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Oritani Financial Corp. Reports Earnings And Dividend

Stocks in this article: ORIT

TOWNSHIP OF WASHINGTON, N.J., April 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 $10.7 million, or $0.25 per basic and diluted common share, for the three months ended March 31, 2014, and $31.1 million, or $0.73 per basic (and $0.71 diluted) common share, for the nine months ended March 31, 2014. This compares to net income of $9.9 million, or $0.23 per basic and diluted common share for three months ended March 31, 2014 and net income of $27.9 million, or $0.66 per basic (and $0.65 diluted) common share for the nine month period ended March 31, 2013.

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 2, 2014 and the payment date will be May 16, 2014. Based on the recent trading range of the Company's common stock, the dividend yield is approximately 4.50%.

"I am very pleased to report that Oritani has grown to over $3 billion in assets," said Kevin J. Lynch, the Company's Chairman, President and CEO. "Profitable, organic growth is challenging in this ultra competitive environment. Loan growth is particularly arduous." Mr. Lynch continued, "I have been satisfied with our originations, which totaled $121 million for the quarter and $407 million for the fiscal year to date. However, the elevated level of loan prepayments continues to mute our overall loan growth. Principal payments totaled $101 million for the quarter and $293 million for the fiscal year to date. I was quite gratified with the continued decrease in problem assets. Total delinquent loans decreased 31% during the quarter and total nonperforming assets were 0.70% of total assets at March 31, 2014. In addition, our deposit growth strategies yielded strong results as deposits increased $68 million during the quarter."

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