<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:                    June 30, 1997
                                   ------------------
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 July 30, 1997: 21,616,880.






<PAGE> 2





                              NEW YORK BANCORP INC.
                                    FORM 10-Q
                                      INDEX


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

  Item 1.   Financial Statements:

            Independent Accountants' Review Report                        3

            Consolidated Statements of Financial Condition as
            of June 30, 1997 and September 30, 1996                       4

            Consolidated Statements of Income for the Three and
            Nine Months ended June 30, 1997 and 1996                      5

            Consolidated Statement of Changes in Shareholders'
            Equity for the Nine Months ended June 30, 1997                6

            Consolidated Statements of Cash Flows for the
            Nine Months ended June 30, 1997 and 1996                    7 -  8

   Notes to Consolidated Financial Statements                           9 - 12

  Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                        13 - 26


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

  Item 1.   Legal Proceedings                                             27

  Item 2.   Changes in Securities                                         27

  Item 3.   Defaults Upon Senior Securities                               27

  Item 4.   Submission of Matters to a Vote of Security Holders           27

  Item 5.   Other Information                                             27

  Item 6.   Exhibits and Reports on Form 8-K                              27

  Signature Page                                                          28


                                       2

<PAGE> 3




KPMG Peat Marwick LLP

     One Jericho Plaza        Telephone 516 822 9100      Telefax 516 822 4575
     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 June 30, 1997,  and for the three- and nine-
month periods ended June 30, 1997 and 1996 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.

                                      KPMG Peat Marwick LLP

July 16, 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)

                                                                   June 30,       September 30,
                                                                     1997             1996
                                                                  ----------     -------------
ASSETS
------
<S>                                                                <C>            <C>       
Cash and due from banks.....................................       $ 28,413       $   13,045
Money market investments....................................             --           10,700
Investment in debt and equity securities, net:
  Held to maturity (estimated market value of
   $604 and $641 at June 30, 1997
   and September 30, 1996, respectively) ...................            606              643
  Available for sale  ......................................        135,553          136,133
Mortgage-backed securities, net:
  Held to maturity (estimated market value of
   $591,620 and $534,602 at June 30, 1997
   and September 30, 1996, respectively)  ..................        602,828          550,817
  Available for sale  ......................................        397,118          280,429
Federal Home Loan Bank stock................................         52,641           27,938
Loans receivable, net:
  First mortgage loans  ....................................      1,769,701        1,603,769
  Other loans  .............................................        254,425          268,779
                                                                 ----------       ----------
                                                                  2,024,126        1,872,548
  Less allowance for possible loan losses ..................        (19,613)         (19,386)
                                                                 ----------       ----------
   Total loans receivable, net .............................      2,004,513        1,853,162
Accrued interest receivable ................................         23,784           21,862
Premises and equipment, net.................................         12,485           12,927
Other assets ...............................................         25,712           33,251
                                                                 ----------       ----------
   Total assets ............................................     $3,283,653       $2,940,907
                                                                 ==========       ==========

LIABILITIES & SHAREHOLDERS' EQUITY 
----------------------------------
LIABILITIES:

  Deposits .................................................     $1,690,993       $1,715,959
  Borrowed funds  ..........................................      1,347,230        1,008,786
  Mortgagors' escrow payments  .............................         10,302           14,987
  Accrued expenses and other liabilities  ..................         68,256           49,272
                                                                 ----------       ----------
   Total liabilities .......................................      3,116,781        2,789,004
                                                                 ----------       ----------
Commitments, contingencies and contracts (note 3)
SHAREHOLDERS' EQUITY (notes 2 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; 29,493,425 and 29,493,700 shares
   issued at June 30, 1997 and September 30, 1996,
   respectively; 21,591,247 and 22,197,600 shares
   outstanding at June 30, 1997 and
   September 30, 1996, respectively  .......................            295              295
  Additional paid-in capital  ..............................         66,502           65,355
  Retained earnings, substantially restricted...............        171,847          145,686
  Treasury stock, at cost, 7,902,178 and 7,296,100 shares
   at June 30, 1997 and September 30, 1996, respectively....        (72,480)         (58,871)
  Unrealized appreciation (depreciation) on securities
   available for sale, net of tax effect ...................            708             (562)
                                                                 ----------       ----------
   Total shareholders' equity ..............................        166,872          151,903
                                                                 ----------       ----------
   Total liabilities and shareholders' equity ..............     $3,283,653       $2,940,907
                                                                 ==========       ==========
</TABLE>
(1) Share information has been restated to fully reflect the 3-for-2 stock split
effective January 23, 1997 and the 4-for-3 stock split effective July 24, 1997.

          See accompanying notes to consolidated financial statements.




                                        4

<PAGE> 5

<TABLE>
<CAPTION>

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

                                              Three Months Ended                Nine Months Ended
                                                   June 30,                         June 30,
                                            ----------------------           ----------------------
                                                1997          1996            1997          1996
                                            ---------     --------           --------     ---------
                                                     (In Thousands, except per share amounts)
<S>                                          <C>             <C>          <C>            <C>                           
INTEREST INCOME:

  Interest and fees on loans:
   First mortgage loans ..................   $  35,809       $ 29,952     $ 103,101      $  86,814
   Other loans ...........................       5,543          6,085        16,887         18,799
                                             ---------       --------     ---------      ---------
    Total interest and fees on loans......      41,352         36,037       119,988        105,613
  Mortgage-backed securities  ............      17,164         14,708        47,024         42,874
  Debt and equity securities - taxable....       3,403          1,626         9,377          4,423
  Money market investments  ..............          --             21            13            219
  Trading account securities  ............          --             --            --             13
                                              --------       --------      --------       --------
    Total interest income.................      61,919         52,392       176,402        153,142
                                              --------       --------      --------       --------
INTEREST EXPENSE:
  Deposits  ..............................      13,808         14,804        41,569         46,048
  Borrowed funds  ........................      17,222         11,682        45,788         33,170
                                              --------       --------      --------       --------
    Total interest expense................      31,030         26,486        87,357         79,218
                                              --------       --------      --------       --------
    Net interest income...................      30,889         25,906        89,045         73,924
Provision for possible loan losses .......        (300)          (300)       (1,800)          (900)
                                              --------       --------      --------       --------
    Net interest income after provision
     for possible loan losses.............      30,589         25,606        87,245         73,024
                                              --------       --------      --------       --------
NON-INTEREST INCOME:
  Loan fees and service charges ..........         738            673         2,254          2,094
  Banking service fees  ..................       1,677          1,444         4,726          3,862
  Fees from sale of investment products...         488            432         1,422          1,069
  Net gain on the sale of mortgage
   loans and securities available for sale         117            742           747          2,778
  Other  .................................          53            132         4,689            368
                                              --------       --------      --------        -------
    Total non-interest income.............       3,073          3,423        13,838         10,171
                                              --------       --------      --------        -------
NON-INTEREST EXPENSE:
  General and administrative:
   Compensation and benefits ..............      5,917          5,588        19,042         16,538
   Occupancy, net .........................      2,164          2,123         6,474          6,363
   Advertising and promotion ..............        600            761         1,676          2,210
   Federal deposit insurance premiums......        484            931         1,725          2,828
   Other ..................................      2,498          2,311         8,323          7,316
                                              --------       --------      --------        -------
    Total general and administrative.......     11,663         11,714        37,240         35,255
  Real estate operations, net  ............        164            253           899            340
                                              --------       --------      --------        -------
    Total non-interest expense.............     11,827         11,967        38,139         35,595
                                              --------       --------      --------        -------
    Income before income tax expense.......     21,835         17,062        62,944         47,600
                                              --------       --------      --------        -------
INCOME TAX EXPENSE:
  Federal expense  ........................      7,132          5,154        19,126         14,385
  State and local expense  ................      1,539          2,278         6,477          6,581
                                              --------       --------      --------        -------
    Total income tax expense...............      8,671          7,432        25,603         20,966
                                              --------       --------      --------        -------
    Net income.............................   $ 13,164       $  9,630      $ 37,341       $ 26,634
                                              ========       ========      ========       ========

EARNINGS PER COMMON SHARE (1) (note 2).....   $    .58       $    .41      $   1.63       $   1.10
</TABLE>

(1) Per share  amounts  have been  restated to fully  reflect the 3-for-2  stock
    split effective  January 23, 1997 and the 4-for-3 stock split effective 
    July 24, 1997.

          See accompanying notes to consolidated financial statements.


                                     5


<PAGE> 6

<TABLE>
<CAPTION>


                                              NEW YORK BANCORP INC. AND SUBSIDIARY
                                ----- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -----
                                                 NINE MONTHS ENDED JUNE 30, 1997
                                                           (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.............  $  295     $  65,355     $  145,686    $ (58,871)  $     (562)         $ 151,903

Net income for the nine months
 ended June 30, 1997......................      --            --         37,341           --           --             37,341
 
Dividends declared on
 common stock.............................      --            --         (8,190)          --           --             (8,190)

Cash paid in lieu of 275 fractional
 shares in the aggregate, resulting
 from 3-for-2 stock split                       --            (5)            --           --           --                 (5)

Purchase of 858,986 shares
 of treasury stock........................      --             --            --      (18,101)          --            (18,101)

Issuance of 252,907 shares upon
 exercise of stock options................      --          1,152        (2,990)       4,492           --              2,654

Change in unrealized
 appreciation (depreciation)
 on securities available for
 sale, net of taxes.......................      --             --            --           --        1,270              1,270

                                             -----     ----------     ---------     --------    ---------          ---------
Balance at June 30, 1997..................   $ 295     $   66,502     $ 171,847     $(72,480)   $     708          $ 166,872
                                             =====     ==========     =========     =========   =========          =========
</TABLE>

          See accompanying notes to consolidated financial statements.


                                                     6


<PAGE> 7

<TABLE>
<CAPTION>


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

                                                                       Nine Months Ended
                                                                             June 30,
                                                                   --------------------------
                                                                       1997           1996
                                                                   -------------   ----------
                                                                         (In Thousands)
<S>                                                               <C>              <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income ...............................................      $    37,341      $   26,634
                                                                  -----------      ----------
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization ...........................            1,727           1,611
   Amortization and accretion of deferred fees,
    discounts and premiums .................................               18           1,381
   Provision for possible loan losses ......................            1,800             900
   Provision for losses on foreclosed real estate...........              259             488
   Net loss on sale of foreclosed real estate ..............              186              89
   Net gain on sale of mortgage loans and securities
    available for sale .....................................             (747)         (2,778)
   Payment of SAIF recapitalization ........................           (9,432)             --
   Deferred income taxes ...................................            3,571             769
   Net decrease in trading account .........................               --           2,003
   Increase in accrued interest receivable .................           (1,922)           (411)
   Increase (decrease) in accrued interest payable..........            2,892            (452)
   Increase in accrued expenses and other liabilities.......           24,799           3,050
   (Increase) decrease in other assets .....................            2,355            (846)
                                                                  -----------      ----------
   Total adjustments .......................................           25,506           5,804
                                                                  -----------      ----------
  Net cash provided by operating activities.................           62,847          32,438
                                                                  -----------      ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Principal payments on loans  .............................          251,250         216,640
  Principal payments on mortgage-backed securities..........           92,789          74,770
  Principal payments, maturities and calls on debt
   and equity securities  ..................................           25,037          56,427
  Proceeds on sales of loans  ..............................           36,057          41,858
  Proceeds on sales of mortgage-backed securities
   available for sale  .....................................               --          83,767
  Proceeds on sales of debt and equity securities
   available for sale  .....................................           20,815           2,719
  Investment in first mortgage loans  ......................         (398,507)       (453,763)
  Investment in other loans  ...............................          (42,829)        (45,157)
  Investment in mortgage-backed securities held to maturity.          (89,973)             --
  Investment in mortgage-backed securities available for sale        (171,110)        (82,445)
  Investment in debt and equity securities  available for sale        (44,138)        (91,708)
  Proceeds on sales of  foreclosed  real estate.............            3,398           2,206 
  Net  purchases  of Federal Home Loan Bank stock...........          (24,703)        (10,656) 
  Net purchases of premises and equipment ..................           (1,285)         (1,599) 
                                                                  -----------      ----------
  Net cash used in investing  activities ...................         (343,199)       (206,941)
                                                                  -----------      ----------              
</TABLE>
                                    (Continued)


                                           7

<PAGE> 8

<TABLE>
<CAPTION>


                              NEW YORK BANCORP INC. AND SUBSIDIARY
                       ----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
                                         (CONTINUED)
  
                                                                   Nine Months Ended
                                                                        June 30,
                                                                -----------------------
                                                                   1997         1996
                                                                ----------    ---------
                                                                     (In Thousands)
<S>                                                              <C>          <C>      
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in non-interest bearing demand,
   savings, money market, and NOW accounts.................      $   9,612    $  15,017
  Net decrease in time deposits   .........................        (34,578)     (16,916)
  Net increase (decrease) in borrowings with original
   maturities of three months or less .....................        161,882     (155,176)
  Proceeds from long-term borrowings  .....................        558,046      532,625
  Repayment of long-term borrowings  ......................       (381,484)    (185,675)
  Purchase of common stock for treasury  ..................        (18,101)     (18,090)
  Payment of common stock dividends  ......................         (7,169)      (7,129)
  Exercise of stock options  ..............................          1,502          991
  Cash paid for fractional shares resulting from stock split            (5)          --
  Decrease in mortgagors' escrow accounts  ................         (4,685)      (7,048)
                                                                  --------    ---------
  Net cash provided by financing activities................        285,020      158,599
                                                                  --------    ---------
  Net increase (decrease) in cash and cash equivalents.....          4,668      (15,904)
  Cash and cash equivalents at beginning of period.........         23,745       45,104
                                                                  --------    ---------
  Cash and cash equivalents at end of period...............      $  28,413    $  29,200
                                                                 =========    =========

SUPPLEMENTAL CASH FLOW DISCLOSURES:
  Interest paid  ..........................................      $  89,693    $  81,619
                                                                 =========    =========
  Income taxes paid .......................................      $  18,612    $  19,183
                                                                 =========    =========
  Noncash investing and financing activities:
   Transfer of loans to real estate owned .................      $   2,590    $   3,380
                                                                 =========    =========
   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
                                                                 =========    =========
   Securitization and transfer of loans to
    mortgage-backed securities available for sale..........      $      --    $  65,364
                                                                 =========    =========
</TABLE>

           See accompanying notes to consolidated financial statements



                                           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 June 30, 1997
          and  September 30, 1996 and for the three and nine month periods ended
          June 30, 1997 and 1996.

          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 and nine month
          periods  ended June 30,  1997 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.  In  addition,  a 4-for-3  stock  split,
          effected in the form of a stock dividend,  was distributed on July 24,
          1997  to  shareholders  of  record  on  July  10,  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 splits. 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 shares of
          common  stock  and  common  stock  equivalents   outstanding  for  the
          calculation of primary  earnings per share for the quarters ended June
          30, 1997 and 1996 was 22,647,308 and 23,716,482, respectively, and for
          the nine  months  ended  June 30,  1997 and  1996 was  22,976,368  and
          24,147,648, respectively.


NOTE 3:  COMMITMENTS, CONTINGENCIES AND CONTRACTS

          At June 30, 1997,  Home Federal had  commitments of  $85.6 million  to
          originate  first mortgage and cooperative  residential  loans. Of this
          amount,  adjustable rate mortgage loans represented  $73.5 million and
          fixed rate mortgage  loans with  interest  rates ranging from 7.00% to
          10.00%, represented $12.1 million. At June 30, 1997, Home Federal also
          had  commitments to sell  $2.9 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  $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
          7.50%,  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 June 30, 1997 three month LIBOR was 5.78%.

          At June 30,  1997,  the Bank was  servicing  first  mortgage  loans of
          approximately   $586.7 million,   which  are   either   partially   or
          wholly-owned by others.


NOTE 4:  STOCK REPURCHASE PLAN

          During the quarter ended June 30, 1997,  New York Bancorp  repurchased
          256,704 shares under its present stock repurchase plan, bringing total
          purchases  during the current fiscal year to  858,986 shares.  At June
          30, 1997, the total number of Treasury  shares  amounted to 7,902,178.
          Additionally,   at  June  30,  1997,  the  Company  had  authority  to
          repurchase up to an additional  1,688,741 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.

          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)  transfers  of
          financial assets that are part of repurchase  agreement,  dollar-roll,
          securities lending and similar transactions.




                                     10


<PAGE> 11







          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  the  portions of SFAS No. 125 which have
          been  deferred  by SFAS  No. 127  will have a  material  effect on the
          Company.

          In February  1997, the FASB issued  Statement of Financial  Accounting
          Standards  No.  128,  "Earnings  Per  Share"  ("SFAS  No.  128").  The
          Statement is effective for periods ending after December 15, 1997, and
          will  require  restatement  of all  prior-period  earnings  per  share
          ("EPS")  data  presented.  The  Statement  establishes  standards  for
          computing and presenting EPS. It replaces the  presentation of primary
          EPS with  basic  EPS,  and  requires  dual  presentation  of basic and
          diluted EPS on the face of the income statement. Basic EPS is computed
          by dividing  income  available to common  stockholders by the weighted
          average number of common shares  outstanding  for the period.  Diluted
          EPS reflects the potential  dilution that could occur if securities or
          other contracts to issue common stock were exercised or converted into
          common  stock.  Based  on  its  review  of the  Statement,  management
          believes the  adoption of SFAS  No. 128 will result in basic  earnings
          per share being modestly higher than the current primary  earnings per
          share,  and at the same time will have no  material  effect on diluted
          earnings per share of the Company.

          In June  1997,  the FASB  issued  Statement  of  Financial  Accounting
          Standards No. 130,  "Reporting Comprehensive Income" ("SFAS No. 130").
          The  Statement  establishes  standards  for  reporting  and display of
          comprehensive income and its components  (revenues,  expenses,  gains,
          and  losses) in a full set of  general-purpose  financial  statements.
          Comprehensive  income is defined as the change in equity of a business
          enterprise  during a period  from  transactions  and other  events and
          circumstances  from nonowner  sources.  SFAS No. 130 requires that all
          items that are required to be recognized under accounting standards as
          components  of  comprehensive   income  be  reported  in  a  financial
          statement  that  is  displayed  with  the  same  prominence  as  other
          financial  statements.  SFAS No. 130 also  requires than an enterprise
          (a) classify items of other comprehensive  income by their nature in a
          financial  statement and (b) display the accumulated  balance of other
          comprehensive  income separately from retained earnings and additional
          paid-in-capital  in the equity  section of a  statement  of  financial
          position.  SFAS No. 130 is effective for fiscal years  beginning after
          December 15, 1997. Reclassification of prior periods will be required.
          Management  has not  completed its review of SFAS No. 130, and has not
          determined the impact, if any, that adoption of SFAS No. 130 will have
          on the Company.




                                       11


<PAGE> 12







          In June  1997,  the FASB  issued  Statement  of  Financial  Accounting
          Standards  No. 131,  "Disclosures  about Segments of an Enterprise and
          Related  Information"  ("SFAS No.  131").  The  Statement  establishes
          standards  for  the  way  an  enterprise  reports   information  about
          operating  segments in annual  financial  statements and requires that
          enterprises  report selected  information about operating  segments in
          interim financial reports issued to shareholders.  Operating  segments
          are  components  of  an  enterprise  about  which  separate  financial
          information  is  available  that is  evaluated  regularly by the chief
          operating  decision maker in deciding how to allocate resources and in
          assessing  performance.  The Statement  requires a  reconciliation  of
          total  segment  revenue  and expense  items and segment  assets to the
          amounts in the enterprise's  financial statements.  The Statement also
          requires  a  descriptive  report on how the  operating  segments  were
          determined,  the  products  and  services  provided  by the  operating
          segments,  and any measurement  differences used for segment reporting
          and  financial  statement  reporting.  SFAS No. 131 is  effective  for
          fiscal years beginning after December 15, 1997. In the initial year of
          application,  comparative  information  for  earlier  years  is  to be
          restated. Management has not completed its review of SFAS No. 131, but
          does not  anticipate  that the  adoption  of SFAS No.  131 will have a
          significant effect on the Company.



                                       12


<PAGE> 13






                      NEW YORK BANCORP INC. AND SUBSIDIARY
                           MANAGEMENT'S DISCUSSION AND
                         ANALYSIS OF FINANCIAL CONDITION
                            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  those  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.

B.    FINANCIAL POSITION

      Total  assets at June 30,  1997  amounted  to  approximately  $3.3 billion
reflecting a  $342.7 million  increase from the amount reported at September 30,
1996.   The  increase  in  total   assets   primarily   reflects   increases  of
$168.7 million in mortgage-backed  securities and $151.6 million in total loans.
These  increases were  primarily  funded  through a  $338.4 million  increase in
borrowed funds.

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 11.4% at June 30, 1997 as compared to a negative 2.9% at September
30, 1996.




                                       13


<PAGE> 14







      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 third  quarter of  fiscal year 1997,
compared to 3.74% in the third quarter of fiscal year 1996.

      At June 30, 1997, 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 June 30,  1997,  54.5% 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 June 30, 1997,  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  7.50%,
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 June 30,
1997 three  month  LIBOR was 5.78%.  Further,  at June 30,  1997,  the amount of
unamortized  gain on  terminated  interest rate floor  arrangements  amounted to
$2.0 million.

      At June 30, 1997 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  October  1999.  The Bank uses stock
indexed  call  options  for  purposes  of  hedging  its  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.

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's ratio was 4.89% during June 1997 and 5.26% during September 1996.
The Bank has  informed  the OTS that its  liquidity  ratio was below the minimum
required  for the month of June 1997.  Under OTS  regulation,  the Bank could be
assessed a small monetary penalty for failure to meet the liquidity  requirement
during June 1997. The Bank's  liquidity  ratio exceeded the  requirement at June
30, 1997.



                                       14


<PAGE> 15







      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,  advances from and reverse repurchase agreements with the Federal Home
Loan Bank of New York,  reverse  repurchase  agreements with primary  government
securities  dealers,  subordinated  capital notes,  scheduled  amortization  and
prepayments, and funds provided by operations.

      During the  quarter  ended June 30,  1997,  New York  Bancorp  repurchased
256,704 shares under its present stock repurchase plan, bringing total purchases
during the current  fiscal year to 858,986  shares.  At June 30, 1997, the total
number of Treasury shares amounted to 7,902,178. Additionally, at June 30, 1997,
the Company had authority to repurchase  up to an additional  1,688,741  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 June 30, 1997, Home Federal was categorized "adequately capitalized"
under the OTS "prompt corrective action regulations" and continued 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................. $155,981         4.75%    $155,981        4.75%      $174,974      11.18%

Minimum regulatory
 requirement..............   49,295         1.50       98,591        3.00        125,248       8.00
                           --------      -------     --------       -----       --------     ------

Excess.................... $106,686         3.25%    $ 57,390        1.75%      $ 49,726       3.18%
                           ========      =======     ========       =====       ========     ======
</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.



                                       15


<PAGE> 16




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, investments in debt and equity securities and
money  market  investments,  and the cost of deposits and  borrowed  funds.  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 borrowed  funds.  Net income is further
affected by other operating income, other operating expenses and taxes.

      The  following  tables  set  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 June 30,
                                   ---------------------------------------------------------------------------------------------
                                                         1997                                             1996
                                   ----------------------------------------------   --------------------------------------------
                                        Average                          Yield/         Average                         Yield/
                                        Balance        Interest           Cost          Balance          Interest        Cost
                                   --------------     -----------      ----------   ----------------   -------------   ---------
                                                                        (Dollars in Thousands)
ASSETS:
<S>                                   <C>              <C>               <C>           <C>               <C>           <C>  
  Interest-earning assets:
    First mortgage loans..........    $ 1,724,465      $  35,809           8.31%       $ 1,495,526       $  29,952       8.01%
    Other loans...................        257,454          5,543           8.63            277,095           6,085       8.81
                                      -----------      ---------                       -----------       ---------
      Total loans.................      1,981,919         41,352           8.35          1,772,621          36,037       8.14
    Mortgage-backed securities....        985,241         17,164           6.97            876,543          14,708       6.71
    Debt and equity securities....        196,808          3,403           6.92            105,966           1,626       6.15
    Money market investments......             --             --             --              1,588              21       5.21
                                      -----------      ---------                       -----------       ---------
  Total interest-earning assets...      3,163,968         61,919           7.83          2,756,718          52,392       7.61
                                                       ---------                                         ---------
  Non-interest-earning assets.....         42,557                                           49,241
                                      -----------                                      -----------
    Total assets..................    $ 3,206,525                                      $ 2,805,959
                                      ===========                                      ===========

LIABILITIES AND SHAREHOLDERS'
 EQUITY:
  Interest-bearing liabilities:
    Deposits......................    $ 1,694,691         13,808           3.27        $ 1,752,352          14,804       3.40
    Borrowed funds................      1,293,071         17,222           5.34            854,455          11,682       5.49
                                      -----------      ---------                       -----------       ---------
  Total interest-bearing liabilities    2,987,762         31,030           4.17          2,606,807          26,486       4.08
                                                       ---------                                         ---------
  Other liabilities...............         56,072                                           39,675
                                      -----------                                      -----------
    Total liabilities.............      3,043,834                                        2,646,482
  Shareholders' equity............        162,691                                          159,477
                                      -----------                                      -----------
    Total liabilities and
     shareholders' equity.........    $ 3,206,525                                      $ 2,805,959
                                      ===========                                      ===========
NET INTEREST INCOME/INTEREST RATE
 SPREAD...........................                     $  30,889           3.66%                           $25,906       3.53%
                                                       =========         ======                            =======     ======
NET EARNING ASSETS/NET
 INTEREST MARGIN..................    $   176,206                          3.90%       $   149,911                       3.74%
                                      ===========                        ======        ===========                     ======
PERCENTAGE OF INTEREST-EARNING
 ASSETS  TO INTEREST-BEARING
 LIABILITIES......................                                       105.90%                                       105.75%
                                                                         ======                                        ======

</TABLE>


                                                  16


<PAGE> 17

<TABLE>
<CAPTION>
                                                                Nine Months Ended on June 30,
                                   ---------------------------------------------------------------------------------------------
                                                         1997                                             1996
                                   ----------------------------------------------   --------------------------------------------
                                        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..........   $ 1,671,370        $103,101           8.23%       $ 1,428,928       $ 86,814         8.10%
    Other loans...................       262,746          16,887           8.58            284,463         18,799         8.82
                                     -----------        --------                       -----------       --------
      Total loans.................     1,934,116         119,988           8.27          1,713,391        105,613         8.22
    Mortgage-backed securities....       916,550          47,024           6.84            857,475         42,874         6.67
    Debt and equity securities....       179,846           9,377           6.96             93,208          4,423         6.33
    Money market investments......           333              13           5.21              5,438            219         5.38
    Trading account securities....            --              --             --                293             13         5.70
                                     -----------        --------                       -----------       --------
  Total interest-earning assets...     3,030,845         176,402           7.76          2,669,805        153,142         7.65
                                                        --------                                         --------
  Non-interest-earning assets.....        64,121                                            49,523
                                     -----------                                       -----------
    Total assets..................   $ 3,094,966                                       $ 2,719,328
                                     ===========                                       ===========

LIABILITIES AND SHAREHOLDERS'
 EQUITY:
  Interest-bearing liabilities:
    Deposits......................   $ 1,699,760          41,569           3.27        $ 1,748,528         46,048         3.52
    Borrowed funds................     1,162,726          45,788           5.26            771,339         33,170         5.74
                                     -----------        --------                       -----------       --------
  Total interest-bearing liabilities   2,862,486          87,357           4.08          2,519,867         79,218         4.20
                                                        --------                                         --------
  Other liabilities...............        71,840                                            40,598
                                     -----------                                       -----------
    Total liabilities.............     2,934,326                                         2,560,465
  Shareholders' equity............       160,640                                           158,863
                                     -----------                                       -----------
    Total liabilities and
     shareholders' equity.........   $ 3,094,966                                       $ 2,719,328
                                     ===========                                       ===========
NET INTEREST INCOME/INTEREST RATE
 SPREAD...........................                      $ 89,045           3.68%                        $  73,924         3.45%
                                                        ========         ======                         =========       ======
NET EARNING ASSETS/NET
 INTEREST MARGIN..................   $   168,359                           3.91%       $   149,938                        3.69%
                                     ===========                         ======        ===========                      ======
PERCENTAGE OF INTEREST-EARNING
 ASSETS TO INTEREST-BEARING
 LIABILITIES......................                                       105.88%                                        105.95%
                                                                         ======                                         ======
</TABLE>



                                           17


<PAGE> 18




F.    COMPARISON OF THREE MONTHS ENDED JUNE 30, 1997 AND 1996

General
-------

      New York  Bancorp's  net income for the  quarter  ended June 30,  1997 was
$13.2 million,  or $.58 per share,  compared to net income of  $9.6 million,  or
$.41 per share,  for the quarter  ended June 30, 1996.  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 June 30,
1997  increased by  $9.5 million,  or 18.2%,  to  $61.9 million  compared to the
quarter ended June 30, 1996.  The increase in interest income is attributable to
a $407.3 million  increase in average  interest-earning  assets,  coupled with a
22 basis point increase in yield.

      Interest  and fee  income on loans for the  quarter  ended  June 30,  1997
increased  by  $5.3 million,  or 14.7%,  to  $41.4 million  compared to the same
quarter in 1996. The increase in loan income reflects a $209.3 million  increase
in the average loan balance to  $1.982 billion  and a 30 basis point increase in
yield on first  mortgage  loans  which,  however,  were  partially  offset by an
18 basis  point  decline in yield on other  loans.  Interest on  mortgage-backed
securities  for the quarter  ended June 30, 1997  increased by  $2.5 million  to
$17.2 million  as compared to the same quarter in 1996.  This increase in income
is primarily due to a $108.7 million  increase in the average  balance,  coupled
with a 26 basis point increase in yield to 6.97%. Interest and dividends on debt
and equity  securities  increased by $1.8 million to $3.4 million in the current
quarter  compared to the  comparable  prior year  quarter.  The increase in such
income is attributed to a $90.8 million increase in the average balance, coupled
with a 77 basis point increase in yield.

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

      Interest  expense on  interest-bearing  liabilities  for the quarter ended
June 30, 1997 amounted to  $31.0 million,  an increase of $4.5 million  from the
quarter ended  June 30, 1996.  The increase in interest  expense for the quarter
reflects   a   $381.0 million   growth  in   interest-bearing   liabilities   to
$2.988 billion   coupled  with  a  9 basis   point   increase  in  the  cost  on
interest-bearing  liabilities.  During the  quarter  ended June 30,  1997,  $400
million  of  outstanding  notional  amounts  of  interest  rate  swaps  matured.
Additionally,  the amount of gain deferred on $200 million  (notional amount) of
terminated  interest  rate swap  arrangements  became  fully  accreted to income
during the current quarter.  The impact of the Bank's use of interest rate swaps
and other  off-balance  sheet  instruments was to decrease  interest  expense by
$2.1 million  ($1.5 million of which is attributable to interest rate swaps) and
$.9 million  for the quarters  ended June 30, 1997 and 1996,  respectively.  The
Bank had no interest rate swap arrangements outstanding at June 30, 1997.




                                       18


<PAGE> 19







      Interest expense on deposits of  $13.8 million  for the quarter ended June
30, 1997 decreased by $1.0 million  compared to the quarter ended June 30, 1996.
This decrease  reflects a 13 basis point decline in the average cost of deposits
from 3.40% in the 1996  quarter  to 3.27% in the 1997  quarter,  coupled  with a
$57.7 million  decline in the  average  balance of  deposits  to  $1.695 billion
during the quarter  ended  June 30,  1997.  Interest  expense on borrowed  funds
increased  $5.5 million to $17.2 million  for the quarter ended June 30, 1997 as
compared  to  the  quarter  ended   June 30, 1996.   This  increase  reflects  a
$438.6 million   increase   in  the  average   balance  of  borrowed   funds  to
$1.293 billion  which, however, was partially offset by a 15 basis point decline
in the  average  cost of  borrowed  funds from 5.49%  during the  quarter  ended
June 30, 1996  to 5.34% during the quarter ended June 30, 1997.  The decrease in
the cost of  borrowings  is due to the Bank's  increased  use of  interest  rate
swaps, which decreased the average cost of borrowed funds 51 basis points in the
current  quarter,  as compared to 5 basis  points in the  comparable  prior year
quarter.

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

      Home Federal provided  $.3 million for possible loan losses during each of
the quarters ended June 30, 1997 and 1996. The Bank's ratio of its allowance for
possible loan losses to total  nonaccrual  loans amounted to 69.1%  and 72.9% at
June 30, 1997 and 1996, respectively.

      At June 30, 1997, the Company's recorded  investment in impaired loans was
$14.7 million, all of which were on nonaccrual status, compared to $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 June 30,  1997.
Interest  income of $.1 million was recognized on these loans during each of the
quarters  ended June 30, 1997 and 1996,  respectively.  This  represents  actual
interest payments  received.  The average recorded  investment in impaired loans
during  the  quarters  ended  June  30,  1997 and  1996  was  $14.6 million  and
$14.8 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
possible  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 June 30, 1997 is sufficient  to cover  anticipated  losses
inherent in the loan portfolios.

      Nonaccrual loans at June 30, 1997 amounted to  $28.4 million,  or 1.40% of
total loans, as compared to $25.6 million, or 1.36% of total loans, at September
30, 1996.




                                       19


<PAGE> 20




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

<TABLE>
<CAPTION>

                                                       June 30,     September 30,
                                                         1997           1996
                                                     -----------   --------------
                                                            (In Thousands)
<S>                                                     <C>           <C>    
Nonaccrual Loans
First mortgage loans:
  One- to- four family conventional residential.....    $12,205       $12,092
  Multifamily residential ..........................        929           155
  Commercial real estate ...........................     13,766        11,758
                                                        -------       -------
                                                         26,900        24,005

Other loans - cooperative residential loans.........      1,494         1,547
                                                        -------       -------
    Total nonaccrual loans .........................    $28,394       $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  $718,000 and  $706,000 for the three month  periods ended June 30, 1997 and
1996,  respectively.  The amount of interest  income that was  recorded on these
loans was $252,000 and  $237,000 for the three month periods ended June 30, 1997
and 1996, respectively.

      Additionally,  at June 30, 1997, the Bank had  $2.1 million in real estate
owned as compared to  $3.2 million at September 30, 1996.  Further,  at June 30,
1997 the Bank also had 14 restructured commercial real estate loans amounting to
approximately  $5.4 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  $4.4 million of consumer and other loans which are past
due  90  days  and  still  accruing  interest  as  of  June  30,  1997.  Of  the
$4.4 million,  $3.3 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 June 30,  1997 was
$19.6 million,  which  represented  69.1% 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.



                                       20


<PAGE> 21







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

      The  following  is a summary of the activity in the Bank's  allowance  for
possible loan losses for the quarters ended June 30:

<TABLE>
<CAPTION>

                                                                 1997        1996
                                                               --------    --------
                                                                  (In Thousands)

<S>                                                            <C>         <C>     
Allowance for possible loan losses, beginning of quarter.....  $ 19,767    $ 20,588
  Charge-offs:
  Commercial real estate.....................................       (61)       (134)
  Residential real estate....................................      (207)       (394)
  Other loans................................................      (202)       (640)
                                                               --------    --------
    Total charge-offs........................................      (470)     (1,168)
  Less recoveries - other loans..............................        16          15
                                                               --------    --------
  Net charge-offs............................................      (454)     (1,153)
                                                               --------    --------
  Addition to allowance charged to expense...................       300         300
                                                               --------    --------
  Allowance for possible loan losses, end of quarter.........  $ 19,613    $ 19,735
                                                               ========    ========
</TABLE>

      The  charge-offs  recorded in each of the quarters  shown above  primarily
relate to  delinquent  loans  for  which  reserves  had been  provided  in prior
periods.  Upon  resolution  of these  delinquent  loans,  the loss  incurred was
charged to the allowance.

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

      Net interest  income  after  provision  for  possible  loan losses for the
quarter ended June 30, 1997 amounted to $30.6 million,  representing an increase
of $5.0 million  from the quarter ended June 30, 1996. This increase  reflects a
$407.3 million  increase in average  interest  earning  assets,  coupled  with a
16 basis point increase in the Bank's net interest  margin from 3.74% in 1996 to
3.90% in 1997.

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

      Non-interest  income  amounted  to  $3.1 million  for  the  quarter  ended
June 30,  1997,  compared to $3.4 million for the prior year comparable quarter.
The  $.3 million   decrease  in  non-interest  income  reflects  a  decrease  of
$.6 million in net gain on the sale of mortgage  loans and securities  available
for sale which,  however,  was  partially  offset by a  $.2 million  increase in
banking service fee income.



                                       21


<PAGE> 22







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

      The general and administrative  expense component of non-interest  expense
totaled $11.7 million or 1.46% of average assets, for the quarter ended June 30,
1997,  compared to $11.7 million,  or 1.68% of average  assets,  for the quarter
ended June 30, 1996. A  $.3 million  increase in  compensation  and benefits was
offset by a $.4 million  decrease in federal  deposit  insurance  premiums.  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.

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

      Income taxes increased  $1.2 million to $8.7 million  for an effective tax
rate of 39.7%  during the quarter  ended June 30, 1997 versus an  effective  tax
rate of 43.6%  during the quarter  ended June 30,  1996.  The  reduction  in the
effective  tax rate  reflects tax  planning  strategies  implemented  during the
current quarter.

G.    COMPARISON OF NINE MONTHS ENDED JUNE 30, 1997 AND 1996

General
-------

      New York  Bancorp's net income for the nine months ended June 30, 1997 was
$37.3 million,  or $1.63 per share,  compared to net income of $26.6 million, or
$1.10 per share, for the nine months ended June 30, 1996. The current nine month
period  includes  the  receipt  of  $5.2 million  on a tax  settlement  with the
Internal Revenue Service,  inclusive of $4.5 million in interest. Other comments
regarding the components of net income are detailed in the following paragraphs.

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

      Interest income on interest-earning  assets for the nine months ended June
30, 1997 increased by $23.3 million, or 15.2%, to $176.4 million compared to the
nine months ended June 30, 1996. The increase in interest income is attributable
to a $361.0 million increase in average interest-earning assets, coupled with an
11 basis point increase in yield.

      Interest  and fee income on loans for the nine months  ended June 30, 1997
increased  by  $14.4 million,  or 13.6%,  to  $120.0 million  compared to $105.6
million for the same  period in 1996.  The  increase  in loan income  reflects a
$220.7 million  increase in the average  loan  balance to  $1.934 billion  and a
13 basis point increase in yield on first  mortgage loans which,  however,  were
partially  offset by a 24 basis point decline in yield on other loans.  Interest
on mortgage-backed  securities for the nine months ended June 30, 1997 increased
by  $4.2 million to  $47.0 million  as compared to the same period in 1996. This
increase in income is due to a  $59.1 million  increase in the average  balance,
coupled with a 17 basis point increase in yield.  Interest and dividends on debt
and equity  securities  increased by $5.0 million to $9.4 million in the current
nine month period compared to $4.4 million in the comparable  prior year period.
The increase in such income is  attributed to an  $86.6 million  increase in the
average balance coupled with a 63 basis point increase in yield.




                                       22


<PAGE> 23





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

      Interest expense on interest-bearing liabilities for the nine months ended
June 30, 1997 increased by $8.1 million,  or 10.3%, to $87.4 million compared to
the nine months  ended June 30, 1996.  The increase in interest  expense for the
nine   months   primarily   reflects   a   $342.6 million   growth  in   average
interest-bearing  liabilities to $2.862 billion  which,  however,  was partially
offset by a 12 basis point decrease in cost on  interest-bearing  liabilities to
4.08%. The impact of the Bank's use of interest rate swaps and other off-balance
sheet   instruments  was  to  decrease  interest  expense  by  $5.7 million  and
$2.2 million for the nine months ended June 30, 1997 and 1996, respectively.

      Interest  expense on deposits  decreased by $4.5 million to  $41.6 million
for the nine months  ended June 30,  1997,  compared  to the nine  months  ended
June 30,1996.  This decrease is attributed  to a  $48.8 million  decrease in the
average  balance of deposits to  $1.700 billion,  coupled  with a 25 basis point
decrease  in the average  cost of  deposits  to 3.27% in the current  nine month
period  compared to the prior year period.  Interest  expense on borrowed  funds
increased $12.6 million to $45.8 million for the nine months ended June 30, 1997
as compared to the nine months ended  June 30, 1996.  This  increase  reflects a
$391.4 million   increase   in  the  average   balance  of  borrowed   funds  to
$1.163 billion which, however, was partially offset by a 48 basis point decrease
in the average cost of borrowed  funds from 5.74% in 1996 to 5.26% in 1997.  The
decrease in the cost of borrowings is primarily due to the Bank's  increased use
of interest rate swaps,  which decreased the average cost of borrowings 43 basis
points in the  current  nine month  period.  Off-balance  financial  instruments
decreased the cost of  borrowings  two basis points during the nine months ended
June 30, 1996.

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

      Home Federal  provided  $1.8 million  and  $.9 million  for possible  loan
losses  during the nine months ended June 30, 1997 and 1996,  respectively.  The
increase  in  the  provision   for  the  current  nine  month  period   reflects
management's  assessment of events during the second fiscal  quarter  related to
one nonaccrual loan.

      At June 30, 1997, the Company's recorded  investment in impaired loans was
$14.7 million,  all of which were on nonaccrual status.  Due to charge-offs,  or
the  crediting  of  interest  payments  to  principal,  the loans do not have an
impairment  reserve  at June  30,  1997.  Interest  income  of  $.3 million  and
$.4 million  was  recognized  on these loans during the nine month periods ended
June 30, 1997 and 1996,  respectively.  This represents actual interest payments
received.  The average  recorded  investment  in impaired  loans during the nine
months  ended  June  30,  1997 and 1996  was  $14.3 million  and  $14.5 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.




                                     23


<PAGE> 24





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

      Net interest  income after provision for possible loan losses for the nine
months ended June 30, 1997 amounted to  $87.2 million,  representing an increase
of $14.2 million from the $73.0 million amount during the nine months ended June
30, 1996. This increase primarily reflects a $361.0 million  increase in average
interest-earning  assets,  coupled with a 22 basis  point increase in the Bank's
net interest margin from 3.69% in 1996 to 3.91% in 1997.

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

      Non-interest  income amounted to  $13.8 million  for the nine months ended
June 30, 1997,  representing  an increase of  $3.7 million  from the  comparable
prior year period.  The  $3.7 million  increase in non-interest  income reflects
$.9 million  more in banking service fee income,  $.4 million  more in fees from
the sale of investment  products,  and $4.3 million  more in other income which,
however, were partially offset by a decrease of $2.0 million in net gains on the
sale of mortgage loans and securities  available for sale. The increase in other
income reflects  $4.5 million in interest  received on a tax settlement with the
Internal Revenue Service during the second fiscal quarter.

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

      The general and administrative  expense component of non-interest  expense
totaled  $37.2 million,  or 1.61% of average  assets,  for the nine months ended
June 30,  1997,  compared to $35.3 million,  or 1.73% of average assets, for the
nine  months  ended June 30,  1996.  The  $1.9 million  increase  in general and
administrative  expense  reflects a $2.5 million  increase in  compensation  and
benefits and a  $1.0 million  increase in other  expense  which,  however,  were
partially  offset  by a  $.5 million  decrease  in  advertising  expense  and  a
$1.1 million  decrease in federal deposit  insurance  premiums.  The increase in
compensation  and  benefit  expense  was  primarily  attributable  to  the  cost
associated with stock appreciation rights as a result of the 65% increase in the
price of the Company's stock during the current nine month period.  The increase
in other  expense was  primarily  attributed  to  professional  fees  related to
special  projects.  The  $1.1 million  decrease  in  federal  deposit  insurance
premiums reflects the recapitalization of the Savings Association Insurance Fund
(the "SAIF") of the FDIC during the prior fiscal year.

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

      Income taxes increased  $4.6 million to $25.6 million for an effective tax
rate of 40.7%  during  the  nine  months  ended  June 30,  1997.  Excluding  the
$.7 million  received on the tax settlement with the Internal  Revenue  Service,
the  effective  tax rate would have been 41.8% for the current nine month period
versus an effective tax rate of 44.0% for the comparable prior year period.  The
reduction in the effective tax rate reflects tax planning strategies implemented
during the current quarter.



                                     24


<PAGE> 25






H.    PROPOSED LEGISLATIVE MATTERS

      Legislation  has been  introduced  in Congress  that would  eliminate  the
federal savings association  charter.  The legislation would require all federal
savings associations  convert to national banks or state-chartered  institutions
two years  after  enactment.  Federal  associations  that fail to convert  would
automatically become national banks. Additionally,  the OTS would be eliminated.
The legislation  provides for the merger of the Bank Insurance Fund and the SAIF
as of January 1, 2000,  or a date two years after  enactment.  A federal  thrift
could continue to engage in any activity in which it was lawfully  engaged prior
to converting to a national bank charter.  A savings and loan holding company in
existence  on the  date  of  enactment  would  become  a bank  holding  company.
Activities   permitted  for  a  savings  and  loan  holding   company  would  be
grandfathered,  but would be lost if a bank subsidiary is acquired or there is a
change in control.

      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.



                                     25


<PAGE> 26

I.    SELECTED FINANCIAL DATA

      The following table sets forth certain selected financial data.
<TABLE>
<CAPTION>
                                                         Three Months Ended       Nine Months Ended
                                                               June 30,                June 30,
                                                         -------------------     -------------------
                                                          1997        1996         1997       1996
                                                         --------   --------     --------    -------
                                                      (Dollars in Thousands, except per share amounts)
FINANCIAL RATIOS (1)
--------------------
<S>                                               <C>          <C>          <C>           <C>  
Average Yield:
   First mortgage loans......................            8.31%        8.01%         8.23%        8.10%
   Other loans...............................            8.63         8.81          8.58         8.82
   Mortgage-backed securities................            6.97         6.71          6.84         6.67
   Debt and equity securities - taxable......            6.92         6.15          6.96         6.33
   Money market investments..................            N/A          5.21          5.21         5.38
   Trading account securities................            N/A          N/A           N/A          5.70
      All interest-earning assets............            7.83         7.61          7.76         7.65
Average cost:
   Deposits..................................            3.27         3.40          3.27         3.52
   Borrowed funds............................            5.34         5.49          5.26         5.74
      All interest-bearing liabilities.......            4.17         4.08          4.08         4.20
Net interest rate spread.....................            3.66         3.53          3.68         3.45
Net interest margin..........................            3.90         3.74          3.91         3.69
Average interest-earning assets to
  average interest-bearing liabilities.......          105.90       105.75        105.88       105.95
Return on average assets.....................            1.65         1.38          1.61         1.31
Return on average common equity..............           32.46        24.29         31.08        22.39
Efficiency ratio.............................           34.46        40.98         38.15        43.36
General and administrative expense
  to average assets..........................            1.46         1.68          1.61         1.73
Equity to asset ratio at June 30.............            5.08         5.43          5.08         5.43
Cumulative one year gap as a percent of
  total interest-earning assets at June 30...           -11.4%       -14.0%        -11.4%       -14.0%
SHARE INFORMATION (2):
---------------------
   Earnings per common share.................           $ .58        $ .41         $1.63        $1.10
   Weighted average number of common
     shares and equivalents outstanding......      22,647,308   23,716,482    22,976,368   24,147,648
   Number of shares outstanding at June 30...      21,591,247   22,983,716    21,591,247   22,983,716
   Book value per share at June 30...........           $7.73        $6.89         $7.73        $6.89
NET INTEREST POSITION:
---------------------
   Excess of average interest-earning assets
     over average interest-bearing liabilities    $   176,206  $   149,911  $    168,359  $   149,938
LOAN HIGHLIGHTS:
---------------
   Loan originations.........................     $   168,117  $   162,433  $    425,292  $   313,713
   Loan purchases............................     $     4,809  $    93,202  $     18,914  $   184,517
   Loan sales................................     $     9,091  $     7,020  $     36,221  $    42,196
   Loans serviced for others at June 30......     $   586,654  $   577,605  $    586,654  $   577,605
   Loan servicing fees.......................     $       415  $       446  $      1,289  $     1,287
ADJUSTABLE RATE ASSETS AT JUNE 30:
---------------------------------
   First mortgage loans and mortgage-backed
     securities..............................     $ 1,528,081  $ 1,365,384  $  1,528,081  $ 1,365,384
   Other loans, money market investments
     and debt and equity securities..........     $   223,555  $   246,816  $    223,555  $   246,816
   Total adjustable rate assets as a percent
     of total interest-earning assets........           54.52%       56.64%        54.52%       56.64%
</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 and the 4-for-3  stock split
effective July 24, 1997.
                                               26

<PAGE> 27




                           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
------------------------------------------------------------

       Not applicable


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
        -------------------

        None





                                       27


<PAGE> 28






                                  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:  August 5, 1997                        By:     /s/ Michael A. McManus, Jr.
                                                --------------------------------
                                                         Michael A. McManus, Jr.
                                                         President and
                                                         Chief Executive Officer


Date:  August 5, 1997                        By:    /s/ Stan I. Cohen
                                                --------------------------------
                                                        Stan I. Cohen
                                                        Senior Vice President,
                                                        Controller and Secretary



                                       28