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Oritani Financial’s Q1 net income up 49%

Oritani Financial, a holdings company for Oritani Savings Bank, has reported net income of $3 million or $0.08 per share, for the three months ended September 30, 2007, which is 49.2% more than $2 million net income posted in the corresponding 2006 period.

Oritani Financial’s annualized return on average assets increased to 0.98% for the 2007 quarter compared to 0.76% for the 2006 quarter and the annualized return on average equity was 4.35% for the 2007 quarter compared to 5.29% for the 2006 quarter. The total interest income increased by $3.4 million, or 25.1%, to $17.0 million for first quarter, from $13.6 million for the three months ended September 30, 2006.

Total interest expense increased by $1.5 million, or 21.2%, to $8.8 million for the three months ended September 30, 2007, from $7.2 million corresponding 2006 period. The company has recorded provisions for loan losses of $350,000 in the first quarter of 2007 as compared to $150,000 for the corresponding 2006 period.

The company’s operating expenses decreased by $36,000 or 0.8% to $4.2 million for the three months ended September 30, 2007, from $4.3 million for the same period of 2006. The deposits decreased $8.3 million to $687.4 million at September 30, 2007, from $695.8 million at June 30, 2007.

Kevin Lynch, chairman, president and CEO of Oritani Financial, said: The September results represent the beginning of our first full fiscal year as a public company. The results for this period are free of the significant non-recurring items that impacted our last two quarters. The interest rate environment continues to negatively impact our net interest income, spread and margin; yet we were still able to deliver strong results for the quarter and remain well-positioned to meet the challenges of the future.