Oritani Financial Corp. Announces Quarterly Results And Increased Dividend
TOWNSHIP OF WASHINGTON, N.J., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank") reported net income of $7.2 million, or $0.14 per basic and fully diluted share, for the three months ended September 30, 2010, as compared to net income of $4.5 million, or $0.08 per basic and fully diluted share, for the corresponding 2009 period.
The Company also reported that its Board of Directors has declared a $0.10 quarterly cash dividend on the Company's common stock. The $0.10 dividend rate represents an increase of $0.025, or 33.3%, from the Company's previous dividend rate of $0.075 per share. The record date for the dividend will be November 10, 2010 and the payment date will be November 23, 2010.
"I am extremely pleased to announce the results of a very successful quarter, as well as a 33% increase in our dividend rate, as we begin our corporate life as a fully public company," said Kevin J. Lynch, the Company's Chairman, President and CEO. "The difficult economic environment is certainly providing challenges but we have been able to deploy much of the funds raised in our recent second step stock offering and our net interest income continues to expand significantly." Mr. Lynch continued, "Problem loan resolution remains a primary focus. I was pleased that, over the quarter, we were able to dispose of the two recently acquired REO properties at a net profit, and that we were able to finally get title to two additional properties, which will facilitate their disposal. There was a slight decrease in overall delinquencies during the quarter, and there was an increase in nonaccrual loans. Our efforts have not decreased but acceptable resolution remains difficult, due in large part to the lengthening time period required to obtain title through foreclosure via the judicial process, which is inhibiting our ability to resolve these matters."
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