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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
            SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 1997

                                       or

[  ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
            SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to 
                               ------------------    ------------------

                         Commission File Number 0-23271


                         RICHMOND COUNTY FINANCIAL CORP.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


DELAWARE                                                         06-1498455
--------------------------------------------------------------------------------
(State or other jurisdiction of incorporation                 (I.R.S.Employer
or organization)                                             Identification No.)


1214 Castleton Avenue, Staten Island, New York                       10310
--------------------------------------------------------------------------------
(Address of principal executive offices)                           (Zip Code)


                                 (718) 448-2800
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


                                 Not Applicable
--------------------------------------------------------------------------------
        (Former name, former address and former fiscal year, if changes
                               since last report)


     Indicate  by check mark  whether  the  registrant  (1) has filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934 during the preceding 12 months (or for such shorter  period that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                                    Yes              No   X
                                                        -------         ------

                      APPLICABLE ONLY TO CORPORATE ISSUERS.

     Indicate  the number of shares  outstanding  of each of the issuer's
classes of common  stock,  as of the latest  practicable  date:  No shares  were
outstanding as of January 28, 1998.



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                          PART I. FINANCIAL INFORMATION


Item 1.    Financial Statements.
           --------------------

     Richmond  County  Financial  Corp. is a newly formed holding company formed
for the purpose of acquiring all of the common stock of Richmond  County Savings
Bank concurrent  with its conversion from mutual to stock form of  organization.
At this time and until the  conversion is complete,  Richmond  County  Financial
Corp. is a noncapitalized shell corporation with no business  activities.  For a
further  discussion of Richmond County Financial  Corp.'s formation and intended
operations see the Form S-1 Registration  Statement as amended,  initially filed
on October 2, 1997 and declared  effective on December 15, 1997. The description
of Richmond County  Financial  Corp. in these filings is incorporated  herein by
reference.

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

          See Item 1.


                           PART II. OTHER INFORMATION

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

          None.

Item 2.   Changes in Securities and Use of Proceeds.
          -----------------------------------------

          None.

Item 3.   Defaults Upon Senior Securities.
          -------------------------------

          None.

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

          None.

Item 5.   Other Information.
          -----------------

          None.

Item 6.   Exhibits and Reports on Form 8-K (ss.249.308 of this Chapter).
          -------------------------------------------------------------

          None.

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<TABLE>
<CAPTION>


                          RICHMOND COUNTY SAVINGS BANK
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (IN THOUSANDS)


                                                                  SEPTEMBER 30,                JUNE 30,
                                                                      1997                       1997
                                                               -------------------        ------------------
                                                                   (Unaudited)
                       ASSETS
<S>                                                                <C>                      <C>
Cash and due from banks ....................................       $   24,497               $   26,543
Federal funds sold .........................................            4,000                    6,000
Securities held to maturity:
      Investment securities ................................          187,469                  205,201
      Mortgage-backed and mortgage related securities ......          147,737                  185,122
Securities available for sale:
      Investment securities.................................           40,764                   19,706
      Mortgage-backed and mortgage related securities.......           76,286                   27,398
Loans receivable:
      Real estate loans ....................................          487,380                  471,601
      Other loans ..........................................           34,050                   30,127
      Less allowance for loan losses........................           (5,914)                  (5,470)
                                                                   ----------               ----------
Total loans receivable, net ................................          515,516                  496,258
Banking premises and equipment, net ........................           12,087                   12,058
Accrued interest receivable ................................            8,361                    8,268
Other real estate owned ....................................              786                      662
Net deferred tax assets ....................................            2,579                    2,942
Other assets ...............................................            3,698                    3,212
                                                                   ----------               ----------

TOTAL ASSETS ...............................................       $1,023,780               $ 993,370
                                                                   ==========               =========

                          LIABILITIES AND NET WORTH
Demand deposits ............................................       $   91,135               $  92,959
Savings, NOW and Money market accounts .....................          487,949                 493,506
Certificates of deposit ....................................          307,487                 298,066
                                                                   ----------               ---------
      Total deposits .......................................          886,571                 884,531
Securities sold under agreements to repurchase                         25,639                      --
Accrued expenses and other liabilities .....................            7,317                   7,974
                                                                   ----------               ---------
      Total liabilities                                               919,527                 892,505
      Net worth ............................................          104,253                 100,865
                                                                   ----------               ---------
TOTAL LIABILITIES AND NET WORTH ............................       $1,023,780               $ 993,370
                                                                   ==========               =========
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        3

<PAGE> 4


<TABLE>
<CAPTION>

                          RICHMOND COUNTY SAVINGS BANK
                        CONSOLIDATED STATEMENTS OF INCOME
                                 (IN THOUSANDS)



                                                                            THREE MONTHS ENDED
                                                                               SEPTEMBER 30,
                                                                 -------------------------------------
                                                                               (Unaudited)

                                                                         1997                1996
                                                                 -----------------       -------------
<S>                                                                  <C>                   <C>
INTEREST INCOME: 
    Loans ................................................           $ 10,319              $ 9,006
    Debt and equity securities ...........................              3,153                4,939
    Mortgage-backed and mortgage related securities ......              3,848                1,395
    Federal funds sold ...................................                 94                  295
    Other ................................................                340                  122
                                                                     --------              -------
          Total interest income ..........................             17,754               15,757
                                                                     --------              -------
INTEREST EXPENSE:
    Deposits .............................................              7,519                6,697
    Securities sold under repurchase agreements ..........                 77                   --
                                                                     --------              -------
          Total interest expense .........................              7,596                6,697
                                                                     --------              -------
NET INTEREST INCOME.......................................             10,158                9,060
Provision for loan losses ................................                450                  400
                                                                     --------              -------
Net interest income after provision for loan losses ......              9,708                8,660
                                                                     --------              -------

NON-INTEREST INCOME:
    Fee income ...........................................                818                  728
    Net loss on sale of securities and loans .............                 (5)                (117)
                                                                     --------              -------
          Total non-interest income ......................                813                  611
                                                                     --------              -------

NON-INTEREST EXPENSE:
    Salaries and employee benefits .......................              2,459                2,466
    Occupancy costs ......................................                791                  754
    Computer service fees ................................                639                  540
    Advertising ..........................................                153                  116
    Amortization of deposit premium ......................                 78                   78
    FDIC insurance premiums ..............................                 38                   57
    Other ................................................                794                  755
                                                                     --------              -------
          Total non-interest expense .....................              4,952                4,766
                                                                     --------              -------

Income before income taxes................................              5,569                4,505
Provision for income taxes ...............................              2,716                2,117
                                                                     --------              -------

NET INCOME................................................           $  2,853              $ 2,388
                                                                     ========              =======
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        4

<PAGE> 5


<TABLE>
<CAPTION>

                          RICHMOND COUNTY SAVINGS BANK
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)


                                                                            THREE MONTHS ENDED
                                                                               SEPTEMBER 30,
                                                                -----------------------------------------
                                                                                (Unaudited)
                                                                      1997                     1996
                                                                ----------------         ----------------
<S>                                                                 <C>                       <C>  
NET CASH PROVIDED BY OPERATING ACTIVITIES ......................    $   2,718                 $   8,631

CASH FLOWS FROM INVESTING ACTIVITIES:
    Increase in loans receivable, net ..........................      (19,545)                  (29,466)
    Loans purchased ............................................           --                      (944)
    Investment securities held to maturity:
          Maturities and redemptions                                   17,632                    24,126
          Purchases                                                        --                   (13,013)
    Investment securities available for sale:
          Sales and redemptions                                            --                     4,000
          Purchases ............................................      (10,497)                     (116)
    Mortgage-backed and mortgage related securities held 
    to maturity:
          Maturities ...........................................       28,147                        --
          Principal collected ..................................        9,251                     5,841
          Purchases ............................................           --                   (14,900)
    Mortgage-backed and mortgage related securities 
    available for sale:
          Principal collected ..................................        1,233                        74
          Purchases                                                   (59,607)                       --
    Net addition to banking premises and equipment .............         (276)                     (296)
                                                                    ---------                 ---------
          Net cash used in investing activities                       (33,662)                  (24,694)

CASH FLOWS FROM FINANCING ACTIVITIES:
    Net increase in deposits ...................................          966                     3,288
    Increase in escrow accounts ................................          293                       502
    Increase in securities sold under repurchase agreements.....       25,639                        --
                                                                    ---------                 ---------
          Net cash provided by financing activities ............       26,898                     3,790
                                                                    ---------                 ---------
    Net decrease in cash and cash equivalents                          (4,046)                  (12,273)
    Cash and cash equivalents at beginning of period ...........       32,543                    49,272
                                                                    ---------                 ---------
    Cash and cash equivalents at end of period .................     $ 28,497                 $  36,999
                                                                    =========                 =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: 
    Cash paid during the year for:
        Interest ...............................................    $   7,596                 $   6,702
          Income taxes .........................................        1,584                     2,118
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        5

<PAGE> 6



                          RICHMOND COUNTY SAVINGS BANK
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


1.   General
     -------

     Richmond  County  Financial  Corp. is a newly formed holding company formed
for the purpose of acquiring all of the common stock of Richmond  County Savings
Bank concurrent  with its conversion from mutual to stock form of  organization.
At September 30, 1997,  Richmond County Financial Corp. was a shell  corporation
with no business activities and no assets. The unaudited  consolidated financial
statements  included herein reflect all normal recurring  adjustments which are,
in the opinion of management,  necessary for a fair  presentation of the results
for the  interim  periods  presented.  The results of  operations  for the three
months ended September 30, 1997 are not necessarily indicative of the results of
operations that may be expected for the entire fiscal year. Certain  information
and note  disclosures  normally  included in  financial  statements  prepared in
accordance with generally accepted accounting  principles have been condensed or
omitted  pursuant to the rules and  regulations  of the  Securities and Exchange
Commission.  These unaudited consolidated financial statements should be read in
conjunction with audited  consolidated  financial  statements and notes thereto,
included in the Registration Statement on Form S-1 for Richmond County Financial
Corp.
                         

                                        6

<PAGE> 7


                                   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 hereunto duly authorized.


                                    RICHMOND COUNTY FINANCIAL CORP.


Dated:   January 29, 1998           By:   /s/ Michael F. Manzulli
         ---------------------            -------------------------------
                                          Michael F. Manzulli
                                          Chairman of the Board and Chief
                                          Executive Officer


Dated:   January 29, 1998           By:   /s/ Thomas R. Cangemi
         ---------------------            -------------------------------
                                          Thomas R. Cangemi
                                          Senior Vice President, Chief Financial
                                          Officer and Secretary






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