**Exhibit12.1**

 

**GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES**

**Exhibit12.1**

**Ratiosof Earnings to Fixed Charges – Continuing Operations**

 

The Company’s consolidated ratios of earnings to fixed charges –continuing operations for each of the periods indicated are set fourth below:

 
|                                                                                                            |   | **Quarter Ended**  |    |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                            |   | **Mar. 31,  2002** |    | **Dec. 31,  2001** |   | **Sept. 30,  2001** |   | **June 30,  2001** |   | **Mar. 31,  2001** |   |
| ***(In millions)***                                                                                             |
| Income from  continuing operations before income taxes                                                          |   | $                  | 191     |   | $ | 188 |   | $ | 183 |   | $ | 175 |   | $ | 122 |   |
|                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |
| Combined fixed  charges:                                                                                        |   |               |    |   |   |   |   |   |   |   |   |
| Interest expense  of deposits                                                                                   |   | 79                 |    | 93 |   | 109 |   | 118 |   | 125 |   |
| Interest expense  on senior bank notes                                                                          |   | 2                  |    | 2 |   | 3 |   | 3 |   | 2 |   |
| Interest expense  on subordinated bank notes                                                                    |   | 3                  |    | 3 |   | 4 |   | 4 |   | 3 |   |
| Interest expense  on guaranteed preferred beneficial interest in Company’s junior subordinated  debentures |   | 5                  |    | 5 |   | 4 |   | 4 |   | 5 |   |
| Appropriate  portion (1/3) of rent expense                                                                      |   | 2                  |    | 2 |   | 2 |   | 2 |   | 3 |   |
| Total combined  fixed charges                                                                                   |   | $                  | 91      |   | $ | 105 |   | $ | 122 |   | $ | 131 |   | $ | 138 |   |
|                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |
| Total combined  fixed charges (excluding interest expense on deposits)                                          |   | $                  | 12      |   | $ | 12 |   | $ | 13 |   | $ | 13 |   | $ | 13 |   |
|                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |
| Earnings before  income taxes and combined fixed charges                                                        |   | $                  | 282     |   | $ | 293 |   | $ | 305 |   | $ | 306 |   | $ | 260 |   |
|                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |
| Ratio of  earnings to combined fixed charges (including interest expense on deposits)                           |   | 3.09               | x  | 2.79 | x  | 2.52 | x  | 2.34 | x | 1.89 | x |
|                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |
| Ratio of  earnings to combined fixed charges (excluding interest expense on deposits)                           |   | 16.52              | x  | 16.41 | x  | 15.64 | x | 14.46 | x  | 10.10 | x  |

 

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