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)
|
Accelerated
filer x
|
|
Non-accelerated
filer ¨
(Do not check if a smaller reporting company)
|
Smaller
Reporting company ¨
|
Page
|
||
Part
I. Financial Information
|
||
Item
1.
|
Financial
Statements
|
3
|
Consolidated
Balance Sheets as of September 30, 2008 (unaudited)
|
||
and
June 30, 2008
|
3
|
|
Consolidated
Statements of Income for the Three Months
|
||
Ended
September 30, 2008 and 2007 (unaudited)
|
4
|
|
Consolidated
Statements of Stockholders’ Equity for the
|
||
Three
Months Ended September 30, 2008 and 2007 (unaudited)
|
5
|
|
Consolidated
Statements of Cash Flows for the Three Months
|
||
Ended
September 30, 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
|
15
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
24
|
Item
4.
|
Controls
and Procedures
|
26
|
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
|
28
|
Item
3.
|
Defaults
upon Senior Securities
|
28
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
28
|
Item
5.
|
Other
Information
|
28
|
Item
6.
|
Exhibits
|
28
|
Signature
Page
|
30
|
September 30,
|
June 30
|
||||||
|
2008
|
2008
|
|||||
(unaudited)
|
|||||||
Assets
|
|||||||
Cash
on hand and in banks
|
$
|
10,307
|
$
|
7,332
|
|||
Federal
funds sold and short term investments
|
25
|
1,558
|
|||||
Cash
and cash equivalents
|
10,332
|
8,890
|
|||||
Loans,
net
|
1,131,420
|
1,007,077
|
|||||
Securities
available for sale, at market value
|
22,088
|
22,285
|
|||||
Mortgage-backed
securities held to maturity, estimated
|
|||||||
market
value of $151,224 and $162,671 at
|
|||||||
September
30, 2008 and June 30, 2008, respectively
|
153,315
|
163,950
|
|||||
Mortgage-backed
securities available for sale,
|
|||||||
at
market value
|
148,072
|
149,209
|
|||||
Bank
Owned Life Insurance (at cash surrender value)
|
26,703
|
26,425
|
|||||
Federal
Home Loan Bank of New York stock, at cost
|
24,852
|
21,547
|
|||||
Accrued
interest receivable
|
6,274
|
5,646
|
|||||
Investments
in real estate joint ventures, net
|
5,526
|
5,564
|
|||||
Real
estate held for investment
|
4,604
|
3,681
|
|||||
Office
properties and equipment, net
|
9,466
|
9,287
|
|||||
Other
assets
|
19,560
|
19,733
|
|||||
Total
assets
|
$
|
1,562,212
|
$
|
1,443,294
|
|||
Liabilities
|
|||||||
Deposits
|
$
|
753,258
|
$
|
698,932
|
|||
Borrowings
|
507,109
|
433,672
|
|||||
Advance
payments by borrowers for taxes and
|
|||||||
insurance
|
7,441
|
7,024
|
|||||
Official
checks outstanding
|
4,985
|
4,143
|
|||||
Other
liabilities
|
21,206
|
20,548
|
|||||
Total
liabilities
|
1,293,999
|
1,164,319
|
|||||
Stockholders'
Equity
|
|||||||
Common
stock, $0.01 par value; 80,000,000 shares authorized;
|
|||||||
40,552,162
issued at September 30, 2008 and June 30, 2008
|
|||||||
39,302,162
outstanding at September 30, 2008 and
|
|||||||
40,187,062
outstanding at June 30, 2008 and
|
130
|
130
|
|||||
Additional
paid-in capital
|
129,654
|
128,656
|
|||||
Unallocated
common stock held by the employee stock
|
|||||||
ownership
plan
|
(14,506
|
)
|
(14,704
|
)
|
|||
Treasury
stock, at cost; 1,250,000 shares at September 30, 2008
|
|||||||
and
365,100 shares at June 30, 2008
|
(20,378
|
)
|
(5,926
|
)
|
|||
Retained
income
|
173,587
|
171,160
|
|||||
Accumulated
other comprehensive loss, net of tax
|
(274
|
)
|
(341
|
)
|
|||
Total
stockholders' equity
|
268,213
|
278,975
|
|||||
Total
liabilities and stockholders' equity
|
$
|
1,562,212
|
$
|
1,443,294
|
Three
months ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
|
(in thousands, except per share data)
|
||||||
Interest
income:
|
|||||||
Interest
on mortgage loans
|
$
|
16,689
|
$
|
12,772
|
|||
Interest
on securities held to maturity
|
324
|
271
|
|||||
Interest
on securities available for sale
|
229
|
502
|
|||||
Interest
on mortgage-backed securities held to maturity
|
1,557
|
2,047
|
|||||
Interest
on mortgage-backed securities available for sale
|
1,857
|
631
|
|||||
Interest
on federal funds sold and short term investments
|
1
|
820
|
|||||
Total
interest income
|
20,657
|
17,043
|
|||||
Interest
expense:
|
|||||||
Deposits
and stock subscription proceeds
|
5,039
|
6,294
|
|||||
Borrowings
|
4,848
|
2,464
|
|||||
Total
interest expense
|
9,887
|
8,758
|
|||||
Net
interest income before provision for loan losses 10,770
|
8,285
|
||||||
Provision
for loan losses
|
1,875
|
350
|
|||||
Net
interest income
|
8,895
|
7,935
|
|||||
Other
income:
|
|||||||
Service
charges
|
285
|
256
|
|||||
Real
estate operations, net
|
380
|
382
|
|||||
Income
from investments in real estate joint ventures
|
254
|
394
|
|||||
Bank-owned
life insurance
|
278
|
260
|
|||||
Other
income
|
36
|
37
|
|||||
Total
other income
|
1,233
|
1,329
|
|||||
Operating
expenses:
|
|||||||
Compensation,
payroll taxes and fringe benefits
|
4,351
|
3,041
|
|||||
Advertising
|
122
|
123
|
|||||
Office
occupancy and equipment expense
|
409
|
386
|
|||||
Data
processing service fees
|
268
|
246
|
|||||
Federal
insurance premiums
|
29
|
23
|
|||||
Telephone,
Stationary, Postage and Supplies
|
113
|
99
|
|||||
Insurance,
Legal, Audit and Accounting
|
359
|
152
|
|||||
Other
expenses
|
223
|
148
|
|||||
Total
operating expenses
|
5,874
|
4,218
|
|||||
Income
before income tax expense
|
4,254
|
5,046
|
|||||
Income
tax expense
|
1,748
|
2,073
|
|||||
Net
income
|
$
|
2,506
|
$
|
2,973
|
|||
Basic
and fully diluted income per common share
|
$
|
0.07
|
0.08
|
Accumu-
|
||||||||||||||||||||||
lated
|
||||||||||||||||||||||
Un-
|
other
|
|||||||||||||||||||||
allocated
|
compre-
|
|||||||||||||||||||||
common
|
hensive
|
Total
|
||||||||||||||||||||
Additional
|
stock
|
income
|
stock-
|
|||||||||||||||||||
Common
|
paid-in
|
Treasury
|
held
by
|
Retained
|
(loss),
|
holders'
|
||||||||||||||||
Stock
|
capital
|
Stock
|
ESOP
|
income
|
net of tax
|
equity
|
||||||||||||||||
Balance
at June 30, 2007
|
$
|
130
|
$
|
127,710
|
$
|
—
|
$
|
(15,499
|
)
|
$
|
161,300
|
$
|
(1,071
|
)
|
$
|
272,570
|
||||||
Comprehensive
income:
|
||||||||||||||||||||||
Net
income
|
—
|
—
|
—
|
—
|
2,973
|
—
|
2,973
|
|||||||||||||||
Unrealized
holding gain on securities
|
||||||||||||||||||||||
available
for sale arising during
|
||||||||||||||||||||||
year,
net of tax of $268
|
—
|
—
|
—
|
—
|
—
|
392
|
392
|
|||||||||||||||
Total
comprehensive income
|
3,365
|
|||||||||||||||||||||
Cumulative
transition adjustment
|
||||||||||||||||||||||
related
to the adoption of FIN 48
|
—
|
—
|
—
|
—
|
900
|
—
|
900
|
|||||||||||||||
ESOP
shares allocated or committed
|
||||||||||||||||||||||
to
be released
|
—
|
87
|
—
|
198
|
—
|
—
|
285
|
|||||||||||||||
Balance
at September 30, 2007
|
$
|
130
|
$
|
127,797
|
$
|
—
|
$
|
(15,301
|
)
|
$
|
165,173
|
$
|
(679
|
)
|
$
|
277,120
|
||||||
Balance
at June 30, 2008
|
$
|
130
|
$
|
128,656
|
$
|
(5,926
|
)
|
$
|
(14,704
|
)
|
$
|
171,160
|
$
|
(341
|
)
|
$
|
278,975
|
|||||
Comprehensive
income:
|
||||||||||||||||||||||
Net
income
|
—
|
—
|
—
|
—
|
2,506
|
—
|
2,506
|
|||||||||||||||
Unrealized
holding gain on securities
|
||||||||||||||||||||||
available
for sale arising during
|
||||||||||||||||||||||
year,
net of tax benefit of $111
|
—
|
—
|
—
|
—
|
—
|
(170
|
)
|
(170
|
)
|
|||||||||||||
Amortization
related to post-
|
||||||||||||||||||||||
retirement
obligations, net of
|
||||||||||||||||||||||
tax
of $158
|
—
|
—
|
—
|
—
|
—
|
237
|
237
|
|||||||||||||||
Total
comprehensive income
|
2,573
|
|||||||||||||||||||||
Adoption
of EITF 06-4
|
—
|
—
|
—
|
—
|
(79
|
)
|
—
|
(79
|
)
|
|||||||||||||
Purchase
of treasury stock
|
—
|
—
|
(14,452
|
)
|
—
|
—
|
—
|
(14,452
|
)
|
|||||||||||||
Compensation
cost for stock options
|
||||||||||||||||||||||
and
restricted stock
|
—
|
866
|
—
|
—
|
—
|
—
|
866
|
|||||||||||||||
ESOP
shares allocated or committed
|
||||||||||||||||||||||
to
be released
|
—
|
132
|
—
|
198
|
—
|
—
|
330
|
|||||||||||||||
Balance
at September 30, 2008
|
$
|
130
|
$
|
129,654
|
$
|
(20,378
|
)
|
$
|
(14,506
|
)
|
$
|
173,587
|
$
|
(274
|
)
|
$
|
268,213
|
Three
months ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
(in
thousands)
|
|||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
2,506
|
$
|
2,973
|
|||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
ESOP
and stock-based compensation expense
|
1,196
|
285
|
|||||
Depreciation
of premises and equipment
|
148
|
130
|
|||||
Amortization
and accretion of premiums and discounts, net
|
28
|
78
|
|||||
Provision
for losses on loans
|
1,875
|
350
|
|||||
Amortization
and accretion of deferred loan fees, net
|
(197
|
)
|
(169
|
)
|
|||
Increase
in deferred taxes
|
(885
|
)
|
(212
|
)
|
|||
Increase
in cash surrender value of bank owned life insurance
|
(278
|
)
|
(260
|
)
|
|||
Income
from real estate held for investment
|
(254
|
)
|
(171
|
)
|
|||
Income
from real estate joint ventures
|
(254
|
)
|
(394
|
)
|
|||
Increase
in accrued interest receivable
|
(628
|
)
|
(474
|
)
|
|||
Decrease
in other assets
|
1,405
|
202
|
|||||
Increase
(decrease) in other liabilities
|
1,514
|
(2,376
|
)
|
||||
Net
cash provided (used) by operating activities
|
6,176
|
(38
|
)
|
||||
Cash
flows from investing activities:
|
|||||||
Net
increase in loans receivable
|
(100,210
|
)
|
(32,773
|
)
|
|||
Purchase
of mortgage loans
|
(25,811
|
)
|
(6,826
|
)
|
|||
Purchase
of mortgage-backed securities available for sale
|
(5,102
|
)
|
(41,804
|
)
|
|||
Purchase
of Federal Home Loan Bank of New York stock
|
(3,305
|
)
|
(2,218
|
)
|
|||
Principal
payments on mortgage-backed securities held to maturity
|
10,564
|
14,286
|
|||||
Principal
payments on mortgage-backed securities available for sale
|
6,199
|
2,054
|
|||||
Additional
investment in real estate held for investment
|
(912
|
)
|
-
|
||||
Distributions
received from real estate held for investment
|
165
|
133
|
|||||
Additional
investment in real estate joint ventures
|
(30
|
)
|
-
|
||||
Distributions
received from real estate joint ventures
|
306
|
321
|
|||||
Purchase
of fixed assets
|
(326
|
)
|
(55
|
)
|
|||
Net
cash used in investing activities
|
(118,462
|
)
|
(66,882
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Net
increase (decrease) in deposits
|
54,326
|
(8,308
|
)
|
||||
Purchase
of treasury stock
|
(14,452
|
)
|
-
|
||||
Increase
(decrease) in advance payments by borrowers for taxes and
insurance
|
417
|
(548
|
)
|
||||
Proceeds
from borrowed funds
|
74,875
|
50,000
|
|||||
Repayment
of borrowed funds
|
(1,438
|
)
|
(712
|
)
|
|||
Net
cash provided by financing activities
|
113,728
|
40,432
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
1,442
|
(26,488
|
)
|
||||
Cash
and cash equivalents at beginning of period
|
8,890
|
63,526
|
|||||
Cash
and cash equivalents at end of period
|
$
|
10,332
|
$
|
37,038
|
|||
Supplemental
cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
9,762
|
$
|
8,436
|
|||
Income
taxes
|
$
|
2,221
|
$
|
3,117
|
For the Three Months Ended September 30,
|
|||||||
2008
|
2007
|
||||||
Net
income available to common shareholders
|
$
|
2,506,000
|
$
|
2,973,000
|
|||
|
|||||||
Weighted
average common shares outstanding - basic
|
38,123,872
|
39,009,029
|
|||||
Effect
of dilutive non-vested shares and stock options outstanding
|
-
|
-
|
|||||
Weighted
average common shares outstanding - diluted
|
38,123,872
|
39,009,029
|
|||||
Earnings
per share-basic
|
$
|
0.07
|
$
|
0.08
|
|||
Earnings
per share-diluted
|
$
|
0.07
|
$
|
0.08
|
Number of
Stock
Options
|
Weighted
Average
Grant Date
Fair Value
|
Weighted
Average
Exercise
Price
|
||||||||
Outstanding
at June 30, 2008
|
1,788,349
|
$
|
3.44
|
$
|
15.65
|
|||||
Granted
|
-
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||
Forfeited
|
-
|
-
|
-
|
|||||||
Outstanding
at September 30, 2008
|
1,788,349
|
$
|
3.44
|
$
|
15.65
|
|||||
Exercisable
at September 30, 2008
|
-
|
$
|
-
|
$
|
-
|
Number of
Shares
Awarded
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Non-vested
at June 30, 2008
|
794,823
|
$
|
15.65
|
||||
Granted
|
-
|
-
|
|||||
Vested
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
Non-vested
at September 30, 2008
|
794,823
|
$
|
15.65
|
September 30, 2008
|
June 30, 2008
|
||||||
(In
thousands)
|
|||||||
Conventional
one to four family
|
$
|
276,976
|
$
|
223,087
|
|||
Multifamily
and commercial real estate
|
648,108
|
597,171
|
|||||
Second
mortgage and equity loans
|
60,971
|
59,886
|
|||||
Construction
loans
|
157,433
|
138,195
|
|||||
Other
loans
|
6,102
|
4,880
|
|||||
Total
loans
|
1,149,590
|
1,023,219
|
|||||
Less:
|
|||||||
Deferred
loan fees, net
|
2,763
|
2,610
|
|||||
Allowance
for loan losses
|
15,407
|
13,532
|
|||||
Total
loans, net
|
$
|
1,131,420
|
$
|
1,007,077
|
Three months ended
|
|||||||
September 30, 2008
|
|||||||
(In
thousands)
|
|||||||
2008
|
2007
|
||||||
Balance
at beginning of period
|
$
|
13,532
|
$
|
8,882
|
|||
Provisions
charged to operations
|
1,875
|
350
|
|||||
Balance
at end of period
|
$
|
15,407
|
$
|
9,232
|
Fair Value as
of September
|
Quoted Prices
in Active
Markets for
Identical
Assets
|
Significant
Other
Observable
Inputs
|
Unobservable
Inputs
|
||||||||||
Assets:
|
30, 2008
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||
Securities
available for sale
|
$
|
22,088
|
$
|
9,902
|
$
|
12,186
|
$
|
-
|
|||||
Mortgage-backed
securities available for sale
|
148,072
|
-
|
148,072
|
-
|
|||||||||
$
|
170,160
|
$
|
9,902
|
$
|
160,258
|
$
|
-
|
September 30, 2008
|
June 30, 2008
|
||||||
(In
thousands)
|
|||||||
Checking
accounts
|
$
|
71,962
|
$
|
73,949
|
|||
Money
market deposit accounts
|
76,727
|
57,117
|
|||||
Savings
accounts
|
144,057
|
149,062
|
|||||
Time
deposits
|
460,512
|
418,804
|
|||||
Total
deposits
|
$
|
753,258
|
$
|
698,932
|
Delinquency
Totals
|
||||||||||||||||
09/30/08
|
06/30/08
|
03/31/08
|
12/31/07
|
09/30/07
|
||||||||||||
30
- 59 days past due
|
$
|
16,624
|
$
|
25,367
|
$
|
23,531
|
$
|
343
|
$
|
22
|
||||||
60
- 89 days past due
|
1,381
|
18
|
14,034
|
-
|
-
|
|||||||||||
90+
days past due and accruing
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Nonaccrual
|
25,337
|
14,211
|
384
|
-
|
555
|
|||||||||||
Total
|
$
|
43,342
|
$
|
39,596
|
$
|
37,949
|
$
|
343
|
$
|
577
|
Average
Balance Sheet and Yield/Rate Information
|
|||||||||||||||||||
For
the Three Months Ended (unaudited)
|
|||||||||||||||||||
September
30, 2008
|
September
30, 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
|
$
|
1,069,121
|
$
|
16,689
|
6.24
|
%
|
$
|
776,327
|
$
|
12,772
|
6.58
|
%
|
|||||||
Securities
available for sale
|
22,187
|
229
|
4.13
|
37,465
|
502
|
5.36
|
|||||||||||||
Securities
held to maturity
|
24,027
|
324
|
5.39
|
17,182
|
271
|
6.31
|
|||||||||||||
Mortgage
backed securities available for sale
|
150,362
|
1,857
|
4.94
|
45,974
|
631
|
5.49
|
|||||||||||||
Mortgage
backed securities held to maturity
|
158,782
|
1,557
|
3.92
|
209,940
|
2,047
|
3.90
|
|||||||||||||
Federal
funds sold and short term investments
|
232
|
1
|
1.72
|
60,953
|
820
|
5.38
|
|||||||||||||
Total
interest-earning assets
|
1,424,711
|
20,657
|
5.80
|
1,147,841
|
17,043
|
5.94
|
|||||||||||||
Non-interest-earning
assets
|
74,640
|
68,845
|
|||||||||||||||||
Total
assets
|
$
|
1,499,351
|
$
|
1,216,686
|
|||||||||||||||
|
|||||||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Savings
deposits
|
146,720
|
546
|
1.49
|
%
|
155,777
|
649
|
1.67
|
%
|
|||||||||||
Money
market
|
63,595
|
474
|
2.98
|
41,433
|
437
|
4.22
|
|||||||||||||
NOW
accounts
|
73,679
|
163
|
0.88
|
74,418
|
218
|
1.17
|
|||||||||||||
Time
deposits
|
424,485
|
3,856
|
3.63
|
421,917
|
4,990
|
4.73
|
|||||||||||||
Total
deposits
|
708,479
|
5,039
|
2.84
|
693,545
|
6,294
|
3.63
|
|||||||||||||
Borrowings
|
488,747
|
4,848
|
3.97
|
222,181
|
2,464
|
4.44
|
|||||||||||||
Total
interest-bearing liabilities
|
1,197,226
|
9,887
|
3.30
|
915,726
|
8,758
|
3.83
|
|||||||||||||
Non-interest-bearing
liabilities
|
32,134
|
27,414
|
|||||||||||||||||
Total
liabilities
|
1,229,360
|
943,140
|
|||||||||||||||||
Stockholders'
equity
|
269,991
|
273,546
|
|||||||||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,499,351
|
$
|
1,216,686
|
|||||||||||||||
|
|||||||||||||||||||
Net
interest income
|
$
|
10,770
|
$
|
8,285
|
|||||||||||||||
Net
interest rate spread (1)
|
2.50
|
%
|
2.11
|
%
|
|||||||||||||||
Net
interest-earning assets (2)
|
$
|
227,485
|
$
|
232,115
|
|||||||||||||||
Net
interest margin (3)
|
3.02
|
%
|
2.89
|
%
|
|||||||||||||||
Average
of interest-earning assets to interest-bearing liabilities
|
1.19
|
X |
1.25
|
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.
|
Actual
|
Required
|
||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
(Dollars
in thousands)
|
|||||||||||||
Total
capital (to risk-weighted assets)
|
$
|
282,514
|
24.5
|
%
|
$
|
92,281
|
8.0
|
%
|
|||||
Tier
I capital (to risk-weighted assets)
|
268,083
|
23.2
|
46,140
|
4.0
|
|||||||||
Tier
I capital (to average assets)
|
268,083
|
17.9
|
59,974
|
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)
|
originating
construction loans that generally have short maturities and monthly
interest resets based upon the prime
rate
|
(iii)
|
investing
in shorter duration securities and mortgage-backed securities;
and
|
(iv)
|
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 (basis points)
|
Estimated NPV
|
Estimated Increase (Decrease)
|
Increase (Decrease)
|
Estimated Net
|
Increase (Decrease) in
estimated Net interest income
|
||||||||||||||||||||
(1)
|
(2)
|
Amount
|
Percent
|
NPV Ratio (4)
|
(basis points)
|
Interest Income
|
Amount
|
Percent
|
|||||||||||||||||
(dollars
in thousands)
|
|||||||||||||||||||||||||
+300bp
|
$
|
219,196
|
$
|
(65,195
|
)
|
(22.92
|
)%
|
15.15
|
%
|
(300
|
)
|
$
|
43,307
|
$
|
(6,439
|
)
|
(12.94
|
)%
|
|||||||
+200bp
|
242,185
|
$
|
(42,206
|
)
|
(14.84
|
)%
|
16.32
|
%
|
(183
|
)
|
46,043
|
$
|
(3,703
|
)
|
(7.44
|
)%
|
|||||||||
+100bp
|
266,378
|
$
|
(18,013
|
)
|
(6.33
|
)%
|
17.45
|
%
|
(70
|
)
|
47,750
|
$
|
(1,996
|
)
|
(4.01
|
)%
|
|||||||||
0bp
|
284,391
|
$
|
-
|
-
|
18.15
|
%
|
-
|
49,746
|
$
|
-
|
0.00
|
%
|
|||||||||||||
-100bp
|
292,081
|
$
|
7,690
|
2.70
|
%
|
18.24
|
%
|
9
|
47,083
|
$
|
(2,663
|
)
|
(5.35
|
)%
|
(1) |
Assumes
an instantaneous uniform change in interest rates at all
maturities.
|
(2) |
NPV
is the discounted present value of expected cash flows from assets,
liabilities and off-balance sheet
contracts.
|
(3) |
Present
value of assets represents the discounted present value of incoming
cash
flows on interest-earning assets.
|
(4) |
NPV
Ratio represents NPV divided by the present value of
assets.
|
Total Number of
|
Maximum Number of
|
||||||||||||
Total Number
|
Average
|
Shares Purchased
|
Shares That May Yet
|
||||||||||
of Shares
|
Price Paid
|
as part of Publicly
|
Be Purchased Under
|
||||||||||
Period
|
Repurchased
|
Per Share
|
Announced Plans
|
the Plans
|
|||||||||
July
|
472,400
|
16.22
|
837,500
|
460,168
|
|||||||||
August
|
369,000
|
16.45
|
1,206,500
|
91,168
|
|||||||||
September
|
43,500
|
16.53
|
1,250,000
|
1,172,408
|
|||||||||
884,900
|
$
|
16.30
|
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
Bank Director Retirement Plan*
|
10.4
|
Oritani
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**
|
14 |
Code
of Ethics***
|
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.
|
***
|
Available
on our website www.oritani.com
|
ORITANI
FINANCIAL CORP.
|
|
Date:
November 10, 2008
|
/s/
Kevin J. Lynch
|
Kevin
J. Lynch
|
|
President
and Chief Executive Officer
|
|
Date:
November 10, 2008
|
/s/
John M. Fields, Jr.
|
John
M. Fields, Jr.
|
|
Executive
Vice President and Chief Financial
Officer
|