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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 ResultsNet 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.