SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    Form 10-Q

              Quarterly Report Pursuant to Section 13 or 15 (d) of
                      The Securities Exchanges Act of 1934

   For the quarter ended                           Commission File No. 0-22058
      March 31, 2000

                        MERCHANTS NEW YORK BANCORP, INC.
             (Exact name of registrant as specified in its charter)

               Delaware                                  13-3650812
    (State or other jurisdiction of         (I.R.S. employer identification no.)
    incorporation or organization)

   275 Madison Avenue, New York, N.Y.                    10016-0001
(Address or principal executive offices)                 (Zip Code)

        Registrant's telephone number, including area code: (212)973-6600

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.       Yes  X     No
                                            -----     ------

      As of May 04, 2000, there were 18,765,700 shares of common stock
outstanding, the Registrant's only class of stock.

<PAGE>

                           Merchants New York Bancorp
                          Quarter Ended March 31, 2000

                                                                            Page
                                                                            ----
Part  I  Financial Information

    Item 1.  Financial Statements (Unaudited)
          Consolidated Balance Sheets                                        2
          Consolidated Statements of Income and
               Comprehensive Income                                          3
          Consolidated Statements of Changes in Stockholders' Equity         4
          Consolidated Statements of Cash Flows                              5
          Notes to Consolidated Financial Statements                         6

    Item 2.  Management's Discussion and Analysis of
       Financial Condition and Results of Operations                         7

    Item 3.  Quantitative and Qualitative Disclosures About
       Market Risk                                                           11

Part  II  Other Information

    Item 6.  Exhibits and Reports on Form 8-K                                14


Signatures                                                                   14

<PAGE>

                           Merchants New York Bancorp
                           Consolidated Balance Sheets
<TABLE>
<CAPTION>

Part I - Item 1, Financial Statements
For the periods ended                                                       March 31, 2000         December 31, 1999
--------------------------------------------------------------------------------------------------------------------
                                                                                (Unaudited)
<S>                                                                         <C>                         <C>
Assets
   Cash and due from banks...............................................   $   51,361,908            $   32,940,883
   Federal funds sold....................................................       14,000,000                50,000,000
   Securities available for sale, at market value........................      587,288,043               649,931,593
   Securities held to maturity (market value of $245,457,472 in
        2000 and $195,169,226 in 1999)...................................      249,624,576               197,988,432
                                                                            ----------------------------------------
             Total securities............................................      836,912,619               847,920,025
                                                                            ----------------------------------------

   Loans, net of unearned discounts......................................      431,830,559               437,097,287
        Less allowance for loan losses...................................        9,664,291                 9,108,216
                                                                            ----------------------------------------
             Total loans, net............................................      422,166,268               427,989,071
                                                                            ----------------------------------------

   Premises and equipment, net...........................................        6,394,062                 5,992,660
   Customers' liability on acceptances...................................       17,533,010                12,134,217
   Other assets..........................................................       16,354,325                18,336,292

--------------------------------------------------------------------------------------------------------------------
        Total Assets.....................................................   $1,364,722,192            $1,395,313,148
====================================================================================================================

Liabilities and Stockholders' Equity
   Deposits:
        Demand...........................................................   $  300,933,382            $  312,300,580
        NOW..............................................................       48,163,561                51,214,572
        Savings..........................................................       28,598,751                28,865,561
        Money market.....................................................      207,733,567               191,972,362
        Time.............................................................      362,712,663               374,625,133
                                                                            ----------------------------------------
        Total deposits...................................................      948,141,924               958,978,208
   Securities sold under repurchase agreements ..........................      205,000,000               185,000,000
   FHLB term advances....................................................       70,000,000               105,000,000
   Other short-term borrowings...........................................       11,858,331                20,047,500
   Acceptances outstanding...............................................       17,533,010                12,134,217
   Other liabilities.....................................................       15,236,408.               14,945,286
                                                                            ----------------------------------------
        Total Liabilities................................................    1,267,769,673             1,296,105,211

Stockholders' Equity*
   Capital stock:  $.001 par value;  40,000,000 authorized shares;
        19,978,664 shares issued in 2000 and 1999........................           19,978                    19,978
   Surplus...............................................................       23,879,363                23,879,363
   Undivided profits.....................................................       97,229,738                95,012,110
   Treasury stock at cost:  1,113,024 and 856,160 shares
        in 2000 and 1999, respectively...................................      (16,805,846)              (12,570,633)
   Accumulated other comprehensive income, net of tax:
        Unrealized depreciation on securities available for sale.........       (7,370,714)               (7,132,881)
                                                                            ----------------------------------------
        Total Stockholders' Equity.......................................       96,952,519                99,207,937
--------------------------------------------------------------------------------------------------------------------
        Total Liabilities and Stockholders' Equity.......................   $1,364,722,192            $1,395,313,148
====================================================================================================================
</TABLE>

 * Shares are adjusted for 2-1 stock split, effective October 1999.


See accompanying notes to consolidated financial statements.

                                        2
<PAGE>

                           Merchants New York Bancorp

            Consolidated Statements of Income & Comprehensive Income
                                   (Unaudited)

<TABLE>
<CAPTION>

Three Months Ended March 31,                                      2000            1999
--------------------------------------------------------------------------------------
<S>                                                        <C>             <C>
Interest and Dividend Income
  Loans ...............................................    $ 9,865,595     $ 7,275,005
  Investment securities:
    Taxable ...........................................     13,724,197      12,355,627
    Non-taxable .......................................      1,157,277       1,168,053
  Other interest income ...............................        468,845         256,106
                                                           ---------------------------
    Total interest and dividend income ................     25,215,914      21,054,791
                                                           ---------------------------
Interest Expense
  Deposits ............................................      6,830,378       6,698,773
  Securities sold under repurchase agreements .........      2,665,631       1,932,738
  FHLB term advances ..................................      1,362,034         602,103
  Other short-term borrowings .........................        186,324          88,168
                                                           ---------------------------
    Total interest expense ............................     11,044,367       9,321,782
                                                           ---------------------------
    Net Interest Income ...............................     14,171,547      11,733,009
  Provision for loan losses ...........................        950,000         200,000
                                                           ---------------------------
    Net interest income after provision for loan loss .     13,221,547      11,533,009
                                                           ---------------------------
Non Interest Income
  Service fees and other charges ......................        371,740         303,233
  International department services ...................        797,258         696,428
  Fee income ..........................................        608,167         398,969
  Securities gains, net ...............................              0          75,881
                                                           ---------------------------
    Total non interest income .........................      1,777,165       1,474,511
                                                           ---------------------------
Non Interest Expense
  Salaries and employee benefits ......................      4,161,258       3,860,017
  Net occupancy .......................................        653,500         644,939
  Equipment ...........................................        217,226         229,264
  Other expenses ......................................      2,229,738       1,873,311
                                                           ---------------------------
    Total non interest expense ........................      7,261,722       6,607,531
                                                           ---------------------------
Income before income taxes ............................      7,736,990       6,399,989
Provision for income taxes ............................      2,686,408       2,190,430
--------------------------------------------------------------------------------------
    Net  Income .......................................    $ 5,050,582     $ 4,209,559
--------------------------------------------------------------------------------------
Earnings per share*:
  Basic ...............................................          $0.27           $0.21
  Diluted .............................................           0.27            0.21
======================================================================================
Comprehensive income
Net income ............................................    $ 5,050,582     $ 4,209,559
Other comprehensive income, net of tax:
  Unrealized depreciation on securities available
       for sale during the period .....................       (237,833)     (1,514,384)
Reclassification for gains included in net income .....              0         (75,881)

--------------------------------------------------------------------------------------
 Comprehensive income ................................     $ 4,812,749     $ 2,619,294
======================================================================================
</TABLE>

* Adjusted for 2-1 stock split, effective October 1999.


See accompanying notes to consolidated financial statements.

                                        3
<PAGE>

                           Merchants New York Bancorp

           Consolidated Statements of Changes in Stockholders' Equity
                                   (Unaudited)

<TABLE>
<CAPTION>

For the periods ended March 31,                                         2000            1999
---------------------------------------------------------------------------------------------
<S>                                                             <C>              <C>
Capital stock:
                                                                -----------------------------
    Balance at beginning and end of period .................    $     19,978     $     19,978
                                                                -----------------------------
Surplus:
                                                                -----------------------------
    Balance at beginning and end of period .................      23,879,363       23,879,363
                                                                -----------------------------
Undivided profits:
    Balance at beginning of year ...........................      95,012,110       86,304,445
    Net income .............................................       5,050,582        4,209,559
    Cash dividends paid ....................................       2,360,080)      (1,940,902)
    Common stock issued from treasury stock ................        (472,874)        (735,918)
                                                                -----------------------------
    Balance at end of period ...............................      97,229,738       87,837,184
                                                                -----------------------------

Treasury stock:
    Balance at beginning of year ...........................     (12,570,633)      (6,301,081)
    Repurchase of 294,700 and 179,800 shares of common stock
       in 2000 and 1999, respectively* .....................      (4,898,997)      (3,042,925)
    Issuance of 37,836 and 48,724 shares  of common stock
       in 2000 and 1999, respectively* .....................         663,784          983,465

                                                                -----------------------------
    Balance at end of period ...............................     (16,805,846)      (8,360,541)
                                                                -----------------------------

Accumulated other comprehensive income:
    Net unrealized (depreciation) appreciation on securities
    available for sale, net of tax effect
    Balance at beginning of year ...........................      (7,132,881)       9,075,500
    Changes during the period, net of tax ..................        (237,833)      (1,514,384)
                                                                -----------------------------
    Balance at end of period ...............................      (7,370,714)       7,561,116
                                                                -----------------------------
Total stockholders' equity

    Balance at beginning of year ...........................      99,207,937      112,978,205
    Changes during the period, net .........................      (2,255,418)      (2,041,105)
---------------------------------------------------------------------------------------------
    Total ending balance ...................................    $ 96,952,519     $110,937,100
=============================================================================================
</TABLE>

  * Shares are adjusted for 2-1 stock split, effective October 1999.


 See accompanying notes to consolidated financial statements.

                                        4
<PAGE>

                           Merchants New York Bancorp

                      Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

For the periods ended March 31,                                                        2000            1999
------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>             <C>
Operating activities:
 Net income..................................................................  $  5,050,582    $  4,209,559
                                                                               -----------------------------
 Adjustments to reconcile net income to net cash
     provided by operating activities:
     Depreciation ...........................................................       266,575         274,770
     Amortization of premium, net of discounts ..............................       331,443       1,721,533
     Provision for loan losses ..............................................       950,000         200,000
     Gains on sales .........................................................             0         (75,881)
     (Decrease) increase in unearned discounts ..............................       (12,548)         16,453
     Decrease in other assets................................................       271,903       1,595,405
     Increase (decrease) in other liabilities ...............................       291,123      (1,489,539)
                                                                               -----------------------------
         Net cash provided by operating activities ..........................     7,149,078       6,452,300
                                                                               -----------------------------

Investing activities:
     Net decrease in federal funds sold .....................................    36,000,000       5,000,000
     Proceeds from redemptions of securities available for sale .............    66,742,590      54,452,862
     Proceeds from sales of securities available for sale ...................             0      15,015,000
     Purchase of securities available for sale ..............................    (2,985,938)    (49,235,506)
     Proceeds from redemptions of held to maturity securities ...............     7,497,599      11,815,343
     Purchase of held to maturity securities ................................   (59,134,630)    (14,445,458)
     Net decrease in customer loans .........................................     4,885,351       6,155,856
     Net increase in bank premises and equipment ............................      (639,405)        (61,244)
                                                                               -----------------------------
         Net cash provided by investing activities ..........................    52,365,567      28,696,853
                                                                                ----------------------------

Financing activities:
     Increase (decrease) in demand deposits, NOW, savings
         and money market accounts ..........................................     1,076,186      (4,696,284)
     Net decrease in time deposit ...........................................   (11,912,470)    (20,697,919)
     Increase (decrease) in securities sold under repurchase agreements .....    20,000,000     (15,000,000)
     Decrease in FHLB term advances .........................................   (35,000,000)              0
     (Decrease) increase in other short-term borrowings .....................    (8,189,169)        755,591
     Proceeds from issuance of common stock .................................       190,910         247,547
     Purchases of treasury stock ............................................    (4,898,997)     (3,042,925)
     Dividends paid .........................................................    (2,360,080)     (1,940,902)
                                                                               -----------------------------
         Net cash used by financing activities ..............................   (41,093,620)    (44,374,892)
                                                                               -----------------------------

Net increase (decrease) in cash and cash equivalents ........................    18,421,025      (9,225,739)
Cash and cash equivalents at beginning of the period ........................    32,940,883      38,435,946
Cash and cash equivalents at end of the period ..............................    51,361,908      29,210,207
============================================================================================================

Supplemental disclosure of cash flow information:
     Interest paid ..........................................................    12,231,963      11,752,552
     Taxes paid .............................................................        76,871          89,714
============================================================================================================
</TABLE>

See accompanying notes to consolidated financial statements.


                                        5
<PAGE>

                           Merchants New York Bancorp

Notes to Consolidated Financial Statements

1. The consolidated financial statements include the accounts of Merchants New
York Bancorp (the "Company") and its wholly owned subsidiary, The Merchants Bank
of New York (the "Bank"), and the Bank's wholly-owned subsidiaries, Merchants
New York Commercial Corporation and MBNY Holdings Corporation and its
subsidiary, Merchants Capital Corporation. All material intercompany accounts
and transactions have been eliminated in consolidation.

The consolidated financial statements as of and for the interim periods ended
March 31, 2000 and 1999 are unaudited. All adjustments, which consist of normal
accruals necessary for the fair presentation of such periods have been made.
Certain reclassifications have been made to the 1999 financial statements to
conform to the current presentation. The interim financial statements should be
read in conjunction with Bancorp's Annual Report on Form 10 - K for the year
ended December 31, 1999.

2. Accumulated Other Comprehensive Income - Statement of Financial Accounting
Standards ("SFAS") No. 130, "Reporting Comprehensive Income," establishes
standards for the reporting and display of comprehensive income and its
components in financial statements. Comprehensive income represents net income
and certain amounts reported directly in equity, such as the net unrealized
depreciation on available-for-sale securities. Other Comprehensive Income is
shown on the Balance Sheet net of tax. Below are gross amounts and the tax
benefit applicable as of March 31, 2000 and December 31, 1999.

                                                03/31/00          12/31/99
                                               ----------         ---------
                                                      (In thousands)
     Unrealized depreciation                   $ (11,340)         $(12,783)
     Tax benefit                                   3,969             5,650
                                               ----------         ---------
     Net of tax amount                         $  (7,371)         $( 7,133)
                                               ==========         =========

3. In June 1998, the Financial Accounting Standards Board ("FASB"), issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging Activities." SFAS
No. 133 establishes accounting and reporting standards for derivatives and
hedging activities. It requires that all derivatives be included as assets or
liabilities in the balance sheet and that such instruments be carried at fair
market value through adjustments to either other comprehensive income or current
earnings or both, as appropriate. In June 1999, FASB issued SFAS No. 137 which
deferred the effective date of SFAS No. 133 to fiscal years beginning after June
15, 2000. Management does not anticipate that the adoption of this standard will
have a material impact on the Company's consolidated financial statements.

4. Bancorp's Board of Directors declared a 2 for 1 stock split on August 17,
1999, to shareholders of record as of September 21, 1999, with an effective date
of October 1, 1999. As a result, adjustments have been made to the capital
accounts at the effective date, while retroactive adjustments have been made to
the number of shares used for the earnings per share calculation.


                                       6

<PAGE>



Item 2, Management's Discussion and Analysis of Financial Condition and Results
        of Operations

Comparison for the three months ended March 31, 2000 and March 31, 1999

Interest income on investments for the quarter ended March 31, 2000 was $14.9
million, an increase of $1.3 million when compared to $13.5 million for the same
period in 1999. The increase was the result of $218,000 from higher volume and
$1.2 million from an increase in interest rates. The average balance for the
investment portfolio increased to $844.5, up $12.6 million, from $831.9 million
for the same period in 1999.

Interest income on loans was $9.9 million, an increase of $2.6 million when
compared to $7.3 million for the same period in 1999. $1.7 million was from
higher volume and $870,000 from higher interest rates as the prime rate averaged
8.69% versus an average of 7.75% for the same period in 1999. The average loan
balance for the quarter increased to $425.9 million, up $76.9 million from
$349.0 million in 1999, primarily due to Merchants New York Commercial Corp.,
the Bank's asset-based lending subsidiary.

Non interest income increased $300,000 to $1.8 million in 2000 when compared to
$1.5 million in 1999. This was mainly the result of an increase in fee income of
$209,000, primarily attributable to the Bank's asset-based lending subsidiary.
In addition, International Department fees increased $101,000 from higher volume
of processing letters of credits.

Interest expense on interest bearing deposits increased slightly to $6.8 million
from $6.7 million for the same period in 1999. The increase was a result of
$389,000 from higher interest rates, offset by a decrease of $258,000 from lower
volume. Average interest bearing deposits decreased $7.9 million to $644.1
million compared to $652.0 million in 1999.

Interest expense on repurchase agreements increased to $2.7 million, an increase
of $733,000, when compared to $1.9 million for the same period last year. The
increase was the result of $406,000 from higher volume and $327,000 from an
increase in interest rates. The average balance for repurchase agreements
increased $29.0 million to $179.2, up from $150.2 million for the same period in
1999.

Interest expense on FHLB term advances increased to $1.4 million, up $760,000
from $602,000 for the same period in 1999. The increase was the result of
$672,000 from a higher volume and $88,000 from higher interest rates. The
average balance increased to $90 million, an increase of $45 million, when
compared to the average balance of $45 million for the same period in 1999.

Other short-term borrowings consist of Federal funds purchased and US Treasury
demand notes. At March 31, 2000, interest expense from other short- term
borrowings was $186,000, an increase of $98,000 when compared to $88,000 for the
same period last year. The increase was the result of $75,000 from higher volume
and $23,000 from higher interest rates.

Non interest expense increased to $7.3 million, up $654,000 from $6.6 million
for the same period in 1999. This was a result of increase of $301,000 in
salaries and benefits and a $353,000 increase in other operating expenses.


                                       7

<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations

Income tax expense at March 31, 2000 increased $496,000 to $2.7 million versus
$2.2 million for the same period in 1999. The increase was primarily due to an
increase in income before taxes of $1.3 million.

PROVISION FOR LOAN LOSSES

An addition of $950,000 was made to the Provision for Loan Losses for the first
quarter in 2000, versus $200,000 in 1999. The loan loss provision is based on
maintaining a loan loss reserve to cover all non-accrual and high risk loans.
The Bank's level of allowance follows industry standards, with the provision
rising and falling to reflect the status of our loan portfolio risk. The level
of allowance for loan losses is evaluated by management quarterly and is based
on several factors in addition to non-accrual loans, doubtful and substandard
loans including: charged-off loans, recoveries, changes in levels and
characteristics of total outstanding loans, and loans classified by management
as higher than normal credit risk.

The following table sets forth certain information with respect to the loan loss
experience for the quarter ended March 31, 2000 and 1999.

                                                     3/31/00      3/31/99
                                                     --------------------
                                                         (In thousands)
     Balance at beginning of period                   $9,108       $7,965
     Provision for loan losses ......................    950          200
     Charge offs ....................................    445          178
     Recoveries:
              Commercial ............................     51          125
              Installment ...........................      0            2
                                                      -------------------
     Total .......................................... $9,664       $8,114
                                                      ===================

PAST DUE LOANS AND NON PERFORMING ASSETS

Loans are generally placed on non-accrual status when principal or interest
becomes 90 days or more delinquent. Loans past due 90 days or more which are
still accruing, are either secured or are in the process of collection. Loans
remain on non-accrual status until principal and interest payments are current
or charged off. The following table sets forth the aggregate amount of
non-accrual and past due loans which are 90 days or more past due as to
principal or interest payments on the date indicated.

<TABLE>
<CAPTION>

                                                                    3/31/00           12/31/99
                                                                    --------------------------
                                                                      (Dollars in thousands)
<S>                                                                 <C>                 <C>
Non - accrual loans...............................................  $  874              $428
Loans past due 90 days or more,
         and still accruing.......................................     217               496
                                                                    ------------------------
         Total....................................................  $1,091              $924
                                                                    ========================
Restructured loans included in non - accrual loans                  $  274              $292
Non - accrual loans as a % of reserve.............................    9.04%             4.70%
Non - accrual loans as a % of total average loans.................     .21               .11
Interest income that would have been earned on non- accrual loans       $8               $57
</TABLE>


                                       8

<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations

LIQUIDITY

Liquidity measures the Bank's ability to satisfy current and future obligations
and commitments as they become due. Maintaining an adequate liquidity level
through proper asset/liability management insures that these needs will be met
at a reasonable cost. Funds to meet liquidity needs are raised through the
liquidation or maturity of an asset or through increased deposits or borrowing.

The Bank's liquidity continues to be strong, with average cash and short term
investments totaling $79.4 million at March 31, 2000 compared with $55 million
at December 31, 1999, accounting for 5.8% and 4.2% of the Bank's total average
assets, respectively. Management considers overall liquidity at March 31, 2000
to be adequate to meet current obligations, to support expectations for future
changes in asset and liability levels and to carry on normal operations.

Scheduled loan payments and payments of principal and interest from the
investment portfolio provided additional liquidity. Through principal repayments
and redemptions, the investment portfolio generated $74 million for the first
quarter of 2000, and a total of $214 million for the year ended December 31,
1999 for reinvestment and/or liquidity.

On the liability side, the primary source of funds available to meet liquidity
needs is the Bank's core deposit base. The average balance of total deposits was
$956 million for the three months ended March 31, 2000, compared to $913 million
for the year ended December 31, 1999. The Bank continues to retain a substantial
portion of its average deposits in the form of noninterest-bearing funds, which
were 32.6% at March 31, 2000 and 30% at December 31, 1999, or $311.7 million and
$278 million, respectively.

CAPITAL

The primary source of capital growth is through retention of earnings. Undivided
profits increased to $97 million as of March 31, 2000 as compared to $95 million
as of December 31, 1999. On February 29, 2000, the Company's Board of Directors
declared its 267th consecutive quarterly dividend in the amount of $.125 per
share of common stock payable to its shareholders, for the first quarter of
2000. The Company believes that cash dividends are an important component of
shareholder value and at its current level of performance, dividend payments
will continue into the future.

The capital base of a bank is a significant measure of the strength of a
financial institution. The Bank has seen a steady capital growth over the past
several years, with the risk based ratios and leverage ratio, as shown below, in
excess of the required "Well Capitalized" level of 10% and 5%, respectively.

                                       Required      3/31/00     12/31/99
                                       ----------------------------------
    Tier I Capital Ratio..........       4.00%        15.35%       14.88%
    Total Capital Ratio...........       8.00         16.60        16.13
    Leverage Ratio................       3.00          7.45         7.54


                                       9


<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations

There was an overall decrease of $2.3 million in capital from December 31, 1999
to March 31, 2000. Of this change, there was an increase in undivided profits of
$2.2 million, a decrease in the change in market value of available for sale
securities (net of tax effect) of $200 thousand and net increase of $4.2 million
in Treasury stock transactions.

FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, which are based on
management's current expectations regarding economic, legislative and regulatory
issues that may impact the Company's earnings in future periods. Factors that
could cause future results to vary from current management's expectations
include, but are not limited to general economic conditions: changes in interest
rate, deposit flows, loan demand, real estate values and competition; changes in
accounting principles, policies or guidelines; changes in legislation and
regulation; and other economic, competitive, governmental, regulatory and
technological factors affecting the Company's operations, pricing, products and
services.


                                       10


<PAGE>

Item 3, Quantitative and Qualitative Disclosure About Market Risk

MARKET RISK MANAGEMENT

Market risk is the risk of loss in a financial instrument arising from adverse
changes in market rates/ prices such as interest rates, foreign currency
exchange rates, commodity prices and equity prices. The Bank's primary market
risk exposure is interest rate risk, with foreign exchange, commodity and equity
price risk not arising in the ordinary course of business. The ongoing
monitoring and management of this risk is an important component of the Bank's
asset/liability process which is governed by policies, established by its Board
of Directors, that are reviewed and approved annually. The Board of Directors
delegates responsibility for carrying out the asset/liability management
policies to the Asset/Liability Committee (ALCO). In this capacity, ALCO
develops guidelines and strategies impacting the Bank's asset/liability
management related activity based upon estimated market risk sensitivity, policy
limit and overall market interest rate levels/trends.

The objectives of the Bank's interest rate risk management activities are to
define an acceptable level of risk based on the Bank's business focus, capital
and liquidity requirements and to manage interest rate risk and maintain net
interest margins in a changing rate environment. The Bank does not currently
engage in trading activities or use of off balance sheet derivative instruments
to control interest rate risk. The Board of Directors have authorized management
to use derivatives if management deems it beneficial to the Bank.

Even with the Bank's active role in managing interest rate risk, the potential
for changing interest rates is an uncertainty that could have an adverse affect
on the earnings of the Bank. When interest-bearing liabilities mature or reprice
more quickly than interest-earning assets in a given period, a significant
increase in market interest rates could adversely affect net interest income.
Conversely, in a falling interest rate environment, these same interest-bearing
liabilities reprice more quickly than earning assets, producing a beneficial
effect on our net interest income.

In addition, management seeks to reduce the vulnerability of the Bank's
operating results to changes in interest rates and to manage the ratio of
interest rate sensitive assets to interest sensitive liabilities within
specified maturities or repricing periods, as set forth in the following
interest rate sensitivity gap analysis.


                                       11

<PAGE>

Quantitative and Qualitative Disclosure About Market Risk

INTEREST RATE SENSITIVITY GAP ANALYSIS
As of March 31, 2000
(Dollars in thousands)

<TABLE>
<CAPTION>

                                       Less Than        3 to 12          1 to 5           Over
                                        3 Months         Months           Years          5 Years             Total
<S>                                    <C>            <C>               <C>             <C>                <C>
-------------------------------------------------------------------------------------------------------------------
Interest Earning Assets

-------------------------------------------------------------------------------------------------------------------
Securities available for sale*         $  26,725      $  79,450         $265,953        $226,500           $598,628
Securities held to maturity*               9,622         25,022          139,659          75,321            249,624
Loans                                    410,843          1,508           14,204           5,275            431,830
Other                                     14,848             --               --              --             14,848

-------------------------------------------------------------------------------------------------------------------
Total interest earning assets            462,038        105,980          419,816         307,096          1,294,930

===================================================================================================================
Interest Bearing Liabilities

-------------------------------------------------------------------------------------------------------------------
Interest bearing deposits                536,154         92,774           18,197              84            647,209
Securities sold under
     repurchase agreements                60,000        135,000           10,000              --            205,000
FHLB term advances                        20,000         50,000               --              --             70,000
Other short-term borrowings               11,781             --               --              --             11,781

-------------------------------------------------------------------------------------------------------------------
Total interest bearing liabilities       627,935        277,774           28,197              84            933,990

===================================================================================================================
Net interest rate sensitivity gap       (165,897)      (171,794)         391,619         307,012            360,940
Cumulative gap position                 (165,897)      (337,691)          53,928         360,940
Cumulative gap/total earning assets:
At March 31, 2000                        (12.81)%       (26.08)%           4.16%          27.87%
At March 31, 1999                        (16.83)%       (22.13)%          13.13%          29.30%
</TABLE>

* Adjusted for weighted average maturity dates and prepayments for mortgage back
securities. All securities are disclosed at book value.

In managing the Bank's asset/liability position, management attempts to minimize
interest rate risk while enhancing net interest margins. Management continues to
believe that the increased net interest income resulting from a mismatch in
maturity of the Bank's assets and liability portfolio can, during periods of
declining or stable interest rates and periods in which there is a substantial
positive difference between long - and short-term interest rates, provide high
enough returns to justify the increased exposure to sudden and unexpected
increases in interest rates. Consequently, the Bank's results of operations and
net portfolio values remain vulnerable to increases in interest rates and to
fluctuations in the difference between long-and short-term interest rates.

Consistent with its asset/liability management philosophy, the Bank has taken
several steps to manage its interest rate risk. First, the Bank's loan
portfolio, as of March 31, 2000, totaled $431.8 million, consisting of virtually
all adjustable rate loans. Second, a majority of the Bank's securities are U.S.
Government and Agency mortgaged-backed securities, with an ending book value of
$848.3 million, and an expected weighted average maturity of approximately four
years or less. Third, the Bank has a significant amount of deposits which are
non-interest bearing or are only minimally sensitive to interest rate
fluctuations,


                                       12

<PAGE>

Quantitative and Qualitative Disclosure About Market Risk

including $311.7 million in average demand deposits and $284.5 million in
average money market, NOW and savings accounts.

One approach used by management to quantify interest rate risk is the net
portfolio value (NPV) analysis. In essence, this approach calculates the
difference between the present value of the liabilities and the present value of
expected cash flows from assets and off balance sheet contracts. The following
table sets forth, as of March 31, 2000, an analysis of the Bank's interest rate
risk as measured by the estimated changes in NPV resulting from instantaneous
and sustained parallel shifts in the yield curve (+200 basis points measured in
100 basis point increments). For comparative purposes, the table also shows the
estimated percentage increase (decrease) in NPV at March 31, 1999.

NET PORTFOLIO VALUE ANALYSIS FOR INTEREST RATE RISK

<TABLE>
<CAPTION>
                                                  March 31, 2000
                           -------------------------------------------------------------
                                                  Estimated Increase (Decrease) in NPV*        Percent Increase
Change in Interest Rates   Estimated NPV          --------------------------------------     (Decrease) in NPV at
Basis Points                   Amount                   Amount                    Percent       March 31, 1999
-----------------------------------------------------------------------------------------------------------------
                                               (Dollars in thousands)
<S>                          <C>                      <C>                        <C>               <C>
+200                          114,138                  (55,849)                   (32.85%)          (26.7%)
+100                          143,003                  (26,984)                   (15.87%)          (12.2%)
----                          169,987                       --                        --               --
-100                          188,575                   18,588                     10.93%            3.42%
-200                          193,801                   23,814                     14.01%            2.85%
</TABLE>

* Pre- Tax

Certain assumptions are employed in preparing the preceding table. These
assumptions relate to interest rates, loan prepayment rates, deposit decay rates
and the market values of certain assets under the various interest rate
scenarios. It was also assumed that delinquency rates will not change as a
result of changes in interest rates, although there can be no assurance that
this will be the case. Even if the interest rates change in the designated
amounts, there can be no assurance that the Bank's assets and liabilities would
perform as set forth above. In addition, a change in U.S. Treasury rates in the
designated amounts accompanied by a change in the slope of the Treasury yield
curve would cause significantly different changes to the NPV than indicated in
the chart.


                                       13

<PAGE>

Part II - Other Information

Item 6, Exhibits and Reports on Form 8 - K

(a)      Exhibits:

                  Exhibit 11 - Computation of Earnings Per Share
                  Exhibit 27 - Financial Data Schedule

(b)      Reports on Form 8 - K.
                  None.

                                   SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             MERCHANTS NEW YORK BANCORP, INC.
                                             -----------------------------------
                                             Registrant

Date:  May 5, 2000                             /s/ James G. Lawrence
                                             -----------------------------------
                                             James G. Lawrence
                                             President & Chief Executive Officer


Date:  May 5, 2000                             /s/ M. Nasette Aranda
                                             -----------------------------------
                                             M. Nasette Aranda
                                             Vice President & Comptroller


                                       14