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Oritani Financial Corp. Announces 2nd Quarter Results And Dividend

Stocks in this article: ORIT

TOWNSHIP OF WASHINGTON, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank"), reported net income of $8.7 million, or $0.21 per basic (and $0.20 diluted) common share, for the three months ended December 31, 2012, and $18.0 million, or $0.43 per basic (and $0.42 diluted) common share, for the six months ended December 31, 2012. This compares to net income of $7.6 million, or $0.18 per basic and diluted common share, for the three months ended December 31, 2011, and $15.0 million, or $0.33 per basic (and $0.32 diluted) common share, for the six months ended December 31, 2011.

The Company also reported that its Board of Directors has declared a $0.15 quarterly cash dividend on the Company's common stock. The record date for the dividend will be February 8, 2013 and the payment date will be February 22, 2013.

"It has been another very successful quarter for Oritani. With an annualized ROA of 1.27% and an efficiency ratio of 38.1%, we continue to be one of the top performing banks in the country" said Kevin J. Lynch, the Company's Chairman, President and CEO. "However the economic landscape remains uncertain and we are very mindful of that fact. I have been pleased with our loan growth, especially given the high quality underwriting standards that we maintain." Mr. Lynch continued, "It is a transitional period here at Oritani, as our spread and margin began to contract this quarter. This event was inevitable given the current interest rate environment. However, we are still poised for net interest income expansion, primarily through additional loan originations, and ongoing solid results buoyed by our expense management."

Comparison of Operating Results for the Periods Ended December 31, 2012 and 2011

Net Income

Net income increased $1.1 million, or 14.7%, to $8.7 million for the quarter ended December 31, 2012, from $7.6 million for the corresponding 2011 quarter. Net income increased $3.0 million, or 20.0%, to $18.0 million for the six months ended December 31, 2012, from $15.0 million for the corresponding 2011 period. The primary cause of the increased income in the 2012 periods was increased net interest income and decreased provision for loan losses.

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