New York Community Bancorp, Inc. Announces Upward Revision
               of Its 2002 Diluted EPS Estimates to $2.16 - $2.18

             Reiterates 2003 Diluted EPS Estimates of $2.52 - $2.55

    WESTBURY, N.Y.--(BUSINESS WIRE)--Oct. 17, 2002--New York Community
Bancorp, Inc. (Nasdaq: NYCB) today announced that it has revised its
2002 earnings guidance upwards, and currently expects to record 2002
diluted earnings per share in the range of $2.16 to $2.18. In addition, the
Company reiterated its earnings guidance for 2003, with diluted earnings per
share currently expected to range from $2.52 to $2.55.
    The Company yesterday reported third quarter 2002 earnings of $60.4 million,
or $0.58 per diluted share, and nine-month 2002 earnings of $164.8 million, or
$1.61 per diluted share. In addition, the Company reported third quarter 2002
cash earnings of $64.3 million, or $0.61 per diluted share, and nine-month 2002
cash earnings of $190.6 million, or $1.86 per diluted share.
    New York Community Bancorp, Inc. is the holding company for New York
Community Bank and the seventh largest thrift in the nation, based on market
capitalization. The Bank serves its customers through a network of 109 banking
offices in New York City, Long Island, Westchester County, and New Jersey, and
operates through six divisions: Queens County Savings Bank, Richmond County
Savings Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound Bank, and
South Jersey Bank. In addition to operating the largest supermarket banking
franchise in the metro New York region, with 54 in-store branches, the Bank is
the largest producer of multi-family mortgage loans for portfolio in New York
City.

        Forward-looking Statements and Associated Risk Factors

    This release contains certain forward-looking statements with regard to the
Company's prospective performance and strategies within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995,
and is including this statement for purposes of said safe harbor provisions.
    Forward-looking statements, which are based on certain assumptions, and
describe future plans, strategies, and expectations of the Company, are
generally identified by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," or other similar expressions. The Company's
ability to predict results or the actual effects of its plans and strategies are
inherently uncertain. Accordingly, actual results may differ materially from
anticipated results. Factors that could have a material adverse effect on the
operations of the Company and its subsidiaries include, but are not limited to,
changes in market interest rates, general economic conditions, legislation, and
regulation; changes in the monetary and fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve Board; changes
in the quality or composition of the loan or investment portfolios; changes in
deposit flows, competition, and demand for financial services and loan, deposit,
and investment products in the Company's local markets; changes in local real
estate values; changes in accounting principles and guidelines; war or terrorist
activities; and other economic, competitive, governmental, regulatory,
geopolitical, and technological factors affecting the Company's operations,
pricing, and services.
    Specific factors that could cause future results to vary from current
management expectations are detailed from time to time in the Company's SEC
filings, which are available at the Company's web site, www.myNYCB.com.
    Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Except as required
by applicable law or regulation, the Company undertakes no obligation to update
these forward-looking statements to reflect events or circumstances that occur
after the date on which such statements were made.

    CONTACT: New York Community Bancorp, Inc.
             Investor Relations
             Ilene A. Angarola, 516/683-4420