<PAGE>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
 
                            ------------------------
 
                                   FORM 10-Q
 
            [X] Quarterly Report Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934
 
                            ------------------------
 
                             For the Quarter Ended
 
                               September 30, 1997
 
                                       OR
 
          [ ] Transition Report Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934
 
                                    0-22516
                                    -------
                 Securities and Exchange Commission File Number
 
                           GreenPoint Financial Corp.
 
             (Exact name of registrant as specified in its charter)
 
<TABLE>
<S>                                                <C>
           Delaware                                              06-1379001
           --------                                              ----------
(State or other jurisdiction of                      (I.R.S. employer identification number)
incorporation or organization)

90 Park Avenue, New York, New York                                 10016
----------------------------------                                 ------
(Address of principal executive offices)                         (Zip Code)


        (212) 834-1711                                         Not Applicable
        --------------                                         --------------
(Registrant's telephone number,                    (Former name, former address and former
     including area code)                          fiscal year if changed since last report)
</TABLE>
 
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 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.
 
                         X   Yes                        No
                        ----                         ----

As of November 12, 1997 there were 42,311,000 shares of common stock 
outstanding.

                                       1
<PAGE>
                          GREENPOINT FINANCIAL CORP.
 
                                   FORM 10-Q
 
                             FOR THE QUARTER ENDED
                               SEPTEMBER 30, 1997
 
                                     INDEX
 
<TABLE>
<CAPTION>
  PART I--FINANCIAL INFORMATION                                                                                   PAGE
                                                                                                                  -----
<S>                                                                                                            <C>
Item 1--Financial Statements

  Consolidated Statements of Financial Condition (unaudited) as of September 30, 1997 and December 31,
    1996.....................................................................................................           3

  Consolidated Statements of Income (unaudited) for the quarters and nine month periods ended September 30,
    1997 and 1996............................................................................................           4

  Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the nine month periods ended
    September 30, 1997 and 1996..............................................................................           5

  Consolidated Statements of Cash Flows (unaudited) for the nine month periods ended September 30, 1997 and
    1996.....................................................................................................           6

  Notes to the Unaudited Consolidated Financial Statements...................................................           7

Item 2--Management's Discussion and Analysis of Financial Condition and Results of Operations................          10

PART II--OTHER INFORMATION

  Item 1--Legal Proceedings..................................................................................          24

  Item 6--Exhibits and Reports on Form 8-K...................................................................          25
</TABLE>
 
                                       2
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>

                                                                                     SEPTEMBER 30,  DECEMBER 31,
                                                                                         1997           1996
                                                                                     -------------  -------------
                                                                                (IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<S>                                                                                  <C>            <C>
                                                                                               
    ASSETS
Cash and due from banks............................................................  $      87,552  $      81,914
Money market investments...........................................................        871,355        494,060
Loans receivable held for sale.....................................................          5,403          4,829
Securities available for sale......................................................      2,440,011      4,355,432
Securities held to maturity (fair value of $4,073 and $4,016 respectively).........          4,035          3,978
Loans receivable held for investment:
  Mortgage loans...................................................................      8,608,203      7,423,993
  Other loans......................................................................         25,740         23,490
  Deferred loan fees and unearned discount.........................................        (36,242)       (48,216)
  Allowance for possible loan losses...............................................       (108,000)      (105,000)
                                                                                     -------------  -------------
    Loans receivable held for investment, net......................................      8,489,701      7,294,267
                                                                                     -------------  -------------
Other interest-earning assets......................................................        111,894       --
Accrued interest receivable, net...................................................         85,717         89,460
Banking premises and equipment, net................................................        120,559        128,207
Deferred income taxes, net.........................................................         60,464         80,202
Other real estate owned, net.......................................................         25,199         28,566
Goodwill...........................................................................        588,727        623,600
Other assets.......................................................................        203,368        141,070
                                                                                     -------------  -------------
      Total assets.................................................................  $  13,093,985  $  13,325,585
                                                                                     -------------  -------------
                                                                                     -------------  -------------
    LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
  N.O.W. and checking..............................................................  $     468,648  $     524,181
  Savings and club.................................................................      1,788,972      1,901,682
  Variable rate savings............................................................      1,720,032      1,853,683
  Money market.....................................................................        490,862        561,331
  Term certificates of deposit.....................................................      6,567,407      6,611,389
                                                                                     -------------  -------------
    Total deposits.................................................................     11,035,921     11,452,266
                                                                                     -------------  -------------
Mortgagors' escrow.................................................................        108,602         66,929
Securities sold under agreements to repurchase.....................................         91,491         89,500
Long term debt.....................................................................        199,822       --
Guaranteed preferred beneficial interest in Company's junior subordinated
  debentures.......................................................................        199,719       --
Accrued income taxes payable.......................................................         26,758         45,081
Other liabilities..................................................................        159,258        208,383
                                                                                     -------------  -------------
    Total liabilities..............................................................     11,821,571     11,862,159
                                                                                     -------------  -------------
Commitments and Contingencies
Preferred shares of subsidiary.....................................................          3,638          3,623
Stockholders' equity:
  Preferred stock ($0.01 par value; 50,000,000 shares authorized; none issued).....       --             --
  Common stock ($0.01 par value; 220,000,000 shares authorized; 55,131,000 and
    55,116,000 shares issued, respectively)........................................            551            551
  Additional paid-in capital.......................................................        824,868        810,170
  Unallocated Employee Stock Ownership Plan (ESOP) shares..........................       (116,097)      (119,573)
  Unearned stock plans shares......................................................         (7,448)        (8,317)
  Retained earnings................................................................      1,115,608      1,037,993
  Net unrealized loss on securities available for sale, net........................         (8,774)       (23,324)
  Treasury stock, at cost (12,962,000 and 7,871,000 shares, respectively)..........       (539,932)      (237,697)
                                                                                     -------------  -------------
    Total stockholders' equity.....................................................      1,268,776      1,459,803
                                                                                     -------------  -------------
    Total liabilities and stockholders' equity.....................................  $  13,093,985  $  13,325,585
                                                                                     -------------  -------------
                                                                                     -------------  -------------
</TABLE>
 
(See the accompanying notes to the unaudited consolidated financial statements)
 
                                       3
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                                       QUARTER ENDED         NINE MONTHS ENDED
                                                                       SEPTEMBER 30,           SEPTEMBER 30,
                                                                   ----------------------  ----------------------
                                                                      1997        1996        1997        1996
                                                                   ----------  ----------  ----------  ----------
                                                                      (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S>                                                                <C>         <C>         <C>         <C>
Interest income:
  Mortgages......................................................  $  187,384  $  147,763  $  533,820  $  433,678
  Money market investments.......................................      14,552      15,685      26,493      60,431
  Securities.....................................................      43,655      74,966     160,704     240,549
  Trading assets.................................................      --          --              71      --
  Other interest-earning assets..................................       1,798      --           4,867      --
  Other loans....................................................         539         617       1,665       1,958
                                                                   ----------  ----------  ----------  ----------
    Total interest income........................................     247,928     239,031     727,620     736,616
                                                                   ----------  ----------  ----------  ----------
Interest expense:
  Deposits.......................................................     119,224     126,779     353,206     402,954
  Trading liabilities............................................      --          --              73      --
  Short-term and other borrowings................................       3,574         127       7,018       1,731
  Long-term debt.................................................       7,502      --           8,925      --
                                                                   ----------  ----------  ----------  ----------
    Total interest expense.......................................     130,300     126,906     369,222     404,685
                                                                   ----------  ----------  ----------  ----------
Net interest income..............................................     117,628     112,125     358,398     331,931
Provision for possible loan losses...............................      (5,376)     (3,435)    (14,837)    (10,782)
                                                                   ----------  ----------  ----------  ----------
Net interest income after provision for possible loan losses.....     112,252     108,690     343,561     321,149
                                                                   ----------  ----------  ----------  ----------
Non-interest income:
  Income from fees and commissions:
  Mortgage loan operations fee income............................       4,482       3,687      11,464      11,229
  Mortgage servicing fees........................................       1,623       1,993       5,235       6,375
  Banking services fees and commissions..........................       5,241       4,463      15,851      12,522
  Other income...................................................         295         545       1,210       3,511
  Net gain on securities.........................................         750         397       1,222         751
  Net gain (loss) on sales of loans..............................          14         104        (183)      2,884
  Net gain on sale of assets.....................................      --          --           2,416      --
  Gain on sale of branches.......................................      --          --           5,850       8,876
                                                                   ----------  ----------  ----------  ----------
    Total non-interest income....................................      12,405      11,189      43,065      46,148
                                                                   ----------  ----------  ----------  ----------
Non-interest expense:
  Salaries and benefits..........................................      23,255      21,801      68,569      64,878
  Employee Stock Ownership and stock plans expense...............       4,941       2,872      14,462      11,814
  Net expense of premises and equipment..........................      11,544      11,179      35,941      34,767
  Advertising....................................................       2,000       1,799       6,478       5,998
  Federal deposit insurance premiums.............................         692       1,748       2,192       5,183
  Charitable and educational foundation..........................       2,336       1,882       6,694       4,294
  Other administrative expenses..................................      10,232      12,538      33,099      38,608
  Other real estate owned operating expense (income) , net.......         150        (501)     (1,267)       (451)
  Goodwill amortization..........................................      11,610      11,623      34,873      34,881
  Restructuring charge...........................................      --          --           2,500      --
                                                                   ----------  ----------  ----------  ---------- 
    Total non-interest expense...................................      66,760      64,941     203,541     199,972
                                                                   ----------  ----------  ----------  ----------
Income before income taxes.......................................      57,897      54,938     183,085     167,325
Income taxes.....................................................      21,804      20,891      72,192      68,771
                                                                   ----------  ----------  ----------  ----------
Net income.......................................................  $   36,093  $   34,047  $  110,893  $   98,554
                                                                   ----------  ----------  ----------  ----------
                                                                   ----------  ----------  ----------  ----------
Earnings per share...............................................  $     0.95  $     0.79  $     2.74  $     2.22
                                                                   ----------  ----------  ----------  ----------
                                                                   ----------  ----------  ----------  ----------
Net income (excluding non-recurring items)*......................  $   36,093  $   34,047  $  107,447  $   93,459
                                                                   ----------  ----------  ----------  ----------
                                                                   ----------  ----------  ----------  ----------
Earnings per share (excluding non-recurring items)*..............  $     0.95  $     0.79  $     2.66  $     2.10
                                                                   ----------  ----------  ----------  ----------
                                                                   ----------  ----------  ----------  ----------
</TABLE>
 
*Non-recurring items include branch sales, asset sales and restructuring charge.
 
(See the accompanying notes to the unaudited consolidated financial statements)
 
                                       4
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                  (UNAUDITED)
                                 (IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                                                            NINE MONTHS ENDED
                                                                                              SEPTEMBER 30,
                                                                                        --------------------------
<S>                                                                                     <C>           <C>
                                                                                            1997          1996
                                                                                        ------------  ------------
Common Stock
Balance at beginning of period........................................................  $        551  $        550
Issuance of common stock to stock plans...............................................       --                  1
                                                                                        ------------  ------------
Balance at end of period..............................................................           551           551
                                                                                        ------------  ------------
Additional Paid-in Capital
Balance at beginning of period........................................................       810,170       801,382
Issuance of common stock to stock plans...............................................           832         3,693
Amortization of ESOP shares committed to be released..................................         8,908         3,205
Amortization of stock plans shares during the period..................................           376           402
Tax benefit for vested stock plans shares.............................................         4,582       --
                                                                                        ------------  ------------
Balance at end of period..............................................................       824,868       808,682
                                                                                        ------------  ------------
Unallocated ESOP shares
Balance at beginning of period........................................................      (119,573)     (123,987)
Amortization of ESOP shares committed to be released..................................         3,476         4,127
                                                                                        ------------  ------------
Balance at end of period..............................................................      (116,097)     (119,860)
                                                                                        ------------  ------------
Unearned stock plans shares
Balance at beginning of period........................................................        (8,317)       (9,838)
Issuance of common stock to stock plans...............................................          (833)       (3,694)
Amortization of stock plans shares during the period..................................         1,702         4,080
                                                                                        ------------  ------------
Balance at end of period..............................................................        (7,448)       (9,452)
                                                                                        ------------  ------------
Retained earnings
Balance at beginning of period........................................................     1,037,993       942,137
Net income for the period.............................................................       110,893        98,554
Dividends declared....................................................................       (28,942)      (26,056)
Exercise of stock options from treasury stock.........................................        (4,336)       (1,707)
                                                                                        ------------  ------------
Balance at end of period..............................................................     1,115,608     1,012,928
                                                                                        ------------  ------------
Net unrealized (loss) gain on securities available for sale, net
Balance at beginning of period........................................................       (23,324)       14,862
Net unrealized gain (loss) on securities available for sale...........................        14,550       (60,624)
                                                                                        ------------  ------------
Balance at end of period..............................................................        (8,774)      (45,762)
                                                                                        ------------  ------------
Treasury stock, at cost
Balance at beginning of period........................................................      (237,697)      (73,789)
Exercise of stock options from treasury stock.........................................        10,819         3,929
Purchase of treasury stock............................................................      (313,054)     (158,767)
                                                                                        ------------  ------------
Balance at end of period..............................................................      (539,932)     (228,627)
                                                                                        ------------  ------------
Total stockholders' equity............................................................  $  1,268,776  $  1,418,460
                                                                                        ------------  ------------
                                                                                        ------------  ------------
</TABLE>

(See the accompanying notes to the unaudited consolidated financial statements)

                                       5
<PAGE>

                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                            NINE MONTHS ENDED
                                                                                              SEPTEMBER 30,
                                                                                         ------------------------
                                                                                            1997         1996
                                                                                         -----------  -----------
                                                                                              (IN THOUSANDS)
<S>                                                                                      <C>          <C>
Cash Flows from Operating Activities:
Net income.............................................................................  $   110,893  $    98,554
Adjustments to reconcile net income to net cash provided by operating activities:
  Provision for possible loan losses...................................................       14,837       10,782
  Depreciation and amortization of premises and equipment..............................       12,503       12,255
  Goodwill amortization................................................................       34,873       34,881
  Accretion of discount on securities, net of premium amortization.....................       (5,321)     (56,117)
  ESOP and stock plans expense.........................................................       14,462       11,814
  Gain on securities transactions......................................................       (1,222)        (751)
  Net change in loans held for sale....................................................         (574)     168,272
  Net gain on sales of other real estate owned.........................................       (5,753)      (4,999)
  Net gain on sale of branches.........................................................       (5,850)      (8,876)
  Deferred income taxes................................................................        7,630       18,382
  Decrease in other assets.............................................................       13,225        3,070
  (Decrease) increase in other liabilities.............................................      (49,125)      52,558
  Other, net...........................................................................      (16,895)       7,672
                                                                                         -----------  -----------
    Net cash provided by operating activities..........................................      123,683      347,497
                                                                                         -----------  -----------
 
Cash Flows from Investing Activities:
  Loan originations, net of principal repayments.......................................   (1,214,627)    (931,190)
  Proceeds from sales of other real estate owned.......................................       14,846       12,648
  Purchases of securities available for sale...........................................   (1,386,967)  (5,444,177)
  Purchase of securities held to maturity..............................................         (250)        (931)
  Proceeds from maturities of securities available for sale............................    1,608,335    3,898,250
  Proceeds from sales of securities available for sale.................................    1,367,851    2,707,838
  Principal repayments on securities...................................................      194,518      194,566
  Investment in corporate officer life insurance policy................................     (103,470)     --
  Purchases of premises and equipment..................................................       (7,634)     (23,132)
                                                                                         -----------  -----------
    Net cash provided by investing activities..........................................      472,602      413,872
                                                                                         -----------  -----------
 
  Cash Flows from Financing Activities:
  Net withdrawals from depositors' accounts............................................     (285,816)  (1,052,437)
  Cash paid on transfer of deposit liabilities.........................................     (124,781)    (152,734)
  Payments for cash dividends..........................................................      (28,942)     (26,056)
  Exercise of stock options............................................................        6,483        2,222
  Purchase of treasury stock...........................................................     (313,054)    (158,767)
  Securities sold under agreements to repurchase.......................................       91,544      --
  Long term debt.......................................................................      199,822      --
  Guaranteed preferred beneficial interest in Company's junior subordinated
    debentures.........................................................................      199,719      --
  Net increase in mortgagors' escrow...................................................       41,673       21,798
                                                                                         -----------  -----------
    Net cash used in financing activities..............................................     (213,352)  (1,365,974)
                                                                                         -----------  -----------
  Net increase (decrease) in cash and cash equivalents.................................      382,933     (604,605)
  Cash and cash equivalents at beginning of period.....................................      575,974    1,704,379
                                                                                         -----------  -----------
  Cash and cash equivalents at end of period...........................................  $   958,907  $ 1,099,774
                                                                                         -----------  -----------
                                                                                         -----------  -----------
Non-cash investing and financing activities:
  Additions to other real estate owned, net............................................  $   (22,835) $      (492)
                                                                                         -----------  -----------
                                                                                         -----------  -----------
  Loans to facilitate sales of other real estate.......................................  $    15,679  $    13,216
                                                                                         -----------  -----------
                                                                                         -----------  -----------
  Unsettled trades.....................................................................  $   165,074  $   --
                                                                                         -----------  -----------
                                                                                         -----------  -----------
 
  Supplemental Disclosure of Cash Flow Information:
  Cash paid for income taxes...........................................................  $    75,991  $    21,512
                                                                                         -----------  -----------
                                                                                         -----------  -----------
  Interest paid........................................................................  $   359,287  $   407,489
                                                                                         -----------  -----------
                                                                                         -----------  -----------
</TABLE>
 
(See the accompanying notes to the unaudited consolidated financial statements)
 
                                       6
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
            NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
1. BASIS OF PRESENTATION
 
The unaudited consolidated financial statements of GreenPoint Financial
Corp. and Subsidiaries ("GreenPoint" or the "Company") are prepared in
accordance with generally accepted accounting principles for interim financial
information. In the opinion of management, all adjustments (consisting only of
normal recurring accruals) necessary for a fair presentation of the Company's
interim financial condition as of the dates indicated and the results of
operations for the periods presented have been included. The results of
operations for the interim periods shown are not necessarily indicative of
results that may be expected for the entire year.
 
The unaudited consolidated interim financial statements presented herein
should be read in conjunction with the consolidated financial statements and
notes thereto included in the Company's Annual Report to shareholders for the
period ended December 31, 1996.
 
2. STOCK INCENTIVE PLAN
 
During the nine months ended September 30, 1997, GreenPoint granted 15,000
shares of the Company's common stock to an executive officer pursuant to plans
approved by the Company's shareholders in 1994. These shares vest ratably over
four years on the anniversary dates of the award. The market price at the grant
date was $55.50.
 
For the nine months ended September 30, 1997, the Company granted options to
purchase 624,500 shares of the Company's common stock to certain officers, at an
average exercise price of $55.21. These awards vest ratably over three years on
the anniversary dates of the awards.
 
3. NON-EMPLOYEE DIRECTORS' STOCK OPTION GRANTS
 
During the nine months ended September 30, 1997, the Company granted options
to purchase 26,000 shares of the Company's common stock to non-employee
directors, at an average exercise price of $57.75. These awards vest after one
year on the anniversary date of the awards.
 
4. COMMON STOCK REPURCHASE PROGRAM
 
Under a stock repurchase program announced in June 1997, the Company has
repurchased 2.59 million shares of GreenPoint common stock through September 30,
1997. Repurchases of stock are at the Company's discretion based on ongoing
assessments of the capital needs of the business and the market valuation of its
stock.
 
                                       7
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
     NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
 
5. SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
 
Securities held at September 30, 1997 are summarized as follows:
 
<TABLE>
<CAPTION>
                                                                                 GROSS         GROSS
                                                                AMORTIZED     UNREALIZED    UNREALIZED
                                                                   COST          GAINS        LOSSES      FAIR VALUE
                                                               ------------  -------------  -----------  ------------
<S>                                                            <C>           <C>            <C>          <C>
                                                                                   (IN THOUSANDS)
Securities available for sale
U.S. Government and Federal Agency
Obligations:
U.S. Treasury notes/bills....................................  $  1,000,739    $  --         $  (8,833)  $    991,906
Agency discount notes/Asset backed securities................        96,625           63        --             96,688
Mortgage-backed securities...................................     1,118,656       --            (6,570)     1,112,086
Collateralized mortgage obligations..........................        65,482          580        --             66,062
Trust certificates collateralized by GNMA securities.........       144,166       --              (919)       143,247
Other........................................................        30,017            5        --             30,022
                                                               ------------        -----    -----------  ------------
    Total securities available for sale......................  $  2,455,685    $     648     $ (16,322)  $  2,440,011
                                                               ------------        -----    -----------  ------------
                                                               ------------        -----    -----------  ------------
SECURITIES HELD TO MATURITY
Tax exempt municipals........................................  $        625    $      38     $  --       $        663
Other........................................................         3,410       --            --              3,410
                                                               ------------        -----    -----------  ------------
    Total securities held to maturity........................  $      4,035    $      38     $  --       $      4,073
                                                               ------------        -----    -----------  ------------
                                                               ------------        -----    -----------  ------------
</TABLE>
 
Securities held at December 31, 1996 are summarized as follows:
 
<TABLE>
<CAPTION>

                                                                                 GROSS         GROSS
                                                                AMORTIZED     UNREALIZED    UNREALIZED
                                                                   COST          GAINS        LOSSES      FAIR VALUE
                                                               ------------  -------------  -----------  ------------
                                                                                   (IN THOUSANDS)
<S>                                                            <C>           <C>            <C>          <C>
SECURITIES AVAILABLE FOR SALE
U.S. Government and Federal Agency
Obligations:
U.S. Treasury notes/bills....................................  $  1,944,272    $     316     $ (16,178)  $  1,928,410
Agency discount notes/Asset backed securities................        66,358            3           (40)        66,321
Mortgage-backed securities...................................     1,880,991       --           (23,091)     1,857,900
Collateralized mortgage obligations..........................        32,432       --                (3)        32,429
Trust certificates collateralized by GNMA securities.........       409,859       --            (3,332)       406,527
Other........................................................        63,852          255          (262)        63,845
                                                               ------------        -----    -----------  ------------
    Total securities available for sale......................  $  4,397,764    $     574     $ (42,906)  $  4,355,432
                                                               ------------        -----    -----------  ------------
                                                               ------------        -----    -----------  ------------
SECURITIES HELD TO MATURITY
Tax exempt municipals........................................  $        640    $      38     $  --       $        678
Other........................................................         3,338       --            --              3,338
                                                               ------------        -----    -----------  ------------
    Total securities held to maturity........................  $      3,978    $      38     $  --       $      4,016
                                                               ------------        -----    -----------  ------------
                                                               ------------        -----    -----------  ------------
</TABLE>
 
Estimated fair values for securities are based on published market or
securities dealers' estimated prices.

During the quarter ended September 30, 1997, the Company sold
available-for-sale securities aggregating $581.9 million, resulting in gross
realized gains of $1.4 million and gross realized losses of $0.2 million.
 
The average maturities of the securities available for sale and held to
maturity at September 30, 1997 are approximately 7.0 years and 12.9 years,
respectively. Mortgage-backed securities, almost all of which have contractual
maturities of more than 10 years, are subject to scheduled and non-scheduled
principal payments which shorten the average life to an estimated 5.4 years. The
estimated average life for all securities available for sale is approximately
4.0 years.
 
                                       8
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
        NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)
 
6. EARNINGS PER SHARE IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
 
In February 1997, FASB issued Statement of Financial Accounting Standards
No. 128, ("SFAS 128") "Earnings per Share". SFAS 128 establishes standards for
computing and presenting earnings per share and applies to entities with
publicly held common stock or potential common stock. SFAS 128 simplifies the
standards for computing earnings per share previously found in APB Opinion No.
15, "Earnings per Share", and makes them comparable to international EPS
standards. It replaces the presentation of primary EPS with a presentation of
basic EPS. It also requires dual presentation of basic and diluted EPS on the
face of the income statement for all entities with complex capital structures.
 
The statement is effective for financial statements issued for periods
ending after December 15, 1997, including interim periods, earlier application
is not permitted. This statement requires restatement of all prior-period EPS
data presented. The Company does not believe that implementation of SFAS 128
will have a material effect on the financial statements of the Company.
 
7. RESTRUCTURING CHARGE
 
In the second quarter of 1997, the Company recorded a pre-tax restructuring
charge of $2.5 million pertaining to the transfer of mortgage servicing from New
York to Georgia. At September 30, 1997 approximately $1.0 million remains of
this reserve which will be utilized to absorb $0.6 million of remaining
severance payments and $0.4 million relating to write-downs of software and
fixed assets.
 
                                       9
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
<TABLE>
<CAPTION>
                                                                             QUARTER ENDED
                                               -----------------------------------------------------------------------
                                               SEP. 30,      JUN. 30,      MAR. 31,       DEC. 31,           SEP. 30,
                                                 1997          1997          1997           1996               1996
                                               ---------     ---------     ---------      ---------         ---------
<S>                                            <C>          <C>           <C>            <C>              <C>
Performance Ratios (Annualized):
Core cash earnings return on average assets (1)     1.58%          1.61%(2)      1.55%(3)      1.43%(2)      1.42%
Core cash earnings return on average equity (1)    16.62          15.13(2)      14.02(3)      13.25(2)      13.55
Return on average assets.....................       1.08           1.07          1.05(3)       1.02          1.00
Return on average equity.....................      11.39          10.04          9.51(3)       9.46          9.51
Net interest margin..........................       3.86           3.99          3.97          3.82          3.61
Net interest spread during period............       3.59           3.67          3.64          3.52          3.34
Operating expense to average assets (5)......       1.65           1.69          1.73          1.61          1.58
Efficiency ratio (6).........................       42.3           42.0          43.4(3)       42.7          43.6
Average interest-earning assets to average
  interest-bearing liabilities...............       1.07x          1.08x         1.08x         1.07x          1.07x
                                               ----------    ----------    ----------    ----------     ----------
Regulatory capital ratios:
Company:
Leverage capital (7).........................       7.00%          7.95%         6.90%         6.78%          6.38%
  Risk-based capital (7):
    Tier 1...................................      14.60          16.37         15.33         15.47          15.72
    Total....................................      15.85          17.62         16.58         16.72          16.90
Bank:
  Leverage capital (7).......................       6.95           6.66          6.20          6.64           6.26
  Risk-based capital (7):
    Tier 1...................................      14.45          13.92         13.76         15.15          15.42
    Total....................................      15.76          15.17         15.01         16.40          16.67
                                               ----------    ----------    ----------    ----------     ----------
Per share data:
   Core cash earnings (1)*...................  $    1.38      $    1.29(2)  $    1.21(3)  $    1.13(2)   $    1.13
   Common book value**.......................  $   33.65      $  $34.27     $   34.57     $   34.77      $   33.89
   Tangible common book value**..............  $   18.03      $   19.27     $   19.81     $   19.92      $   18.72
*  Average shares used in calculation........  38,193,000    40,930,000    42,235,000    42,069,000     43,138,000
** Period-end shares used in calculation.....  37,710,000    40,007,000    41,452,000    41,984,000     41,849,000
Total shares issued and outstanding..........  42,826,000    45,044,000    46,888,000    47,481,000     47,656,000
                                               ----------    ----------    ----------    ----------     ----------
Asset quality ratios:
Non-performing loans to total loans..........       4.07%          4.35%         4.45%         4.78%          5.21%
  Non-performing assets to total assets......       2.88           2.89          2.84          2.89           2.91
                                               ----------    ----------    ----------    ----------     ----------
Allowance for Possible Loan Losses to:
  Non-performing loans.......................      30.73          29.69         30.32         29.48          29.05
  Total loans................................       1.25           1.29          1.35          1.41           1.51
                                               ----------    ----------    ----------    ----------     ----------
Earnings to combined fixed charges and
  Preferred stock dividends (8):
  Excluding interest on deposits.............       7.59x         23.09x        55.92x        44.04x         48.12x
  Including interest on deposits.............       1.45x          1.49x         1.56x         1.46x          1.43x
 
<CAPTION>
 
                                                 NINE MONTHS ENDED
                                             -------------------------

                                             
                                                SEP. 30,      SEP. 30,
                                                  1997          1996
                                                --------     ----------
<S>                                            <C>           <C>
Performance Ratios (Annualized):
Core cash earnings return on average assets (1)   1.58%(4)      1.32 %(3)
Core cash earnings return on average equity (1)  15.20(4)      12.54 (3)
Return on average assets.....................     1.07(3)       0.88 (3)
Return on average equity.....................    10.27(3)       8.36 (3)
Net interest margin..........................     3.94          3.41
Net interest spread during period............     3.63          3.14
Operating expense to average assets (5)......     1.69          1.56
Efficiency ratio (6).........................     42.6(3)       44.8 (3)
Average interest-earning assets to average
  interest-bearing liabilities...............     1.08x         1.07 x
                                                 ------        -------
Regulatory Capital Ratios:
Company:
Leverage capital (7).........................
  Risk-based capital (7):
    Tier 1...................................
    Total....................................
Bank:
  Leverage capital (7).......................
  Risk-based capital (7):
    Tier 1...................................
    Total....................................
                                                 ------        -------
Per Share Data:
  Core cash earnings (1)*....................
  Common book value**........................
  Tangible common book value**...............
* Average shares used in calculation.........
** Period-end shares used in calculation.....
Total shares issued and outstanding..........
                                                 ------        -------
Asset Quality Ratios:
Non-performing loans to total loans..........
  Non-performing assets to total assets......
                                                 ------        -------
Allowance For Possible Loan Losses To:
  Non-performing loans.......................
  Total loans................................
                                                 ------        -------
Earnings To Combined Fixed Charges And
  Preferred Stock Dividends (8):
  Excluding interest on deposits.............    15.46x         53.61 x
  Including interest on deposits.............     1.50x          1.41 x
</TABLE>
 
------------------------
(1) Core cash earnings is net income, net of non-recurring items, adding back
    goodwill amortization and Employee Stock Ownership and stock plans expense.
(2) Excludes restructuring charge (recovery).
(3) Excludes branch and asset sales.
(4) Excludes branch sales, asset sales and restructuring charge (recovery).
(5) Excludes goodwill expense, OREO (income) expense and restructuring charge
    (recovery).
(6) The efficiency ratio is calculated by dividing the Company's operating
    expense excluding goodwill expense, OREO (income) expense and restructuring
    charge (recovery) by the sum of net interest income and non-interest income.
(7) These ratios are calculated using regulatory guidelines which exclude the
    impact on stockholders' equity resulting from the adoption of Statement of
    Financial Accounting Standards No. 115. "Accounting for Certain Investments
    in Debt and Equity Securities" ("SFAS 115").
(8) For purposes of computing the ratio of earnings to combined fixed charges
    and preferred stock dividend requirements, earnings represent net income
    plus applicable income taxes, fixed charges and preferred stock dividend
    requirements of a consolidated subsidiary. Fixed charges, excluding interest
    expense on deposits, represent interest expense on long-term debt and
    one-third (the portion deemed to be representative of the interest factor)
    of rents. Fixed charges, including interest expense on deposits, represent
    interest expense on long-term debt, one-third (the portion deemed to be
    representative of the interest factor) of rents and interest expense on
    deposits.
 
 
                                       10
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
1. GENERAL
 
    The Bank has historically operated as a traditional consumer-oriented
institution serving the markets in which its branches are located. Management's
objective has been to become a major niche loan originator in the national
residential mortgage market and to become a major consumer banking force within
the attractive, rapidly consolidating New York metropolitan consumer banking
market.
 
    GreenPoint regularly explores opportunities for acquisitions of and holds
discussions with financial institutions and related businesses, and also
regularly explores opportunities for acquisitions of liabilities and assets of
financial institutions and other financial services providers. The Company
routinely analyzes its lines of business and from time to time may increase,
decrease or terminate one or more of its activities.
 
2. OPERATING RESULTS
 
    The third quarter's results include the following:
 
    - The Company's loan originations totaled $759 million, up 7% over the third
      quarter of 1996, and up 6% over the prior quarter. The percentage of new
      loans originated outside of New York was 64%, and ARMs as a percentage of
      total originations were 36%.
 
    - Asset quality continued to improve as non-performing loans and
      non-performing assets declined. As a result of the decline in
      non-performing loans and the growth of the loan portfolio, the ratio of
      non-performing loans to total loans declined 114 basis points to 4.07%, a
      21.9% decrease from September 30, 1996 and 28 basis points lower than the
      second quarter.
 
    - Net interest margin decreased to 3.86% primarily from the effect of the
      $200 million Guaranteed Preferred Beneficial Interest in Company's Junior
      Subordinated Debentures ("Capital Securities") Issue.
 
    Net income for the quarter ended September 30, 1997 was $36.1 million, or
$0.95 per share, a 20.3% per share increase over the $34.0 million, or $0.79 per
share, for the comparable 1996 period. Net income in the first nine months of
1997 was $110.9 million, or $2.74 per share, compared to $98.6 million, or $2.22
per share, for the 1996 period.
 
                                       11
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
NET INTEREST INCOME
 
    Net interest income increased by $5.5 million, or 4.9%, in the third quarter
of 1997, and $26.5 million, or 8.0%, in the first nine months of 1997, versus
the comparable periods in 1996. The improvements in both 1997 periods from the
prior year were primarily due to an improvement in net interest margin.
 
    Interest income increased by $8.9 million, or 3.7%, to $247.9 million in the
third quarter of 1997, and decreased by $9.0 million, or 1.2%, to $727.6 million
in the first nine months of 1997, from $239.0 million and $736.6 million,
respectively, for the 1996 periods.
 
    Interest income on money market investments declined by $1.1 million, or
7.2%, to $14.6 million in the third quarter of 1997, and by $33.9 million, or
56.2%, to $26.5 million in the first nine months of 1997, from $15.7 million and
$60.4 million, respectively, for the comparable 1996 periods. The decrease was 
due to declines in the average money market investment balance of $134.5 
million and $858.9 million, for the third quarter and nine months ended 
September 30, 1997, respectively, from $1.2 billion and $1.5 billion for the 
comparable 1996 periods.
 
    Interest income on securities declined by $31.3 million, or 41.8%, to $43.7
million in the third quarter of 1997, and by $79.8 million, or 33.2%, to $160.7
million in the first nine months of 1997 from $75.0 million and $240.5 million,
respectively, for the comparable 1996 periods. The decrease was due to declines
in the average securities balance of $1.9 billion and $1.7 billion, for the
quarter and nine months ended September 30, 1997, respectively, from $4.8 
billion and $5.3 billion for the comparable 1996 periods.
 
    Interest income on mortgages rose by $39.6 million, or 26.8%, to $187.4
million, in the third quarter of 1997, and by $100.1 million, or 23.1%, to
$533.8 million in the first nine months of 1997 from $147.8 million and $433.7
million, respectively, for the comparable 1996 periods. The increase reflects 
the growth in the Company's loan portfolio to average balances of $8.4 billion 
and $8.0 billion, for the quarter and nine months ended September 30, 1997,
respectively, from $6.6 billion and $6.3 billion for the comparable 1996
periods.
 
    Interest expense increased by $3.4 million, or 2.7%, to $130.3 million in
the third quarter of 1997, and declined by $35.5 million, or 8.8%, to $369.2
million in the first nine months of 1997, from $126.9 million and $404.7 
million, respectively, for the comparable 1996 periods. The quarterly increase 
reflects a 15 basis point rise in the average cost of funds from the comparable
1996 quarter, primarily due to the effect of the $200 million Capital Securities
Issue in the 1997 period. The decrease reflects a $882.6 million decline in
average interest bearing liabilities from the comparable 1996 nine month period
primarily due to deposit balance reductions resulting from the Company's deposit
pricing objectives.
 
                                       12
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
    Interest expense on time deposits decreased by $2.6 million, or 2.9%, to
$87.3 million in the third quarter of 1997, and by $36.5 million, or 12.5%, to
$254.5 million for the first nine months of 1997, from $89.9 million and $291.0
million for the comparable 1996 periods. The primary reason for the decline was
the decrease in average time deposits of $372.6 million in the third quarter of
1997, and of $771.8 million in the first nine months of 1997, resulting from a
net deposit outflow between the periods. The average cost of time deposits
increased by 12 basis points and declined by 11 basis points from the comparable
1996 periods.
 
    Interest expense on savings accounts, which include money market and
variable rate savings, decreased by $4.8 million, or 13.8%, to $30.3 million in
the current quarter, and by $12.9 million, or 12.1%, to $93.7 million in the
first nine months of 1997, from $35.1 million and $106.6 million for the
comparable 1996 periods. The decline in interest expense reflects a decrease in
the average balance of $428.1 million and $413.9 million in the third quarter of
1997 and the first nine months of 1997, respectively, versus the comparable 
periods in 1996.
 
    Interest expense on Capital Securities of $4.6 million and $6.0 million were
incurred during the third quarter of 1997 and the first nine months of 1997,
respectively.
 
                                       13
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
AVERAGE BALANCE SHEETS AND INTEREST YIELD/COST
 
    The following table sets forth certain information relating to the Company's
average statements of financial condition (unaudited) and statements of income
(unaudited) for the quarters ended September 30, 1997 and 1996, and reflects the
average yield on assets and average cost of liabilities for the periods
indicated. Such annualized yields and costs are derived by dividing income or
expense by the average balance of assets or liabilities, respectively, for the
periods shown. Average balances are derived from average daily balances. Average
balances and yields include non-accrual loans. The yields and costs include
fees that are considered adjustments to yields. Interest and yields are
presented on a taxable equivalent yield basis.

<TABLE>
<CAPTION>
                                                                               QUARTER ENDED
                                              -------------------------------------------------------------------------------
                                                         SEPTEMBER 30, 1997                      SEPTEMBER 30, 1996
                                              ----------------------------------------  -------------------------------------
                                                                             AVERAGE                                AVERAGE
                                                 AVERAGE                      YIELD/      AVERAGE                   YIELD/
                                                 BALANCE       INTEREST        COST       BALANCE      INTEREST      COST
                                              -------------  -------------  ----------  ------------  ----------  -----------
                                                                          (DOLLARS IN THOUSANDS)
<S>                                           <C>            <C>            <C>         <C>           <C>         <C>
Assets:
Interest-earning assets:
  Mortgage loans (1)........................  $   8,385,344  $     187,384        8.94% $  6,604,355  $  147,763        8.95%
  Other loans (1)...........................         27,460            539        7.85        29,710         617        8.31
  Money market investments (2)..............      1,028,664         14,556        5.61     1,163,117      15,685        5.39
  Securities (3)............................      2,879,500         44,341        6.14     4,809,348      76,296        6.32
  Other interest-earning assets.............        111,972          2,856       10.12       --           --          --
                                              -------------  -------------              ------------  ----------
    Total interest-earning assets...........     12,432,940        249,676        8.02    12,606,530     240,361        7.62
                                                             -------------                            ----------
  Non-interest earning assets (4)...........        899,789                                1,040,635
                                              -------------                             ------------
    Total assets............................  $  13,332,729                             $ 13,647,165
                                              -------------                             ------------
                                              -------------                             ------------
Liabilities & Stockholders' Equity:
Interest-bearing liabilities:
  Savings...................................  $   1,821,057         11,319        2.47% $  1,967,639      13,840        2.80%
  NOW.......................................        326,471          1,405        1.71       330,572       1,523        1.83
  Money market and variable rate savings....      2,239,351         18,950        3.36     2,520,898      21,256        3.35
  Term certificates of deposit..............      6,531,061         87,287        5.30     6,903,661      89,916        5.18
  Mortgagors' escrow........................         96,447            263        1.08        75,869         244        1.28
  Repurchase agreements.....................        280,878          3,574        5.05         9,292         127        5.44
  Long term debt............................        169,737          2,929        6.90       --           --          --
  Guaranteed preferred beneficial interest
    in Company's junior subordinated
    debentures..............................        199,718          4,573        9.16       --           --          --
                                              -------------  -------------              ------------  ----------
    Total interest-bearing liabilities......     11,664,720        130,300        4.43    11,807,931     126,906        4.28
                                                             -------------                            ----------
Other liabilities (5).......................        397,249                                  405,841
                                              -------------                             ------------
         Total liabilities..................     12,061,969                               12,213,772
                                                                                                    
Preferred shares of subsidiary..............          3,637                                      685
Stockholders' equity........................      1,267,123                                1,432,708
                                              -------------                             ------------
    Total liabilities & stockholders'
      equity................................  $  13,332,729                             $ 13,647,165
                                              -------------                             ------------
                                              -------------                             ------------
Net interest income/interest rate spread (6)                 $     119,376        3.59%               $  113,455        3.34%
                                                             -------------  ----------                ----------         ---
                                                             -------------  ----------                ----------         ---
Net interest-earning assets/net interest
  margin (7)................................  $     768,220                       3.86% $    798,599                    3.61%
                                              -------------                 ----------  ------------                     ---
                                              -------------                 ----------  ------------                     ---
Ratio of interest-earning assets to
  interest-bearing liabilities..............                                      1.07x                                 1.07x
                                                             -------------                            ----------
                                                             -------------                            ----------
</TABLE>
 
------------------------
 
(1) In computing the average balances and average yield on loans, non-accruing
    loans and loans held for sale have been included.
(2) Includes overnight federal funds sold and securities purchased under resale
    agreements.
(3) Securities available for sale are reported at average amortized cost.
(4) Includes goodwill, banking premises and equipment--net, net deferred tax
    assets, accrued interest receivable, and other miscellaneous
    non-interest-earning assets.
(5) Includes accrued interest payable, accounts payable, official checks drawn
    against the Bank, accrued expenses, and other miscellaneous
    non-interest-bearing obligations of the Company.
(6) Net interest rate spread represents the difference between the average yield
    on interest-earning assets and the average cost of interest-bearing
    liabilities.
(7) Net interest margin represents net interest income on a tax equivalent basis
    before the provision for possible loan losses divided by average
    interest-earning assets.
 
                                       14
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
AVERAGE BALANCE SHEETS AND INTEREST YIELD/COST
 
    The following table sets forth certain information relating to the Company's
average statements of financial condition (unaudited) and statements of income
(unaudited) for the nine months ended September 30, 1997 and 1996, and reflects
the average yield on assets and average cost of liabilities for the periods
indicated. Such annualized yields and costs are derived by dividing income or
expense by the average balance of assets or liabilities, respectively, for the
periods shown. Average balances are derived from average daily balances. Average
balances and yields include non-accrual loans. The yields and costs include
fees that are considered adjustments to yields. Interest and yields are
presented on a taxable equivalent yield basis.

<TABLE>
<CAPTION>
                                                                            NINE MONTHS ENDED
                                             --------------------------------------------------------------------------------
                                                        SEPTEMBER 30, 1997                       SEPTEMBER 30, 1996
                                             -----------------------------------------  -------------------------------------
                                                                             AVERAGE                                AVERAGE
                                                AVERAGE                      YIELD/       AVERAGE                   YIELD/
                                                BALANCE       INTEREST        COST        BALANCE      INTEREST      COST
                                             -------------  -------------  -----------  ------------  ----------  -----------
                                                                          (DOLLARS IN THOUSANDS)
<S>                                          <C>            <C>            <C>          <C>           <C>         <C>
Assets:
Interest-earning assets:
  Mortgage loans (1).......................  $   7,977,800  $     533,820         8.92% $  6,335,371  $  433,678        9.13%
  Other loans (1)..........................         27,099          1,665         8.19        32,521       1,958        8.03
  Money market investments (2).............        637,120         26,510         5.56     1,496,022      60,431        5.40
  Securities (3)...........................      3,552,685        163,614         6.15     5,256,504     244,336        6.22
  Trading assets...........................          1,463             71         6.49       --           --          --
  Other interest-earning assets............        108,925          7,742         9.50       --           --          --
                                             -------------  -------------               ------------  ----------
    Total interest-earning assets..........     12,305,092        733,422         7.95    13,120,418     740,403        7.53
                                                            -------------                             ----------
Non-interest earning assets (4)............        908,578                                 1,047,857
                                             -------------                              ------------
    Total assets...........................  $  13,213,670                              $ 14,168,275
                                             -------------                              ------------
                                             -------------                              ------------
Liabilities & Stockholders' Equity:
Interest-bearing liabilities:
  Savings..................................  $   1,853,448         35,854         2.59% $  1,994,870      41,692        2.79%
  NOW......................................        331,920          4,235         1.71       334,295       4,593        1.84
  Money market and variable rate savings...      2,301,705         57,836         3.36     2,574,198      64,947        3.37
  Term certificates of deposit.............      6,503,322        254,509         5.23     7,275,109     290,974        5.34
  Mortgagors' escrow.......................         91,990            772         1.12        77,938         748        1.28
  Trading liabilities......................          1,637             73         5.96       --           --          --
  Repurchase agreements....................        206,965          7,018         4.53        61,087       1,731        3.79
  Long term debt...........................         56,579          2,929         6.90       --           --          --
  Guaranteed preferred beneficial interest
    in Company's junior subordinated
    debentures.............................         87,284          5,996         9.16       --           --          --
                                             -------------  -------------               ------------  ----------
    Total interest-bearing liabilities.....     11,434,850        369,222         4.32    12,317,497     404,685        4.39  
                                                            -------------                             ----------
Other liabilities (5)......................        399,962                                   360,376
                                             -------------                              ------------
         Total liabilities.................     11,834,812                                12,677,873
                                                                                                    
Preferred shares of subsidiary.............          3,629                                       344
Stockholders' equity.......................      1,375,229                                 1,490,058
                                             -------------                               -----------
    Total liabilities & stockholders'
      equity...............................  $  13,213,670                              $ 14,168,275
                                             -------------                               -----------
                                             -------------                               -----------
Net interest income/interest rate spread
  (6)......................................                 $     364,200         3.63%               $  335,718        3.14%
                                                            -------------  -----------                ----------         ---
                                                            -------------  -----------                ----------         ---
Net interest-earning assets/net interest
  margin (7)...............................  $     870,242                        3.94% $    802,921                    3.41%
                                             -------------                 -----------  ------------                     ---
                                             -------------                 -----------  ------------                     ---
Ratio of interest-earning assets to
  interest-bearing liabilities.............                                       1.08x                                 1.07x
                                                                            -------------                             ----------
                                                                            -------------                             ----------
</TABLE>

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

(1) In computing the average balances and average yield on loans, non-accruing
    loans and loans held for sale have been included.
(2) Includes overnight federal funds sold and securities purchased under resale
    agreements.
(3) Securities available for sale are reported at average amortized cost.
(4) Includes goodwill, banking premises and equipment--net, net deferred tax
    assets, accrued interest receivable, and other miscellaneous
    non-interest-earning assets.
(5) Includes accrued interest payable, accounts payable, official checks drawn
    against the Bank, accrued expenses, and other miscellaneous
    non-interest-bearing obligations of the Company.
(6) Net interest rate spread represents the difference between the average yield
    on interest-earning assets and the average cost of interest-bearing
    liabilities.
(7) Net interest margin represents net interest income on a tax equivalent basis
    before the provision for possible loan losses divided by average
    interest-earning assets.

                                       15
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
RATE/VOLUME ANALYSIS
 
    The following table presents the effects of changes in interest rates and
changes in volume of interest-earning assets and interest-bearing liabilities on
the Company's interest income on a tax equivalent basis and interest expense
during the periods indicated. Information is provided in each category on
changes (i) attributable to changes in volume (changes in volume multiplied by
prior rate), (ii) changes attributable to changes in rate (changes in rate
multiplied by prior volume), and (iii) the net change. The changes attributable
to the combined impact of volume and rate have been allocated proportionately to
volume and rate.

<TABLE>
<CAPTION>
                                                                                           NINE MONTHS ENDED SEPTEMBER 30,
                                                                                                        1997
                                                      QUARTER ENDED SEPTEMBER 30, 1997               COMPARED TO
                                                                COMPARED TO                NINE MONTHS ENDED SEPTEMBER 30,
                                                      QUARTER ENDED SEPTEMBER 30, 1996                  1996
                                                            INCREASE/(DECREASE)                  INCREASE/(DECREASE)
                                                    ------------------------------------  ---------------------------------
                                                             DUE TO                              DUE TO
                                                    -------------------------             ---------------------
                                                       AVERAGE       AVERAGE      NET      AVERAGE     AVERAGE      NET
                                                        VOLUME        RATE      CHANGE      VOLUME      RATE       CHANGE
                                                    --------------  ---------  ---------  ----------  ---------  ----------
                                                                                (IN THOUSANDS)
<S>                                                 <C>             <C>        <C>        <C>         <C>        <C>
Interest-earning assets:
  Mortgage loans (1)..............................  $    39,798     $    (177) $  39,621  $  110,101  $  (9,959) $  100,142
  Other loans (1).................................          (45)          (33)       (78)       (332)        39        (293)
  Money market investments (2)....................       (1,876)          747     (1,129)    (35,686)     1,765     (33,921)
  Securities......................................      (29,350)       (2,605)   (31,955)    (77,090)    (3,632)    (80,722)
  Trading assets..................................        --              --         --           71      --              71
  Other interest-earning assets...................        2,856           --       2,856       7,742      --           7,742
                                                    --------------  ---------  ---------  ----------  ---------  ----------
    Total interest-earning assets.................       11,383        (2,068)     9,315       4,806    (11,787)     (6,981)
                                                    --------------  ---------  ---------  ----------  ---------  ----------
Interest-bearing liabilities:
  Savings.........................................         (984)       (1,537)    (2,521)     (2,849)    (2,989)     (5,838)
  NOW.............................................          (19)          (99)      (118)        (33)      (325)       (358)
  Money market and variable rate savings..........       (2,383)           77     (2,306)     (6,848)      (263)     (7,111)
  Term certificates of deposit....................       (4,563)        1,934     (2,629)    (29,776)    (6,689)    (36,465)
  Mortgagors' escrow..............................           60           (41)        19         125       (101)         24
  Trading liabilities.............................        --           --         --              73     --              73
  Repurchase agreements...........................        3,457           (10)     3,447       4,885        402       5,287
  Long term debt..................................        2,929        --          2,929       2,929     --           2,929
  Guaranteed preferred beneficial interest in
    Company's junior subordinated debentures......        4,573        --          4,573       5,996     --           5,996
                                                    --------------  ---------  ---------  ----------  ---------  ----------
    Total interest-bearing liabilities............        3,070           324      3,394     (25,498)    (9,965)    (35,463)
                                                    --------------  ---------  ---------  ----------  ---------  ----------
  Net change in net interest income...............  $     8,313     $  (2,392) $   5,921  $   30,304  $  (1,822) $   28,482
                                                    --------------  ---------  ---------  ----------  ---------  ----------
                                                    --------------  ---------  ---------  ----------  ---------  ----------
</TABLE>
 
------------------------
 
(1) In computing the volume and rate components of net interest
    income for loans, non-accrual loans and loans held for sale have
    been included.
(2) Includes overnight federal funds and securities purchased under resale
    agreements.
 
                                       16
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
PROVISION FOR POSSIBLE LOAN LOSSES
 
    The provision for possible loan losses increased by $1.9 million, or 56.5%,
to $5.4 million for the third quarter of 1997, and increased by $4.1 million, or
37.6%, to $14.9 million in the first nine months of 1997, from $3.5 million and
$10.8 million for the comparable 1996 periods. The provision exceeded net
charge-offs by $1.0 million for the third quarter of 1997 and by $3.0 million
for the first nine months of 1997, in response to loan portfolio growth. The
quality of the loan portfolio and level of loan reserves increased over the
comparable 1996 quarterly and nine month periods.
 
NON-INTEREST INCOME
 
    Non-interest income increased by $1.2 million, or 10.9%, to $12.4 million in
the third quarter of 1997, and decreased by $3.1 million, or 6.7%, to $43.1
million in the first nine months of 1997, from $11.2 million and $46.2 million,
respectively in the comparable 1996 periods. The third quarter increase results
primarily from a $0.8 million, or 21.6%, rise in mortgage operations fee income.
For the first nine months, the decrease relates to a $5.9 million
non-recurring gain on branch sales in the first nine months of 1997 versus $8.9
million in the first nine months of 1996.
 
NON-INTEREST EXPENSE
 
    Non-interest expense increased by $1.8 million, or 2.8%, to $66.8 million in
the current quarter, and by $3.6 million, or 1.8%, to $203.6 million in the
first nine months as compared to $65.0 million and $200.0 million for the
comparable 1996 periods. The results from the first nine months of 1997 include
a pre-tax restructuring charge of $2.5 million relating to the transfer of
mortgage servicing from New York to Georgia. Excluding the non-recurring
restructuring charge, non-interest expense increased by $1.1 million, or 0.5%,
for the first nine months of 1997 as compared to the comparable 1996 period.
 
    FDIC premiums decreased by $1.1 million in the current quarter and $3.0
million in the first nine months of 1997 due to the reduction in assessment
rates and the recapitalization of the Savings Association Insurance Fund in
1996. Other administrative expense decreased by $2.3 million in the third
quarter of 1997 and $5.5 million in the first nine months of 1997. The decreases
were partially offset by an increase in salaries and benefits of $1.5 million in
the third quarter of 1997 and $3.7 million in the first nine months of 1997 and
an increase in ESOP and stock plans expense of $2.1 million in the third quarter
of 1997 and $2.6 million in the first nine months of 1997 due to a higher
average stock price as compared with the comparable 1996 periods.
 
                                       17
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
INCOME TAX EXPENSE
 
    Income tax expense increased by $0.9 million, or 4.4%, to $21.8 million in
the current quarter, and increased by $3.4 million, or 5.0%, to $72.2 million in
the first nine months of 1997 from $20.9 million and $68.8 million for the
comparable periods of 1996. The rise in the current quarter compared with 1996
is primarily due to a $3.0 million, or 5.4%, increase in income before income
taxes partially offset by the decrease in the effective tax rate from 38.03% in
the 1996 period to 37.66% in the 1997 period. The increase in the first nine
months of 1997 compared with 1996 is primarily due to the $15.8 million, or
9.4%, increase in income before income taxes partially offset by the decrease in
the effective tax rate from 41.10% in 1996 to 39.43% in the 1997 period.
 
3. FINANCIAL CONDITION
 
    Total assets decreased by $231.6 million, to $13.09 billion at September 30,
1997 from December 31, 1996. Total loans held for investment, net, rose $1.20
billion to $8.49 billion at September 30, 1997, from $7.29 billion at December
31, 1996. Securities available for sale decreased $1.92 billion, to $2.44
billion at September 30, 1997, from $4.36 billion at December 31, 1996,
primarily as a result of the usage of proceeds from the maturities and sales of
securities to fund loan originations.
 
    GreenPoint's operating results include significant amortization of goodwill
and employee stock compensation plans expense. These non-cash expenditures,
unlike all other expenses reported by the Company, result in net increases in
GreenPoint's tangible capital and related core cash earnings. Additional core
cash earnings enable the Company to pursue increases in shareholder value
through growth of earning assets, increases of cash dividends, and additional
repurchases of the Company's stock.
<TABLE>
<CAPTION>
                                                           QUARTER ENDED                      NINE MONTHS ENDED
                                             -----------------------------------------  ------------------------------
                                             SEPTEMBER 30,   JUNE 30,    SEPTEMBER 30,  SEPTEMBER 30,   SEPTEMBER 30,
                                                 1997          1997          1996           1997            1996
                                             -------------  -----------  -------------  -------------  ---------------
                                                             (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S>                                          <C>            <C>          <C>            <C>            <C>              
Net income.................................    $  36,093     $  35,129     $  34,047      $ 110,893    $    98,554
Non-recurring items, net of tax (1)........       --             1,493        --             (3,446)        (5,095)
                                             -------------  -----------  -------------  -------------  ---------------     
Core net income............................       36,093        36,622        34,047        107,447         93,459
  Add back:
  Goodwill expense.........................       11,610        11,620        11,623         34,873         34,881
  Employee stock plans expense.............        4,941         4,711         2,872         14,462         11,814
                                             -------------  -----------  -------------  -------------  ---------------        
  Core cash earnings.......................    $  52,644     $  52,953     $  48,542      $ 156,782    $   140,154
                                             -------------  -----------  -------------  -------------  ---------------        
                                             -------------  -----------  -------------  -------------  ---------------        
  Core cash earnings per share (2).........    $    1.38     $    1.29     $    1.13      $    3.88    $      3.15       
                                             -------------  -----------  -------------  -------------  ---------------        
                                             -------------  -----------  -------------  -------------  ---------------        
</TABLE>
 
------------------------
(1) Non-recurring items include branch sales, asset sales and restructuring
    charge.
(2) Based on the weighted average shares used to calculate earnings per share.
 
                                       18
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
INTEREST RATE SENSITIVITY GAP ANALYSIS
 
    The table below depicts the Company's interest rate sensitivity as of 
September 30, 1997. Allocations of assets and liabilities, including non 
interest-bearing sources of funds, to specific periods are based upon 
management's assessment of contractual or anticipated repricing 
characteristics, adjusted periodically to reflect actual experience. Those 
gaps are then adjusted for the net effect of off-balance sheet financial 
instruments such as interest rate swaps.

<TABLE>
<CAPTION>
                                                                           REPRICING PERIODS
                                            --------------------------------------------------------------------------------
                                                                                         MORE THAN
                                                             MORE THAN     MORE THAN     ONE YEAR
                                            THREE MONTHS   THREE MONTHS   SIX MONTHS     TO THREE      MORE THAN
                                               OR LESS     TO SIX MONTHS  TO ONE YEAR      YEARS      THREE YEARS    TOTAL
                                            -------------  -------------  -----------  -------------  -----------  ---------
                                                                             (IN MILLIONS)
<S>                                         <C>            <C>            <C>          <C>            <C>          <C>
Total loans, net..........................    $   1,204      $     709     $   1,290     $   1,548     $   3,744   $   8,495
Money market investments (1)..............          871         --            --            --            --             871
Securities held to maturity...............       --             --            --            --                 4           4
Securities available for sale.............          516             47            89           753         1,035       2,440
Trading assets............................       --             --            --            --            --          --
Other interest-earning assets.............          112         --            --            --            --             112
                                              ---------      ---------    -----------  -------------  -----------  ---------
Total interest-earning assets.............        2,703            756         1,379         2,301         4,783      11,922
                                              ---------      ---------    -----------  -------------  -----------  ---------
Cash and due from banks...................           88         --            --            --            --              88
Goodwill..................................           11             11            21            84           462         589
Other non-interest-earning assets.........          495         --            --            --            --             495
                                              ---------      ---------    -----------  -------------  -----------  ---------
  TOTAL ASSETS............................    $   3,297      $     767     $   1,400     $   2,385     $   5,245   $  13,094
                                              ---------      ---------    -----------  -------------  -----------  ---------
                                              ---------      ---------    -----------  -------------  -----------  ---------
Term certificates.........................    $   1,243      $   1,121     $   2,341     $   1,594     $     268   $   6,567
Core deposits.............................          256            250           509         1,868         1,586       4,469
                                              ---------         ------    -----------  -------------  -----------  ---------
Total deposits............................        1,499          1,371         2,850         3,462         1,854      11,036
                                              ---------         ------    -----------  -------------  -----------  ---------
Securities sold under agreements to
  repurchase..............................           91         --            --            --            --              91
Long term debt............................       --             --            --            --               200         200
Guaranteed preferred beneficial interest
  in Company's junior subordinated
  debentures..............................       --             --            --            --               200         200
Other liabilities.........................          294         --            --            --            --             294
Preferred shares of subsidiary............       --             --            --            --                 4           4
Stockholders' equity......................       --             --            --            --             1,269       1,269
                                              ---------      ---------    -----------  -------------  -----------  ---------
    TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY..............................    $   1,884      $   1,371     $   2,850     $   3,462     $   3,527   $  13,094
                                              ---------         ------    -----------  -------------  -----------  ---------
                                              ---------         ------    -----------  -------------  -----------  ---------
OFF BALANCE SHEET FINANCIAL INSTRUMENTS...    $     400      $  --         $  --         $    (300)    $    (100)  $  --
                                              ---------         ------    -----------  -------------  -----------  ---------
                                              ---------         ------    -----------  -------------  -----------  ---------
Interest rate sensitivity gap.............    $   1,813      $    (604)    $  (1,450)    $  (1,377)    $   1,618
Cumulative gap............................    $   1,813      $   1,209     $    (241)    $  (1,618)
Interest rate sensitivity gap as a
  percentage of total assets..............        13.85%       (4.61%)       (11.07%)       (10.52%)       12.36%
Cumulative gap as a percentage of total
  assets..................................        13.85%          9.23%        (1.84%)       (12.36%)
</TABLE>
 
------------------------
 
(1) Consists of overnight federal funds sold and securities purchased under
    agreements to resell.
 
                                       19
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
INTEREST RATE RISK MANAGEMENT
 
    Interest rate risk is defined as the sensitivity of the Company's current
and future earnings to changes in the level of market interest rates. It arises
in the ordinary course of the Company's business, as the repricing
characteristics of its mortgage loans do not match those of its deposit
liabilities. The resulting interest rate risk is managed by adjustments to the
Company's investment portfolio and through the use of off balance sheet
instruments such as interest rate swaps and options.
 
    Management responsibility for interest rate risk resides with the Asset and
Liability Management Committee ("ALCO"). The committee is comprised of the
Chairman and Chief Executive Officer, the President and Chief Operating Officer
and the Company's senior business-unit and financial executives. Interest rate
risk management strategies are formulated and monitored by ALCO within policies
and limits approved by the Board of Directors. These policies and limits set
forth the maximum risk which the Board of Directors deems prudent, govern
permissible investment securities and off balance sheet instruments and identify
acceptable counter parties to securities and off balance sheet transactions.
 
    ALCO risk management strategies allow for the assumption of interest rate
risk within the Board approved limits. The strategies are formulated based upon
ALCO's assessments of likely market developments and trends in the Company's
mortgage and consumer banking businesses. Strategies are developed with the aim
of enhancing the Company's net income and capital, while ensuring the risks to
income and capital from adverse movements in interest rates are acceptable.
 
    In assessing various interest rate risk strategies, ALCO makes use of a
variety of risk measures. One such measure is the consolidated gap analysis
reported above as of September 30, 1997. Assets and liabilities are allocated to
the various maturities in accordance with the earlier of their contractual
maturity or repricing dates. For mortgage loans and mortgage-backed securities,
estimates of scheduled amortization plus prepayments are used, rather than
contractual maturity. For assets and liabilities with indefinite repricing
schedules, notably core deposits, the gap analysis reflects ALCO's judgments of
likely repricing behavior.
 
    As indicated in the gap analysis, the twelve-month cumulative gap,
representing the total net assets and liabilities that are projected to reprice
over the next twelve months, was liability sensitive $241 million at September
30, 1997. A liability sensitive interest rate gap would tend to increase
earnings over a period of declining interest rates, where rising rates would
decrease earnings. The cumulative one-year sensitivity gap was negative 1.84% of
total assets at September 30, 1997, compared to negative 0.08% at December 31,
1996.
 
    The use of interest rate instruments such as interest rate swaps are
integrated into the Company's interest rate risk management. The notional
amounts of these instruments are not reflected in the Company's balance sheet.
However, these instruments are included in the interest rate sensitivity table
for purposes of analyzing interest rate risk.
 
                                       20
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
    The Company has entered into interest rate swaps, with a total notional
amount of $400 million, to reduce the Company's overall interest rate risk
arising from its origination of fixed rate mortgages. These instruments are
considered derivative financial instruments held for purposes other than trading
and the effects of these instruments are reported as an adjustment to mortgage
loan income. The unrealized gains or losses on these instruments are not
recorded on the balance sheet, since they are used as a hedge against
held-to-maturity loans. For the quarter ended September 30, 1997, the interest
rate swaps had a negative $0.5 million impact on mortgage loan income. The
interest rate swaps require the Company to pay a weighted average fixed rate of
6.37% and receive three month LIBOR. As of September 30, 1997, the weighted
average LIBOR rate that the Company will receive is 5.73%. All agreements will
expire by the second quarter of 2002. As of the quarter ended September 30, 1997
the interest rate swaps had a gross negative market value of $2.1 million. The
Company has a policy to enter into mutual collateral agreements with each
counter party, which requires either party to submit U.S. Government or U.S.
Government Agency collateral when the market value of the instrument reaches a
predetermined threshold.
 
NON-PERFORMING ASSETS
 
    The Company's asset quality improved during the nine months ended September
30, 1997, as non-performing assets decreased by 2.1%. The ratio of
non-performing loans to total loans fell to 4.07% at September 30, 1997 from
4.78% at December 31, 1996 while the ratio of non-performing assets to total
assets at September 30, 1997 fell to 2.88% from 2.89% at December 31, 1996.
 
    Non-performing assets, net of related specific reserves, were as follows:
 
<TABLE>
<CAPTION>
                                                                                      SEPTEMBER 30,  DECEMBER 31,
                                                                                          1997           1996
                                                                                      -------------  ------------
                                                                                            (IN THOUSANDS)
<S>                                                                                   <C>            <C>
Mortgage loans secured by:
    Residential one-to-four family..................................................   $   270,028    $  271,192
    Residential multi-family........................................................        46,312        48,270
    Commercial property.............................................................        34,385        36,515
Other loans.........................................................................           684           170
                                                                                      -------------  ------------
Total non-performing loans (1)......................................................       351,409       356,147
                                                                                      -------------  ------------
Total other real estate owned, net..................................................        25,199        28,566
                                                                                      -------------  ------------
    Total non-performing assets.....................................................   $   376,608    $  384,713
                                                                                      -------------  ------------
                                                                                      -------------  ------------
</TABLE>
 
------------------------
(1) Includes $28.4 million and $31.6 million of non-accrual mortgage loans under
    90 days past due at September 30, 1997 and December 31, 1996, respectively.
 
                                       21
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
ALLOWANCE FOR POSSIBLE LOAN LOSSES
 
    The following is a summary of the provision and allowance for possible loan
losses:
<TABLE>
<CAPTION>
                                                                       QUARTER ENDED         NINE MONTHS ENDED
                                                                       SEPTEMBER 30,           SEPTEMBER 30,
                                                                   ----------------------  ----------------------
                                                                      1997        1996        1997        1996
                                                                   ----------  ----------  ----------  ----------
                                                                                   (IN THOUSANDS)
<S>                                                                <C>         <C>         <C>         <C>
Balance beginning of period......................................  $  107,000  $  105,000  $  105,000  $  105,500
Provision charged to income......................................       5,376       3,435      14,837      10,782
Charge-offs......................................................      (4,691)     (3,759)    (12,406)    (12,391)
Recoveries.......................................................         315         324         569       1,109
                                                                   ----------  ----------  ----------  ----------
Balance end of period............................................  $  108,000  $  105,000  $  108,000  $  105,000
                                                                   ----------  ----------  ----------  ----------
                                                                   ----------  ----------  ----------  ----------
</TABLE>
 
CAPITAL RATIOS
 
    The Company's ratio of period-end stockholders' equity to ending total
assets at September 30, 1997 was 9.69% compared to 10.95% at December 31, 1996.
The decrease in this ratio results solely from the Company's share repurchase
activity during the nine month period.
 
    The Company and the Bank are subject to various regulatory capital
requirements administered by the Federal and state banking agencies. The Board
of Governors of the Federal Reserve System establishes minimum capital
requirements for the consolidated bank holding company, as well as for the Bank.
 
    Under capital adequacy guidelines and the regulatory framework for prompt
corrective action, the Bank must meet specific capital guidelines that involve
quantitative measures of its assets, liabilities, and certain off balance sheet
items as calculated under regulatory accounting practices. These guidelines
require minimum ratios of risk-based capital to risk adjusted assets of 4% for
Tier 1 capital and 8% for total capital. The Federal Reserve Board also has
guidelines for a leverage ratio that is designed to complement the risk-based
capital ratios in determining the overall capital adequacy of banks and bank
holding companies. A minimum leverage ratio of Tier 1 capital to average total
assets of 3% is required for banks and bank holding companies, with an
additional 100 to 200 basis points required for all but the highest rated
institutions. As of September 30, 1997, the Company and the Bank are considered
to be well capitalized under all capital requirements to which they are subject.
 
                                       22
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED)
 
    As of September 30, 1997, the most recent notification from the FDIC
categorized the Bank as well capitalized under the regulatory framework for
prompt corrective action. To be categorized as well capitalized, the Bank must
maintain minimum Tier 1 capital, total capital and leverage ratios of 6%, 10%
and 5%, respectively. There have been no conditions or events since that
notification that management believes have changed the Company's or Bank's
category.
 
<TABLE>
<CAPTION>
                                                                                                       
                                                                                                       REQUIRED FOR CAPITAL
                                                                                       ACTUAL           ADEQUACY PURPOSES
                                                                                --------------------  ----------------------
<S>                                                                             <C>        <C>        <C>        <C>
(IN MILLIONS)                                                                    AMOUNT      RATIO     AMOUNT       RATIO
------------------------------------------------------------------------------  ---------  ---------  ---------     -----
AS OF SEPTEMBER 30, 1997
Total Capital
  (to Risk Weighted Assets):
  Company.....................................................................  $   968.6      15.85% $   488.9        8.00%
  Bank........................................................................      962.9      15.76%     488.8        8.00%
Tier 1 Capital................................................................
  (to Risk Weighted Assets):
  Company.....................................................................  $   892.2      14.60% $   244.4        4.00%
  Bank........................................................................      882.9      14.45%     244.4        4.00%
Tier 1 Capital
  (to Average Assets):
  Company.....................................................................  $   892.2       7.00% $   509.8        4.00%
  Bank........................................................................      882.9       6.95%     508.1        4.00%
</TABLE>
 
<TABLE>
<CAPTION>
                                                                                                       
                                                                                                       REQUIRED FOR CAPITAL
                                                                                       ACTUAL           ADEQUACY PURPOSES
                                                                                --------------------  ----------------------
<S>                                                                             <C>        <C>        <C>        <C>
(IN MILLIONS)                                                                    AMOUNT      RATIO     AMOUNT       RATIO
------------------------------------------------------------------------------  ---------  ---------  ---------     -----
AS OF DECEMBER 31, 1996
Total Capital
  (to Risk Weighted Assets):
  Company.....................................................................  $   932.8      16.72% $   446.2        8.00%
  Bank........................................................................      914.2      16.40%     445.8        8.00%
Tier 1 Capital
  (to Risk Weighted Assets):
  Company.....................................................................  $   863.1      15.47% $   223.1        4.00%
  Bank........................................................................      844.5      15.15%     222.9        4.00%
Tier 1 Capital
  (to Average Assets):
  Company.....................................................................  $   863.1       6.78% $   509.0        4.00%
  Bank........................................................................      844.5       6.64%     508.4        4.00%
</TABLE>
 
                                       23
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
 
                           PART II--OTHER INFORMATION
 
ITEM 1--LEGAL PROCEEDINGS
 
    With the exception of the matters set forth below, the Company is not
involved in any pending legal proceedings other than routine legal proceedings
occurring in the ordinary course of business which, in the aggregate, involve
amounts which are believed by management to be immaterial to the consolidated
financial statements of the Company. The Bank has been named as a defendant in
fourteen unrelated legal complaints which assert that infant plaintiffs
sustained personal injuries from the ingestion of lead based paint, chips or
dust. Additionally there are eleven other instances of threatened litigation.
The complaints are in various early stages of discovery. Outside counsel has
advised the Bank that because discovery on these claims has only recently begun,
counsel is not yet in a position to express an opinion as to the Bank's
liability or to quantify the Bank's potential exposure, if any, in dollar terms
at this time. The Company currently believes that such liability exposure, if
any, would not be material to the Bank's financial condition.
 
    The Bank is a defendant in a purported class action lawsuit titled Joseph
Sabbatino and Jean Sabbatino, and all others similarly situated, v. GreenPoint
Savings Bank, CV-97 -1838, United States District Court, Eastern District of New
York, in which plaintiffs allege that the Bank collected monthly mortgage escrow
reserves in excess of the amounts it is entitled to collect under applicable law
and the mortgage contract. Plaintiffs seek, among other things, treble damages
and injunctive relief under breach of contract theories and alleged violation of
the Federal Racketeer Influenced and Corrupt Organization Act ("RICO"), and a
judgment based upon alleged breach of contract, breach of fiduciary duty and
intentional and/or negligent misrepresentation. The Bank has filed an answer
denying all of the Plaintiff's claims, believes its mortgage loan servicing
practices with respect to escrow deposits comply in all material respects with
applicable requirements, and intends to defend vigorously this action. While the
ultimate outcome of this lawsuit, whether by judgment or a satisfactory
settlement, cannot be predicted, management does not believe that the outcome of
this litigation is likely to have a material adverse effect on the consolidated
financial condition of the Company.
 
                                       24
<PAGE>
                  GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES
 
ITEM 6--EXHIBITS AND REPORTS ON FORM 8-K
 
(a) EXHIBITS
 
<TABLE>
<CAPTION>

    EXHIBIT
    NUMBER
  -----------
<C>          <S>
      11.1   Statement Regarding Computation of Per Share Earnings
 
      12.1   Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
      27.1   Financial Data Schedule
</TABLE>
 
(b) REPORTS ON FORM 8-K 


No current reports on Form 8-K were filed by the Company with the Securities 
and Exchange Commission during the quarter ended September 30, 1997.

                                       25

<PAGE>

                                   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. 

                                      GreenPoint Financial Corp.
 

                                      By: /s/ Thomas S. Johnson 
                                          ---------------------------------
                                          Thomas S. Johnson 
                                          Chairman of the Board
                                          and Chief Executive Officer


                                      By: /s/ Charles P. Richardson
                                          ---------------------------------
                                          Charles P. Richardson 
                                          Executive Vice President and 
                                          Chief Financial Officer
 
Dated November 12, 1997
 
                                       26