Attached files
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| 8-K - FORM 8-K - Oritani Financial Corp | d442368d8k.htm |
 Annual Shareholder Meeting
Annual Shareholder Meeting
November 20, 2012
November 20, 2012
Exhibit 99.1 |
  First
Quarter Financial Highlights 2
Stable asset growth
Driven by prudent loan
underwriting
Strong core deposit growth
CRE and multi-family loan
growth initiative translating to
bottom line
Shareholder oriented capital
management
Repurchase program
Increased dividends
Proactive approach to non-
performers
Dollars in Thousands
Q1 2013
Q1 2012
YoY
Change
Assets
$2,771,027
$2,621,556
5.7%
Gross Loans
$2,148,877
$1,761,081
22.0%
Non-time Deposits
$818,370
$726,965
12.6%
Basic Earnings Per Share
$0.22
$0.15
46.7%
TBV Per Share
$11.41
$11.12
2.6%
Common Shares Outstanding
45,207,715
47,341,182
(4.5%)
Dividends Per Share
$0.15
$0.10
50.0%
Non-Performing Assets
$29,112
$21,373
36.2% |
  Strong
Asset Growth Trajectory 3
$2.48 B
$2.59 B
$2.62 B
$2.60 B
$2.65 B
$2.70 B
$2.77 B
$2,400,000
$2,500,000
$2,600,000
$2,700,000
$2,800,000
2010
2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Total Assets
Oritani continues to experience strong balance sheet growth as larger lenders
experience market dislocation
5.1% CAGR
Dollars in thousands |
  $1.53 B
$1.70 B
$1.76 B
$1.85 B
$1.94 B
$2.02 B
$2.15 B
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2010
2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Residential
Multi-family
Commercial Real Estate
Second Mortgage and Equity
Construction and Land
Other + Deferred Fees
Stable, Disciplined Loan Growth
4
Oritani’s focus on commercial real estate and multi-family loans has been
a source of strength
Commercial real estate and multi-family loans increased from $760 million in
June 30, 2010 to $1.1 billion as of September 30, 2012
Dollars in thousands |
  $1.29 B
$1.38 B
$1.39 B
$1.36 B
$1.39 B
$1.39 B
$1.36 B
1.41%
1.16%
1.06%
0.96%
0.88%
0.81%
0.68%
0.60%
0.70%
0.80%
0.90%
1.00%
1.10%
1.20%
1.30%
1.40%
1.50%
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2010
2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Time Deposits
Non-Time Deposits
Cost of Deposits
Continued Focus on Core Deposit Growth
5
Oritani’s core deposit gathering efforts has resulted in improved funding
costs for the Company
Dollars in thousands |
  1.66%
0.74%
0.82%
0.89%
0.87%
0.78%
1.05%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2010
2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Nonperforming Assets
NPAs/ Assets
Disciplined Underwriting Culture
6
Oritani’s asset quality profile has remained strong in a difficult operating
environment
Maintain disciplined underwriting standards and proactive approach to problem
assets
Dollars in thousands |
  0.41%
1.13%
1.21%
1.37%
0.72%
0.75%
0.74%
0.82%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
2010
2011
2012
Q1 2013
ORIT ROAA
Median Peer ROAA
$8,364
$28,507
$31,650
$36,844
$0.15
$0.54
$0.71
$0.88
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$0
$10,000
$20,000
$30,000
$40,000
2010
2011
2012
Q1 2013
Net Income
Earnings Per Share
Steady Improving Profitability In Volatile
Environment
7
Oritani’s shareholder capital management has helped drive improved EPS and
ROAE
Net
Income
Trends
Since
2
Step
Conversion
(Dollars
in
thousands
except
per
share
amount)
Note: Q1 2013 figures shown on an annualized basis.
ORIT peers comprised of BRKL, DCOM, FFIC, FLIC, HVB, ISBC,
KRNY, LBAI, NBTB, NFBK, OCFC, PBNY, ROMA, STL and SUBK.
nd |
  Accelerating Net Interest Margin
8
Oritani’s spread and margin increased steadily over the 2012 fiscal year
and this
trend has extended into the most recent quarter
3.25%
3.36%
3.55%
3.76%
2.00%
2.50%
3.00%
3.50%
4.00%
2010
2011
2012
Q1 2013
Net Interest Margin |
  Continued Focus on Cost Control
9
Oritani has been keenly focused on controlling costs while growing top line
revenues throughout a volatile environment
48.2%*
36.7%
37.7%
36.3%
55.9%
58.7%
58.9%
63.8%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
2010
2011
2012
Q1 2013
ORIT Efficiency Ratio
Median Peer Efficiency Ratio
ORIT
peers
comprised
of
BRKL,
DCOM,
FFIC,
FLIC,
HVB,
ISBC,
KRNY,
LBAI,
NBTB,
NFBK,
OCFC,
PBNY,
ROMA,
STL
and
SUBK.
*Excludes non-recurring expense associated with the accelerated vesting of stock
awards and options triggered by the second step transaction and income from problem loan dispositions.
Including these items, the actual efficiency ratio was 62.5%
|
  Shareholder Friendly Capital Management
10
Oritani strives to balance its strategy of deploying excess capital in a
shareholder friendly manner while also maintaining healthy capital levels
June 22, 2011: Announced share repurchase program for 10% of outstanding
shares September 14, 2011: Announced second share repurchase for another 10%
of outstanding shares November 14, 2011: Announced third share repurchase
program for 5% of outstanding shares, with 1,801,381 shares yet to be
repurchased as of September 30, 2012 *Q1 2013 dividend shown annualized.
2010
2011
2012
Q1 2013
Tier 1 Ratio
38.4%
34.2%
23.2%
22.2%
Total RBC Ratio
39.6%
35.5%
24.5%
23.5%
Tier 1 To Average Assets
31.6%
25.1%
19.0%
19.0%
TCE Ratio
26.0%
24.9%
18.9%
18.6%
Dividends Per Share*
$0.18
$0.38
$0.50
$0.60
Share Repurchase Plan?
-
Common Shares Outstanding
56,202,485
55,513,265
45,198,765
45,207,715 |
  Price
Performance Since 2 Step Conversion 11
Since Oritani’s 2 step conversion, the Company has significantly
outperformed both the Nasdaq Bank Index and the S&P 500
Oritani’s business model has provided stability in difficult markets
Source: SNL Financial
Data as of November 9, 2012
41%
28%
4%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
ORIT
Nasdaq Bank
S&P 500
nd
nd |
 QUESTIONS
&
ANSWERS |