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Oritani Financial Corp. Reports Increased Earnings Per Share And Increased Dividend

Stocks in this article: ORIT

TOWNSHIP OF WASHINGTON, N.J., April 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 $9.9 million, or $0.23 per basic and diluted common share, for the three months ended March 31, 2013, and $27.9 million, or $0.66 per basic (and $0.65 diluted) common share, for the nine months ended March 31, 2013. This compares to net income of $8.4 million, or $0.20 per basic and diluted common share, for the three months ended March 31, 2012, and $23.4 million, or $0.53 per basic (and $0.52 diluted) common share, for the nine months ended March 31, 2012.

The Company also reported that its Board of Directors has declared a $0.175 quarterly cash dividend on the Company's common stock. The record date for the dividend will be May 3, 2013 and the payment date will be May 17, 2013. The $0.175 per share dividend represents a 16.7% increase over the Company previous rate of $0.15 per share. The Company has steadily increased dividends in conjunction with increasing earnings per share. After the second step transaction in June, 2010, the Company's dividend rate was $0.075 per share. In just under three years, the Company has increased its dividend rate by 133%. Based on the recent trading range of the Company's common stock, the dividend yield is approximately 4.65%.

"It is truly a pleasure to report yet another quarter of record income for Oritani and yet another dividend increase for our shareholders," said Kevin J. Lynch, the Company's Chairman, President and CEO. "We remain steadfast in our strategic objective to achieve organic growth through origination of high quality loans and growth in core deposits. We believe that this plan will continue to deliver solid benefits to our shareholders."

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