<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:                 March 31, 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 May 1, 1997: 16,213,035.




<PAGE> 2



                              NEW YORK BANCORP INC.
                                    FORM 10-Q
                                      INDEX



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

  Item 1.   Financial Statements:

            Consolidated Statements of Financial Condition as
            of March 31, 1997 and September 30, 1996                        4

            Consolidated Statements of Income for the Three and
            Six Months ended March 31, 1997 and 1996                        5

            Consolidated Statement of Changes in Shareholders'
            Equity for the Six Months ended March 31, 1997                  6

            Consolidated Statements of Cash Flows for the
            Six Months ended March 31, 1997 and 1996                      7 - 8

            Notes to Consolidated Financial Statements                    9 - 11

            Independent Accountants' Review Report                          3

  Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                          12 - 24



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

  Item 1.   Legal Proceedings                                               25

  Item 2.   Changes in Securities                                           25

  Item 3.   Defaults Upon Senior Securities                                 25

  Item 4.   Submission of Matters to a Vote of Security Holder              25

  Item 5.   Other Information                                               25

  Item 6.   Exhibits and Reports on Form 8-K                                25

  Signature Page                                                            26





<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 March 31,  1997,  and for the three and six
month periods ended March 31, 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.

                                      /s/ KPMG Peat Marwick LLP

April 18, 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)

                                                                   March 31,    September 30,
                                                                     1997           1996
                                                                 ------------  --------------
ASSETS
------
<S>                                                              <C>           <C>         
Cash and due from banks ......................................   $    12,500   $     13,045
Money market investments .....................................            --         10,700
Investment in debt and equity securities, net:
  Held to maturity (estimated market value of
   $617 and $641 at March 31, 1997
   and September 30, 1996, respectively)......................           619           643
  Available for sale  ........................................       145,163       136,133
Mortgage-backed securities, net:
  Held to maturity (estimated market value of
   $546,954 and $534,602 at March 31, 1997
   and September 30, 1996, respectively)......................       564,061       550,817
  Available for sale  ........................................       416,467       280,429
Federal Home Loan Bank stock..................................        35,646        27,938
Loans receivable, net:
  First mortgage loans .......................................     1,697,383     1,603,769
  Other loans ................................................       260,574       268,779
                                                                 -----------   -----------
                                                                   1,957,957     1,872,548
  Less allowance for possible loan losses.....................       (19,767)      (19,386)
                                                                 -----------   -----------
   Total loans receivable, net................................     1,938,190     1,853,162
Accrued interest receivable...................................        22,958        21,862
Premises and equipment, net...................................        12,488        12,927
Other assets..................................................        26,905        33,251
                                                                 -----------   -----------
   Total assets ..............................................   $ 3,174,997   $ 2,940,907
                                                                 ===========   ===========
LIABILITIES & SHAREHOLDERS' EQUITY
----------------------------------
LIABILITIES:
  Deposits ...................................................   $ 1,709,232   $ 1,715,959
  Borrowed funds .............................................     1,235,447     1,008,786
  Mortgagors' escrow payments ................................        19,978        14,987
  Accrued expenses and other liabilities .....................        49,721        49,272
                                                                 -----------   -----------
   Total liabilities .........................................     3,014,378     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; 22,119,894 and 22,120,275 shares
   issued at March 31, 1997 and September 30, 1996,
   respectively; 16,380,511 and 16,648,200 shares
   outstanding at March 31, 1997 and
   September 30, 1996, respectively ..........................           221           221
  Additional paid-in capital .................................        66,538        65,429
  Retained earnings, substantially restricted.................       161,996       145,686
  Treasury stock, at cost, 5,739,383 and 5,472,075 shares
   at March 31, 1997 and September 30, 1996, respectively.....       (66,991)      (58,871)
  Unrealized depreciation on securities
   available for sale, net of tax benefit ....................        (1,145)        (562)
                                                                 -----------   ----------
   Total shareholders' equity ................................       160,619      151,903
                                                                 -----------   ----------
   Total liabilities and shareholders' equity ................   $ 3,174,997   $2,940,907
                                                                 ===========   ==========
----------------------
(1) Share information has been restated to fully reflect the 3-for-2 stock split effective January 23, 1997.

            See accompanying notes to consolidated financial statements.

</TABLE>
                                         4



<PAGE> 5

<TABLE>
<CAPTION>

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

                                                Three Months Ended      Six Months Ended
                                                     March 31,                March 31,
                                              ----------------------   --------------------
                                                1997         1996        1997        1996
                                              ---------    ---------   ---------  ---------
                                                 (In Thousands, except per share amounts)
INTEREST INCOME:
<S>                                           <C>          <C>         <C>        <C>     
  Interest and fees on loans:
   First mortgage loans ....................  $ 34,276     $ 28,450    $ 67,292   $ 56,862
   Other loans .............................     5,599        6,185      11,344     12,714
                                              --------     --------    --------   --------
    Total interest and fees on loans........    39,875       34,635      78,636     69,576
  Mortgage-backed securities ...............    16,107       13,963      29,860     28,166
  Debt and equity securities - taxable......     3,081        1,402       5,974      2,797
  Money market investments .................         3           91          13        198
  Trading account securities ...............        --           --          --         13
                                              --------     --------    --------   --------
    Total interest income...................    59,066       50,091     114,483    100,750
                                              --------     --------    --------   --------
INTEREST EXPENSE:
  Deposits .................................    13,667       15,363      27,761     31,244
  Borrowed funds ...........................    15,122       10,378      28,566     21,488
                                              --------     --------    --------   --------
    Total interest expense..................    28,789       25,741      56,327     52,732
                                              --------     --------    --------   --------
    Net interest income.....................    30,277       24,350      58,156     48,018
Provision for possible loan losses..........    (1,200)        (300)     (1,500)      (600)
                                              --------     --------    --------   --------
    Net interest income after provision
     for possible loan losses...............    29,077       24,050      56,656     47,418
                                              --------     --------    --------   --------
NON-INTEREST INCOME:
  Loan fees and service charges ............       699          790       1,516      1,421
  Banking service fees .....................     1,558        1,175       3,049      2,418
  Fees from sale of investment products.....       573          444         934        637
  Net gain on the sale of mortgage
   loans and securities available for sale..       513        1,529         630      2,036
  Other  ...................................     4,574          108       4,636        236
                                              --------     --------    --------   --------
    Total non-interest income...............     7,917        4,046      10,765      6,748
                                              --------     --------    --------   --------
NON-INTEREST EXPENSE:
  General and administrative:
   Compensation and benefits ...............     6,600        5,433      13,125     10,950
   Occupancy, net ..........................     2,201        2,200       4,310      4,240
   Advertising and promotion ...............       601          594       1,076      1,449
   Federal deposit insurance premiums.......       482          932       1,241      1,897
   Other ...................................     3,534        2,472       5,825      5,005
                                              --------     --------    --------   --------
    Total general and administrative........    13,418       11,631      25,577     23,541
  Real estate operations, net...............       466          (46)        735         87
                                              --------     --------    --------   --------
    Total non-interest expense..............    13,884       11,585      26,312     23,628
                                              --------     --------    --------   --------
    Income before income tax expense........    23,110       16,511      41,109     30,538
                                              --------     --------    --------   --------
INCOME TAX EXPENSE:
  Federal expense  .........................     6,451        4,989      11,994      9,231
  State and local expense ..................     2,746        2,346       4,938      4,303
                                              --------     --------    --------   --------
    Total income tax expense................     9,197        7,335      16,932     13,534
                                              --------     --------    --------   --------
    Net income..............................  $ 13,913     $  9,176    $ 24,177   $ 17,004
                                              ========     ========    ========   ========

EARNINGS PER COMMON SHARE (note 2)..........    $  .81       $  .50(1)   $ 1.40      $ .93(1)

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

                           See accompanying notes to consolidated financial statements.

</TABLE>

                                                      5



<PAGE> 6

<TABLE>
<CAPTION>


                                            NEW YORK BANCORP INC. AND SUBSIDIARY
                         ----- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -----
                                              SIX MONTHS ENDED MARCH 31, 1997
                                                      (UNAUDITED)


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

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

Net income for the six months
 ended March 31, 1997................        --          --        24,177         --         --         24,177

Dividends declared on
 common stock........................        --          --        (4,964)        --         --         (4,964)

Cash paid in lieu of 381 fractional
 shares in the aggregate, resulting
 from 3-for-2 stock split............        --          (5)           --         --         --             (5)

Purchase of 451,711 shares
 of treasury stock...................        --          --            --    (12,458)        --        (12,458)

Issuance of 184,403 shares upon
 exercise of stock options..........         --       1,114        (2,903)     4,338         --          2,549

Change in unrealized
 depreciation on
 securities available for sale,
 net of taxes.......................         --          --            --         --       (583)          (583)
                                          -----    --------     ---------  ---------    --------     ----------

Balance at March 31, 1997...........      $ 221    $ 66,538     $ 161,996  $ (66,991)   $ (1,145)    $ 160,619
                                          =====    ========     =========  ==========   =========    =========

            See accompanying notes to consolidated financial statements.
</TABLE>




                                                 6




<PAGE> 7

<TABLE>
<CAPTION>

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

                                                              Six Months Ended
                                                                  March 31,
                                                         ------------------------
                                                             1997         1996
                                                         ----------    ----------
                                                                (In Thousands)
<S>                                                      <C>           <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income ........................................    $   24,177    $   17,004
                                                         ----------    ----------
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization ....................         1,157         1,079
   Amortization and accretion of deferred fees,
    discounts and premiums ..........................           322           900
   Provision for possible loan losses ...............         1,500           600
   Provision for losses on foreclosed real estate....           185           220
   Net loss on sale of foreclosed real estate........           108            68
   Net gain on sale of mortgage loans and securities
    available for sale ..............................          (630)       (2,036)
   Payment of SAIF recapitalization .................        (9,432)           --
   Deferred income taxes ............................         3,230          (468)
   Net decrease in trading account ..................            --         2,003
   (Increase) decrease in accrued interest receivable        (1,096)          684
   Increase (decrease) in accrued interest payable...            59        (1,363)
   Increase in accrued expenses and other liabilities        10,424         3,699
   (Increase) decrease in other assets ..............         2,721          (139)
                                                         ----------    ----------
   Total adjustments ................................         8,548         5,247
                                                         ----------    ----------
  Net cash provided by operating activities..........        32,725        22,251
                                                         ----------    ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Principal payments on loans  ......................       154,584       132,778
  Principal payments on mortgage-backed securities...        59,671        42,466
  Principal payments, maturities and calls on debt
   and equity securities  ...........................            24        56,011
  Proceeds on sales of loans  .......................        27,023        35,403
  Proceeds on sales of mortgage-backed securities
   available for sale  ..............................            --        84,281
  Proceeds on sales of debt and equity securities
   available for sale  ..............................        20,659         2,719
  Investment in first mortgage loans ................      (239,750)     (214,012)
  Investment in other loans  ........................       (29,262)      (29,259)
  Investment in mortgage-backed securities held to 
    maturity.........................................       (40,121)           --
  Investment in mortgage-backed securities available 
    for sale.........................................      (171,110)      (82,445)
  Investment in debt and equity securities available 
    for sale.........................................       (29,000)      (65,330)
  Proceeds on sales of foreclosed real estate........         2,562         1,240
  Net purchases of Federal Home Loan Bank stock......        (7,708)       (5,212)
  Net purchases of premises and equipment............          (718)       (1,083)
                                                         ----------    ----------
  Net cash used in investing activities .............      (253,146)      (42,443)
                                                         ----------    ----------
</TABLE>

                                   (Continued)


                                           7


<PAGE> 8

<TABLE>
<CAPTION>

                                    NEW YORK BANCORP INC. AND SUBSIDIARY
                              ----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
                                              (CONTINUED)
                                                                          Six Months Ended
                                                                              March 31,
                                                                      ------------------------
                                                                         1997          1996
                                                                      ----------    ----------
                                                                            (In Thousands)
<S>                                                                   <C>           <C>        
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase (decrease) in non-interest bearing demand,
   savings, money market, and NOW accounts.......................     $    7,211    $   (6,746)
  Net increase (decrease) in time deposits.......................        (13,938)        6,017
  Net increase (decrease) in borrowings with original
   maturities of three months or less............................          1,461      (254,163)
  Proceeds from long-term borrowings.............................        532,059       458,000
  Repayment of long-term borrowings .............................       (306,859)     (185,050)
  Purchase of common stock for treasury .........................        (12,458)      (11,688)
  Payment of common stock dividends .............................         (4,721)       (4,787)
  Exercise of stock options .....................................          1,435           795
  Cash paid for fractional shares resulting from stock split.....             (5)           --
  Increase in mortgagors' escrow accounts........................          4,991           313
                                                                      ----------    ----------
  Net cash provided by financing activities......................        209,176         2,691
                                                                      ----------    ----------
  Net decrease in cash and cash equivalents......................        (11,245)      (17,501)
  Cash and cash equivalents at beginning of period...............         23,745        45,104
                                                                      ----------    ----------
  Cash and cash equivalents at end of period.....................     $   12,500    $   27,603
                                                                      ==========    ==========

SUPPLEMENTAL CASH FLOW DISCLOSURES:
  Interest paid .................................................     $   60,351    $   55,177
                                                                      ==========    ==========
  Income taxes paid .............................................     $    7,037    $    7,583
                                                                      ==========    ==========
  Noncash investing and financing activities:
   Transfer of loans to real estate owned .......................     $    1,985    $   2,208
                                                                      ==========    =========
   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
                                                                      ==========    =========

          See accompanying notes to consolidated financial statements

</TABLE>

                                               8



<PAGE> 9



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


NOTE 1:  BASIS OF PRESENTATION

         The accompanying  unaudited  consolidated  financial statements include
         the  accounts  of New York  Bancorp  Inc.  ("New York  Bancorp"  or the
         "Company") and its wholly-owned  subsidiary,  Home Federal Savings Bank
         ("Home Federal" or the "Bank") and  Subsidiaries,  as of March 31, 1997
         and  September  30, 1996 and for the three and six month  periods ended
         March 31, 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 six month periods
         ended March 31, 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.  Accordingly,  information  with  respect to shares of
         common stock and  earnings per share have been  restated in all periods
         presented  to fully  reflect  the stock  split.  Earnings  per share is
         computed  by  dividing  net income by the  weighted  average  number of
         shares of common stock and common stock  equivalents  outstanding.  The
         weighted  average  number of common stock and common stock  equivalents
         outstanding for the  calculation of primary  earnings per share for the
         quarters ended March 31, 1997 and 1996 was  17,197,101 and  18,195,823,
         respectively,  and  17,221,576  and 18,264,721 for the six months ended
         March 31, 1997 and 1996, respectively.


NOTE 3:  COMMITMENTS, CONTINGENCIES AND CONTRACTS

         At March 31, 1997,  Home Federal had  commitments of  $88.3 million  to
         originate  first mortgage and  cooperative  residential  loans. Of this
         amount,  adjustable rate mortgage loans  represented  $76.8 million and
         fixed rate mortgage  loans with  interest  rates ranging from 6.625% to
         10.25%, represented $11.5 million. At March 31, 1997, Home Federal also
         had  commitments  to sell  $4.0 million  of qualified  fixed rate first
         mortgage  loans at prices which  approximate  the carrying value of the
         loans.


                                       9


<PAGE> 10



         The Bank is a party to interest  rate swap  arrangements  to extend the
         repricing  or maturity  of its  liabilities  in order to creat  a  more
         consistent  and  predictable  interest rate spread.  At March 31, 1997,
         outstanding notional amounts of interest rate swap arrangements totaled
         $400.0 million.  The Bank pays a fixed weighted  average rate of 4.72%,
         and receives a variable  rate (5.47% at March 31,  1997) which  adjusts
         monthly based on one month LIBOR. These interest rate swap arrangements
         mature in June 1997.

         Further,  at March 31,  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 March 31, 1997 three
         month LIBOR was 5.77%.

         At March 31,  1997,  the Bank was  servicing  first  mortgage  loans of
         approximately   $593.5 million,   which   are   either   partially   or
         wholly-owned by others.


NOTE 4:  STOCK REPURCHASE PLAN

         During the quarter ended March 31, 1997,  New York Bancorp  repurchased
         353,725 shares  under its present stock repurchase plan, bringing total
         purchases  during the current fiscal year to 451,711  shares.  At March
         31, 1997,  the total number of Treasury  shares  amounted to 5,739,383.
         Additionally,   at  March  31,  1997,  the  Company  had  authority  to
         repurchase up to an  additional  1,458,156 shares.  Repurchases  may be
         made  from  time  to  time  in open  market  transactions,  subject  to
         availability    of   shares   at   prices   deemed    appropriate    by
         New York Bancorp.


NOTE 5:  RECENT ACCOUNTING PRONOUNCEMENTS

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


                                       10

<PAGE> 11




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

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




                                       11

<PAGE> 12



                      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  these  deposits,  together with funds
   from ongoing  operations and  borrowings,  in the origination and purchase of
   residential,   multifamily  and  commercial   mortgage   loans,   cooperative
   residential  loans and consumer  loans.  The Bank  maintains a portion of its
   assets  in  mortgage-backed   securities  and  debt  and  equity  securities,
   including  obligations of the U. S.  Government and federal  agencies,  money
   market investments, corporate notes and other securities.

B. FINANCIAL POSITION

          Total assets at March 31, 1997 amounted to approximately $3.2 billion,
   reflecting a  $234.1 million  increase from the amount  reported at September
   30,  1996.  The  increase  primarily  reflects a  $149.3 million  increase in
   mortgage-backed securities and an $85.0 million increase in loans receivable.
   The growth in assets was  primarily  funded by a  $226.7 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  9.7% at March 31, 1997 as compared to a negative 2.9%
   at September 30, 1996.


                                       12


<PAGE> 13




          A negative gap denotes  liability  sensitivity which in a given period
   will result in more  liabilities  than  assets  being  subject to  repricing.
   Generally,  liability sensitive gaps would result in a net positive effect on
   net interest  margin and,  consequently,  net income in a declining  interest
   rate  environment.  Alternatively,  liability  sensitive gaps would generally
   result in a net negative effect on net interest margin and, consequently, net
   income in an increasing  interest rate  environment.  Assets and  liabilities
   with similar repricing characteristics,  however, may not reprice to the same
   degree. As a result, the Company's gap position does not necessarily  predict
   the impact of changes in general  levels of  interest  rates on net  interest
   margin.  The Company's net interest  margin  increased to 3.92% in the second
   quarter  of  fiscal year 1997,  compared  to 3.70% in the  second  quarter of
   fiscal year 1996.

          At March 31,  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 March 31,  1997, 56.0% 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 March 31, 1997,  outstanding notional amounts of interest rate swap
   arrangements totaled  $400.0 million.  The Bank pays a fixed weighted average
   rate of 4.72%,  and receives a variable  rate (5.47% at March 31, 1997) which
   adjusts  monthly  based  on  one  month  LIBOR.   These  interest  rate  swap
   arrangements mature in June 1997.  Additionally,  at March 31, 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  7.5%,  and requires the Bank to pay
   when  three  month  LIBOR is less than  5.00%,  thereby  reducing  the Bank's
   exposure to a rising interest rate environment. At March 31, 1997 three month
   LIBOR was 5.77%.  Further,  at March 31, 1997, the amount of unamortized gain
   on  terminated   interest  rate  floor  and  terminated  interest  rate  swap
   arrangements amounted to $2.8 million and $.7 million, respectively.

          At March  31,  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 August 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.




                                       13

<PAGE> 14



D. LIQUIDITY AND CAPITAL RESOURCES

          Home Federal is required to maintain  minimum  levels of liquid assets
   as defined by the Office of Thrift Supervision (the "OTS") regulations.  This
   requirement,  which may be varied by the OTS, is based upon a  percentage  of
   withdrawable  deposits  and  short-term  borrowings.  The  required  ratio is
   currently  5%.  The Bank  actively  manages  its  level of  liquid  assets to
   maximize  net interest  income.  The Bank's ratio was 5.22% during March 1997
   and 5.26% during September 1996.

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

          The Bank's lending and investment  activities are predominately funded
   by deposits, 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 March 31, 1997, New York Bancorp  repurchased
   353,725  shares  under its present  stock  repurchase  plan,  bringing  total
   purchases  during the  current  fiscal year to 451,711  shares.  At March 31,
   1997,   the  total  number  of  Treasury   shares   amounted  to   5,739,383.
   Additionally,  at March 31, 1997,  the Company had authority to repurchase up
   to an additional 1,458,156 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  March  31,  1997,  Home  Federal  was  categorized "adequately
   capitalized" under the "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 .............. $ 156,628      4.91%       $156,628      4.91%      $175,776      11.76%

Minimum regulatory
 requirement ...........    47,854      1.50          95,707      3.00        119,624       8.00
                         ---------    ------        --------    ------       --------     ------

Excess ................. $ 108,774      3.41%       $ 60,921      1.91%      $ 56,152       3.76%
                         =========    ======        ========    ======       ========     ======

(1)  Under  the OTS  prompt  corrective  action  regulations,  the core  capital  requirement  was
     effeectively  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.

</TABLE>


                                                     14


<PAGE> 15



E. ANALYSIS OF CORE EARNINGS

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

          The  following  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 March 31,
                                    ----------------------------------------------------------------
                                                  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.........  $ 1,666,753 $ 34,276      8.23%    $ 1,405,470  $ 28,450    8.10%
    Other loans..................      263,255    5,599      8.57         284,523     6,185    8.72
                                   ----------- --------               -----------  --------
      Total loans................    1,930,008   39,875      8.28       1,689,993    34,635    8.20
    Mortgage-backed securities...      943,887   16,107      6.83         834,273    13,963    6.70
    Debt and equity securities...      177,116    3,081      6.97          89,909     1,402    6.25
    Money market investments               222        3      5.35           6,795        91    5.40
                                   ----------- --------               -----------  --------
Total interest-earning assets....    3,051,233   59,066      7.75       2,620,970    50,091    7.65
                                               --------                            --------
  Non-interest-earning assets....       85,358                             51,906
                                   -----------                        -----------
    Total assets.................  $ 3,136,591                        $ 2,672,876
                                   ===========                        ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:
  Interest-bearing liabilities:
    Deposits.....................  $ 1,696,558   13,667      3.27     $ 1,747,091    15,363    3.54
    Borrowed funds...............    1,190,611   15,122      5.15         725,158    10,378    5.75
                                   ----------- --------               -----------  --------
  Total interest-bearing 
    liabilities..................    2,887,169   28,789      4.05       2,472,249    25,741    4.19
                                               --------                            --------
  Other liabilities..............       86,255                             39,800
                                   -----------                        -----------
    Total liabilities............    2,973,424                          2,512,049
  Shareholders' equity...........      163,167                            160,827
                                   -----------                        -----------
    Total liabilities and
     shareholders' equity........  $ 3,136,591                        $ 2,672,876
                                   ===========                        ===========
NET INTEREST INCOME/INTEREST
 RATE SPREAD.....................              $ 30,277     3.70%                  $ 24,350    3.46%
                                               ========   ======                   ========  ======
NET EARNING ASSETS/NET
 INTEREST MARGIN.................  $   164,064              3.92%     $   148,721              3.70%
                                   ===========            ======      ===========            ======
PERCENTAGE OF INTEREST-EARNING 
 ASSETS TO INTEREST-BEARING 
 LIABILITIES.....................                         105.68%                            106.02%
                                                          ======                             ======
</TABLE>


                                               15



<PAGE> 16

<TABLE>
<CAPTION>

                                                                  Six Months Ended March 31,
                                              -------------------------------------------------------------
                                                          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..............       $ 1,644,823  $ 67,292    8.18%    $ 1,395,811 $ 56,862    8.15%
    Other loans.......................           265,392    11,344    8.56         288,127   12,714    8.83
                                             -----------  --------             ----------- --------
      Total loans.....................         1,910,215    78,636    8.24       1,683,938   69,576    8.26
    Mortgage-backed securities........           882,204    29,860    6.77         847,994   28,166    6.64
    Debt and equity securities........           171,366     5,974    6.97          86,865    2,797    6.44
    Money market investments..........               500        13    5.22           7,352      198    5.39
    Trading account securities........                --        --     .--             439       13    5.70
                                             -----------  --------             ----------- --------
  Total interest-earning assets.......         2,964,285   114,483    7.73       2,626,588  100,750    7.67
                                                          --------                         --------
  Non-interest-earning assets.........            74,901                            49,660
                                             -----------                       -----------
    Total assets......................       $ 3,039,186                       $ 2,676,248
                                             ===========                       ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:
  Interest-bearing liabilities:
    Deposits..........................       $ 1,702,294    27,761    3.27     $ 1,746,627   31,244    3.58
    Borrowed funds....................         1,097,554    28,566    5.22         730,008   21,488    5.89
                                             -----------  --------             ----------- --------
  Total interest-bearing liabilities..         2,799,848    56,327    4.04       2,476,635   52,732    4.26
                                                          --------                         --------
  Other liabilities...................            79,724                            41,054
                                             -----------                       -----------
    Total liabilities.................         2,879,572                         2,517,689
  Shareholders' equity................           159,614                           158,559
                                             -----------                       -----------
    Total liabilities and
     shareholders' equity.............       $ 3,039,186                       $ 2,676,248
                                             ===========                       ===========
NET INTEREST INCOME/INTEREST
 RATE SPREAD..........................                    $ 58,156    3.69%                $ 48,018    3.41%
                                                          ========  ======                 ========  ======
NET EARNING ASSETS/NET
 INTEREST MARGIN......................       $   164,437              3.91%    $  149,953              3.66%
                                             ===========            ======     ==========            ======
PERCENTAGE OF INTEREST-EARNING ASSETS
 TO INTEREST-BEARING LIABILITIES......                              105.87%                          106.05%
                                                                    ======                           ======
</TABLE>

F. COMPARISON OF THREE MONTHS ENDED MARCH 31, 1997 AND 1996

   General
   -------

          New York  Bancorp's  net income for the quarters  ended March 31, 1997
   and 1996 was $13.9 million,  or $.81 per share, and $9.2 million, or $.50 per
   share, respectively. The current quarter 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 quarter ended March
   31, 1997 increased by $9.0 million,  or 17.9%, to  $59.1 million  compared to
   the  quarter  ended  March 31, 1996.  The  increase  in  interest  income  is
   attributable to a $430.3 million increase in average interest-earning assets,
   coupled with a 10 basis point increase in yield.



                                       16


<PAGE> 17



          Interest and fee income on loans for the quarter  ended March 31, 1997
   increased by $5.2 million,  or 15.1%, to  $39.9 million  compared to the same
   quarter in 1996.  The  increase  in loan  income  reflects  a  $240.0 million
   increase in the average loan balance to  $1.930 billion  and a 13 basis point
   increase in yield on first  mortgage  loans which,  however,  were  partially
   offset by a 15 basis  point  decline  in yield on other  loans.  Interest  on
   mortgage-backed  securities for the quarter ended March 31, 1997 increased by
   $2.1 million to  $16.1 million  as compared to the same quarter in 1996. This
   increase is due to a $109.6 million increase in the average balance,  coupled
   with a 13 basis point  increase in yield.  Interest and dividends on debt and
   equity  securities  increased by  $1.7 million to $3.1 million in the current
   quarter  compared to $1.4 million in the comparable  prior year quarter.  The
   increase in such income is  attributed  to an  $87.2 million  increase in the
   average balance, coupled with a 72 basis point increase in yield.

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

          Interest expense on interest-bearing liabilities for the quarter ended
   March 31, 1997 increased by $3.0 million, or 11.8%, to $28.8 million compared
   to the quarter ended March 31, 1996. The increase in interest expense for the
   quarter  primarily  reflects  a  $414.9 million  growth  in  interest-bearing
   liabilities  to  $2.887 billion  which,  however,  was partially  offset by a
   14 basis point decrease in the cost of interest-bearing liabilities to 4.05%.
   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  and
   $.6 million for the quarters ended March 31, 1997 and 1996, respectively.

          Interest  expense on deposits of  $13.7 million  for the quarter ended
   March 31, 1997 decreased  $1.7 million from the quarter ended March 31, 1996.
   This  decrease  reflects  a 27 basis  point  decline in the  average  cost of
   deposits from 3.54% in the 1996 quarter to 3.27% in the 1997 quarter, coupled
   with  a  $50.5 million   decline  in  the  average  balance  of  deposits  to
   $1.697 billion  during the quarter  ended March 31, 1997.  The 27 basis point
   decrease in the cost of deposits  primarily reflects a decline in the average
   rate paid on  certificates  of deposit.  Interest  expense on borrowed  funds
   increased  $4.7 million to $15.1 million for the quarter ended March 31, 1997
   as compared to the quarter  ended March 31, 1996.  This  increase  reflects a
   $465.5 million   increase  in  the  average  balance  of  borrowed  funds  to
   $1.191 billion  which,  however,  was partially  offset by  a 60 basis  point
   decline in the average  cost of borrowed  funds from 5.75% during the quarter
   ended  March 31, 1996  to 5.15% during the quarter ended March 31, 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 50
   basis  points  in the  current  quarter.  Off-balance  financial  instruments
   increased  the cost of  borrowings  5 basis points  during the quarter  ended
   March 31, 1996.

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

          Home Federal  provided  $1.2 million and $.3 million for possible loan
   losses during the quarters ended March 31, 1997 and 1996,  respectively.  The
   increase  in  the  provision  for  the  current  quarter  primarily  reflects
   management's  assessment of recent events related to one nonaccrual loan. The
   Bank's ratio of its allowance  for possible  loan losses to total  nonaccrual
   loans amounted to 70.1% and 67.3% at March 31, 1997 and 1996, respectively.


                                       17



<PAGE> 18



          At March 31, 1997, the Company's recorded investment in impaired loans
   was  $14.2 million,  all of which were on  nonaccrual  status,  compared with
   $11.9 million at September 30, 1996. Due to charge-offs,  or the crediting of
   interest payments to principal,  the loans do not have an impairment  reserve
   at March 31, 1997.  Interest income of $58,000 and $.2 million was recognized
   on  these  loans  during  the  quarters   ended  March  31,  1997  and  1996,
   respectively.  This represents actual interest payments received. The average
   recorded  investment  in impaired  loans during the quarters  ended March 31,
   1997  and  1996  was  $16.1 million  and  $14.2 million,   respectively.  The
   allowance for possible loan losses contains  additional  amounts for impaired
   loans,  as deemed  necessary,  to  maintain  reserves  at  levels  considered
   adequate by management.

          As part of the Bank's  determination  of the adequacy of the allowance
   for loan  losses,  the Bank  monitors  its loan  portfolio  through its Asset
   Classification Committee. The Committee,  which meets no less than quarterly,
   consists of employees who are independent of the loan origination process and
   members of  management.  This  Committee  reviews  individual  loans with the
   lending officers and assesses risks relating to the  collectibility  of these
   loans.  The Asset  Classification  Committee  determines  the adequacy of the
   allowance for possible  loan losses  through  ongoing  analysis of historical
   loss experience, the composition of the loan portfolios,  delinquency levels,
   underlying   collateral   values  and  cash  flow  values.   Utilizing  these
   procedures,  management  believes  that the  allowance  at March 31,  1997 is
   sufficient to cover anticipated losses inherent in the loan portfolios.

          Nonaccrual loans at March 31, 1997 amounted to $28.2 million,  or 1.4%
   of total loans,  as compared to $25.6  million,  or 1.4% of total  loans,  at
   September 30, 1996.

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

<TABLE>
<CAPTION>

                                                    March 31,    September 30,
                                                      1997           1996
                                                   ----------    -------------
                                                         (In Thousands)
Nonaccrual Loans
----------------
<S>                                                <C>            <C>     
First mortgage loans:
  One to four family conventional residential...   $  12,479      $ 12,092
  Multifamily residential.......................         640           155
  Commercial real estate........................      13,572        11,758
                                                   ---------      --------
                                                      26,691        24,005

Other loans - cooperative residential loans.....       1,492         1,547
                                                   ---------      --------
    Total nonaccrual loans......................   $  28,183      $ 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 $715,000 and $803,000 for the three month periods ended March 31,
   1997 and 1996, respectively.  The amount of interest income that was recorded
   on these loans was $194,000 and  $338,000 for the three month  periods  ended
   March 31, 1997 and 1996, respectively.



                                       18

<PAGE> 19



          Additionally,  at March 31, 1997,  the Bank had  $2.3 million  in real
   estate owned as compared to $3.2 million at September 30, 1996.  Further,  at
   March 31, 1997 the Bank also had 15 restructured commercial real estate loans
   amounting  to  approximately  $5.5 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  $4.8 million  of consumer and other loans which are
   past due 90 days and still  accruing  interest as of March 31,  1997.  Of the
   $4.8 million,  $3.8 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 March 31,  1997 was
   $19.8 million,  which  represented 70.1% 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.

   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 March 31:

<TABLE>
<CAPTION>

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

<S>                                                            <C>          <C>     
Allowance for possible loan losses, beginning of quarter....   $ 18,958     $ 20,723
 Charge-offs:
 Commercial real estate  ...................................         --          (44)
 Residential real estate  ..................................       (283)        (178)
 Other loans  ..............................................       (223)        (224)
                                                               --------     --------
  Total charge-offs ........................................       (506)        (446)
 Less recoveries:
  Commercial real estate ...................................         26           --
  Residential real estate ..................................         74           --
  Other loans ..............................................         15           11
                                                               --------     --------
   Total recoveries.........................................        115           11
                                                               --------     --------
 Net charge-offs  ..........................................       (391)        (435)
                                                               --------     --------
 Addition to allowance charged to expense ..................      1,200          300
                                                               --------     --------
 Allowance for possible loan losses, end of quarter.........   $ 19,767     $ 20,588
                                                               ========     ========
</TABLE>


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

          Net interest  income after  provision for possible loan losses for the
   quarter  ended March  31, 1997  amounted to  $29.1 million,  representing  an
   increase of $5.0 million from the quarter ended March 31, 1996. This increase
   primarily  reflects a  $430.3 million  increase in average  interest  earning
   assets,  coupled  with a 22 basis  point  increase in the Bank's net interest
   margin from 3.70% in the 1996 quarter to 3.92% in the 1997 quarter.



                                       19


<PAGE> 20


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

          Non-interest  income  amounted to  $7.9 million  for the quarter ended
   March 31,  1997,  compared  to  $4.0 million  for the prior  year  comparable
   quarter.   The   $3.9 million   increase  in  non-interest   income  reflects
   $.4 million more in banking service fee income and $4.5 million more in other
   income which, however, were partially offset by a decrease of $1.0 million in
   net gain on the sales of mortgage  loans and  securities  available for sale.
   The $4.5 million  increase in other income represents  interest received on a
   tax settlement with the Internal Revenue Service.

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

          The general  and  administrative  expense  component  of  non-interest
   expense totaled  $13.4 million,  or 1.73% of average assets,  for the quarter
   ended March 31, 1997, compared to $11.6 million,  or 1.75% of average assets,
   for the quarter ended  March 31, 1996.  The $1.8 million  increase in general
   and administrative  expense reflects a $1.2 million  increase in compensation
   and benefits and a $1.1 million  increase in other expense,  which,  however,
   were partially offset by a $.5 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 12%  increase in the price of the  Company's  stock  during the
   current quarter.  The increase in other expenses was primarily  attributed to
   professional fees related to special projects.

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

          Income tax  expense  increased  $1.9 million  to  $9.2 million  for an
   effective tax rate of 39.8% during the quarter  ended March 31, 1997.  Income
   tax expense was reduced by $.7 million during the current quarter as a result
   of a  tax  settlement  with  the  Internal  Revenue  Service.  Excluding  the
   settlement  amount,  the effective tax rate was 42.8% for the current quarter
   versus an  effective  tax rate of 44.4%  during the  quarter  ended March 31,
   1996.

G. COMPARISON OF SIX MONTHS ENDED MARCH 31, 1997 AND 1996

   General
   -------

          New York  Bancorp's net income for the six months ended March 31, 1997
   and 1996 was $24.2 million, or $1.40 per share, and $17.0 million or $.93 per
   share,  respectively.  The current six 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 six months ended
   March 31,  1997  increased  by  $13.7 million,  or 13.6%,  to  $114.5 million
   compared to the six months  ended March 31,  1996.  The  increase in interest
   income   is   attributable   to  a   $337.7 million   increase   in   average
   interest-earning assets, coupled with a 6 basis point increase in yield.

                                       20




<PAGE> 21



          Interest  and fee income on loans for the six months  ended  March 31,
   1997 increased by $9.1 million,  or 13.0%, to  $78.6 million  compared to the
   same period in 1996.  The increase in loan income  reflects a  $226.3 million
   increase in the average loan balance to  $1.910 billion  and a 3 basis  point
   increase in yield on mortgage loans which,  however, were partially offset by
   a 27 basis point decline in yield on other loans. Interest on mortgage-backed
   securities for the six months ended March 31,  1997 increased by $1.7 million
   to  $29.9 million  as compared to the same period in 1996.  This  increase in
   income is due to a $34.2 million increase in the average balance coupled with
   a 13 basis point increase in yield. Interest and dividends on debt and equity
   securities increased by $3.2 million to $6.0 million in the current six month
   period  compared to  $2.8 million  in the comparable  prior year period.  The
   increase in such income is  attributed  to an  $84.5 million  increase in the
   average balance coupled with a 53 basis point increase in yield.

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

          Interest  expense on  interest-bearing  liabilities for the six months
   ended March 31,  1997 increased by  $3.6 million,  or 6.8%, to  $56.3 million
   compared to the six months  ended March 31,  1996.  The  increase in interest
   expense  for the six  months  reflects  a  $323.2 million  growth in  average
   interest-bearing  liabilities to $2.800 billion which, however, was partially
   offset by a 22 basis point decrease in cost on  interest-bearing  liabilities
   to 4.04%.  The  impact of the  Bank's  use of  interest  rate swaps and other
   off-balance   sheet   instruments  was  to  decrease   interest   expense  by
   $3.6 million  and  $1.3 million  for the six months  ended March 31, 1997 and
   1996, respectively.

          Interest   expense  on   deposits   decreased   by   $3.5 million   to
   $27.8 million  for the six months ended March 31,  1997,  compared to the six
   months ended  March 31, 1996.  This 11.1% decrease  reflects a 31 basis point
   decrease in the average cost of deposits to 3.27% in 1997 from 3.58% in 1996,
   coupled with a  $44.3 million  decrease in the average balance of deposits to
   $1.702 billion  in the 1997  period.  The  decrease  in the cost of  deposits
   primarily  reflects  a 42 basis  point  decline in the  average  rate paid on
   certificates  of  deposit.  Interest  expense  on  borrowed  funds  increased
   $7.1 million  to  $28.6 million  for the six months  ended  March 31, 1997 as
   compared to the six months ended  March 31, 1996.  This  increase  reflects a
   $367.5 million   increase  in  the  average  balance  of  borrowed  funds  to
   $1.098 billion,  which,  however,  was partially  offset by a 67 basis  point
   decrease  in the average  cost of borrowed  funds to 5.22% in the 1997 period
   from 5.89% in the 1996  period.  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 42 basis points in the current six
   month  period.  Off-balance  financial  instruments  decreased  the  cost  of
   borrowings one basis point during the six months ended March 31, 1996.



                                       21


<PAGE> 22



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

          Home Federal  provided  $1.5 million and $.6 million for possible loan
   losses during the six months ended March 31, 1997 and 1996, respectively. The
   increase  in  the  provision  for  the  current  six  month  period  reflects
   management's assessment of recent events related to one nonaccrual loan.

          At March 31, 1997, the Company's recorded investment in impaired loans
   was   $14.2 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  March  31,  1997.  Interest  income  of
   $.2 million  was  recognized  on these  loans  during  each of the six  month
   periods  ended  March 31,  1997 and 1996.  This  represents  actual  interest
   payments received.  The average recorded  investment in impaired loans during
   the  six  months  ended  March  31,  1997  and  1996  was  $14.1 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.

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

          Net interest  income after  provision for possible loan losses for the
   six months ended March 31, 1997 amounted to  $56.7 million,  representing  an
   increase  of  $9.2 million  from the six months  ended March 31,  1996.  This
   increase reflects a 25 basis point increase in the Bank's net interest margin
   from 3.66% in the 1996  period to 3.91% in the 1997  period,  coupled  with a
   $337.7 million increase in average interest-earning assets.

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

          Non-interest income amounted to $10.8 million for the six months ended
   March 31,  1997,  compared to  $6.7 million  for the prior year  period.  The
   $4.1 million  increase in non-interest  income reflects  $.6 million  more in
   banking  service  fee  income,  $.3 million  more in fees  from  the  sale of
   investment  products,  and $4.4 million more in other income,  which however,
   were partially  offset by a decrease of $1.4 million in net gains on the sale
   of mortgage  loans and  securities  available for sale. The increase in other
   income  reflects the  $4.5 million  in interest  received on a tax settlement
   with the Internal Revenue Service.

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

          The general  and  administrative  expense  component  of  non-interest
   expense totaled $25.6 million, or 1.69% of average assets, for the six months
   ended March 31, 1997, compared to $23.5 million,  or 1.76% of average assets,
   for the six months ended March 31, 1996. The $2.1 million increase in general
   and administrative  expense reflects a $2.2 million  increase in compensation
   and benefits and a $.8 million  increase in other  expense,  which,  however,
   were partially offset by a $.4 million decrease in advertising expense, and a
   $.7 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 38% increase in
   the price of the  Company's  stock during the current six month  period.  The
   increase in other  expense was  primarily  attributed  to  professional  fees
   related to special projects.


                                       22


<PAGE> 23



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

          Income tax expense  increased  $3.4 million  to  $16.9 million  for an
   effective  tax rate of 41.2%  during the six  months  ended  March 31,  1997.
   Excluding the  $.7 million  received in the tax settlement  with the Internal
   Revenue Service, the effective tax rate would have been 42.9% for the current
   six month  period  versus an effective  tax rate of 44.3% for the  comparable
   prior year period.

H. PROPOSED LEGISLATIVE MATTERS

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

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




                                       23

<PAGE> 24



I. SELECTED FINANCIAL DATA

   The following table sets forth certain selected financial data.

<TABLE>
<CAPTION>

                                                     Three Months Ended           Six Months Ended
                                                           March 31,                 March 31,
                                                   -------------------------   -----------------------
                                                       1997          1996         1997         1996
                                                   -----------    ----------   ----------  -----------
                                                     (Dollars in Thousands, except per share amounts)
FINANCIAL RATIOS (1)
--------------------
<S>                                                <C>          <C>          <C>          <C>  
Average Yield:
   First mortgage loans..........................         8.23%        8.10%        8.18%        8.15%
   Other loans...................................         8.57         8.72         8.56         8.83
   Mortgage-backed securities....................         6.83         6.70         6.77         6.64
   Debt and equity securities - taxable..........         6.97         6.25         6.97         6.44
   Money market investments......................         5.35         5.40         5.22         5.39
   Trading account securities....................          N/A          N/A          N/A         5.70
      All interest-earning assets................         7.75         7.65         7.73         7.67
Average cost: 
   Deposits......................................         3.27         3.54         3.27         3.58
   Borrowed funds................................         5.15         5.75         5.22         5.89
      All interest-bearing liabilities...........         4.05         4.19         4.04         4.26
Net interest rate spread.........................         3.70         3.46         3.69         3.41
Net interest margin..............................         3.92         3.70         3.91         3.66
Average interest-earning assets to
  average interest-bearing liabilities...........       105.68       106.02       105.87       106.05
Return on average assets.........................         1.80         1.37         1.60         1.27
Return on average common equity..................        34.58        22.95        30.38        21.45
Efficiency ratio.................................        40.46        43.29        40.10        44.64
General and administrative expense to
  average assets.................................         1.73         1.75         1.69         1.76
Equity to asset ratio at March 31................         5.06         5.78         5.06         5.78
Cumulative one year gap as a percent of total
  interest-earning assets at March 31 ...........         -9.7         +9.7         -9.7         +9.7
SHARE INFORMATION(2):
--------------------
   Earnings per common share.....................        $ .81        $ .50        $1.40        $ .93
   Weighted average number of common shares
     and equivalents outstanding.................   17,197,101   18,195,823   17,221,576   18,264,721
   Number of shares outstanding at March 31......   16,380,511   17,586,970   16,380,511   17,586,970
   Book value per share at March 31..............        $9.81        $9.05        $9.81        $9.05

NET INTEREST POSITION:
---------------------
   Excess of average interest-earning assets
     over average interest-bearing liabilities...  $   164,064  $   148,721  $   164,437  $   149,953
LOAN HIGHLIGHTS:
---------------
   Loan originations.............................  $   123,623  $    80,660  $   257,175  $   151,280
   Loan purchases................................  $     2,896  $    82,804  $    14,105  $    91,315
   Loan sales....................................  $    10,149  $    18,880  $    27,130  $    35,176
   Loans serviced for others at March 31.........  $   593,469  $   592,919  $   593,469  $   592,919
   Loan servicing fees...........................  $       429  $       438  $       874  $       841
ADJUSTABLE RATE ASSETS AT MARCH 31:
----------------------------------
   First mortgage loans and mortgage-backed
     securities..................................  $ 1,529,117  $ 1,225,262  $ 1,529,117  $ 1,225,262
   Other loans, money market investments, and
     debt and equity securities..................  $   217,616  $   244,803  $   217,617  $   244,803
   Total adjustable rate assets as a percent
     of total interest-earning assets............        55.99%       54.61%       55.99%       54.61%

(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.

</TABLE>


                                                      24

<PAGE> 25



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


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

          During the  quarter  ended  March 31,  1997,  purported  class  action
   complaints filed by Adar Equities,  Ltd. and Serious Software Corp. on behalf
   of the  shareholders  of the former  Hamilton  Bancorp,  Inc. were  dismissed
   without  prejudice.  No  compensation  in any form  has  passed  directly  or
   indirectly to the  plaintiffs  or their  attorneys and no promise to give any
   such compensation has been made.

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




                                       25


<PAGE> 26






                                   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:  May 13, 1997                          By:   /s/ Michael A. McManus, Jr.
                                                --------------------------------
                                                  Michael A. McManus, Jr.
                                                  President and
                                                  Chief Executive Officer


Date:  May 13, 1997                          By:   /s/ Stan I. Cohen
                                                --------------------------------
                                                  Stan I. Cohen
                                                  Senior Vice President,
                                                  Controller and Secretary





                                       26