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Oritani Financial decreases quarterly dividend

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Oritani Financial decreases quarterly dividend

Oritani Financial Corp.'s board declared a quarterly cash dividend of 18 cents per common share, a decrease from the previous issuance of 25 cents per share.

The Township of Washington, N.J.-based bank will pay the dividend Nov. 13 to shareholders of record as of Nov. 4.

Oritani Financial reported third-quarter net income of $12.3 million, or 28 cents per share, down from $13.4 million, or 30 cents per share, in the year-ago period. The bank said the main causes of the lower net income were higher interest expenses and a $2.0 million reversal of provision for loan losses in the third quarter of 2018.