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Oritani Financial Corp. Announces Results And Dividend Declaration

TOWNSHIP OF WASHINGTON, N.J., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank") reported a net loss of $4.1 million, or $0.11 per basic and fully diluted share, for the three months ended June 30, 2010, as compared to net income of $1.5 million, or $0.04 per basic and fully diluted share, for the corresponding 2009 period. The Company also reported net income of $8.4 million, or $0.23 per basic and fully diluted share, for the twelve months ended June 30, 2010, as compared to net income of $5.6 million, or $0.15 per basic and fully diluted share, for the corresponding 2009 period.

On June 24, 2010, the Company announced that it completed the conversion from the mutual holding company structure and the related public offering, and became a stock form holding company that is fully owned by the public (the "second step transaction"). In conjunction with the public offering, the Company sold a total of 41,363,214 shares of common stock at a purchase price of $10.00 per share. Gross proceeds from the offering were $413.6 million, expenses associated with the offering were $11.9 million, and net proceeds were $401.8 million. Actual expenses were $4.0 million less than the estimate of the expenses associated with the transaction at the offering level per the Company's prospectus.  

The Company also reported that its Board of Directors has declared a $0.075 quarterly cash dividend on the Company's common stock. The dividend will represent the initial dividend since the second step transaction. The Company noted in its prospectus that it intended to maintain a dividend of $0.075 per share despite the increased number of shares outstanding. The record date for the dividend will be August 13, 2010 and the payment date will be August 27, 2010.

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