Newspaper article The Record (Bergen County, NJ)

Oritani Posts Record Earnings for 4q

Newspaper article The Record (Bergen County, NJ)

Oritani Posts Record Earnings for 4q

Article excerpt

Oritani Financial Corp.'s quarterly earnings jumped 41 percent, largely because of higher income from lending, a decline in provisions for loan losses and an increase in value of life insurance owned by the bank.

The Washington Township-based company said Wednesday it earned a record $11.7 million or 27 cents a share in its fourth fiscal quarter, which ended June 30, up from $8.3 million, or 19 cents, a year ago.

Net income for the fiscal year was $39.5 million, also a record.

Oritani Financial is the parent company of Oritani Bank, which has two dozen branches, all in northern New Jersey.

"Our team remains focused on the key elements of our business, which has enabled us to deliver these strong results,'' Kevin J. Lynch, chairman and chief executive officer, said in a statement.

Earnings were released Wednesday morning and the closing price of Oritani shares Wednesday was $16.70, up 12 cents. The shares have risen 11.3 percent so far in 2013.

The multifamily and commercial real estate lender reported that loans increased to $2. …

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