TEXT OF EARNINGS RELEASE

NORTH FORK BANCORP
275 Broadhollow Road, Melville, NY 11747 (631) 844-1258 FAX (631) 844-1471

NORTH FORK BANCORP REPORTS AN EARNINGS
INCREASE OF 9% IN THE FOURTH QUARTER OF 2003,
SUBSTANTIAL GROWTH IN LOANS, DEPOSITS, MARGIN AND PROGRESS
TOWARD THE ACQUISITION OF TRUST COMPANY OF NEW JERSEY

Melville, N.Y. – January 15, 2004 — North Fork Bancorporation, Inc. (NYSE: NFB) reported earnings for the fourth quarter and full year 2003 showing further improvement in its net interest margin, significant loan and deposit growth and progress on its recently announced proposed acquisition. Selected highlights include:

•

Commercial loans soared at a 32% growth rate while overall loan growth was 11%

•

The announcement of the proposed acquisition of Trust Company of New Jersey (“TCNJ”) in an earnings and tangible book value accretive transaction

•

Net pre-tax gain of $7.8 million from the partial sale of an equity interest in a local financial institution

•

Maintenance of a 34.3% core efficiency ratio, notwithstanding growth and expansion trends

Net income for the quarter and year ended December 31, 2003 was $102.4 million and $396.4 million, respectively or diluted earnings per share for the quarter of $.68 and $2.60 for the full year, as compared to $107.3 million or $.67 diluted earnings per share and $416.9 million or $2.58 diluted earnings per share for the comparable periods in 2002. The fourth quarter of 2003 benefited from a pre-tax gain, net of acquisition related costs, of $7.8 million from the partial sale of the Company’s common stock interest in Staten Island Bancorp (“SIB”). The Company’s remaining interest in SIB at December 31, 2003 was 1.1 million common shares held at an average cost of $17.23 per share.

Returns on average assets and equity for the current quarter approximated 2% and 27.5%, respectively, record levels for the Company. “The growth engine of our Company, centered in Manhattan, continues to propel our earnings momentum. We fully expect this trend to be magnified as we add nearly 100 new branch locations in New Jersey as a result of the acquisition of TCNJ in a few months,” said John Adam Kanas, Chairman, President and Chief Executive Officer. The Company’s returns on average assets and equity for the full year 2003 were 1.9% and 27%, respectively.

The net interest margin advanced to 4.39% in the final quarter compared to 4.23% on a linked quarter basis. The net interest margin improved by 39 basis points since the completion of the Company’s balance sheet repositioning plan in July. Net interest income in the fourth quarter increased to $206.7 million, an improvement of 4% from the immediately preceding quarter.

Loans increased $325.3 million in the final quarter of 2003 to $12.4 billion, representing an annualized growth rate of 11%. The commercial loan component of total loans increased by $330 million in the fourth quarter or an annualized growth rate of 32%. Multi-family loans continued their declining trend as the Company avoids the more liberal underwriting terms and rate structures offered by certain of its competitors. Residential mortgages, reversing earlier declines, increased by $47.8 million in the final quarter, as customer preference for adjustable rate products outpaced fixed rate originations. The Company retains adjustable rate mortgages in portfolio, while substantially all fixed rate mortgage originations are sold. “Commercial loan origination is our primary goal,” said Mr. Kanas. “We compliment our commercial loan products with a broad array of deposit and cash management services where we generate opportunities for fee income,” he added.

At December 31, 2003, non-performing loans were $13.3 million, substantially unchanged in dollar amount for the entire year despite an increase in net loans of nearly $1 billion. The Company increased its provision for loan losses in the quarter to keep pace with loan growth. The allowance for loan losses represents approximately 1% of total loans.

Another deposit milestone was achieved as the Company’s demand deposit balances exceeded $4 billion for the first time. A growth rate of 19.4% was achieved for the year, generating $663 million of such deposits. At December 31, 2003, interest bearing core deposits (consisting of savings, NOW and money market accounts) totaled $8.3 billion, reflecting a 22% increase from $6.8 billion at the end of 2002. Higher costing certificates of deposits and other time deposits decreased by approximately 8% year over year. “Substantially all of our incentive pay plans are based upon increases in core deposits, as we attempt to avoid costly funding sources – a core strategy that has proven increasingly valuable,” said John Kanas. Commercial customer balances represent 68% of demand deposits and 35% of overall deposits.

On December 16, 2003, the Company announced that an agreement had been reached to acquire TCNJ in a stock for stock transaction valued at approximately $726 million. TCNJ is the 4th largest financial institution in New Jersey, with a sizeable position in the northern part of the State, a market contiguous to North Fork Bank. The transaction is expected to be immediately accretive to the Company’s earnings and tangible book value. The Company advised that integration plans are on schedule and the transaction should be consummated in the second quarter, as originally anticipated. On a pro forma basis, the Company will have total assets and deposits of approximately $25 billion and $18 billion, respectively.

The Company reported that it expects to open 16 branch locations within the succeeding 12 months. The Company operates 177 branch locations in the New York Metropolitan area, New Jersey and Connecticut.

On December 16, 2003, the Board declared an 11% increase in its regular quarterly dividend to $.30 per common share. The dividend will be payable February 17, 2004 to shareholders of record at the close of business on January 30, 2004.

This release contains certain forward-looking statements, including forward-looking statements regarding North Fork’s proposed acquisition of TCNJ. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) general economic conditions, either nationally or in the markets in which North Fork will be doing business, are less favorable than expected; (2) competitive pressure among depository institutions increases significantly; (3) legislation or changes in regulatory requirements adversely affect the businesses in which North Fork would be engaged; (4) changes in accounting principles, policies, practices

or guidelines; (5) changes in the interest rate environment reduce interest margins; (6) estimated cost savings from the acquisition of TCNJ cannot be fully realized within the expected time frame; (7) revenues following the acquisition of TCNJ are lower than expected; (8) costs or difficulties related to the integration of the businesses of North Fork and TCNJ are greater than expected; or (9) factors occur which result in a condition to the transaction not being met. Investors are encouraged to access North Fork’s periodic reports filed with the Securities and Exchange Commission (“SEC”) for financial and business information regarding the North Fork.

North Fork intends to file with the SEC a registration statement and other relevant materials in connection with the proposed acquisition of TCNJ. The registration statement will contain a proxy statement/prospectus to be distributed to the stockholders of TCNJ in connection with their vote on the transaction. Investors and security holders are urged to read the registration statement (including the proxy statement/prospectus) and the other relevant materials when they become available because they will contain important information about North Fork, TCNJ and the transaction.

The registration statement (including the proxy statement/prospectus) and other relevant materials, and any other documents filed by North Fork with the SEC, when they become available, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by North Fork by contacting the Corporate Secretary, North Fork Bancorporation, Inc., 275 Broadhollow Road, Melville, NY 11747, telephone: 631-844-1252 or by visiting North Fork’s website at http://www.northforkbank.com.


				Three Months Ended				Twelve Months Ended

				December 31,		December 31,		December 31,		December 31,
(in thousands, except per share amounts)				2003		2002		2003		2002

Interest Income:
Loans				$	197,457	$	202,634	$	789,136	$	800,934
Securities					69,821		102,661		320,484		387,653
Money Market Investments					282		183		640		751

	Total Interest Income				267,560		305,478		1,110,260		1,189,338

Interest Expense:
Savings, NOW & Money Market Deposits					14,337		15,652		58,008		63,133
Time Deposits					7,706		10,416		35,820		57,218
Certificates of Deposit, $100,000 & Over					4,003		5,536		18,307		25,965
Federal Funds Purchased & Collateralized Borrowings					28,401		47,977		150,724		174,656
Subordinated Debt					4,630		7,225		23,611		11,558
Capital Securities					1,791		2,569		8,276		15,030

	Total Interest Expense				60,868		89,375		294,746		347,560

	Net Interest Income				206,692		216,103		815,514		841,778
Provision for Loan Losses					7,000		6,250		26,250		25,000

	Net Interest Income after Provision for Loan Losses				199,692		209,853		789,264		816,778

Non-Interest Income:
Customer Related Fees & Service Charges					21,044		19,999		82,406		77,197
Investment Management, Commissions & Trust Fees					3,489		3,232		13,712		16,708
Mortgage Banking Operations					1,279		2,445		10,065		6,864
Check Cashing Fees					1,217		721		4,669		2,893
Other Operating Income					3,961		3,772		18,217		12,706
Securities Gains (4)					9,085		447		15,762		4,517
Gain on Sale of Facilities					—		3,254		10,980		3,254

			Total Non-Interest Income		40,075		33,870		155,811		124,139

Non-Interest Expense:
Employee Compensation & Benefits					46,947		45,194		191,758		174,558
Occupancy & Equipment, net					17,903		14,605		66,929		55,883
Other Operating Expenses					18,162		19,910		70,223		70,937
Amortization of Identifiable Intangibles					892		952		3,567		3,808
Acquisition Related Costs (4)					1,438		—		1,438		—
Debt Restructuring Costs					—		—		11,955		—

		Total Non-Interest Expense			85,342		80,661		345,870		305,186

Income Before Income Taxes					154,425		163,062		599,205		635,731
Provision for Income Taxes					52,042		55,767		202,840		218,838

			Net Income	$	102,383	$	107,295	$	396,365	$	416,893

Earnings Per Share:
		Basic		$	0.69	$	0.68	$	2.63	$	2.61
		Diluted		$	0.68	$	0.67	$	2.60	$	2.58


					December 31,			September 30,			December 31,
(in thousands)					2003			2003			2002

Assets:
Cash & Due from Banks					$	510,354		$	421,845		$	396,725
Money Market Investments						21,037			259,487			27,613
Securities:
		Available-for-Sale				7,128,542			6,809,675			8,555,892
		Held-to-Maturity				190,285			210,808			307,878

			Total Securities			7,318,827			7,020,483			8,863,770

Loans, Net of Unearned Income						12,345,273			12,021,477			11,369,139
	Less: Allowance for Loan Losses					122,733			119,907			114,995

				Net Loans		12,222,540			11,901,570			11,254,144

Goodwill						410,494			410,494			407,132
Identifiable Intangibles						12,765			13,657			16,332
Premises & Equipment						150,875			144,457			132,529
Other Assets						314,749			296,605			314,856

			Total Assets		$	20,961,641		$	20,468,598		$	21,413,101

Liabilities and Stockholders’ Equity:
Deposits:
		Demand			$	4,080,134		$	3,943,506		$	3,417,534
		Savings				3,770,683			3,759,923			3,440,573
		NOW & Money Market				4,519,476			4,273,197			3,347,385
		Time				1,784,408			1,841,826			1,949,559
		Certificates of Deposit, $100,000 & Over				961,414			998,786			1,037,479

			Total Deposits			15,116,115			14,817,238			13,192,530

Federal Funds Purchased & Collateralized Borrowings						3,221,154			2,954,000			5,401,000
Subordinated Debt						476,499			481,282			499,140
Capital Securities						259,244			265,184			268,926

			Total Borrowings			3,956,897			3,700,466			6,169,066

Dividends Payable						45,757			40,901			42,864
Due to Brokers						31,095			115,132			105,227
Accrued Expenses & Other Liabilities						333,288			355,903			389,361

			Total Liabilities		$	19,483,152		$	19,029,640		$	19,899,048

Stockholders’ Equity:
Common Stock, par value $0.01; authorized 500,000,000 shares; issued 174,580,778 shares						1,746			1,746			1,746
Additional Paid in Capital						378,793			372,458			377,311
Retained Earnings						1,816,458			1,759,876			1,590,594
Accumulated Other Comprehensive (Loss)/ Income						(2,044	)		22,026			17,991
Deferred Compensation						(91,789	)		(63,290	)		(70,562	)
Treasury Stock at Cost; 22,059,067 shares at December 31, 2003						(624,675	)		(653,858	)		(403,027	)

			Total Stockholders’ Equity			1,478,489			1,438,958			1,514,053

			Total Liabilities and Stockholders’ Equity		$	20,961,641		$	20,468,598		$	21,413,101

North Fork Bancorporation, Inc.
Selected Financial Data and Balance Sheet Components
(Unaudited)


		Three Months Ended						Twelve Months Ended

		December 31,			December 31,			December 31,			December 31,
SELECTED FINANCIAL DATA:		2003			2002			2003			2002
(in thousands, except ratios and per share amounts)
Per Share:
	Net Income — Basic	$	0.69		$	0.68		$	2.63		$	2.61
	Net Income — Diluted	$	0.68		$	0.67		$	2.60		$	2.58
	Average Shares Outstanding — Basic		147,873			157,916			150,869			159,773
	Average Shares Outstanding — Diluted		149,735			159,695			152,516			161,649
	Cash Dividends	$	0.30		$	0.27		$	1.11		$	1.01
	Dividend Payout Ratio		45	%		40	%		43	%		39	%
	Book Value	$	9.69		$	9.54		$	9.69		$	9.54
Selected Financial Data:
	Return on Average Total Assets		1.98	%		2.05	%		1.86	%		2.21	%
	Return on Average Stockholders’ Equity (1)		27.45	%		25.94	%		26.52	%		25.72	%
	Core Efficiency Ratio (3)		34.43	%		32.18	%		34.30	%		31.10	%
	Yield on Interest Earning Assets (2)		5.64	%		6.42	%		5.73	%		6.92	%
	Cost of Funds		1.65	%		2.29	%		1.87	%		2.50	%
	Net Interest Margin (2)		4.39	%		4.58	%		4.24	%		4.93	%


			December 31,			September 30,			December 31,

			2003			2003			2002

Capital Ratios:
	Risk Based Capital:
		Tier 1		10.49	%		10.19	%		11.43	%
		Total		15.53	%		15.32	%		16.77	%
		Leverage Ratio		6.47	%		6.06	%		6.46	%
Quarterly Average Balance Sheet:
Total Assets			$	20,547,179		$	20,836,791		$	20,813,265
Securities				6,994,132			7,310,088			7,876,913
Loans				12,126,302			11,947,125			11,311,708
Demand Deposits				4,098,276			3,775,735			3,235,396
Interest Bearing Deposits				10,894,793			10,825,570			9,617,662
Federal Funds Purchased & Collateralized Borrowings				2,980,436			3,676,439			5,130,264
Subordinated Debt				481,293			493,801			499,128
Capital Securities				265,187			273,291			266,682
Stockholders’ Equity			$	1,487,049		$	1,467,369		$	1,670,584

The following table shows the securities portfolio composition for the periods ended:


		December 31,		September 30,		December 31,
(in thousands)		2003		2003		2002

Collateralized Mortgage Obligations		$	4,424,868	$	4,455,014	$	6,955,950
Agency Pass-Through Certificates			1,328,752		931,332		635,410
State & Municipal Obligations			761,746		750,286		435,486
Equity Securities			186,612		237,845		259,092
U.S. Treasury & Government Agencies			58,091		62,401		67,544
Other Securities			558,758		583,605		510,288

	Total Securities	$	7,318,827	$	7,020,483	$	8,863,770

North Fork Bancorporation, Inc.
Selected Financial Data and Balance Sheet Components, Continued
(Unaudited)

The following table represents the components of the loan portfolio for the periods ended:


				December 31,			September 30,			December 31,
(in thousands)				2003			2003			2002

Multi-Family Mortgages				$	3,634,533		$	3,684,530		$	3,640,039
Commercial Mortgages					2,814,103			2,519,184			2,194,092
Commercial					2,145,798			2,077,084			1,776,419
Construction and Land					283,243			316,782			232,227
Residential Mortgages					2,403,306			2,355,467			2,507,388
Consumer					1,095,529			1,098,193			1,040,490

	Total			$	12,376,512		$	12,051,240		$	11,390,655
Less:
		Unearned Income			31,239			29,763			21,516

			Loans, net	$	12,345,273		$	12,021,477		$	11,369,139

Asset Quality:
		Non-Performing Loans		$	13,340		$	12,773		$	12,216
		Other Real Estate			313			313			295

		Total Non-Performing Assets		$	13,653		$	13,086		$	12,511

		Allowance for Loan Losses to Non-Performing Loans			920	%		939	%		941	%
		Allowance for Loan Losses to Total Loans, net			0.99	%		1.00	%		1.01	%
		Non-Performing Loans to Total Loans, net			0.11	%		0.11	%		0.11	%
		Quarterly Net Charge-offs to Average Loans (Annualized)			0.14	%		0.14	%		0.15	%

The following table represents the composition of total deposits, while more specifically highlighting Manhattan for the periods ended:


		December 31,		September 30,		December 31,
(in thousands)		2003		2003		2002

Manhattan Deposits (27 branches)
Demand Deposits		$	1,027,017	$	889,349	$	703,290
Interest Bearing Deposits			2,267,543		2,251,929		1,725,925

	Total		3,294,560		3,141,278		2,429,215
All Other Locations (150 branches)
Demand Deposits			3,053,117		3,054,157		2,714,244
Interest Bearing Deposits			8,768,438		8,621,803		8,049,071

	Total		11,821,555		11,675,960		10,763,315
Total Deposits (177 branches)
Demand Deposits			4,080,134		3,943,506		3,417,534
Interest Bearing Deposits			11,035,981		10,873,732		9,774,996

	Total	$	15,116,115	$	14,817,238	$	13,192,530

The following table presents on a linked quarter basis, an analysis of net interest income by each major category of interest earning assets and interest bearing liabilities:


				December 31, 2003								September 30, 2003

				Average					Average			Average					Average
(dollars in thousands )				Balance		Interest			Rate			Balance		Interest			Rate

Interest Earning Assets:
Securities				$	6,994,132	$	75,639			4.29	%	$	7,310,088	$	70,683			3.84	%
Loans, net					12,126,302		197,855			6.47	%		11,947,125		199,344			6.62	%
Money Market Investments					125,441		294			0.93	%		36,348		123			1.34	%

	Total Interest Earning Assets				19,245,875		273,788			5.64	%		19,293,561		270,150			5.56	%

Non-Interest Earning Assets:
Cash and Due from Banks				$	527,476							$	425,619
Other Assets					773,828								1,117,611

	Total Assets			$	20,547,179							$	20,836,791

Interest Bearing Liabilities:
Savings, NOW & Money Market Deposits				$	8,140,175	$	14,337			0.70	%	$	7,880,067	$	14,435			0.73	%
Time Deposits					2,754,618		11,709			1.69	%		2,945,503		13,042			1.76	%

	Total Savings and Time Deposits				10,894,793		26,046			0.95	%		10,825,570		27,477			1.01	%
Fed Funds Purchased & Collateralized Borrowings					2,980,436		28,401			3.78	%		3,676,439		30,349			3.28	%
Subordinated Debt					481,293		4,630			3.82	%		493,801		4,636			3.72	%
Capital Securities					265,187		1,791			2.68	%		273,291		1,845			2.68	%

	Total Borrowings				3,726,916		34,822			3.71	%		4,443,531		36,830			3.29	%

		Total Interest Bearing Liabilities			14,621,709		60,868			1.65	%		15,269,101		64,307			1.67	%

Interest Rate Spread										3.99	%							3.89	%
Non-Interest Bearing Liabilities:
Demand Deposits				$	4,098,276							$	3,775,735
Other Liabilities					340,145								324,586

Total Liabilities					19,060,130								19,369,422
Stockholders’ Equity					1,487,049								1,467,369

	Total Liabilities and Stockholders’ Equity			$	20,547,179							$	20,836,791

Net Interest Income and Net Interest Margin						$	212,920			4.39	%			$	205,843			4.23	%
Less: Tax Equivalent Adjustment							(6,228	)							(6,343	)

			Net Interest Income			$	206,692							$	199,500

The following table summarizes the net interest margin for the previous five quarters:


		2003												2002

		4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr

Interest Earning Assets:
Securities			4.29	%		3.84	%		4.14	%		4.96	%		5.45	%
Loans, net			6.47	%		6.62	%		6.73	%		7.02	%		7.12	%
Money Market Investments			0.93	%		1.34	%		1.54	%		1.77	%		1.96	%

	Total Interest Earning Assets		5.64	%		5.56	%		5.60	%		6.12	%		6.42	%

Interest Bearing Liabilities:
Total Savings and Time Deposits			0.95	%		1.01	%		1.12	%		1.22	%		1.30	%
Total Borrowings			3.71	%		3.29	%		3.30	%		3.58	%		3.89	%

	Total Interest Bearing Liabilities		1.65	%		1.67	%		1.97	%		2.15	%		2.29	%

Interest Rate Spread			3.99	%		3.89	%		3.63	%		3.97	%		4.13	%
Net Interest Margin			4.39	%		4.23	%		4.00	%		4.36	%		4.58	%

The above tables are presented on a tax equivalent basis.
See accompanying notes appended to the financial data and summaries


FOR IMMEDIATE RELEASE	Contact:	Daniel M. Healy
		Executive Vice President
		Chief Financial Officer
		(631) 844-1258

(1)		Excludes the effect of accumulated other comprehensive income.

(2)		Presented on a tax equivalent basis.

(3)		The core efficiency ratio is defined as the ratio of non-interest expense, net of acquisition related costs, debt restructuring costs, amortization of identifiable intangibles, other real estate related expenses and other non-recurring charges, to net interest income on a tax equivalent basis and other non-interest income net of securities gains, facilities gains and other non-recurring items.

(4)		During the quarter ended December 31, 2003 the Company sold approximately 1.7 million common shares of Staten Island Bancorp (“SIB”) realizing a gain of approximately $9.3 million, thereby reducing its remaining holdings in SIB to approximately 1.1 million common shares with an average cost of $17.23. The SIB shares were sold after the announcement of SIB’s intention to merge with another entity. Also, in the quarter, the Company recognized $1.4 million in acquisition related legal and professional costs, substantially all of which were incurred in connection with a possible merger with SIB that did not materialize.