Oritani Financial Corp. operates as the holding company for Oritani Bank that provides a range of banking services to individual and corporate customers. Market Area From the company’s headquarters in the township of Washington, New Jersey, the company operates 25 full service branches, including its corporate office. The company operates branches in four counties of New Jersey, such as Bergen, Hudson, Essex and Passaic. The majority of its branches (17) and deposits are located in Bergen County. In addition, the company operates five branches in Hudson County, one branch in Essex County, and two branches in Passaic County. The company’s residential lending area generally includes northern New Jersey. The company’s market area for commercial lending (including multifamily lending or residential commercial real estate) includes the state of New Jersey, Eastern Pennsylvania, Southern New York, New York City, Long Island and parts of Connecticut and Delaware. Lending Activities The company’s principal lending activity is the origination of residential commercial real estate loans and commercial real estate loans, as well as residential real estate mortgage loan and home equity loans. The company’s residential commercial real estate portfolio consists primarily of mortgage loans secured by apartment buildings. Its commercial real estate portfolio consists primarily of mortgage loans secured by retail anchor shopping centers, commercial offices, retail space, warehouses, and mixed-use buildings. The company’s residential real estate portfolio consists of one to four family residential real property and home equity loans. Residential Loans: The company originates one to four family residential mortgage loans, all of which are secured by properties located in its primary market area. The company also offers adjustable rate mortgage loans for one to four family properties. Its adjustable rate residential mortgage loans amortize over terms of approximately 30 years. The company also offers second mortgage loans and home equity lines of credit, which are included in the residential mortgage loan portfolio. These mortgage loans are secured by one to four family residences, all of which are located in the company’s primary market area. Commercial Real Estate Loans: The company originates residential and non-residential commercial real estate mortgage loans. Its residential commercial real estate mortgage loans are primarily permanent loans secured by apartment buildings and mobile home parks. The non-residential commercial real estate mortgage portfolio consists of credit/grocery retail commercial real estate and other commercial real estate. The company’s credit/grocery retail commercial real estate mortgage loans are primarily permanent mortgage loans secured by grocery or credit anchor tenants at multi-store, or stand alone, facilities. The company’s other commercial real estate mortgage loans are primarily permanent loans secured by improved property, such as retail multi-stores without a credit anchor, mixed-use properties, self-storage facilities, commercial warehouses, and office buildings. The company also offers such loans on a self-amortizing basis with fixed rate terms up to 20 years. Construction Loans: The company originates construction loans for the development of one to four family residential properties located in its primary market area. Residential construction loans are generally offered to experienced local developers operating in the company’s primary market area and to individuals for the construction of their personal residences. The company also makes construction loans for commercial development projects. The projects include multifamily, apartment, retail and office buildings. Securities Portfolios As of June 30, 2015, the company’s securities portfolio included equity securities; and mortgage-backed securities, such as Freddie Mac, Fannie Mae, and collateralized mortgage obligations. Deposits The company’s deposits are generated primarily from residents and businesses within its primary market area, including the local municipal deposit market. The company offers a
oritani financial corp (ORIT:NASDAQ GS)
370 Pascack Road
Township of Washington, NJ 07676
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