TOWNSHIP OF WASHINGTON, N.J., July 24, 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 June 30, 2014, and $41.1 million, or $0.96 per basic (and $0.94 diluted) common share, for the fiscal year ended June 30, 2014. This compares to net income of $11.7 million, or $0.28 per basic (and $0.27 diluted) common share for three months ended June 30, 2013 and net income of $39.5 million, or $0.94 per basic (and $0.92 diluted) common share for the twelve month period ended June 30, 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 August 8, 2014 and the payment date will be August 22, 2014. Based on the recent trading range of the Company's common stock, the dividend yield on the regular dividend is approximately 4.50%.
"I am very pleased to report the close of another successful fiscal year for Oritani," said Kevin J. Lynch, the Company's Chairman, President and CEO. "The year was highlighted by strong profitability." Mr. Lynch continued, "In addition, we achieved many of our strategic objectives including double digit growth in loans, deposits and assets. Our credit quality continues to improve and we are poised to tackle the challenges of the coming year."Comparison of Operating Results for the Periods Ended June 30, 2014 and 2013 Net Income. Net income decreased $1.7 million to $10.0 million for the quarter ended June 30, 2014, from $11.7 million for the corresponding 2013 quarter. Net income increased $1.5 million to $41.1 million for the fiscal year ended June 30, 2014, from $39.5 million for the corresponding 2013 period. The primary cause of the decreased net income in the quarterly period was the receipt of $1.5 million of nonrecurring bank-owned life insurance proceeds that were not subject to income taxes in the 2013 period. The primary cause of the increased net income in the twelve month period was decreased provision for loan losses partially offset by increased expenses. Total Interest Income. The components of interest income for the three months ended June 30, 2014 and 2013, changed as follows:
|Three Months Ended June 30,||Increase / (decrease)|
|(Dollars in thousands)|
|Interest on mortgage loans||$ 29,185||4.79%||$ 29,028||5.20%||$ 157||$ 203,433||-0.41%|
|Dividends on FHLB stock||431||3.65%||436||3.96%||(5)||3,190||-0.31%|
|Interest on securities AFS||28||1.59%||52||1.74%||(24)||(4,923)||-0.15%|
|Interest on MBS HTM||199||2.46%||253||2.36%||(54)||(10,475)||0.10%|
|Interest on MBS AFS||1,911||2.02%||1,449||1.73%||462||44,985||0.29%|
|Interest on federal funds sold and short term investments||3||0.25%||1||0.25%||2||2,989||0.00%|
|Total interest income||$ 31,757||4.37%||$ 31,219||4.68%||$ 538||$ 239,199||-0.31%|