TOWNSHIP OF WASHINGTON, N.J., July 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 $11.7 million, or $0.28 per basic (and $0.27 diluted) common share, for the three months ended June 30, 2013, and $39.5 million, or $0.94 per basic (and $0.92 diluted) common share, for the twelve months ended June 30, 2013. This compares to net income of $8.3 million, or $0.20 per basic (and $0.19 diluted) common share, for the three months ended June 30, 2012, and $31.7 million, or $0.72 per basic (and $0.71 diluted) common share, for the twelve months ended June 30, 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 August 9, 2013 and the payment date will be August 23, 2013. Based on the recent trading range of the Company's common stock, the dividend yield is approximately 4.25%.
"I am pleased to report excellent financial results for the fiscal year ended June 30, 2013," said Kevin J. Lynch, the Company's Chairman, President and CEO. "We achieved record net income, a 24.9% increase over the prior year, as well as surpassing our goals for loans originations, core deposit growth and asset quality. Our team remains focused on the key elements of our business, which has enabled us to deliver these strong results."Comparison of Operating Results for the Periods Ended June 30, 2013 and 2012 Net Income. Net income increased $3.4 million, or 41.0%, to $11.7 million for the quarter ended June 30, 2013, from $8.3 million for the corresponding 2012 quarter. Net income increased $7.9 million, or 24.9%, to $39.5 million for the twelve months ended June 30, 2013, from $31.7 million for the corresponding 2012 period. The primary causes of the increased net income in the 2013 periods were increased net interest income, increased other income and decreased provision for loan losses. Return on average assets was 1.66% and 1.43% for the three and twelve months ended June 30, 2013, respectively. Return on average equity was 9.06% and 7.68% for the three and twelve months ended June 30, 2013, respectively. Total Interest Income The components of interest income for the three months ended June 30, 2013 and 2012, changed as follows:
|Three Months Ended June 30||Increase / (decrease)|
|(Dollars in thousands)|
|Interest on loans||$ 29,028||5.20%||$ 28,271||5.81%||$ 757||$ 286,188||-0.61%|
|Dividends on FHLB stock||436||3.96%||380||4.17%||56||7,539||-0.21%|
|Interest on securities AFS||52||1.74%||90||1.38%||(38)||(14,064)||0.36%|
|Interest on MBS HTM||253||2.36%||221||2.67%||32||9,737||-0.31%|
|Interest on MBS AFS||1,449||1.73%||2,266||1.80%||(817)||(169,135)||-0.07%|
|Interest on federal funds sold and short term investments||1||0.25%||1||0.25%||0||299||0.00%|
|Total interest income||$ 31,219||4.68%||$ 31,229||4.90%||$ (10)||$ 120,564||-0.22%|
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