[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
United
States
|
22-3617996
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
|
Page
|
|
|
Part
I. Financial Information
|
|
Item
1.
|
Financial
Statements
|
3
|
|
|
|
|
Consolidated
Balance Sheets as of March 31, 2008 (unaudited) and
June 30, 2007
|
3
|
|
|
|
|
Consolidated
Statements of Income for the Three and Nine Months Ended
March 31, 2008 and 2007 (unaudited)
|
4
|
|
|
|
|
Consolidated
Statements of Stockholders’ Equity for the Nine
Months Ended March 31, 2008 and 2007
(unaudited)
|
5
|
|
|
|
|
Consolidated
Statements of Cash Flows for the Nine Months Ended
March 31, 2008 and 2007 (unaudited)
|
6
|
|
|
|
|
Notes
to unaudited Consolidated Financial Statements
|
7
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and
Results of Operations
|
11
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
23
|
|
|
|
Item
4.
|
Controls
and Procedures
|
25
|
|
|
|
|
Part
II. Other Information
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
26
|
|
|
|
Item
1A.
|
Risk
Factors
|
26
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
26
|
|
|
|
Item
3.
|
Defaults
upon Senior Securities
|
26
|
|
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
26
|
|
|
|
Item
5.
|
Other
Information
|
26
|
|
|
|
Item
6.
|
Exhibits
|
27
|
|
|
|
Signature
Page
|
28
|
Oritani
Financial Corp. and
Subsidiaries
|
|||||||
Township
of Washington, New Jersey
|
|||||||
Consolidated
Balance Sheets
|
|||||||
March
31, 2008 and June 30, 2007
|
|||||||
(in
thousands, except share
data)
|
|||||||
|
|
|
|
|
|
||
|
|
March
31,
|
|
June
30,
|
|
||
Assets
|
|
2008
|
|
2007
|
|
||
|
|
(unaudited)
|
|||||
Cash
on hand and in banks
|
$
|
6,753
|
$
|
7,823
|
|||
Federal
funds sold and short term investments
|
78,723
|
55,703
|
|||||
Cash
and cash equivalents
|
85,476
|
63,526
|
|||||
Loans,
net
|
910,390
|
758,542
|
|||||
Securities
held to maturity, estimated market value of
|
|||||||
$3,029
and $5,347 at March 31, 2008 and
|
|||||||
June
30, 2007, respectively
|
3,000
|
5,415
|
|||||
Securities
available for sale, at market value
|
28,365
|
35,443
|
|||||
Mortgage-backed
securities held to maturity, estimated
|
|||||||
market
value of $177,732 and $210,505 at
|
|||||||
March
31, 2008 and June 30, 2007, respectively
|
178,324
|
217,406
|
|||||
Mortgage-backed
securities available for sale,
|
|||||||
at
market value
|
114,260
|
38,793
|
|||||
Bank
Owned Life Insurance (at cash surrender value)
|
26,152
|
25,365
|
|||||
Federal
Home Loan Bank of New York stock, at cost
|
19,297
|
10,619
|
|||||
Accrued
interest receivable
|
6,069
|
4,973
|
|||||
Investments
in real estate joint ventures, net
|
5,793
|
6,200
|
|||||
Real
estate held for investment
|
2,890
|
2,492
|
|||||
Office
properties and equipment, net
|
8,473
|
8,361
|
|||||
Other
assets
|
17,546
|
17,308
|
|||||
$
|
1,406,035
|
$
|
1,194,443
|
||||
Liabilities
|
|||||||
Deposits
|
$
|
703,253
|
$
|
695,757
|
|||
Borrowings
|
389,512
|
196,661
|
|||||
Advance
payments by borrowers for taxes and
|
|||||||
insurance
|
6,337
|
5,684
|
|||||
Accrued
taxes payable
|
1,806
|
1,463
|
|||||
Official
checks outstanding
|
2,036
|
5,050
|
|||||
Other
liabilities
|
19,663
|
17,258
|
|||||
Total
liabilities
|
1,122,607
|
921,873
|
|||||
Stockholders'
Equity
|
|||||||
Preferred
stock, $0.01 par value; 10,000,000 shares
|
|||||||
authorized-none
issued or outstanding
|
—
|
—
|
|||||
Common
stock, $0.01 par value; 80,000,000 shares authorized;
|
|||||||
40,552,162
issued and outstanding at
|
|||||||
March
31, 2008 and June 30, 2007
|
130
|
130
|
|||||
Additional
paid-in capital
|
127,933
|
127,710
|
|||||
Unallocated
common stock held by the employee stock
|
|||||||
ownership
plan
|
(14,903
|
)
|
(15,499
|
)
|
|||
Retained
income
|
169,733
|
161,300
|
|||||
Accumulated
other comprehensive income (loss), net of tax
|
535
|
(1,071
|
)
|
||||
Total
stockholders' equity
|
283,428
|
272,570
|
|||||
$
|
1,406,035
|
$
|
1,194,443
|
||||
See
accompanying notes to unaudited consolidated financial
statements.
|
Oritani
Financial Corp. and Subsidiaries
|
|||||||||||||
Township
of Washington, New Jersey
|
|||||||||||||
Consolidated
Statements of Income
|
|||||||||||||
Three
and Nine Months Ended March 31, 2008 and 2007
|
|||||||||||||
(unaudited)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three
months ended
|
|
Nine
months ended
|
|
||||||||
|
|
March
31
|
|
March
31
|
|
||||||||
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|||||
Interest
income:
|
(in
thousands, except per share data)
|
||||||||||||
Interest
on mortgage loans
|
$
|
14,173
|
$
|
11,439
|
$
|
40,417
|
$
|
32,397
|
|||||
Interest
on securities held to maturity
|
349
|
281
|
934
|
801
|
|||||||||
Interest
on securities available for sale
|
373
|
260
|
1,418
|
553
|
|||||||||
Interest
on mortgage-backed securities held to maturity
|
1,787
|
2,322
|
5,766
|
7,294
|
|||||||||
Interest
on mortgage-backed securities available for sale
|
1,285
|
178
|
3,147
|
573
|
|||||||||
Interest
on federal funds sold and short term investments
|
351
|
3,285
|
1,401
|
5,233
|
|||||||||
Total
interest income
|
18,318
|
17,765
|
53,083
|
46,851
|
|||||||||
Interest
expense:
|
|||||||||||||
Deposits
and stock subscription proceeds
|
5,943
|
6,276
|
18,464
|
17,504
|
|||||||||
Borrowings
|
3,651
|
2,395
|
9,213
|
6,837
|
|||||||||
Total
interest expense
|
9,594
|
8,671
|
27,677
|
24,341
|
|||||||||
Net
interest income before provision for loan losses
|
8,724
|
9,094
|
25,406
|
22,510
|
|||||||||
Provision
for loan losses
|
750
|
350
|
2,050
|
775
|
|||||||||
Net
interest income
|
7,974
|
8,744
|
23,356
|
21,735
|
|||||||||
Other
income:
|
|||||||||||||
Service
charges
|
292
|
261
|
836
|
794
|
|||||||||
Real
estate operations, net
|
272
|
170
|
1,036
|
703
|
|||||||||
Income
from investments in real estate joint ventures
|
281
|
327
|
879
|
928
|
|||||||||
Bank-owned
life insurance
|
264
|
245
|
787
|
728
|
|||||||||
Net
gain on sale of assets
|
—
|
514
|
—
|
514
|
|||||||||
Net
loss on the write down of securities
|
(352
|
)
|
—
|
(352
|
)
|
—
|
|||||||
Other
income
|
34
|
195
|
108
|
299
|
|||||||||
Total
other income
|
791
|
1,712
|
3,294
|
3,966
|
|||||||||
Operating
expenses:
|
|||||||||||||
Compensation,
payroll taxes and fringe benefits
|
3,231
|
2,875
|
9,815
|
8,667
|
|||||||||
Advertising
|
128
|
125
|
376
|
375
|
|||||||||
Office
occupancy and equipment expense
|
435
|
360
|
1,223
|
1,134
|
|||||||||
Data
processing service fees
|
268
|
263
|
792
|
774
|
|||||||||
Federal
insurance premiums
|
25
|
23
|
72
|
68
|
|||||||||
Telephone,
Stationary, Postage and Supplies
|
114
|
104
|
313
|
289
|
|||||||||
Insurance,
Legal, Audit and Accounting
|
395
|
141
|
805
|
505
|
|||||||||
Contribution
to charitable foundation
|
—
|
9,110
|
—
|
9,110
|
|||||||||
Other
expenses
|
155
|
133
|
495
|
462
|
|||||||||
Total
operating expenses
|
4,751
|
13,134
|
13,891
|
21,384
|
|||||||||
Income
(loss) before income tax expense (benefit)
|
4,014
|
(2,678
|
)
|
12,759
|
4,317
|
||||||||
Income
tax expense (benefit)
|
1,649
|
(1,548
|
)
|
5,226
|
999
|
||||||||
Net
income (loss)
|
$
|
2,365
|
$
|
(1,130
|
)
|
$
|
7,533
|
$
|
3,318
|
||||
Basic
income (loss) per common share
|
$
|
0.06
|
(0.09
|
)
|
$
|
0.19
|
n/a
|
||||||
See
accompanying notes to unaudited consolidated financial
statements.
|
Oritani
Financial Corp. and Subsidiaries
|
|||||||||||||||||||
Township
of Washington, New Jersey
|
|||||||||||||||||||
Consolidated
Statements of Stockholders' Equity
|
|||||||||||||||||||
Nine
Months ended March 31, 2008 and 2007 (unaudited)
|
|||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Accumu-
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
lated
|
|
|
|
||||||
|
|
|
|
|
|
Un-
|
|
|
|
other
|
|
|
|
||||||
|
|
|
|
|
|
allocated
|
|
|
|
compre-
|
|
|
|
||||||
|
|
|
|
|
|
common
|
|
|
|
hensive
|
|
Total
|
|
||||||
|
|
|
|
Additional
|
|
stock
|
|
|
|
income
|
|
stock-
|
|
||||||
|
|
Common
|
|
paid-in
|
|
held
by
|
|
Retained
|
|
(loss),
|
|
holders'
|
|
||||||
|
|
Stock
|
|
capital
|
|
ESOP
|
|
income
|
|
net
of tax
|
|
equity
|
|||||||
Balance
at June 30, 2006
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
150,266
|
$
|
(130
|
)
|
$
|
150,136
|
||||||
Comprehensive
income:
|
|||||||||||||||||||
Net
income
|
—
|
—
|
—
|
3,318
|
—
|
3,318
|
|||||||||||||
Unrealized
holding gain on securities
|
|||||||||||||||||||
available
for sale arising during
|
|||||||||||||||||||
year,
net of tax of $39
|
—
|
—
|
—
|
—
|
70
|
70
|
|||||||||||||
Total
comprehensive income
|
3,388
|
||||||||||||||||||
Sale
of 12,976,686 shares of common
|
|||||||||||||||||||
stock
in the initial public offering
|
|||||||||||||||||||
and
issuance of 27,575,476 shares
|
|||||||||||||||||||
to
the mutual holding company
|
130
|
127,500
|
—
|
—
|
—
|
127,630
|
|||||||||||||
Purchase
of common stock by the
|
|||||||||||||||||||
ESOP
|
—
|
—
|
(15,896
|
)
|
—
|
—
|
(15,896
|
)
|
|||||||||||
ESOP
shares allocated or committed
|
|||||||||||||||||||
to
be released
|
—
|
107
|
198
|
—
|
—
|
305
|
|||||||||||||
Balance
at March 31, 2007
|
$
|
130
|
$
|
127,607
|
$
|
(15,698
|
)
|
$
|
153,584
|
$
|
(60
|
)
|
$
|
265,563
|
|||||
Balance
at June 30, 2007
|
$
|
130
|
$
|
127,710
|
$
|
(15,499
|
)
|
$
|
161,300
|
$
|
(1,071
|
)
|
$
|
272,570
|
|||||
Comprehensive
income:
|
|||||||||||||||||||
Net
income
|
—
|
—
|
—
|
7,533
|
—
|
7,533
|
|||||||||||||
Unrealized
holding gain on securities
|
|||||||||||||||||||
available
for sale arising during
|
|||||||||||||||||||
year,
net of tax of $1,062
|
—
|
—
|
—
|
—
|
1,537
|
1,537
|
|||||||||||||
Amortization
related to post-
|
|||||||||||||||||||
retirement
obligations, net of
|
|||||||||||||||||||
tax
of $46
|
—
|
—
|
—
|
—
|
69
|
69
|
|||||||||||||
Total
comprehensive income
|
9,139
|
||||||||||||||||||
Cumulative
transition adjustment
|
|||||||||||||||||||
related
to the adoption of FIN 48
|
—
|
—
|
—
|
900
|
—
|
900
|
|||||||||||||
ESOP
shares allocated or committed
|
|||||||||||||||||||
to
be released
|
—
|
223
|
596
|
—
|
—
|
819
|
|||||||||||||
Balance
at March 31, 2008
|
$
|
130
|
$
|
127,933
|
$
|
(14,903
|
)
|
$
|
169,733
|
$
|
535
|
$
|
283,428
|
||||||
See
accompanying notes to unaudited consolidated financial
statements.
|
Oritani
Financial Corp. and Subsidiaries
|
|||||||
Township
of Washington, New Jersey
|
|||||||
Consolidated
Statements of Cash Flows
|
|||||||
Nine
months ended March 31, 2008 and 2007 (unaudited)
|
|||||||
|
|
Nine
months ended
|
|
||||
|
|
March
31,
|
|
||||
|
|
2008
|
|
2007
|
|||
Cash
flows from operating activities:
|
(in
thousands)
|
||||||
Net
income
|
$
|
7,533
|
$
|
3,318
|
|||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
Contribution
of stock to charitable foundation
|
-
|
8,110
|
|||||
ESOP
shares allocated or committed to be released
|
819
|
305
|
|||||
Depreciation
of premises and equipment
|
397
|
528
|
|||||
Amortization
and accretion of premiums and discounts, net
|
187
|
347
|
|||||
Provision
for losses on loans
|
2,050
|
775
|
|||||
Amortization
and accretion of deferred loan fees, net
|
(546
|
)
|
(511
|
)
|
|||
Increase
in deferred taxes
|
(98
|
)
|
(5,456
|
)
|
|||
Impairment
charge on securities
|
352
|
-
|
|||||
Gain
on sale of fixed assets
|
-
|
(514
|
)
|
||||
Increase
in cash surrender value of bank owned life insurance
|
(787
|
)
|
(728
|
)
|
|||
Income
from real estate held for investment
|
(507
|
)
|
(703
|
)
|
|||
Income
from real estate joint ventures
|
(879
|
)
|
(928
|
)
|
|||
Increase
in accrued interest receivable
|
(1,096
|
)
|
(575
|
)
|
|||
(Increase)
decrease in other assets
|
(1,134
|
)
|
1,278
|
||||
Decrease
in other liabilities
|
783
|
4,781
|
|||||
Net
cash provided by operating activities
|
7,074
|
10,027
|
|||||
Cash
flows from investing activities:
|
|||||||
Net
increase in loans receivable
|
(152,002
|
)
|
(72,600
|
)
|
|||
Purchase
of mortgage loans
|
(1,350
|
)
|
(6,960
|
)
|
|||
Purchase
of securities held to maturity
|
-
|
(5,000
|
)
|
||||
Purchase
of securities available for sale
|
(17,718
|
)
|
(15,000
|
)
|
|||
Purchase
of mortgage-backed securities held to maturity
|
-
|
(4,886
|
)
|
||||
Purchase
of mortgage-backed securities available for sale
|
(82,145
|
)
|
-
|
||||
Purchase
of Federal Home Loan Bank of New York stock
|
(8,678
|
)
|
(2,387
|
)
|
|||
Principal
payments on mortgage-backed securities held to
maturity
|
38,800
|
46,332
|
|||||
Principal
payments on mortgage-backed securities available for
sale
|
8,816
|
4,267
|
|||||
Proceeds
from calls and maturities of securities held to
maturity
|
2,415
|
-
|
|||||
Proceeds
from calls and maturities of securities available for
sale
|
25,000
|
23,000
|
|||||
Additional
investment in real estate held for investment
|
(503
|
)
|
-
|
||||
Distributions
received from real estate held for investment
|
426
|
467
|
|||||
Distributions
received from real estate joint ventures
|
1,324
|
872
|
|||||
Purchase
of fixed assets
|
(509
|
)
|
(356
|
)
|
|||
Proceeds
from sale of fixed assets
|
-
|
1,973
|
|||||
Net
cash used in investing activities
|
(186,124
|
)
|
(30,278
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Net
increase in deposits
|
7,496
|
15,889
|
|||||
Net
proceeds from sale of common stock
|
-
|
119,627
|
|||||
Purchase
of common stock for ESOP
|
-
|
(15,896
|
)
|
||||
Increase
in advance payments by borrowers for taxes and
insurance
|
653
|
219
|
|||||
Proceeds
from borrowed funds
|
195,000
|
103,400
|
|||||
Repayment
of borrowed funds
|
(2,149
|
)
|
(50,276
|
)
|
|||
Net
cash provided by financing activities
|
201,000
|
172,963
|
|||||
Net
increase in cash and cash equivalents
|
21,950
|
152,712
|
|||||
Cash
and cash equivalents at beginning of period
|
63,526
|
7,274
|
|||||
Cash
and cash equivalents at end of period
|
$
|
85,476
|
$
|
159,986
|
|||
Supplemental
cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
26,753
|
$
|
23,711
|
|||
Income
taxes
|
$
|
5,354
|
$
|
2,388
|
|||
Non
cash borrowing activity
|
$
|
-
|
$
|
(544
|
)
|
||
See
accompanying notes to unaudited consolidated financial
statements.
|
March
31, 2008
|
|
June
30, 2007
|
|
||||
|
|
(In
thousands)
|
|||||
Conventional
one to four family
|
$
|
216,230
|
$
|
188,941
|
|||
Multifamily
and commercial real estate
|
519,362
|
451,131
|
|||||
Second
mortgage and equity loans
|
63,193
|
65,240
|
|||||
Construction
loans
|
121,200
|
62,704
|
|||||
Other
loans
|
3,291
|
1,140
|
|||||
Total
loans
|
923,276
|
769,156
|
|||||
Less:
|
|||||||
Deferred
loan fees, net
|
1,954
|
1,732
|
|||||
Allowance
for loan losses
|
10,932
|
8,882
|
|||||
Total
loans, net
|
$
|
910,390
|
$
|
758,542
|
Three
months ended
|
|
Nine
months ended
|
|
||||||||||
|
|
March
31,
|
|
March
31,
|
|
||||||||
|
|
(In
thousands)
|
|
(In
thousands)
|
|
||||||||
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|||||
Balance
at beginning of period
|
$
|
10,182
|
$
|
8,097
|
$
|
8,882
|
$
|
7,672
|
|||||
Provisions
charged to operations
|
750
|
350
|
2,050
|
775
|
|||||||||
Balance
at end of period
|
$
|
10,932
|
$
|
8,447
|
$
|
10,932
|
$
|
8,447
|
|||||
March
31, 2008
|
|
June
30, 2007
|
|
||||
|
|
(In
thousands)
|
|||||
Checking
accounts
|
$
|
76,683
|
$
|
75,510
|
|||
Money
market deposit accounts
|
53,391
|
41,029
|
|||||
Savings
accounts
|
150,260
|
156,670
|
|||||
Time
deposits
|
422,919
|
422,548
|
|||||
Total
deposits
|
$
|
703,253
|
$
|
695,757
|
Delinquency
Totals
|
|||||||||||||
03/31/08
|
|
12/31/07
|
|
09/30/07
|
|
06/30/07
|
|||||||
(in
thousands)
|
|||||||||||||
30
- 59 days past due
|
$
|
24,189
|
$
|
343
|
$
|
1,553
|
$
|
594
|
|||||
60
- 89 days past due
|
14,034
|
-
|
-
|
-
|
|||||||||
90
or more days past due
|
384
|
-
|
555
|
-
|
|||||||||
Total
|
$
|
38,607
|
$
|
343
|
$
|
2,108
|
$
|
594
|
Average
Balance Sheet and Yield/Rate Information
|
|
||||||||||||||||||
|
|
For
the Three Months Ended (unaudited)
|
|
||||||||||||||||
|
|
March
31, 2008
|
|
March
31, 2007
|
|
||||||||||||||
|
|
Average
Outstanding Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/
Rate
|
|
Average
Outstanding Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/ Rate
|
|
||||||
|
|
(Dollars
in thousands)
|
|||||||||||||||||
Interest-earning
assets:
|
|||||||||||||||||||
Loans
|
$
|
885,223
|
$
|
14,173
|
6.40
|
%
|
$
|
709,215
|
$
|
11,439
|
6.45
|
%
|
|||||||
Securities
available for sale
|
31,419
|
373
|
4.75
|
19,182
|
260
|
5.42
|
|||||||||||||
Securities
held to maturity
|
20,075
|
349
|
6.95
|
17,676
|
281
|
6.36
|
|||||||||||||
Mortgage
backed securities available for sale
|
99,854
|
1,285
|
5.15
|
14,229
|
178
|
5.00
|
|||||||||||||
Mortgage
backed securities held to maturity
|
185,414
|
1,787
|
3.86
|
240,214
|
2,322
|
3.87
|
|||||||||||||
Federal
funds sold and short term investments
|
44,737
|
351
|
3.14
|
244,699
|
3,285
|
5.37
|
|||||||||||||
Total
interest-earning assets
|
1,266,722
|
18,318
|
5.78
|
1,245,215
|
17,765
|
5.71
|
|||||||||||||
Non-interest-earning
assets
|
73,147
|
60,603
|
|||||||||||||||||
Total
assets
|
$
|
1,339,869
|
$
|
1,305,818
|
|||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Savings
deposits & stock subscription proceeds
|
149,229
|
587
|
1.57
|
%
|
286,778
|
914
|
1.27
|
%
|
|||||||||||
Money
market
|
48,793
|
439
|
3.60
|
40,561
|
329
|
3.24
|
|||||||||||||
NOW
accounts
|
73,862
|
203
|
1.10
|
70,737
|
204
|
1.15
|
|||||||||||||
Time
deposits
|
418,681
|
4,714
|
4.50
|
427,894
|
4,829
|
4.51
|
|||||||||||||
Total
deposits
|
690,565
|
5,943
|
3.44
|
825,970
|
6,276
|
3.04
|
|||||||||||||
Borrowings
|
340,138
|
3,651
|
4.29
|
221,543
|
2,395
|
4.32
|
|||||||||||||
Total
interest-bearing liabilities
|
1,030,703
|
9,594
|
3.72
|
1,047,513
|
8,671
|
3.31
|
|||||||||||||
Non-interest-bearing
liabilities
|
27,751
|
22,659
|
|||||||||||||||||
Total
liabilities
|
1,058,454
|
1,070,172
|
|||||||||||||||||
Stockholders'
equity
|
281,415
|
235,646
|
|||||||||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,339,869
|
$
|
1,305,818
|
|||||||||||||||
Net
interest income
|
$
|
8,724
|
$
|
9,094
|
|||||||||||||||
Net
interest rate spread (1)
|
2.06
|
%
|
2.40
|
%
|
|||||||||||||||
Net
interest-earning assets (2)
|
$
|
236,019
|
$
|
197,702
|
|||||||||||||||
Net
interest margin (3)
|
2.75
|
%
|
2.92
|
%
|
|||||||||||||||
Average
of interest-earning assets to interest-bearing liabilities
|
1.23
|
X
|
1.19
|
X
|
|||||||||||||||
(1)
Net interest rate spread represents the difference between the
yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
|
|||||||||||||||||||
(2)
Net interest-earning assets represents total interest-earning assets
less
total interest-bearing liabilities.
|
|||||||||||||||||||
(3)
Net interest margin represents net interest income divided by average
total interest-earning assets.
|
|
|
Average
Balance Sheet and Yield/Rate
Information
|
|
||||||||||||||||
|
|
For
the Nine months Ended
|
|
||||||||||||||||
|
|
March
31, 2008
|
|
March
31, 2007
|
|
||||||||||||||
|
|
Average
Outstanding Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/ Rate
|
|
Average
Outstanding Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/ Rate
|
|
||||||
|
|
(Dollars
in thousands)
|
|||||||||||||||||
Interest-earning
assets:
|
|||||||||||||||||||
Loans
|
$
|
829,967
|
$
|
40,417
|
6.49
|
%
|
$
|
680,284
|
$
|
32,397
|
6.35
|
%
|
|||||||
Securities
available for sale
|
36,641
|
1,418
|
5.16
|
%
|
13,468
|
553
|
5.47
|
%
|
|||||||||||
Securities
held to maturity
|
18,753
|
934
|
6.64
|
%
|
19,873
|
801
|
5.37
|
%
|
|||||||||||
Mortgage
backed securities available for sale
|
79,163
|
3,147
|
5.30
|
%
|
15,468
|
573
|
4.94
|
%
|
|||||||||||
Mortgage
backed securities held to maturity
|
199,225
|
5,766
|
3.86
|
%
|
252,323
|
7,294
|
3.85
|
%
|
|||||||||||
Federal
funds sold and short term investments
|
41,622
|
1,401
|
4.49
|
%
|
129,524
|
5,233
|
5.39
|
%
|
|||||||||||
Total
interest-earning assets
|
1,205,371
|
53,083
|
5.87
|
%
|
1,110,940
|
46,851
|
5.62
|
%
|
|||||||||||
Non-interest-earning
assets
|
69,018
|
61,640
|
|||||||||||||||||
Total
assets
|
$
|
1,274,389
|
$
|
1,172,580
|
|||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Savings
deposits & stock subscription proceeds
|
152,576
|
1,885
|
1.65
|
%
|
236,161
|
2,446
|
1.38
|
%
|
|||||||||||
Money
market
|
44,128
|
1,317
|
3.98
|
%
|
32,633
|
843
|
3.44
|
%
|
|||||||||||
NOW
accounts
|
73,662
|
640
|
1.16
|
%
|
73,289
|
648
|
1.18
|
%
|
|||||||||||
Time
deposits
|
419,109
|
14,622
|
4.65
|
%
|
418,280
|
13,567
|
4.32
|
%
|
|||||||||||
Total
deposits
|
689,475
|
18,464
|
3.57
|
%
|
760,363
|
17,504
|
3.07
|
%
|
|||||||||||
Borrowings
|
280,181
|
9,213
|
4.38
|
%
|
210,052
|
6,837
|
4.34
|
%
|
|||||||||||
Total
interest-bearing liabilities
|
969,656
|
27,677
|
3.81
|
%
|
970,415
|
24,341
|
3.34
|
%
|
|||||||||||
Non-interest-bearing
liabilities
|
27,025
|
22,582
|
|||||||||||||||||
Total
liabilities
|
996,681
|
992,997
|
|||||||||||||||||
Stockholders'
equity
|
277,708
|
179,583
|
|||||||||||||||||
Total
liabilities and stockholder's equity
|
$
|
1,274,389
|
$
|
1,172,580
|
|||||||||||||||
Net
interest income
|
$
|
25,406
|
$
|
22,510
|
|||||||||||||||
Net
interest rate spread (1)
|
2.06
|
%
|
2.28
|
%
|
|||||||||||||||
Net
interest-earning assets (2)
|
$
|
235,715
|
$
|
140,525
|
|||||||||||||||
Net
interest margin (3)
|
2.81
|
%
|
2.70
|
%
|
|||||||||||||||
Average
of interest-earning assets to interest-bearing liabilities
|
1.24X
|
1.14X
|
|||||||||||||||||
(1)
Net interest rate spread represents the difference between the
yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
|
|||||||||||||||||||
(2)
Net interest-earning assets represents total interest-earning assets
less
total interest-bearing liabilities.
|
|||||||||||||||||||
(3)
Net interest margin represents net interest income divided by average
total interest-earning
assets.
|
Actual
|
|
Required
|
|
||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
||||
|
|
(Dollars
in thousands)
|
|||||||||||
Total
capital (to risk-weighted assets)
|
$
|
293,763
|
31.0
|
%
|
$
|
75,707
|
8.0
|
% | |||||
Tier
I capital (to risk-weighted assets)
|
282,831
|
29.9
|
37,853
|
4.0
|
|||||||||
Tier
I capital (to average assets)
|
282,831
|
21.1
|
53,595
|
4.0
|
(i)
|
originating
multi-family and commercial real estate loans that generally tend
to have
shorter interest duration and generally reset at five years;
|
(ii)
|
investing
in shorter duration securities and mortgage-backed securities;
and
|
(iii)
|
obtaining
general financing through longer-term Federal Home Loan Bank advances
with
call options that are considered
unlikely.
|
|
|
Net
Portfolio Value
|
|
NPV
as a Percent of Present Value of Assets (3)
|
|
Net
Interest Income
|
|
||||||||||||||||||
Change
in Interest Rates
|
|
|
|
Estimated
Increase (Decrease)
|
|
|
|
Increase
(Decrease)
|
|
Estimated
Net
|
|
Increase
(Decrease) in estimated Net interest income
|
|
||||||||||||
(basis
points)
(1)
|
|
Estimated
NPV (2)
|
|
Amount
|
|
Percent
|
|
NPV
Ratio (4)
|
|
(basis
points)
|
Interest
Income
|
Amount
|
Percent
|
||||||||||||
(dollars
in thousands)
|
|||||||||||||||||||||||||
+200bp
|
240,324
|
$
|
(29,920
|
)
|
(11.07
|
)%
|
18.06
|
%
|
(124
|
)
|
37,337
|
$
|
(1,844
|
)
|
(4.71
|
)%
|
|||||||||
+100bp
|
261,026
|
$
|
(9,218
|
)
|
(3.41
|
)%
|
19.06
|
%
|
(24
|
)
|
38,583
|
$
|
(598
|
)
|
(1.53
|
)%
|
|||||||||
0bp
|
270,244
|
$
|
-
|
-
|
19.30
|
%
|
-
|
39,181
|
$
|
-
|
0.00
|
%
|
|||||||||||||
-100bp
|
281,108
|
$
|
10,864
|
4.02
|
%
|
19.56
|
%
|
26
|
36,258
|
$
|
(2,923
|
)
|
(7.46
|
)%
|
|||||||||||
-200bp
|
270,631
|
$
|
387
|
0.14
|
%
|
18.56
|
%
|
75
|
32,312
|
$
|
(6,869
|
)
|
(17.53
|
)%
|
a)
|
There
were no sales by the registrant of unregistered securities during
the past
three years.
|
b)
|
Not
applicable
|
c)
|
There
were no issuer repurchases of securities during the past three
years.
|
For
|
Against
|
Abstain
|
||
8,439,933
|
661,174
|
51,645
|
3.1
|
Charter
of Oritani Financial Corp. *
|
3.2
|
Bylaws
of Oritani Financial Corp. *
|
4
|
Form
of Common Stock Certificate of Oritani Financial Corp.
*
|
10.1
|
Employment
Agreement between Oritani Financial Corp. and Kevin J.
Lynch*
|
10.2
|
Form
of Employment Agreement between Oritani Financial Corp. and executive
officers*
|
10.3
|
Oritani
Savings Bank Director Retirement
Plan*
|
10.4
|
Oritani
Savings Bank Benefit Equalization
Plan*
|
10.5
|
Oritani
Bancorp, Inc. Executive Supplemental Retirement Income
Agreement*
|
10.6
|
Form
of Employee Stock Ownership Plan*
|
10.7
|
Director
Deferred Fee Plan*
|
10.8
|
Oritani
Financial Corp. 2007 Equity Incentive
Plan**
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002
|
__________________ |
*
|
Filed
as exhibits to the Company’s Registration Statement on Form S-1, and any
amendments thereto, with the Securities and Exchange Commission
(Registration No. 333-137309).
|
**
|
Filed
as part of the Company’s definitive proxy statement, with the Securities
and Exchange Commission on March 20,
2008.
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ORITANI
FINANCIAL CORP.
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Date:
May
12, 2008
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/s/
Kevin J. Lynch
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Kevin
J. Lynch
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President
and Chief Executive Officer
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Date:
May
12, 2008
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/s/
John M. Fields, Jr.
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John
M. Fields, Jr.
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Executive
Vice President and Chief Financial
Officer
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