Oritani Financial Corp (ORIT) has reported a 30.54 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $11.38 million, or $0.26 a share in the quarter, compared with $16.38 million, or $0.38 a share for the same period last year.
Revenue during the quarter plunged 48.06 percent to $27.41 million from $52.78 million in the previous year period. Net interest income for the quarter rose 3.70 percent over the prior year period to $26.23 million. Non-interest income for the quarter fell 95.70 percent over the last year period to $1.18 million.
"I am pleased to report that, in addition to solid operating results, Oritani exceeded $4 billion in total assets of as December 31, 2016," said Kevin J. Lynch, the Company's chairman, president and chief executive officer. "Oritani's total assets were $1.2 billion after our IPO in January, 2007, and were $2.5 billion after our second step in June, 2010. We have been able to deliver steady organic growth that has resulted in the strong community bank that we are today." Mr. Lynch continued: "The Board and I very much appreciate the efforts of our employees and support of our shareholders that have allowed us to attain this enviable position."
Liabilities outpace assets growth
Total assets stood at $4,012.17 million as on Dec. 31, 2016, up 14.21 percent compared with $3,512.99 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,473.70 million as on Dec. 31, 2016, up 16 percent from $2,994.64 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,383.20 million as on Dec. 31, 2016, up 16.20 percent compared with $2,911.47 million on Dec. 31, 2015. Deposits stood at $2,591.07 million as on Dec. 31, 2016, up 22.19 percent compared with $2,120.48 million on Dec. 31, 2015.
Investments stood at $386.37 million as on Dec. 31, 2016, down 0.32 percent or $1.23 million from year-ago. Shareholders equity stood at $538.46 million as on Dec. 31, 2016, up 3.88 percent or $20.11 million from year-ago.
Nonperforming assets moved down 6.23 percent or $0.71 million to $10.66 million on Dec. 31, 2016 from $11.37 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.27 percent in the quarter, down from 0.32 percent in the last year period.
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