This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Oritani Financial Corp. Announces Dividend And Quarterly Results

TOWNSHIP OF WASHINGTON, N.J., Oct. 23, 2013 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank") reported net income of $10.4 million, or $0.24 per basic and fully diluted share, for the three months ended September 30, 2013, as compared to net income of $9.2 million, or $0.22 per basic and fully diluted share, for the corresponding 2012 period.

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 November 8, 2013 and the payment date will be November 22, 2013. Based on the recent trading range of the Company's common stock, the dividend yield is about 4.25%.

"I am proud to share the results of another strong quarter," said Kevin J. Lynch, the Company's Chairman, President and CEO. "Oritani continues to perform quite well, delivering robust earnings per share. Our stock price reflects the value that the investment community places on that performance." Mr. Lynch continued, "We took a fair amount of interest rate risk off the table during the quarter through additional long term fixed rate borrowings. Our overall deposit growth for the quarter was sluggish but we intend to change that trend in the coming quarters. Loan origination volume and pipeline totals are rebounding in light of improved market conditions and our portfolio quality metrics continued to improve."

Comparison of Operating Results

Net Income

Net income increased $1.2 million to $10.4 million for the quarter ended September 30, 2013, from $9.2 million for the corresponding 2012 quarter. The primary cause of the increased income was a lower provision for loan losses as well as increased net interest income and increased other income, partially offset by increased other expenses. Our annualized return on average assets was 1.47% for the quarter ended September 30, 2013, and 1.37% for the quarter ended September 30, 2012.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs