Oritani Financial Corp. (the “Company” or “Oritani”) (NASDAQ:
ORIT), the holding company for Oritani Bank (the “Bank”), reported
net income of $12.3 million, or $0.28 per basic and diluted common
share, for the three months ended September 30, 2019. This
compares to net income of $13.4 million, or $0.30 per basic and
diluted common share, for the corresponding 2018 period.
The Company also reported that its Board of
Directors has declared a $0.18 quarterly cash dividend on the
Company’s common stock. The record date for the dividend will
be November 4, 2019 and the payment date will be November 13,
2019.
On June 26, 2019, the Company announced that it
had entered into a merger agreement with Valley National Bancorp
(“Valley”). Common shareholders of Oritani will receive 1.60 shares
of Valley common stock for each Oritani common stock they hold. The
transaction is expected to close in the fourth quarter of 2019,
subject to standard regulatory approvals, shareholder approvals
from Valley and Oritani, as well as other customary
conditions. Oritani shareholders will vote on the merger
agreement at a special meeting of shareholders to be held on
November 14, 2019.
“It is with both gratitude and satisfaction that
I provide this, likely final, report of Oritani’s results,” said
Kevin J. Lynch, the Company’s Chairman, President and CEO.
“Oritani has provided its owners with solid returns and
unparalleled dividends throughout our existence as a public
company.” Mr. Lynch continued: “Our strengths remain evident in
this quarter’s operations. Even with an inverted yield curve,
we delivered an annualized ROA of 1.22%, and annualized ROE of
9.29%, an efficiency ratio of 34.7% and an even lower level of
problem assets.”
Comparison of Operating
Results
Net Income
Net income decreased $1.1 million to $12.3
million for the quarter ended September 30, 2019, from $13.4
million for the corresponding 2018 quarter. The primary
causes of the decreased net income in 2019 was an increase in
interest expense largely offset by decreased non-interest expenses,
and a $2.0 million reversal of provision for loan losses in the
2018 period.
Interest Income
The components of interest income changed as follows:
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Increase / (decrease) |
|
|
|
2019 |
2018 |
Average |
|
|
|
Income |
Yield |
Income |
Yield |
Income |
Balance |
Yield |
Interest Income
on: |
|
(Dollars in thousands) |
Loans |
|
$ |
37,257 |
4.31 |
% |
$ |
35,952 |
4.08 |
% |
$ |
1,305 |
|
$ |
(67,217 |
) |
0.23 |
% |
Dividends on FHLB
stock |
|
|
405 |
6.85 |
% |
|
448 |
6.48 |
% |
|
(43 |
) |
|
(3,990 |
) |
0.37 |
% |
Equity
securities |
|
|
11 |
3.30 |
% |
|
10 |
2.62 |
% |
|
1 |
|
|
(193 |
) |
0.68 |
% |
Debt securities
AFS |
|
|
184 |
2.30 |
% |
|
240 |
2.29 |
% |
|
(56 |
) |
|
(9,985 |
) |
0.01 |
% |
Debt securities
HTM |
|
|
1,986 |
2.43 |
% |
|
1,929 |
2.31 |
% |
|
57 |
|
|
(6,531 |
) |
0.12 |
% |
Federal funds sold
and |
|
|
|
|
|
|
|
|
short term
investments |
|
|
54 |
2.51 |
% |
|
22 |
2.03 |
% |
|
32 |
|
|
4,273 |
|
0.48 |
% |
|
Total interest income |
|
$ |
39,897 |
4.14 |
% |
$ |
38,601 |
3.92 |
% |
$ |
1,296 |
|
$ |
(83,643 |
) |
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
As discussed in prior public releases, the
market to originate multifamily and commercial real estate loans
has been particularly challenging in recent periods. Proposed
changes to rent regulations in New York and their potentially
negative impact on rent regulated multifamily properties depressed
sales volume in calendar 2019. Such legislation was passed in
June 2019 and contained many tenant friendly provisions.
Activity has remained sluggish in the current quarter as investors
appear wary of the current environment. In addition, the
decreased external interest rate environment has lowered the market
rates on new multifamily and commercial real estate loan
originations.
The Company’s loan balances decreased $70.1
million during the quarter ended September 30, 2019, versus June
30, 2019. Originations for the quarter were $129.4 million;
however, principal repayments were elevated and totaled $200.1
million. The Company’s loan pipeline was $147.6 million at
September 30, 2019. The Company’s announced merger with
Valley has likely impacted volume.
The average balance of the loan portfolio
decreased $67.2 million for the three months ended September 30,
2019 versus the comparable 2018 period. Loan originations and
principal payments for the three months ended September 30, 2019
are above. For the comparable 2018 period, loan originations
and principal payments totaled $82.0 million and $123.5 million,
respectively. There were no loan purchases in either
period.
The yield on the loan portfolio increased 23
basis points for the quarter ended September 30, 2019 versus the
comparable 2018 period. On a linked quarter basis (September
30, 2019 versus June 30, 2019), the yield on the loan portfolio
increased 7 basis points. The level of prepayment income
impacted these results. Exclusive of prepayment penalties,
the yield on the loan portfolio increased 20 basis points versus
the quarter ended September 30, 2018 and 7 basis points versus the
June 30, 2019 quarter. Prepayment penalties totaled $1.4
million, $1.4 million and $1.2 million for the quarters ended
September 30, 2019, June 30, 2019 and September 30, 2018,
respectively.
Interest Expense
The components of interest expense changed as
follows:
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Increase / (decrease) |
|
|
|
2019 |
2018 |
Average |
|
|
|
Expense |
Cost |
Expense |
Cost |
Expense |
Balance |
Cost |
Interest Expense
on: |
|
(Dollars in thousands) |
Savings
deposits |
|
$ |
1,094 |
1.15 |
% |
$ |
190 |
0.38 |
% |
$ |
904 |
|
$ |
180,085 |
|
0.77 |
% |
Money market |
|
|
2,078 |
1.30 |
% |
|
2,057 |
1.09 |
% |
|
21 |
|
|
(118,721 |
) |
0.21 |
% |
Checking
accounts |
|
|
2,244 |
1.33 |
% |
|
1,659 |
0.92 |
% |
|
585 |
|
|
(49,790 |
) |
0.41 |
% |
Time deposits |
|
|
6,873 |
2.20 |
% |
|
5,131 |
1.67 |
% |
|
1,742 |
|
|
18,534 |
|
0.53 |
% |
Total
deposits |
|
|
12,289 |
1.67 |
% |
|
9,037 |
1.24 |
% |
|
3,252 |
|
|
30,108 |
|
0.43 |
% |
Borrowings |
|
|
3,145 |
2.71 |
% |
|
3,269 |
2.29 |
% |
|
(124 |
) |
|
(106,517 |
) |
0.42 |
% |
|
Total interest expense |
|
$ |
15,434 |
1.81 |
% |
$ |
12,306 |
1.41 |
% |
$ |
3,128 |
|
$ |
(76,409 |
) |
0.40 |
% |
|
|
|
|
|
|
|
|
|
|
As discussed in recent public releases, deposit
growth has been difficult to attain in the current
environment. Competitors have offered deposit products with
rates that exceed an alternative cost of funds. The Company
increased the rate of interest offered on various deposit products
in order to maintain balances. Recently, the Company has
reduced the interest rates on such products and intends to continue
to reduce interest rates. The Company has been largely
successful in minimizing the outflow of deposits however; sizeable
growth has not been achieved. On a linked quarter comparison
basis (versus the quarter ended June 30, 2019), the average balance
of deposits increased $8.5 million, period end balances increased
$13.3 million and the cost of deposits increased 6 basis
points.
As detailed above, the average balance of
deposits increased $30.1 million for the quarter ended September
30, 2019 versus the comparable 2018 period. The overall cost
of deposits increased 43 basis points over the periods. The
increased costs are primarily due to the impact of market
pressures. Customer migration is largely responsible for some
of the significant shifts in the average balance of products
detailed above.
The average balance of borrowings decreased
$106.5 million for the three months ended September 30, 2019 versus
the comparable 2018 period, while the cost increased 42 basis
points. The increase in the average balance of deposits and
contraction of loan balances allowed the Company to reduce
borrowings. The cost of borrowings has been impacted by the
overall increase in interest rates, particularly overnight and
short-term borrowings, and the maturities of lower cost
borrowings.
Net Interest Income Before Provision for Loan
Losses
Net interest income decreased by $1.8 million to
$24.5 million for the three months ended September 30, 2019, from
$26.3 million for the three months ended September 30, 2018.
The Company’s net interest income, spread and margin over the
period are detailed in the chart below.
|
|
|
|
Net Interest Income |
|
|
|
|
|
|
|
|
Before Provision |
|
|
|
|
|
|
Net Interest |
Prepayment |
Excluding |
Including Prepayment Penalties |
Excluding Prepayment Penalties |
|
|
Income Before |
Penalty |
Prepayment |
Quarter Ended |
|
Provision |
Income |
Penalties |
Spread |
Margin |
Spread |
Margin |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
September 30, 2019 |
|
$ |
24,463 |
$ |
1,382 |
$ |
23,081 |
2.33 |
% |
2.54 |
% |
2.19 |
% |
2.40 |
% |
June 30, 2019 |
|
|
24,657 |
|
1,444 |
|
23,213 |
2.32 |
% |
2.53 |
% |
2.17 |
% |
2.38 |
% |
March 31, 2019 |
|
|
24,109 |
|
275 |
|
23,834 |
2.29 |
% |
2.48 |
% |
2.26 |
% |
2.45 |
% |
December 31, 2018 |
|
|
26,027 |
|
1,727 |
|
24,300 |
2.51 |
% |
2.68 |
% |
2.33 |
% |
2.51 |
% |
September 30, 2018 |
|
|
26,295 |
|
1,154 |
|
25,141 |
2.51 |
% |
2.67 |
% |
2.40 |
% |
2.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s spread and margin have been
significantly impacted by prepayment penalties. Due to this
situation, the chart above details results with and without the
impact of prepayment penalties. Net interest income before
provision for loan losses, excluding prepayment penalties, is a
non-GAAP financial measure since it excludes a component
(prepayment penalty income) of net interest income and therefore
differs from the most directly comparable measure calculated in
accordance with GAAP. The Company believes the presentation of this
non-GAAP financial measure is useful because it provides
information to assess the underlying performance of the loan
portfolio since prepayment penalty income can be expected to change
as interest rates change. While prepayment penalty income is
expected to continue, fluctuations in the level of prepayment
income are also expected. The level of prepayment income is
generally expected to decrease as external interest rates increase
since borrowers would have less incentive to refinance existing
loans. However, the time period when these events could occur
may not align, and the specific behavior of borrowers is difficult
to predict. Borrowers can be driven to prepay their loans
based on factors other than interest rates. The level of loan
prepayments and prepayment income experienced by the Company has
been elevated (versus historical levels) despite a period of
generally increasing interest rates.
Factors affecting the Company’s spread and
margin have been discussed in recent public releases. Recent
reductions in the discount rate by the Federal Open Market
Committee have been reflected in the competitive environment and
allowed the Company to reduce rates on certain deposit without a
significant outflow of balances. This factor contributed to
the 2 basis point expansion of spread and margin (excluding
prepayment penalties) that was realized in the September 30, 2019
quarter, versus the preceding quarter. The Company intends to
continue to strategically reduce the rates on its deposit
offerings.
The Company’s net interest income and net
interest rate spread were both negatively impacted in all periods
due to the reversal of accrued interest income on loans delinquent
more than 90 days. The total of such income reversed was
$61,000 for the three months ended September 30, 2019 and $73,000
for the three months ended September 30, 2018.
Provision for Loan Losses
The Company recorded no provision for loan
losses for the three months ended September 30, 2019 and a reversal
of provision for loan losses of $2.0 million for the three months
ended September 30, 2018. A rollforward of the allowance for
loan losses for the three months ended September 30, 2019 and 2018
is presented below:
|
|
|
Three months ended |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
|
(Dollars in thousands) |
Balance at beginning of
period |
$ |
28,596 |
|
|
$ |
30,562 |
|
Reversal of provision for loan
losses |
|
- |
|
|
|
(2,000 |
) |
Recoveries of loans previously
charged off |
|
12 |
|
|
|
3 |
|
Loans charged off |
|
- |
|
|
|
- |
|
Balance at end of period |
$ |
28,608 |
|
|
$ |
28,565 |
|
|
|
|
|
Allowance for loan losses to
total loans |
|
0.83 |
% |
|
|
0.81 |
% |
Net charge-offs (annualized)
to average |
|
|
|
loans outstanding |
|
- |
% |
|
|
- |
% |
|
|
|
|
|
|
|
|
Delinquency and non-performing asset information
is provided below:
|
|
|
|
|
|
|
9/30/2019 |
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
|
Dollars in thousands |
Delinquency
Totals |
|
|
|
|
|
30 - 59 days past due |
$ |
2,556 |
|
$ |
3,146 |
|
$ |
1,648 |
|
$ |
2,890 |
|
$ |
15,261 |
|
60 - 89 days past due |
|
1,461 |
|
|
641 |
|
|
975 |
|
|
8,431 |
|
|
356 |
|
Nonaccrual |
|
6,490 |
|
|
10,053 |
|
|
10,184 |
|
|
10,706 |
|
|
9,083 |
|
Total |
$ |
10,507 |
|
$ |
13,840 |
|
$ |
12,807 |
|
$ |
22,027 |
|
$ |
24,700 |
|
|
|
|
|
|
|
Non-Performing Asset
Totals |
|
|
|
|
|
Nonaccrual loans, per
above |
$ |
6,490 |
|
$ |
10,053 |
|
$ |
10,184 |
|
$ |
10,706 |
|
$ |
9,083 |
|
Real Estate Owned |
|
- |
|
|
557 |
|
|
636 |
|
|
636 |
|
|
1,564 |
|
Total |
$ |
6,490 |
|
$ |
10,610 |
|
$ |
10,820 |
|
$ |
11,342 |
|
$ |
10,647 |
|
|
|
|
|
|
|
Nonaccrual loans to total
loans |
|
0.19% |
|
|
0.28% |
|
|
0.29% |
|
|
0.30% |
|
|
0.26% |
|
Delinquent loans to total
loans |
|
0.30% |
|
|
0.39% |
|
|
0.36% |
|
|
0.63% |
|
|
0.70% |
|
Non-performing assets to total
assets |
|
0.16% |
|
|
0.26% |
|
|
0.27% |
|
|
0.28% |
|
|
0.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall, non-performing asset totals and
charge-off levels continue to illustrate minimal credit issues at
the Company. The $2.0 million reversal of provision for loan
losses in the 2018 period was due primarily to loan portfolio
contraction and reduced qualitative factors within the allowance
calculation as determined as part of our quarterly
reassessment.
Non-Interest Income
Non-interest income increased $181,000 to $1.0
million for the three months ended September 30, 2019, from
$821,000 for the three months ended September 30, 2018.
The primary change was an $119,000 decrease in value of equity
securities held by the Company that was reflected in the 2018
period.
Non-Interest Expense
Non-interest expense decreased $1.8 million to
$8.8 million for the three months ended September 30, 2019, from
$10.6 million for the three months ended September 30, 2018.
The primary change was a decrease in other expenses, which
decreased $1.7 million to $1.2 million for the three months ended
September 30, 2019, from $2.9 million for the three months ended
September 30, 2018. The reduction is primarily due to
decreased professional fees associated with the remediation of Bank
Secrecy Act and Anti-Money Laundering compliance matters (discussed
in previous public releases). In addition, there was no
expense for federal deposit insurance premiums in the 2019 period,
versus $300,000 in the 2018 period. Assessment credits were
awarded to small banks (with total consolidated assets of less than
$10 billion) when the Deposit Insurance Fund Reserve Ratio reached
1.38%. The Company’s credit for the 2019 period fully offset
its assessment.
Income Tax Expense
Income tax expense for the three months ended
September 30, 2019 was $4.3 million on pre-tax income of $16.6
million, resulting in an effective tax rate of 26.0%.
Income tax expense for the three months ended September 30, 2018
was $5.1 million on pre-tax income of $18.5 million, resulting in
an effective tax rate of 27.5%. The effective tax rate for
the 2018 period includes the impact of the New Jersey (“NJ”) tax
legislation enacted on July 1, 2018 that imposes a temporary surtax
of 2.5% for tax years beginning on or after January 1, 2018 through
December 31, 2019, and 1.5% for tax years beginning on or after
January 1, 2020 through December 31, 2021. The legislation
also requires mandatory unitary combined filing for members of an
affiliated group for tax years beginning on or after January 1,
2019. The legislation required a revaluation of our deferred
tax assets/liabilities based on the rates at which they are
expected to reverse in the future. The revaluation of the
Company's deferred tax balances resulted in a one-time non-cash
charge of $477,000 which was included in income tax expense for the
three months ended September 30, 2018. Excluding the impact of the
revaluation, the effective tax rate for the 2018 period was
25.0%. The increase in effective tax rate in the 2019
period was the result of the NJ tax legislation. The Company
reports earnings on a fiscal year basis and the increased income
tax implications of the NJ legislation were partially recognized by
the Company ratably over the course of the fiscal year ending June
30, 2019. The full impact of the legislation will be
recognized in the fiscal year ending June 30, 2020. The
Company’s estimated effective tax rate for the fiscal year ending
June 30, 2020 is 26.0%.
Comparison of Financial
Condition at September 30, 2019 and June 30,
2019
Total Assets. Total
assets decreased $80.9 million to $3.99 billion at September 30,
2019, from $4.07 billion at June 30, 2019. The primary
contributor to the decreased asset level was a contraction in loan
balances.
Net Loans. Loans,
net decreased $70.0 million to $3.42 billion at September 30, 2019,
from $3.49 billion at June 30, 2019. As discussed in
“Comparison of Operating Results, Net Interest Income,” our
origination volume is below target levels and loan principal
payments remain elevated.
Debt securities available for
sale. Debt securities AFS decreased $2.2 million to
$30.6 million at September 30, 2019, from $32.8 million at June 30,
2019. The decrease is primarily due to principal
payments.
Debt securities held to
maturity. Debt securities HTM decreased $10.3
million to $321.9 million at September 30, 2019, from $332.2
million at June 30, 2019. The decrease is primarily due to
principal payments exceeding new purchases.
Federal Home Loan Bank of New York
(“FHLB”) stock. FHLB stock decreased $2.9 million to
$23.0 million at September 30, 2019, from $25.9 million at June 30,
2019. FHLB stock holdings are required depending on several
factors, including the level of borrowings with the FHLB. As
FHLB borrowings decreased over the quarter, excess FHLB stock was
redeemed.
Deposits. Deposits
balances increased $13.3 million to $2.94 billion at September 30,
2019, from $2.92 billion at June 30, 2019. See “Interest
Expense” for discussion regarding deposit balances. The
Company’s loan to deposit ratio decreased to 116.5% at September
30, 2019.
Borrowings. Borrowings
decreased $95.0 million to $426.6 million at September 30, 2019,
from $521.6 million at June 30, 2019. Asset decreases and
minor deposit increases allowed the Company to decrease its level
of borrowings.
Stockholders’ Equity.
Stockholders’ equity was essentially stable, increasing $153,000 to
$529.3 million at September 30, 2019, from $529.1 million at June
30, 2019. The increase was primarily due to net income and
the release of treasury shares in conjunction with stock option
exercises, partially offset by dividends and decreased other
comprehensive income. There were no stock repurchases during
the quarter ended September 30, 2019. Based on our September
30, 2019 closing price of $17.70 per share, the Company stock was
trading at 150.8% of book value.
About the CompanyOritani
Financial Corp. is the holding company for Oritani Bank, a New
Jersey state chartered bank offering a full range of retail and
commercial loan and deposit products. Oritani Bank is
dedicated to providing exceptional personal service to its
individual and business customers. The Bank currently
operates its main office and 25 full service branches in the New
Jersey Counties of Bergen, Hudson, Essex and Passaic. For
additional information about Oritani Bank, please visit
www.oritani.com.
Forward Looking
StatementsCertain statements contained herein are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements may be
identified by reference to a future period or periods, or by the
use of forward-looking terminology, such as "may,"
"will," "believe," "expect," "estimate,"
"anticipate," "continue,” or similar terms or variations on
those terms, or the negative of those terms. Forward-looking
statements are subject to numerous risks and uncertainties,
including those risk factors disclosed in the Company’s Annual
Report on Form 10-K for the year ended June 30, 2019 and the
following: those related to the economic environment, particularly
in the market areas in which the Company operates, competitive
products and pricing, fiscal and monetary policies of the U.S.
Government, changes in government regulations affecting financial
institutions, including regulatory fees and capital requirements,
changes in prevailing interest rates, credit risk management,
asset-liability management, the financial and securities markets
and the availability of and costs associated with sources of
liquidity.
The Company wishes to caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. The Company wishes to advise
readers that the factors listed above could affect the Company's
financial performance and could cause the Company's actual results
for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the result of any
revisions, which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
For further information contact:Kevin J. LynchChairman,
President and Chief Executive OfficerOritani Financial Corp.(201)
664-5400
|
Oritani Financial Corp. and Subsidiaries |
Consolidated Balance Sheets |
(In thousands, except share data) |
|
|
|
|
|
|
|
September 30, |
|
June 30, |
Assets |
2019 |
|
2019 |
|
|
(unaudited) |
|
|
(audited) |
Cash on hand and in banks |
$ |
20,312 |
|
|
$ |
19,145 |
|
Federal funds sold and short-term
investments |
|
6,831 |
|
|
|
7,366 |
|
Cash and cash equivalents |
|
27,143 |
|
|
|
26,511 |
|
|
|
|
|
|
|
Loans, net |
|
3,421,268 |
|
|
|
3,491,322 |
|
Equity securities |
|
1,344 |
|
|
|
1,358 |
|
Debt securities available for
sale, at fair value |
|
30,578 |
|
|
|
32,752 |
|
Debt securities held to
maturity, |
|
|
|
|
|
fair value of $325,054 and $334,179, respectively. |
|
321,871 |
|
|
|
332,215 |
|
Bank Owned Life Insurance (at
cash surrender value) |
|
101,490 |
|
|
|
100,872 |
|
Federal Home Loan Bank of New
York stock ("FHLB"), at cost |
|
23,007 |
|
|
|
25,925 |
|
Accrued interest
receivable |
|
11,979 |
|
|
|
11,935 |
|
Real estate owned |
|
— |
|
|
|
557 |
|
Office properties and
equipment, net |
|
14,796 |
|
|
|
12,904 |
|
Deferred tax assets |
|
32,231 |
|
|
|
31,045 |
|
Other assets |
|
3,951 |
|
|
|
3,120 |
|
Total Assets |
$ |
3,989,658 |
|
|
$ |
4,070,516 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
$ |
2,936,546 |
|
|
$ |
2,923,244 |
|
Borrowings |
|
426,563 |
|
|
|
521,555 |
|
Advance payments by borrowers
for taxes and |
|
|
|
|
|
insurance |
|
23,952 |
|
|
|
24,607 |
|
Accrued taxes payable |
|
698 |
|
|
|
692 |
|
Official checks
outstanding |
|
5,471 |
|
|
|
2,936 |
|
Other liabilities |
|
67,128 |
|
|
|
68,335 |
|
Total liabilities |
|
3,460,358 |
|
|
|
3,541,369 |
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
Common stock, $0.01 par value;
150,000,000 shares authorized; |
|
|
|
|
|
56,245,065 shares issued; 45,100,052 shares outstanding at |
|
|
|
|
|
September 30, 2019 and 45,097,052 shares outstanding at |
|
|
|
|
|
June 30, 2019. |
|
562 |
|
|
|
562 |
|
Additional paid-in
capital |
|
515,868 |
|
|
|
515,491 |
|
Unallocated common stock held
by the employee stock |
|
|
|
|
|
ownership plan |
|
(14,733 |
) |
|
|
(15,085 |
) |
Non-vested restricted stock
awards |
|
(190 |
) |
|
|
(216 |
) |
Treasury stock, at cost;
11,145,013 shares at September 30, 2019 and |
|
|
|
|
|
11,148,013 shares at June 30, 2019. |
|
(153,050 |
) |
|
|
(153,091 |
) |
Retained earnings |
|
183,533 |
|
|
|
182,032 |
|
Accumulated other
comprehensive income, net of tax |
|
(2,690 |
) |
|
|
(546 |
) |
Total stockholders' equity |
|
529,300 |
|
|
|
529,147 |
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
$ |
3,989,658 |
|
|
$ |
4,070,516 |
|
|
|
|
|
|
|
Oritani Financial Corp. and Subsidiaries |
Consolidated Statements of Income |
Three Months Ended September 30, 2019 and 2018 |
(In thousands, except share data) |
|
|
|
|
|
|
|
Three months ended |
|
September 30, |
|
2019 |
|
2018 |
|
|
unaudited |
Interest income: |
|
|
|
|
|
Loans |
$ |
37,257 |
|
|
$ |
35,952 |
|
Dividends on FHLB stock |
|
405 |
|
|
|
448 |
|
Dividends on equity securities |
|
11 |
|
|
|
10 |
|
Debt securities available for sale |
|
184 |
|
|
|
240 |
|
Debt securities held to maturity |
|
1,986 |
|
|
|
1,929 |
|
Federal funds sold and short-term investments |
|
54 |
|
|
|
22 |
|
Total Interest Income |
|
39,897 |
|
|
|
38,601 |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Deposits |
|
12,289 |
|
|
|
9,037 |
|
Borrowings |
|
3,145 |
|
|
|
3,269 |
|
Total interest expense |
|
15,434 |
|
|
|
12,306 |
|
|
|
|
|
|
|
Net interest income before provision for loan losses |
|
24,463 |
|
|
|
26,295 |
|
|
|
|
|
|
|
Reversal of provision for loan
losses |
|
— |
|
|
|
(2,000 |
) |
Net interest income after provision for loan losses |
|
24,463 |
|
|
|
28,295 |
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
Fees and service charges for customer services |
|
367 |
|
|
|
312 |
|
Bank-owned life insurance |
|
618 |
|
|
|
624 |
|
Gains (losses) on sale of OREO |
|
29 |
|
|
|
— |
|
Change in fair value of equity securities |
|
(14 |
) |
|
|
(119 |
) |
Net losses on sale of debt securities AFS |
|
— |
|
|
|
— |
|
Other income |
|
2 |
|
|
|
4 |
|
Total non-interest income |
|
1,002 |
|
|
|
821 |
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
Compensation, payroll taxes and fringe benefits |
|
6,233 |
|
|
|
6,041 |
|
Advertising |
|
142 |
|
|
|
143 |
|
Office occupancy and equipment expense |
|
723 |
|
|
|
760 |
|
Data processing service fees |
|
540 |
|
|
|
499 |
|
Federal insurance premiums |
|
— |
|
|
|
300 |
|
Other expenses |
|
1,209 |
|
|
|
2,884 |
|
Total non-interest expense |
|
8,847 |
|
|
|
10,627 |
|
|
|
|
|
|
|
Income before income tax expense |
|
16,618 |
|
|
|
18,489 |
|
Income tax expense |
|
4,318 |
|
|
|
5,092 |
|
Net income |
$ |
12,300 |
|
|
$ |
13,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per basic common
share |
$ |
0.28 |
|
|
$ |
0.30 |
|
Income per diluted common
share |
$ |
0.28 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
Grafico Azioni Oritani Financial (NASDAQ:ORIT)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Oritani Financial (NASDAQ:ORIT)
Storico
Da Giu 2023 a Giu 2024