"Meaningful advances in all business lines and further market penetration both in New York City and on Long Island have produced these results," says John Adam Kanas, chairman, president and chief executive officer. "We believe they will be sustained for the remainder of the year."

North Fork acquired Commercial Bank of New York last November and has been broadening its New York presence with new branch locations. Recently, the bank signed a deal to open a retail branch at 424 Madison Ave. The company credits the CBNY acquisition and its branch-acquisition program as important elements in fostering growth.

Net income for the quarter was $98.3 million compared to $78.4 million in first quarter 2001, which translates to $.61 and $.49 diluted earnings per share respectively. Returns on average stockholders' equity and assets rose to 27% and 2.3% respectively for the first quarter of 2002 as compared to 24% and 2.1%, respectively for the full year 2001.