TOWNSHIP OF WASHINGTON, N.J., Jan. 28, 2011 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank"), reported net income of $7.1 million, or $0.13 per share, for the three months ended December 31, 2010, and $14.2 million, or $0.27 per share, for the six months ended December 31, 2010. This compares to net income of $2.9 million, or $0.05 per share, for the three months ended December 31, 2009, and $7.4 million, or $0.13 per share, for the six months ended December 31, 2009.

The Company also reported that its Board of Directors has declared a $0.10 quarterly cash dividend on the Company's common stock. The record date for the dividend will be February 11, 2011 and the payment date will be February 25, 2011.

"I am pleased to report several notable achievements that occurred over the quarter at Oritani," said Kevin J. Lynch, the Company's Chairman, President and CEO. "First and foremost, we continue to generate strong earnings. In addition, we have been able to hit our strategic targets for loan growth and we fully deployed the excess liquidity generated by the second step. We are currently utilizing overnight borrowings to further enhance our spread and margin." Loans, net increased $68.7 million and $125.5 million over the three and six months ended December 31, 2010, respectively.

Mr. Lynch continued, "To some extent it was also a cleanup quarter for us from a credit perspective. Our provision for loan losses increased versus the prior quarter and our charge-offs increased substantially. The charge-offs were primarily attributable to one large problem asset. We have reclassified that asset as "held for sale" as we have changed our approach for the liquidation of this asset and have engaged a marketing agent to investigate alternate means of disposal. While we did not have significant dispositions during the quarter, I believe we made progress that brought us closer to our goal of problem asset elimination."