**GREENPOINT FINANCIAL CORP. ANDSUBSIDIARIES**

**Exhibit 12.1**

**Ratios of Earnings to Combined Fixed Chargesand Preferred Stock Dividends**

 

 

The Company’s consolidatedratios of earnings to combined fixed charges and preferred stock dividends foreach of the periods indicated are set fourth below:

 
|                                                                                                                |   | **Quarter Ended** |   | **Nine Months Ended** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|-----------------------|--------|
|                                                                                                                |   | **Sept. 30,**     |   | **June 30,**          |   | **Mar. 31,** |   | **Dec. 31,** |   | **Sept. 30,** |   | **September 30,** |   |
| ***(In millions)***                                                                                                 |   | **2001**          |   | **2001**              |   | **2001** |   | **2000** |   | **2000** |   | **2001** |   | **2000** |   |
| Income before income taxes                                                                                          |   | $                 | 167.6  |                  | $      | 140.1 |   | $ | 129.6 |   | $ | 35.7 |   | $ | 111.7 |   | $ | 437.3 |   | $ | 318.7 |   |
|                                                                                                                |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges and preferred stock dividends:                                                               |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense of deposits                                                                                        |   | 107.5             |   | 118.0                 |   | 125.2 |   | 131.0 |   | 130.0 |   | 350.7 |   | 380.1 |   |
| Interest expense of long-term debt                                                                                  |   | 5.8               |   | 5.9                   |   | 5.9 |   | 5.8 |   | 2.6 |   | 17.6 |   | 9.3 |   |
| Interest expense on guaranteed preferred beneficial interest in  Company’s junior subordinated debentures      |   | 4.5               |   | 4.6                   |   | 4.6 |   | 4.6 |   | 4.6 |   | 13.7 |   | 13.7 |   |
| Appropriate portion (1/3) of rent expense                                                                           |   | 3.1               |   | 2.3                   |   | 2.2 |   | 2.1 |   | 1.7 |   | 7.6 |   | 5.1 |   |
| Total combined fixed charges and preferred stock dividends                                                          |   | $                 | 120.9  |                  | $      | 130.8 |   | $ | 137.9 |   | $ | 143.5 |   | $ | 138.9 |   | $ | 389.6 |   | $ | 408.2 |   |
|                                                                                                                |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges and preferred stock dividends (excluding  interest expense on deposits)                |   | $                 | 13.4   |                  | $      | 12.8 |   | $ | 12.7 |   | $ | 12.5 |   | $ | 8.9 |   | $ | 38.9 |   | $ | 28.1 |   |
|                                                                                                                |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes and combined fixed charges and preferred  stock dividends                              |   | $                 | 288.5  |                  | $      | 270.9 |   | $ | 267.5 |   | $ | 179.2 |   | $ | 250.6 |   | $ | 826.9 |   | $ | 726.9 |   |
|                                                                                                                |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges and preferred stock  dividends (including interest expense on deposits) |   | 2.39  x           |   | 2.07  x               |   | 1.94  x |   | 1.25  x |   | 1.80  x |   | 2.12  x |   | 1.78  X |   |
|                                                                                                                |   |              |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges and preferred stock  dividends (excluding interest expense on deposits) |   | 13.51  x          |   | 11.95  x              |   | 11.20  x |   | 3.86  x |   | 13.55  x |   | 12.24  x |   | 12.34  x |   |