(In millions)	Sept. 30, 2003			June 30, 2003			Dec. 31, 2002
Non-performing Assets:
Non-accruing loans:
Loans held for investment	$	162		$	162		$	160
Loans held for sale		96			86			66

Total non-accruing loans		258			248			226
Other real estate owned		21			20			17

Total non-performing assets	$	279		$	268		$	243

Non-accruing loans held for investment to mortgage loans held for investment		1.72	%		1.62	%		1.61	%

Non-accruing loans held for sale to mortgage loans held for sale		1.60	%		1.60	%		1.18	%

Non-performing assets to total assets		1.22	%		1.18	%		1.12	%

	Quarter Ended									Nine Months Ended
	Sept. 30, 2003			June 30, 2003			Sept. 30, 2002			Sept. 30,
(In millions)	Sept. 30, 2003			June 30, 2003			Sept. 30, 2002			2003			2002
Loan Provision and Charge-offs:
Provision for loan losses	$	1.1		$	0.6		$	0.5		$	2.0		$	1.2

Residential mortgage charge-offs	$	(1.1	)	$	(0.6	)	$	(0.5	)	$	(2.0	)	$	(1.2	)

Allowance for loan losses	$	75		$	75		$	75		$	75		$	75

Allowance for loan losses as a percentage of mortgage loans held for investment		0.79	%		0.75	%		0.76	%		0.79	%		0.76	%

GreenPoint Financial Corp. and Subsidiaries

Table 7 – Selected Financial Ratios and Other Data

(Unaudited)

	Quarter Ended						Nine Months Ended
	Sept. 30,		June 30,		Sept. 30,		Sept. 30,
(In millions)	2003		2003		2002		2003		2002
Performance Ratios from Continuing Operations (Annualized):
Cash earnings return on average assets ⁽¹⁾	1.93	%	2.46	%	2.50	%	2.29	%	2.57	%
Cash earnings return on average equity ⁽¹⁾	24.01	%	28.87	%	28.67	%	26.93	%	28.87	%
Return on average assets	1.81	%	2.34	%	2.38	%	2.17	%	2.44	%
Return on average equity	22.52	%	27.46	%	27.32	%	25.53	%	27.44	%
Net interest margin	2.93	%	3.23	%	3.85	%	3.22	%	3.98	%
Net interest spread	2.82	%	3.11	%	3.72	%	3.10	%	3.83	%
General and administrative expense to average assets	2.26	%	2.24	%	1.91	%	2.27	%	2.02	%
Net interest income to general and administrative expenses	1.21	x	1.35	x	1.88	x	1.32	x	1.84	x
Efficiency ratio ⁽²⁾	43.6	%	37.5	%	33.8	%	39.6	%	34.3	%
Average interest-earning assets to average interest-bearing liabilities	1.05	x	1.05	x	1.05	x	1.05	x	1.05	x

(1)

Excludes ESOP expense.

(2)

Total general and administrative expenses as a percentage of net interest income and non-interest income.

	Sept. 30,		June 30,		Sept. 30,
(In thousands, except per share amounts)	2003		2003		2002
Share Data:
Book value per common share	$	15.22	$	15.35	$	14.24
Tangible book value per common share	$	11.96	$	12.19	$	11.29
Period end shares used to calculate per share data		121,351		125,011		134,123
Average shares used to calculate diluted earnings per share		123,253		126,035		134,858
Total shares outstanding (shares issued less treasury stock purchased)		134,404		138,110		147,544

	Sept. 30, 2003		June 30, 2003		Dec. 31, 2002
Regulatory Capital Ratios ⁽³⁾:
Company ⁽⁴⁾:
Leverage capital	7.20	%	7.68	%	7.51	%
Risk-based capital:
Tier 1	10.98	%	11.28	%	11.43	%
Total	12.49	%	12.79	%	12.96	%
Bank:
Leverage capital	7.64	%	7.38	%	7.42	%
Risk-based capital:
Tier 1	11.68	%	10.83	%	11.30	%
Total	13.19	%	12.33	%	12.83	%
Other:
Tangible equity to tangible managed assets	5.72	%	5.89	%	5.98	%
Tangible equity to managed receivables ⁽⁵⁾	7.79	%	7.96	%	7.69	%

(3)

Current period capital ratios are preliminary.

(4)

Includes Trust Preferred of $200 million classified as long term debt.

(5)

Managed receivables is calculated by adding on-balance sheet loans to off-balance sheet managed receivables.

GREENPOINT FINANCIAL CORP 8-K