<PAGE> 1

                                   FORM 10-Q


                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549


                  Quarterly Report Under Section 13 or 15(d)
                    of the Securities Exchange Act of 1934



For Quarter Ended:                December 31, 1996
                              ------------------------

Commission File Number                 1-11684
                              ------------------------
                              

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

      Delaware                                                   11-2869250
--------------------------------------------------------------------------------
  (State or other jurisdiction of                           (I.R.S. Employer
   incorporation or organization)                            Identification No.)

     241-02 Northern Boulevard, Douglaston, N. Y.                   11362
--------------------------------------------------------------------------------
        (Address of principal executive offices)                  (Zip Code)

                                 (718) 631-8100
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


     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
                                                       ----      ----

     Number of shares of common stock, par value $.01 per share, outstanding as
of January 31, 1997:  16,587,003.



<PAGE> 2

                             NEW YORK BANCORP INC.
                                   FORM 10-Q
                                     INDEX



PART I - FINANCIAL INFORMATION                                       Page
------------------------------                                       ---- 

  Item 1.   Financial Statements:

            Consolidated Statements of Financial Condition as
            of December 31, 1996 and September 30, 1996               4

            Consolidated Statements of Income for the Three
            Months ended December 31, 1996 and 1995                   5

            Consolidated Statement of Changes in Shareholders'
            Equity for the Three Months ended December 31, 1996       6

            Consolidated Statements of Cash Flows for the
            Three Months ended December 31, 1996 and 1995           7 -  8

            Notes to Consolidated Financial Statements              9 - 11


            Independent Accountants' Review Report                    3

  Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                    12 - 21



PART II - OTHER INFORMATION
---------------------------

  Item 1.   Legal Proceedings                                         22

  Item 2.   Changes in Securities                                     22

  Item 3.   Defaults Upon Senior Securities                           22

  Item 4.   Submission of Matters to a Vote of Security Holder        22

  Item 5.   Other Information                                         23

  Item 6.   Exhibits and Reports on Form 8-K                          23

  Signature Page                                                      24


                                     2

<PAGE> 3

KPMG Peat Marwick LLP

  One Jericho Plaza
  Jericho, NY 11753




                  Independent Accountants' Review Report
                  --------------------------------------  


To the Board of Directors of New York Bancorp Inc.:

We have reviewed the  condensed  consolidated  financial  statements of New York
Bancorp Inc.  and  Subsidiary  as of December 31, 1996,  and for the three month
periods ended  December 31, 1996 and 1995 as listed in the  accompanying  index.
These condensed  consolidated financial statements are the responsibility of the
Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making inquiries of personnel  responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards, the consolidated statement of financial condition of New York Bancorp
Inc. and  Subsidiary  as of September  30,  1996,  and the related  consolidated
statements of income,  changes in shareholders'  equity,  and cash flows for the
year then ended (not  presented  herein);  and in our report  dated  October 29,
1996,  we  expressed  an  unqualified  opinion on those  consolidated  financial
statements.  In our  opinion,  the  information  set  forth in the  accompanying
condensed  consolidated  statement  of financial  condition as of September  30,
1996,  is  fairly  stated,  in  all  material  respects,   in  relation  to  the
consolidated statement of financial condition from which it has been derived.

                                      /s/ KPMG Peat Marwick LLP

January 24, 1997




                                     3

<PAGE> 4

<TABLE>
<CAPTION>

                     NEW YORK BANCORP INC. AND SUBSIDIARY
          ----- CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION -----
                 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                 (UNAUDITED)

                                                  December 31,   September 30,
                                                      1996            1996
                                                  ------------   -------------

<S>                                               <C>            <C>         
ASSETS
------
Cash and due from banks.......................... $     13,883   $     13,045
Money market investments.........................           --         10,700
Investment in debt and equity securities, net:
  Held to maturity (estimated market value of
   $629 and $641 at December 31, 1996
   and September 30, 1996, respectively).........          631            643
  Available for sale.............................      140,715        136,133
Mortgage-backed securities, net:
  Held to maturity (estimated market value of
   $525,387 and $534,602 at December 31, 1996
   and September 30, 1996, respectively).........      538,056        550,817
  Available for sale.............................      438,055        280,429
Federal Home Loan Bank stock.....................       31,244         27,938
Loans receivable, net:
  First mortgage loans...........................     1,651,152     1,603,769
  Other loans....................................       264,261       268,779
                                                  -------------  ------------
                                                      1,915,413     1,872,548
  Less allowance for possible loan losses........       (18,958)      (19,386)
                                                  -------------  ------------
   Total loans receivable, net...................     1,896,455     1,853,162
Accrued interest receivable......................        22,367        21,862
Premises and equipment, net......................        12,569        12,927
Other assets.....................................        28,042        33,251
                                                  -------------  ------------
   Total assets.................................. $   3,122,017  $  2,940,907
                                                  =============  ============

LIABILITIES & SHAREHOLDERS' EQUITY
----------------------------------
LIABILITIES:
  Deposits....................................... $   1,700,722  $  1,715,959
  Borrowed funds.................................     1,069,045     1,008,786
  Mortgagors' escrow payments....................         8,895        14,987
  Due to brokers.................................       129,887            --
  Accrued expenses and other liabilities.........        54,418        49,272
                                                  -------------  ------------
   Total liabilities.............................     2,962,967     2,789,004
                                                  -------------  ------------
Commitments, contingencies and contracts (note 3)
SHAREHOLDERS' EQUITY (NOTES 2, 3 AND 4) (1):
  Preferred stock, $.01 par value,
   2,000,000 shares authorized; none issued......             --           --
  Common stock, $.01 par value, 30,000,000 shares
   authorized;  22,120,275  shares issued at
   December 31, 1996 and September 30, 1996;
   16,569,681 and 16,648,200 shares outstanding
   at December 31, 1996 and September 30, 1996,
   respectively..................................           221           221
  Additional paid-in capital.....................        65,457        65,429
  Retained earnings, substantially restricted....       153,226       145,686
  Treasury stock, at cost, 5,550,594 and 5,472,075
   shares at December 31, 1996 and September 30,
   1996, respectively............................       (60,658)      (58,871)
  Unrealized appreciation (depreciation) on 
   securities available for sale, net of tax
   effect........................................           804          (562)
                                                  -------------  ------------
   Total shareholders' equity.....................      159,050       151,903
                                                  -------------  ------------
   Total liabilities and shareholders' equity.....$   3,122,017  $  2,940,907
                                                  =============  ============
--------------------
(1) Share information has been restated to fully reflect the 3-for-2 stock split
effective January 23, 1997.

         See accompanying notes to consolidated financial statements.

</TABLE>
                                       4

<PAGE> 5

<TABLE>
<CAPTION>

                     NEW YORK BANCORP INC. AND SUBSIDIARY
                 ----- CONSOLIDATED STATEMENTS OF INCOME -----
                                  (UNAUDITED)

                                                      Three Months Ended
                                                        December 31,
                                                    -------------------- 
                                                      1996        1995
                                                    --------    -------- 
                                                    (In Thousands, except
                                                      per share amounts)

<S>                                                 <C>         <C>    
INTEREST INCOME:
  Interest and fees on loans:
   First mortgage loans.........................    $33,016     $ 28,412
   Other loans..................................      5,745        6,529
                                                    -------     --------
    Total interest and fees on loans............     38,761       34,941
  Mortgage-backed securities....................     13,753       14,203
  Debt and equity securities - taxable..........      2,893        1,395
  Money market investments......................         10          107
  Trading account securities....................         --           13
                                                    -------     --------
    Total interest income.......................     55,417       50,659
                                                    -------     --------
INTEREST EXPENSE:
  Deposits .....................................     14,094       15,881
  Borrowed funds................................     13,444       11,110
                                                    -------     --------
    Total interest expense......................     27,538       26,991
                                                    -------     --------
    Net interest income.........................     27,879       23,668
Provision for possible loan losses..............       (300)        (300)
                                                    -------     --------
    Net interest income after provision
     for possible loan losses...................     27,579       23,368
                                                    -------     --------
NON-INTEREST INCOME:
  Loan fees and service charges.................        817          631
  Net gain on the sale of mortgage
   loans and securities available for sale......        117          507
  Other.........................................      1,914        1,564
                                                    -------     --------
    Total non-interest income...................      2,848        2,702
                                                    -------     --------
NON-INTEREST EXPENSE:
  General and administrative:
   Compensation and benefits....................      6,525        5,517
   Occupancy, net...............................      2,109        2,040
   Advertising and promotion....................        475          855
   Federal deposit insurance premiums...........        759          965
   Other........................................      2,291        2,533
                                                    -------     --------
    Total general and administrative............     12,159       11,910
   Real estate operations, net..................        269          133
                                                    -------     --------
    Total non-interest expense..................     12,428       12,043
                                                    -------     --------
    Income before income tax expense............     17,999       14,027
                                                    -------     --------
INCOME TAX EXPENSE:
  Federal expense...............................      5,543        4,242
  State and local expense.......................      2,192        1,957
                                                    -------     --------
    Total income tax expense....................      7,735        6,199
                                                    -------     --------
    Net income..................................    $10,264     $  7,828
                                                    =======     ========

EARNINGS PER COMMON SHARE (note 2)..............    $   .60     $  .43(1)

-----------------
(1) Per share amounts have been restated to fully reflect the 3-for-2 stock
split effective January 23, 1997.

        See accompanying notes to consolidated financial statements.

</TABLE>
                                        5

<PAGE> 6

<TABLE>
<CAPTION>



                                             NEW YORK BANCORP INC. AND SUBSIDIARY
                             ----- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -----
                                             THREE MONTHS ENDED DECEMBER 31, 1996
                                                           (UNAUDITED)




                                                                                                       Unrealized
                                                                                                      Appreciation
                                                                                                     (Depreciation)
                                                   Additional                                        on Securities
                                      Common        Paid-in           Retained       Treasury          Available
                                      Stock         Capital           Earnings         Stock           for Sale          Total
                                     -------       ----------        ---------       ----------       ------------    -----------
                                                   (Dollars in Thousands, Except Per Share Data)

<S>                                   <C>          <C>               <C>              <C>               <C>           <C>

Balance at September 30, 1996.....    $ 221        $  65,429         $ 145,686        $ (58,871)        $ (562)       $  151,903

Net income for the three months
 ended December 31, 1996..........       --               --            10,264               --             --            10,264

Dividends declared on
 common stock.....................       --               --            (2,487)              --             --            (2,487)

Purchase of 97,986 shares
 of treasury stock................       --               --                --           (2,225)            --            (2,225)

Exercise of 19,467 shares
 of stock options.................       --               28              (237)             438             --               229

Change in unrealized
 appreciation (depreciation) on
 securities available for sale,
 net of taxes.....................       --               --                --               --          1,366             1,366
                                      -----        ---------        ----------        ---------        -------       -----------

Balance at December 31, 1996         $  221        $  65,457        $  153,226        $ (60,658)       $   804       $   159,050
                                     ======        =========        ==========        =========        =======       ===========

                                   See accompanying notes to consolidated financial statements.

</TABLE>


                                           6

<PAGE> 7

<TABLE>
<CAPTION>




                      NEW YORK BANCORP INC. AND SUBSIDIARY
                ----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
                                 (UNAUDITED)

                                                           Three Months Ended
                                                              December 31,
                                                        ----------------------
                                                           1996         1995
                                                        ----------   ---------
                                                             (In Thousands)
<S>                                                     <C>          <C>      
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income..........................................  $   10,264   $   7,828
                                                        ----------   ---------
  Adjustments to reconcile net income to net
    cash provided by operating activities:
   Depreciation and amortization......................         584         531
   Amortization and accretion of deferred fees,
    discounts and premiums............................         239         510
   Provision for possible loan losses.................         300         300
   Provision for losses on foreclosed real estate.....         136         156
   Net loss on sale of foreclosed real estate.........          67          42
   Net gain on sale of mortgage loans and
    securities available for sale.....................        (117)       (507)
   Payment of SAIF recapitalization...................      (9,432)         --
   Deferred income taxes..............................       3,357         607
   Net decrease in trading account....................          --       2,003
   (Increase) decrease in accrued interest receivable.        (505)        116
   Increase (decrease) in accrued interest payable....      (1,103)        605
   Increase (decrease) in accrued expenses and
    other liabilities.................................      14,649      (2,865)
   (Increase) decrease in other assets................         893      (1,855)
                                                        ----------   ---------
   Total adjustments..................................       9,068        (357)
                                                        ----------   ---------
  Net cash provided by operating activities...........      19,332       7,471
                                                        ----------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Principal payments on loans.........................      82,288      64,508
  Principal payments on mortgage-backed securities....      25,780      20,839
  Principal payments, maturities and calls
   on debt and equity securities......................          12      37,000
  Proceeds on sales of loans..........................      16,931      16,386
  Proceeds on sales of debt and equity securities
   available for sale.................................       1,314       2,718
  Investment in first mortgage loans..................    (125,902)    (63,988)
  Investment in other loans...........................     (17,715)    (15,012)
  Investment in mortgage-backed securities
   available for sale.................................     (39,829)         --
  Investment in debt and equity securities available
   for sale...........................................      (5,000)    (28,284)
  Proceeds on sales of foreclosed real estate.........       1,774         616
  Net purchases of Federal Home Loan Bank Stock.......      (3,306)     (2,768)
  Net purchases of premises and equipment.............        (226)       (330)
                                                        ----------   ---------
  Net cash provided by (used in) investing activities.     (63,879)     31,685
                                                        ----------   ---------
                                    (Continued)

</TABLE>


                                         7

<PAGE> 8


<TABLE>
<CAPTION>



                     NEW YORK BANCORP INC. AND SUBSIDIARY
               ----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
                                  (CONTINUED)


                                                           Three Months Ended
                                                              December 31,
                                                           ------------------
                                                            1996        1995
                                                            ----        ----
                                                              (In Thousands)

<S>                                                     <C>          <C>      
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in non-interest bearing
   demand, savings, money market, and NOW accounts....  $    5,068   $   3,127
  Net increase (decrease) in time deposits............     (20,305)      5,210
  Net increase (decrease) in borrowings with original
   maturities of three months or less.................      93,118     (18,221)
  Proceeds from long-term borrowings..................     224,000          --
  Repayment of long-term borrowings...................    (256,859)    (19,425)
  Purchase of common stock for treasury...............      (2,225)     (5,332)
  Payment of common stock dividends...................      (2,220)     (2,412)
  Exercise of stock options...........................         200          --
  Decrease in mortgagors' escrow accounts.............      (6,092)     (5,523)
                                                        ----------   ---------
  Net cash provided by (used in) financing activities.      34,685     (42,576)
                                                        ----------   ---------
  Net decrease in cash and cash equivalents...........      (9,862)     (3,420)
  Cash and cash equivalents at beginning of year......      23,745      45,104
                                                        ----------   ---------
  Cash and cash equivalents at end of year............  $   13,883   $  41,684
                                                        ==========   =========

SUPPLEMENTAL CASH FLOW DISCLOSURES:
  Interest paid.......................................  $   30,021   $  24,703
                                                        ==========   =========
  Income taxes paid...................................  $    5,050   $   7,180
                                                        ==========   =========
  Noncash Investing and Financing Activities:
   Transfer of loans to real estate owned.............  $    1,355   $   1,578
                                                        ==========   =========
   Transfer of mortgage-backed securities available
    for sale to mortgage-backed securities
    held to maturity .................................  $       --   $  15,421
                                                        ==========   =========
   Transfer of mortgage-backed securities held to maturity
    to mortgage-backed securities available for sale .  $       --   $  84,109
                                                        ==========   =========
   Transfer of debt and equity securities held to maturity
    to debt and equity securities available for sale .  $       --   $  15,000
                                                        ==========   =========

           See accompanying notes to consolidated financial statements.

</TABLE>


                                       8

<PAGE> 9







                     NEW YORK BANCORP INC. AND SUBSIDIARY
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)


NOTE 1:  BASIS OF PRESENTATION

         The accompanying  unaudited  consolidated  financial statements include
         the  accounts  of New York  Bancorp  Inc.  ("New York  Bancorp"  or the
         "Company") and its wholly-owned  subsidiary,  Home Federal Savings Bank
         ("Home  Federal" or the "Bank") and  Subsidiaries,  as of December  31,
         1996 and  September  30,  1996 and for the three  month  periods  ended
         December 31, 1996 and 1995.

         The accompanying  unaudited consolidated financial statements have been
         prepared in accordance with generally  accepted  accounting  principles
         for interim  financial  information  and with the  instructions to Form
         10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
         all of the  information  and footnotes  required by generally  accepted
         accounting principles for complete financial statements. In the opinion
         of management  all  necessary  adjustments,  consisting  only of normal
         recurring  accruals  necessary  for  a  fair  presentation,  have  been
         included.  The results of operations  for the three month periods ended
         December 31, 1996 are not  necessarily  indicative  of the results that
         may be expected for the entire fiscal year.

NOTE 2:  EARNINGS PER SHARE

         A 3-for-2 common stock split, effected in the form of a stock dividend,
         was  distributed  on  January  23,  1997 to  shareholders  of record on
         January 9, 1997.  Accordingly,  information  with  respect to shares of
         common stock and  earnings per share have been  restated in all periods
         presented  to fully  reflect  the stock  split.  Earnings  per share is
         computed  by  dividing  net income by the  weighted  average  number of
         shares of common stock and common stock  equivalents  outstanding.  The
         weighted  average  number of common stock and common stock  equivalents
         outstanding for the  calculation of primary  earnings per share for the
         quarters   ended   December  31,  1996  and  1995  was  17,239,250  and
         18,329,355.

NOTE 3:  COMMITMENTS, CONTINGENCIES AND CONTRACTS

         At December 31, 1996,  Home Federal had commitments of $68.3 million to
         originate  first mortgage and  cooperative  residential  loans. Of this
         amount,  adjustable rate mortgage loans  represented  $54.7 million and
         fixed rate mortgage  loans with  interest  rates ranging from 6.875% to
         10.25%,  represented $13.6 million.  At December 31, 1996, Home Federal
         also had commitments to sell $6.5 million of qualified fixed rate first
         mortgage  loans at prices which  approximate  the carrying value of the
         loans.



                                     9

<PAGE> 10




         The Bank is a party to interest  rate swap  arrangements  to extend the
         repricing  or  maturity  of its  liabilities  in order to create a more
         consistent and predictable  interest rate spread. At December 31, 1996,
         outstanding notional amounts of interest rate swap arrangements totaled
         $400.0 million.  The Bank pays a fixed weighted  average rate of 4.72%,
         and  receives a variable  rate  (5.375% at  December  31,  1996)  which
         adjusts  monthly  based on one month LIBOR.  These  interest  rate swap
         arrangements mature in June 1997.

         Further,  at December 31, 1996, the Bank  maintained  $700.0 million of
         interest rate collar  arrangements  which mature in August 1998.  These
         interest  rate  collars  provide for the Bank to receive  payment  when
         three month LIBOR exceeds 7.5%, and requires the Bank to pay when three
         month LIBOR is less than 5.00%, thereby reducing the Bank's exposure to
         a rising  interest rate  environment.  At December 31, 1996 three month
         LIBOR was 5.5625%.

         At December 31, 1996,  the Bank was  servicing first  mortgage loans of
         approximately $597.4  million, which  are either  partially  or wholly-
         owned by others.


NOTE 4:  STOCK REPURCHASE PLAN

         During  the  quarter  ended   December  31,  1996,   New  York  Bancorp
         repurchased  97,986 shares under its present stock  repurchase plan. At
         December 31,  1996,  the total  number of Treasury  shares  amounted to
         5,550,594.   Additionally,  at  December  31,  1996,  the  Company  had
         authority  to  repurchase  up  to  an  additional   1,805,256   shares.
         Repurchases may be made from time to time in open market  transactions,
         subject to availability  of shares at prices deemed  appropriate by New
         York Bancorp.


NOTE 5:  RECENT ACCOUNTING PRONOUNCEMENTS

         In June 1996,  the Financial  Accounting  Standards  Board (the "FASB")
         issued Statement of Financial Accounting Standards No. 125, "Accounting
         for Transfers and Servicing of Financial Assets and  Extinguishments of
         Liabilities"   ("SFAS  No.  125").   The  Statement  is  effective  for
         transactions  occurring after December 31, 1996. The Statement provides
         accounting  and  reporting  standards  for  transfers  and servicing of
         financial assets and  extinguishments  of liabilities.  Those standards
         are  based  on  consistent  application  of a  financial  -  components
         approach that focuses on control. Under that approach, after a transfer
         of financial  assets,  an entity recognizes the financial and servicing
         assets it controls and the  liabilities  it has incurred,  derecognizes
         financial  assets when control has been  surrendered,  and derecognizes
         liabilities  when  extinguished.  This  Statement  provides  consistent
         standards  for  distinguishing  transfers of financial  assets that are
         sales from transfers that are secured borrowings.



                                     10

<PAGE> 11





         In December  1996,  the FASB issued  Statement of Financial  Accounting
         Standards  No.  127,   "Deferral  of  the  Effective  Date  of  Certain
         Provisions of FASB  Statement No. 125" ("SFAS No. 127").  The statement
         delays for one year the  implementation  of SFAS No. 125, as it relates
         to (1) secured borrowings and collateral,  and (2) for the transfers of
         financial  assets that are part of repurchase  agreement,  dollar-roll,
         securities lending and similar transactions.

         The Company has adopted portions of SFAS No. 125 (those not deferred by
         SFAS No. 127) effective January 1, 1997. Adoption of these portions did
         not have a significant effect on the Company's  financial  condition or
         results of operations.  Based on its review of SFAS No. 125, management
         does not believe  that  adoption of the  portions of SFAS No. 125 which
         have been  deferred by SFAS No. 127 will have a material  effect on the
         Company.




                                     11

<PAGE> 12




                     NEW YORK BANCORP INC. AND SUBSIDIARY
                          MANAGEMENT'S DISCUSSION AND
                        ANALYSIS OF FINANCIAL POSITION
                           AND RESULTS OF OPERATIONS



A. GENERAL

          New York  Bancorp  Inc.  ("New York  Bancorp" or the  "Company")  is a
   savings and loan holding company. The Company,  through its subsidiary,  Home
   Federal Savings Bank ("Home Federal" or the "Bank"),  operates as a community
   savings bank. The Bank's principal  business consists of attracting  deposits
   from the general  public and investing  these  deposits,  together with funds
   from ongoing  operations and  borrowings,  in the origination and purchase of
   residential,   multifamily  and  commercial   mortgage   loans,   cooperative
   residential  loans and consumer  loans.  The Bank  maintains a portion of its
   assets  in  mortgage-backed   securities  and  debt  and  equity  securities,
   including  obligations of the U. S.  Government and federal  agencies,  money
   market investments, corporate notes and other securities.

          A  3-for-2  common  stock  split,  effected  in the  form  of a  stock
   dividend,  was  distributed on January 23, 1997 to  shareholders of record on
   January 9, 1997.  Accordingly,  information  with respect to shares of common
   stock and earnings per share have been  restated in all periods  presented to
   fully reflect the stock split.

B. FINANCIAL POSITION

          Total  assets at December  31, 1996  amounted  to  approximately  $3.1
   billion,  reflecting a $181.1  million  increase from the amount  reported at
   September 30, 1996. The increase primarily reflects a $144.9 million increase
   in  mortgage-backed   securities  and  a  $43.3  million  increase  in  loans
   receivable.  The growth in assets was funded by a $60.3  million  increase in
   borrowed funds and a $129.9 million increase in due to brokers. The amount in
   due to  brokers  represents  amounts  owed for  December  1996  purchases  of
   mortgage-backed  securities  which  settle  in  January  1997.  The  Bank has
   arranged for borrowings as of the settlement date to fund these obligations.

C. ASSET/LIABILITY MANAGEMENT

          The  Company is subject to  interest  rate risk to the extent that its
   interest-bearing liabilities reprice or mature more or less frequently, or on
   a different basis, than its interest-earning assets. The Company utilizes gap
   management  as part of its  approach to  controlling  interest  rate risk and
   maximizing net interest margin. The Company does not have a mandated targeted
   one year gap, but historically has managed the gap so that it will range from
   a modest positive to a modest negative position, which would generally result
   in  upper-end  ranges of positive to negative  positions of 15%. The size and
   direction of the gap is determined by management, reflecting its views on the
   direction of interest  rates and general  market  conditions.  The  Company's
   cumulative  one  year  gap as a  percent  of  total  interest-earning  assets
   amounted to a negative  4.2% at  December  31, 1996 as compared to a negative
   2.9% at September 30, 1996.


                                     12

<PAGE> 13



           A negative gap denotes liability  sensitivity which in a given period
   will result in more  liabilities  than  assets  being  subject to  repricing.
   Generally,  liability sensitive gaps would result in a net positive effect on
   net interest  margin and,  consequently,  net income in a declining  interest
   rate  environment.  Alternatively,  liability  sensitive gaps would generally
   result in a net negative effect on net interest margin and, consequently, net
   income in an increasing  interest rate  environment.  Assets and  liabilities
   with similar repricing characteristics,  however, may not reprice to the same
   degree. As a result, the Company's gap position does not necessarily  predict
   the impact of changes in general  levels of  interest  rates on net  interest
   margin.  The  Company's net interest  margin  increased to 3.90% in the first
   quarter of fiscal year 1997, compared to 3.61% in the first quarter of fiscal
   year 1996.  In  addition,  the net  interest  margin of 3.90% for the current
   quarter  reflects a 13 basis point  increase from the net interest  margin of
   3.77% for the quarter ended September 30, 1996.

          At December 31, 1996, the Bank's  interest-earning  assets principally
   consisted  of  adjustable  rate  mortgage  and other  loans  and  securities,
   multi-tranched  fixed rate REMIC  securities  and an assortment of fixed rate
   mortgage   and  other   loans.   At  December   31,   1996,   54.9%  of  such
   interest-earning assets were adjustable rate assets.

          Within the framework of the targeted one year gap, the Bank may choose
   to extend the  maturity of its funding  source  and/or  reduce the  repricing
   mismatches by using interest rate swaps and financial  futures  arrangements.
   Additionally,  the Bank uses interest rate collar,  interest rate floor,  and
   interest rate cap arrangements to assist in further  insulating the Bank from
   volatile interest rate changes.

          At December 31, 1996,  outstanding  notional  amounts of interest rate
   swap  arrangements  totaled  $400.0  million.  The Bank pays a fixed weighted
   average rate of 4.72%,  and receives a variable  rate (5.375% at December 31,
   1996) which  adjusts  monthly based on one month LIBOR.  These  interest rate
   swap arrangements  mature in June 1997.  Additionally,  at December 31, 1996,
   the Bank maintained $700.0 million of interest rate collar arrangements which
   mature in August 1998.  These  interest rate collars  provide for the Bank to
   receive payment when three month LIBOR exceeds 7.5%, and requires the Bank to
   pay when three month LIBOR is less than 5.00%,  thereby  reducing  the Bank's
   exposure to a rising  interest rate  environment.  At December 31, 1996 three
   month  LIBOR was  5.5625%.  Further,  at  December  31,  1996,  the amount of
   unamortized  gain on terminated  interest rate floor and terminated  interest
   rate  swap   arrangements   amounted  to  $3.5  million  and  $1.4   million,
   respectively.

          At December  31, 1996 the Company had  approximately  $2.6  million in
   contracts for purposes of hedging the "Standard & Poor's 500" index. The call
   options  maturities  range from March 1999 through August 1999. The Bank uses
   stock indexed call options for purposes of hedging its remaining  MarketSmart
   CD's and MarketSmart I.R.A.  CD's. The Bank ceased offering  MarketSmart CD's
   during  fiscal  year  1995  due to  its  inability  to  purchase  such  small
   quantities of stock indexed call options.



                                       13

<PAGE> 14


D. LIQUIDITY AND CAPITAL RESOURCES

          Home Federal is required to maintain  minimum  levels of liquid assets
   as defined by the Office of Thrift Supervision (the "OTS") regulations.  This
   requirement,  which may be varied by the OTS, is based upon a  percentage  of
   withdrawable  deposits  and  short-term  borrowings.  The  required  ratio is
   currently  5%.  The Bank  actively  manages  this ratio to  maximize  its net
   interest  income.  The Bank's ratio was 5.06% during  December 1996 and 5.26%
   during September 1996.

          The Bank's  liquidity  levels will vary  depending upon savings flows,
   future  loan  fundings,  operating  needs  and  general  prevailing  economic
   conditions.  Because of the multitude of available funding sources,  the Bank
   does not foresee any problems in generating liquidity to meet its operational
   and regulatory requirements.

          The Bank's lending and investment  activities are predominately funded
   by deposits,  Federal Home Loan Bank of New York advances, reverse repurchase
   agreements with primary government  securities dealers,  subordinated capital
   notes,  scheduled  amortization  and  prepayments,   and  funds  provided  by
   operations.

          During  the  quarter  ended   December  31,  1996,  New  York  Bancorp
   repurchased  97,986  shares  under its  present  stock  repurchase  plan.  At
   December 31, 1996, the total number of Treasury shares amounted to 5,550,594.
   Additionally,  at December 31, 1996,  the Company had authority to repurchase
   up to an additional  1,805,256  shares.  Repurchases may be made from time to
   time in open market transactions, subject to availability of shares at prices
   deemed appropriate by New York Bancorp.

          As of December  31,  1996,  Home  Federal is  categorized  "adequately
   capitalized" under the "prompt  corrective action  regulations" and continues
   to exceed all regulatory  capital  requirements  as detailed in the following
   table:

<TABLE>
<CAPTION>

                             TANGIBLE CAPITAL         CORE CAPITAL(1)       RISK-BASED CAPITAL(2)
                         ------------------------  ---------------------    ---------------------
                           Amount  Percentage(3)    Amount Percentage(3)    Amount  Percentage(3)
                         --------- --------------  ------- -------------    ------- -------------
                                                  (Dollars in Thousands)
<S>                       <C>           <C>       <C>           <C>         <C>          <C>   
Capital for regulatory
 purposes..............   $148,766      4.76%     $148,766      4.76%       $166,977     11.41%

Minimum regulatory
 requirement...........     46,882      1.50        93,765      3.00         117,041      8.00
                          --------     -----      --------     -----        --------     -----

Excess.................   $101,884      3.26%     $ 55,001      1.76%       $ 49,936      3.41%
                          ========     =====       =======     =====        ========     =====
</TABLE>

------------------
(1)Under  the  OTS  prompt  corrective  action  regulations,  the  core  capital
   requirement  was  effectively   increased  to  4.00%  since  OTS  regulations
   stipulate  that as of that date an  institution  with less  than  4.00%  core
   capital will be deemed to be classified as "undercapitalized."
(2)The OTS adopted a final regulation  which  incorporates an interest rate risk
   component  into its existing  risk-based  capital  standard.  The  regulation
   requires  certain  institutions  with more than a "normal  level" of interest
   rate risk to  maintain  capital in addition  to the 8.0%  risk-based  capital
   requirement.  Although the OTS has delayed implementation of this regulation,
   the Bank does not anticipate that its risk-based capital  requirement will be
   materially affected as a result of the new regulation.
(3)For tangible and core capital,  the ratio is to adjusted  total  assets.  For
   risk-based capital, the ratio is to total risk-weighted assets.



                                       14

<PAGE> 15


E. ANALYSIS OF CORE EARNINGS

           The Company's  profitability is primarily dependent upon net interest
    income,  which represents the difference between interest and fees earned on
    loans,  mortgage-backed  securities  and  investments  in  debt  and  equity
    securities,  and the cost of deposits and borrowings. Net interest income is
    dependent on the difference between the average balances and rates earned on
    interest-earning  assets  versus  the  average  balances  and rates  paid on
    interest-bearing deposits and borrowings.  Net income is further affected by
    other operating income, other operating expenses and taxes.

          The  following  table sets forth certain  information  relating to the
   Company's average consolidated  statements of financial condition and reflect
   the average yield on assets and average cost of  liabilities  for the periods
   indicated. Such yields and costs are derived by dividing annualized income or
   expense by the average balance of assets (which include  nonaccrual loans) or
   liabilities, respectively, for the periods shown.

<TABLE>
<CAPTION>

                                                           Quarter Ended December 31,
                                         --------------------------------------------------------------
                                                      1996                             1995
                                         -----------------------------    -----------------------------
                                            Average            Yield/       Average              Yield/
                                            Balance  Interest   Cost        Balance   Interest    Cost
                                         ----------- --------  ------     ----------  ---------  ------
                                                              (Dollars in Thousands)
<S>                                      <C>          <C>        <C>      <C>           <C>        <C>
ASSETS:
  Interest-earning assets:
    First mortgage loans.............    $1,623,430   $ 33,016   8.13%    $ 1,386,258   $28,412    8.20%
    Other loans......................       267,482      5,745   8.56         291,691     6,529    8.93
    Mortgage-backed securities.......       821,857     13,753   6.69         861,566    14,203    6.59
    Debt and equity securities.......       165,747      2,893   6.97          83,853     1,395    6.64
    Money market investments.........           663         10   6.03           7,903       107    5.39
    Trading account securities.......            --         --    N/A             874        13    5.70
                                         ----------   --------            -----------   -------    ----
  Total interest-earning assets......     2,879,179     55,417   7.69       2,632,145    50,659    7.69
                                                      --------                          -------
  Non-interest-earning assets........        64,624                            47,439
                                         ----------                       -----------
    Total assets.....................    $2,943,803                       $ 2,679,584
                                         ==========                       ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:
  Interest-bearing liabilities:
    Deposits.........................    $1,707,909     14,094   3.27     $ 1,746,167    15,881    3.62
    Borrowed funds...................     1,006,384     13,444   5.30         734,805    11,110    6.02
                                         ----------   --------            -----------   -------
  Total interest-bearing liabilities.     2,714,293     27,538   4.02       2,480,972    26,991    4.33
                                                      --------                          -------
  Other liabilities..................        73,371                            42,298
                                         ----------                       -----------
    Total liabilities................     2,787,664                         2,523,270
  Shareholders' equity...............       156,139                           156,314
                                         ----------                       -----------
    Total liabilities and
     shareholders' equity............    $2,943,803                       $ 2,679,584
                                         ==========                       ===========
NET INTEREST INCOME/INTEREST RATE
 SPREAD..............................                 $ 27,879   3.67%                  $23,668    3.36%
                                                      ======== ======                   =======  ======
NET EARNING ASSETS/NET
 INTEREST MARGIN.....................    $  164,886              3.90%    $   151,173              3.61%
                                         ==========            ======     ===========            ======
PERCENTAGE OF INTEREST-EARNING ASSETS
 TO INTEREST-BEARING LIABILITIES.....                          106.07%                           106.09%
                                                               ======                            ======
</TABLE>

                                                        15

<PAGE> 16


F. COMPARISON OF THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995

   General
   -------

          New York Bancorp's net income for the quarters ended December 31, 1996
   and 1995 was $10.3 million,  or $.60 per share, and $7.8 million, or $.43 per
   share,  respectively.  Comments  regarding  the  components of net income are
   detailed in the following paragraphs.

   Interest Income
   ---------------

          Interest  income on  interest-earning  assets  for the  quarter  ended
   December  31, 1996  increased  by $4.8  million,  or 9.4%,  to $55.4  million
   compared to the quarter  ended  December 31,  1995.  The increase in interest
   income  is   attributable   to  a  $247.0   million   increase   in   average
   interest-earning assets.

          Interest  and fee income on loans for the quarter  ended  December 31,
   1996 increased by $3.8 million,  or 10.9%,  to $38.8 million  compared to the
   same quarter in 1995.  The increase in loan income  reflects a $213.0 million
   increase in the average loan balance to $1.89  billion  which,  however,  was
   partially offset by a 7 basis point decrease in yield on first mortgage loans
   and  a 37  basis  point  decrease  in  yield  on  other  loans.  Interest  on
   mortgage-backed  securities for the quarter ended December 31, 1996 decreased
   by $.5 million to $13.8 million as compared to the same quarter in 1995. This
   decrease  in income  is  primarily  due to a $39.7  million  decrease  in the
   average  balance  which,  however,  was partially  offset by a 10 basis point
   increase  in yield.  Interest  and  dividends  on debt and equity  securities
   increased by $1.5 million to $2.9 million in the current quarter  compared to
   the comparable prior year quarter. The increase in income is attributed to an
   $81.9 million increase in the average balance,  coupled with a 33 basis point
   increase in yield.  Money market investment income decreased $.1 million as a
   64 basis  point  increase  in yield  was more than  offset by a $7.2  million
   decrease in the average balance.

   Interest Expense
   ----------------

          Interest expense on interest-bearing liabilities for the quarter ended
   December  31,  1996  increased  by $.5  million,  or 2.0%,  to $27.5  million
   compared to the quarter  ended  December 31,  1995.  The increase in interest
   expense  for the  quarter  primarily  reflects  a $233.3  million  growth  in
   interest-bearing  liabilities to $2.71 billion which,  however, was partially
   offset by a 31 basis  point  decline in the cost of funds.  The impact of the
   Bank's use of interest rate swaps and other off-balance sheet instruments was
   to decrease  interest  expense by $1.5 million for the quarter ended December
   31, 1996 and decrease  interest  expense by $.8 million for the quarter ended
   December 31, 1995.



                                       16

<PAGE> 17


          Interest  expense  on  deposits  decreased  by $1.8  million  to $14.1
   million for the quarter  ended  December  31,  1996,  compared to the quarter
   ended December 31, 1995. This decrease  reflects a 35 basis point decrease in
   the  average  cost of deposits  from 3.62% in 1995 to 3.27% in 1996,  coupled
   with a $38.3  million  decrease in the  average  balance of deposits to $1.71
   billion  during the quarter ended December 31, 1996. The decrease in the cost
   of deposits  primarily  reflects a 51 basis point decline in the average rate
   paid on certificates of deposit. Interest expense on borrowed funds increased
   $2.3  million to $13.4  million for the quarter  ended  December  31, 1996 as
   compared to the quarter ended  December 31, 1995.  This  increase  reflects a
   $271.6  million  increase in the average  balance of borrowed  funds to $1.01
   billion which,  however, was partially offset by a 72 basis point decrease in
   the  average  cost of  borrowed  funds from 6.02%  during the  quarter  ended
   December 31, 1995 to 5.30% during the quarter  ended  December 31, 1996.  The
   decrease in the cost of  borrowings is due to a 45 basis point decline in the
   average rate paid for  borrowings,  coupled with the Bank's  increased use of
   interest rate swaps,  which decreased the average cost of borrowings 32 basis
   points in the current  quarter  compared to  decreasing  the average  cost of
   borrowings 5 basis points in the comparable prior year quarter.

   Provision for Possible Loan Losses
   ----------------------------------

          Home Federal  provided  $.3 million for  possible  loan losses for the
   quarter ended December 31, 1996,  the same as for the  comparable  prior-year
   period.

          At December 31, 1996,  the Company's  recorded  investment in impaired
   loans (as defined in Statement  of  Accounting  Standards  No. 114) was $17.2
   million, all of which were on nonaccrual status,  compared with $11.9 million
   at  September  30, 1996.  Due to  charge-offs,  or the  crediting of interest
   payments  to  principal,  the  loans do not  have an  impairment  reserve  at
   December 31, 1996.  Interest income of $146,000 was recognized on these loans
   during the quarter  ended  December 31, 1996 (none  during the quarter  ended
   December 31, 1995). This represents actual interest  payments  received.  The
   average  recorded  investment  in impaired  loans during the  quarters  ended
   December 31, 1996 and 1995 was $12.9 million and $14.6 million, respectively.
   The  allowance  for  possible  loan losses  contains  additional  amounts for
   impaired  loans,  as  deemed  necessary,   to  maintain  reserves  at  levels
   considered adequate by management.

          As part of the Bank's  determination  of the adequacy of the allowance
   for loan  losses,  the Bank  monitors  its loan  portfolio  through its Asset
   Classification Committee. The Committee,  which meets no less than quarterly,
   consists of employees who are independent of the loan origination process and
   members of  management.  This  Committee  reviews  individual  loans with the
   lending officers and assesses risks relating to the  collectibility  of these
   loans.  The Asset  Classification  Committee  determines  the adequacy of the
   allowance for possible  loan losses  through  ongoing  analysis of historical
   loss experience, the composition of the loan portfolios,  delinquency levels,
   underlying   collateral   values  and  cash  flow  values.   Utilizing  these
   procedures,  management  believes  that the allowance at December 31, 1996 is
   sufficient to cover anticipated losses inherent in the loan portfolios.



                                       17

<PAGE> 18


          Nonaccrual  loans at December 31, 1996 amounted to $32.0  million,  or
   1.67% of total loans, as compared to $25.6 million,  or 1.36% of total loans,
   at  September  30, 1996 and as compared to $28.8  million,  or 1.71% of total
   loans,  at December 31, 1995.  The  increase in  nonaccrual  loans during the
   current quarter was primarily due to five commercial  mortgage loans becoming
   nonaccrual  in  December  1996.  These  loans,  which  have  collateral  with
   substantial value and, in the opinion of management,  are adequately  covered
   by the  allowance  for  possible  loan  losses,  will  continue to be closely
   monitored by management.

          The  following  table sets forth the  Bank's  nonaccrual  loans at the
dates indicated:

<TABLE>
<CAPTION>

                                                      December 31,    September 30, 
                                                         1996             1996
                                                      ------------    -------------
                                                              (In Thousands)
Nonaccrual Loans
----------------
<S>                                                      <C>            <C>     
First mortgage loans:
   One to four family conventional residential.....      $13,082        $ 12,092
   Multifamily residential.........................          362             155
   Commercial real estate..........................       16,856          11,758
                                                         -------        --------
                                                          30,300          24,005

Other loans - cooperative residential loans........        1,691           1,547
                                                         -------        --------
   Total nonaccrual loans..........................      $31,991        $ 25,552
                                                         =======        ========
</TABLE>

          The amount of interest income on nonaccrual loans that would have been
   recorded  had these  loans been  current in  accordance  with their  original
   terms,  was $804,000 and $777,000 for the three month periods ended  December
   31,  1996 and 1995,  respectively.  The amount of  interest  income  that was
   recorded on these loans was $304,000 and $169,000 for the three month periods
   ended December 31, 1996 and 1995, respectively.

          Additionally,  at December 31, 1996, the Bank had $2.6 million in real
   estate  owned as  compared  to $3.2  million at  September  30, 1996 and $2.8
   million at December 31, 1995. Further, at December 31, 1996 the Bank also had
   15 restructured  commercial real estate loans amounting to approximately $5.6
   million,  as  compared  to $5.8  million at  September  30,  1996,  for which
   interest is being recorded in accordance with the loans'  restructured terms.
   The  amount  of the  interest  income  lost on  these  restructured  loans is
   immaterial.

          The Bank also has $4.6  million of consumer  and other loans which are
   past due 90 days and still accruing  interest as of December 31, 1996. Of the
   $4.6 million,  $3.7 million  represent loans  guaranteed by the United States
   Department of Education through the New York State Higher Education  Services
   Corporation.

          The Bank's allowance for possible loan losses at December 31, 1996 was
   $19.0 million,  which  represented 59.3% of nonaccrual loans or 1.0% of total
   loans,  compared to $19.4  million at September 30, 1996,  which  represented
   75.9% of nonaccrual loans or 1.0% of total loans.


                                       18

<PAGE> 19


          The following is a summary of the activity in the Bank's allowance for
   possible loan losses for the quarters ended December 31:

<TABLE>
<CAPTION>

   Summary of Loan Loss Experience
   -------------------------------

                                                                   As of and for the
                                                                     Quarter Ended
                                                                      December 31,
                                                               --------------------------
                                                                   1996           1995
                                                               -----------    -----------
                                                                      (In Thousands)
<S>                                                             <C>            <C>      
Allowance for possible loan losses, beginning of quarter.....   $  19,386      $  21,272
 Charge-offs:
 Commercial real estate......................................         (19)          (395)
 Residential real estate.....................................        (678)          (132)
 Other loans.................................................         (52)          (343)
                                                                ---------      ---------
  Total charge-offs..........................................        (749)          (870)
 Less recoveries - other loans...............................          21             21
                                                                ---------      ---------
 Net charge-offs.............................................        (728)          (849)
                                                                ---------      ---------
 Addition to allowance charged to expense....................         300            300
                                                                ---------      ---------
 Allowance for possible loan losses, at end of quarter.......   $  18,958      $  20,723
                                                                =========      =========
</TABLE>

Net Interest Income After Provision for Possible Loan Losses
------------------------------------------------------------

     Net  interest  income  after  provision  for  possible  loan losses for the
quarter  ended  December 31, 1996  amounted to $27.6  million,  representing  an
increase of $4.2 million from the $23.4 million  amount during the quarter ended
December 31, 1995.  This  increase  resulted from a $247.0  million  increase in
average  interest-earning  assets, coupled with a 29 basis point increase in the
Bank's net interest margin to 3.90% for the quarter ended December 31, 1996. The
increase in net interest  margin is  attributable to a 31 basis point decline in
the Bank's overall cost of funds.

Non-Interest Income
-------------------

     Non-interest income amounted to $2.8 million for the quarter ended December
31,  1996,  compared  to $2.7  million  for the prior year  comparable  quarter.
Increases in banking related fee income of $.3 million and loan fees and service
charges of $.2 million were almost  entirely offset by a decrease in net gain on
the sales of mortgage loans and securities available for sale of $.4 million.


                                       19

<PAGE> 20


       Non-Interest Expense
       --------------------

           The general and  administrative  expense  component  of  non-interest
       expense  totaled  $12.2  million,  or 1.64% of  average  assets,  for the
       quarter ended December 31, 1996,  compared to $11.9 million,  or 1.77% of
       average assets,  for the quarter ended December 31, 1995. The $.3 million
       increase in general and  administrative  expense  reflects a $1.0 million
       increase in  compensation  and benefits  which,  however,  was  partially
       offset by a $.4 million  decrease in advertising  expense,  a $.2 million
       decrease  in  federal  deposit  insurance  premiums,  and a  $.2  million
       decrease  in other  expense.  The  increase in  compensation  and benefit
       expense was  primarily  attributable  to the cost  associated  with stock
       appreciation  rights (as a result of the 20% increase in the price of the
       Company's  stock during the current  quarter),  coupled with staffing and
       other costs  associated  with the Bank's  investment  in its  multifamily
       lending  department (which began operations in fiscal year 1996), and the
       Bank's continued efforts to expand into supermarket banking.

       Income Tax Expense
       ------------------

           Income taxes  increased $1.5 million to $7.7 million for an effective
       tax rate of 43.0%  during the quarter  ended  December 31, 1996 versus an
       effective tax rate of 44.2% during the quarter ended December 31, 1995.


G.     PROPOSED LEGISLATIVE MATTERS

           Two bills have been  introduced in Congress that would  eliminate the
       federal  savings  association  charter.  These  bills  would  require all
       federal savings associations convert to national banks or state-chartered
       institutions  by either January 1, 1998 or June 30, 1998,  depending upon
       which bill was enacted.  Federal  associations that fail to convert would
       automatically  become  national  banks.  Additionally,  the OTS  would be
       eliminated.  Both bills provide for the merger of the Bank Insurance Fund
       and the Savings  Association  Insurance  Fund  provided that each fund is
       fully  capitalized.   Both  bills  would  also  require  federal  savings
       associations to divest  activities or investments  that do not conform to
       powers  authorized  under  their new  charter  over a  specified  period.
       Further,  savings and loan holding  companies would become subject to the
       same  regulation as holding  companies that control  banks,  subject to a
       narrow grandfathering for unitary savings and loan holding companies.

           No  assurance  can be given as to whether  legislation  as  discussed
       above will be enacted or, if enacted,  what the terms of such legislation
       would be.



                                       20

<PAGE> 21


H.     SELECTED FINANCIAL DATA

       The following table sets forth certain selected financial data.

<TABLE>
<CAPTION>

                                                             Three Months Ended
                                                                 December 31,
                                                         --------------------------
                                                              1996        1995
                                                         -----------   ------------
                                                           (Dollars in Thousands,
                                                          except per share amounts)

FINANCIAL RATIOS (1)
--------------------
<S>                                                     <C>          <C>  
Average Yield:
 First mortgage loans.................................        8.13%        8.20%
 Other loans..........................................        8.56         8.93
 Mortgage-backed securities...........................        6.69         6.59
 Debt and equity securities...........................        6.97         6.64
 Money market investments.............................        6.03         5.39
 Trading account securities...........................         N/A         5.70
  All interest-earning assets.........................        7.69         7.69
Average cost:
 Deposits.............................................        3.27         3.62
 Borrowed funds.......................................        5.30         6.02
  All interest-bearing liabilities....................        4.02         4.33
Net interest rate spread..............................        3.67         3.36
Net interest margin...................................        3.90         3.61
Average interest-earning assets to
 average interest-bearing liabilities.................      106.07       106.09
Return on average assets..............................        1.38         1.16
Return on average common equity.......................       26.08        19.92
Efficiency ratio......................................       39.72        46.05
General and administrative expense to average assets..        1.64         1.77
Equity to asset ratio at December 31..................        5.09         5.83
Cumulative one year gap as a percentage of total
  interest-earning assets at end of period............        -4.2        -13.8
SHARE INFORMATION(2):
-------------------
 Earnings per common share............................       $ .60        $ .43
 Weighted average number of common shares and
  equivalents outstanding.............................  17,239,250   18,329,355
 Number of shares outstanding at December 31..........  16,569,681   17,818,461
 Book value per share at December 31..................       $9.60        $8.82
NET INTEREST POSITION:
---------------------
 Excess of average interest-earning assets
  over average interest-bearing liabilities...........  $  164,886   $  151,173
LOAN HIGHLIGHTS:
---------------
 Loan originations....................................  $  133,552   $   70,620
 Loan purchases.......................................  $   11,209   $    8,511
 Loan sales...........................................  $   16,981   $   16,296
 Loans serviced for others at December 31.............  $  597,408   $  525,331
 Loan servicing fees..................................  $      445   $      403
ADJUSTABLE RATE ASSETS AT DECEMBER 31:
-------------------------------------
 First mortgage loans and mortgage-backed securities..  $1,459,851   $1,144,049
 Other loans, money market investments, and
  debt and equity securities..........................  $  223,516   $  230,522
  Total adjustable rate assets as a percent of total
    interest-earning assets...........................       54.94%       52.37%
</TABLE>

-----------------
(1) Selected financial  ratios were computed  using daily  average  balances and
    annualized,  where  applicable.
(2) Share and  per share information  have been restated to fully reflect the 3-
    for-2 stock split effective January 23, 1997.


                                          21

<PAGE> 22



                           PART II - OTHER INFORMATION
                           ---------------------------


Item 1.  Legal Proceedings
--------------------------

       Not Applicable


Item 2.  Changes in Securities
------------------------------

       Not applicable


Item 3.  Defaults Upon Senior Securities
----------------------------------------

       Not applicable


Item 4.  Submission of Matters to a Vote of Security Holders
------------------------------------------------------------

    (a)  The Company's Annual Meeting of Shareholders was held January 28, 1997.

    (b)  See Item 4-C below

    (c)  At such meeting, the shareholders approved the following matters:

          1. The election of the following individuals as Directors for a term 
             of 3 years each:

<TABLE>
<CAPTION>

                                                                         Broker
                                         Votes For    Votes Withheld    Non-Votes
                                       ------------   --------------   ----------
             <S>                        <C>               <C>              <C>
             Geraldine A. Ferraro       10,278,218        31,646           --
             Peter D. Goodson           10,291,499        18,365           --
             Robert A. Simms            10,292,299        17,565           --
</TABLE>

             Additionally,  the following individuals represent the names of the
             other Directors whose term of office as a Director  continued after
             the meeting:

                         Josiah T. Austin
                         Stan I. Cohen
                         John E. D. Grunow, Jr.
                         Patrick E. Malloy, III
                         Michael A. McManus, Jr.
                         Walter R. Ruddy
                         Gene A. Washington

          2. The   ratification   of  KPMG  Peat  Marwick  LLP  as   independent
             accountants of the Company for the fiscal year ending September 30,
             1997, as reflected by 10,269,158  votes for,  20,828 votes against,
             19,878 abstentions and no broker non-votes.

    (d) Not applicable


                                       22

<PAGE> 23
 


Item 5.  Other Information
--------------------------

       Not applicable


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

    (a) Exhibits
        --------

        Exhibit
        Number                Description
        ------                -----------

          3.1   Certificate of Incorporation of New York Bancorp Inc., as 
                amended(1)
          3.2   Bylaws of New York Bancorp Inc., as amended(2)
         11     Statements re:  computation of per share earnings
         27     Financial Data Schedule

(1)  Incorporated  by reference to Exhibits  filed with New York Bancorp  Inc.'s
     1996 Form 10-K 
(2)  Incorporated  by reference  to Exhibits  filed with New York
     Bancorp Inc.'s 1994 Form 10-K


    (b) Reports on Form 8-K
        -------------------

        A Form 8-K was filed  with the  Securities  and  Exchange Commission  on
        January  2, 1997  concerning  the  12 1/2%  increase  in  the  quarterly
        dividend  and the 3-for-2  stock split,  effected in the form of a stock
        dividend, both of which were payable on January 23, 1997 to stockholders
        of record as of the close of business on January 9, 1997.




                                       23

<PAGE> 24



                                   SIGNATURES



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


                                           NEW YORK BANCORP INC.
                                                  (Registrant)


Date:  February 7, 1997                    By:   /s/ Michael A. McManus, Jr.
                                              --------------------------------
                                                     Michael A. McManus, Jr.
                                                     President and
                                                     Chief Executive Officer


Date:  February 7, 1997                    By:   /s/ Stan I. Cohen
                                              --------------------------------
                                                     Stan I. Cohen
                                                     Senior Vice President,
                                                     Controller and Secretary