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Oritani Financial Corp. Announces 2nd Quarter Results And Dividend

TOWNSHIP OF WASHINGTON, N.J., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank"), reported net income of $10.0 million, or $0.23 per basic and diluted common share, for the three months ended December 31, 2013, and $20.4 million, or $0.48 per basic (and $0.47 diluted) common share, for the six months ended December 31, 2013. This compares to 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.

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 February 7, 2014 and the payment date will be February 21, 2014.

"There are several very positive aspects to this report, including our EPS, ROA, deposit growth and continued positive trends in credit quality. But the result that I am proudest to report is our loan growth for the quarter. Our annualized growth rate for the quarter was 14.5%," said Kevin J. Lynch, the Company's Chairman, President and CEO. "Our loan growth had slowed in the prior quarter, but the results this quarter show that we are able to grow the portfolio despite the increasing rate environment and a continued high level of prepayments." Mr. Lynch continued, "We realize that loan growth is critical to capital deployment for Oritani, and this is an objective we are intent on achieving."

Comparison of Operating Results for the Periods Ended December 31, 2013 and 2012

Net Income

Net income increased $1.2 million, or 14.1%, to $10.0 million for the quarter ended December 31, 2013, from $8.7 million for the corresponding 2012 quarter. Net income increased $2.4 million, or 13.4%, to $20.4 million for the six months ended December 31, 2013, from $18.0 million for the corresponding 2012 period. The primary cause of the increased income in the 2013 periods was a decrease in the provision for loan losses and increased other income.

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