MELVILLE, N.Y. -- North Fork Bancorporation, Inc. (NYSE: NFB) reported increases in earnings, and earnings per share, loan growth, asset quality improvements, a stabilized net interest margin and continued repositioning of its balance sheet. Highlights in the current period include:

--98% increase in earnings for the third quarter compared to 2004, with a 6% increase in diluted earnings per share.

--Returns on average tangible equity and tangible assets of 29.43% and 1.83%, respectively.

--A stabilized net interest margin at 3.52% with only a 7 basis point decline from the previous quarter.

--26% annualized growth in commercial loans.

--25% decline in non-performing assets.

--$1.8 billion reduction in borrowings as the balance sheet repositioning continued.

--An increase in the Company's common share repurchase program to 16 million shares.

"We have been able to improve our earnings quality, strengthen our capital ratios, and grow our commercial business while meeting competitive challenges," said John Adam Kanas, Chairman, President and Chief Executive Officer. The Company's tangible equity to asset ratio rose to 6.22% at the end of the current quarter.

Net Earnings and Returns

Net income for the quarter ended September 30, 2005 was $237 million or $.50 diluted earnings per share compared to $120 million or diluted earnings per share of $.47 for the comparable period in 2004, a 98% increase in earnings and a 6% increase in diluted earnings per share.

Net income for the nine-month period ended September 30, 2005 was $738 million or diluted earnings per share of $1.55 compared to $331 million last year or diluted earnings per share of $1.37, representing increases of 123% and 13%, respectively.

The Company's returns on average tangible equity and assets in the current quarter were 29.43% and 1.83%, respectively.

For the quarter ended September 30, 2005, net interest income and net interest margin were $434.6 million and 3.52%, respectively, compared to $259.5 million and 4.23% in 2004. On a linked quarter basis, the net interest margin declined by a modest 7 basis points. The net interest income decline, linked quarter, was due to the balance sheet repositioning program that reduced average interest earning assets by approximately $2.7 billion and the rising cost of funds as the yield curve remained flat.