This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,410.10 -268.60 -1.52%
S&P 500 2,030.17 -26.92 -1.31%
NASDAQ 4,690.7670 -80.9960 -1.70%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs