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Company Links |
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Business Environment |
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In terms of population rank, Bergen County ranks as the largest county in New Jersey while Hudson County ranks fifth and Passaic County ranks ninth out of twenty-one counties. Based upon household income statistics, Bergen County ranks third out of the twenty-one counties in New Jersey while Passaic ranks thirteenth and Hudson County ranks twentieth. The three counties are a part of New Jersey which is referred to as the “Gateway Region.”
Bergen County is bordered by Rockland County, New York to the north, the Hudson River to the east, Hudson County to the south, a small border with Essex County also to the south and Passaic County to the west.
Hudson County has always been a gateway for many immigrants to the United States. It is also recognized as one of the Northeast’s major transportation and industrial hubs as the New York metropolitan area’s three major airports – John F. Kennedy International Airport, LaGuardia Airport, and Newark Liberty International Airport – are within a relatively short distance of Hudson County.
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Company Strategy |
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Since being formed in 1998, the Company has primarily engaged in the business of holding the common stock of Oritani Savings Bank as well as two limited liability companies that own a variety of real estate investments. |
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Product/Services Portfolio |
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The Company’s principal business consists of attracting retail and commercial bank deposits from the general public in the areas surrounding its main office in the Township of Washington, New Jersey and its branch offices located in the New Jersey Counties of Bergen, Hudson and Passaic, and investing those deposits, together with funds generated from operations, in multi-family and commercial real estate loans, one- to four-family residential mortgage loans as well as in second mortgage and equity loans, construction loans, business loans, other consumer loans, and investment securities. The Company originates loans primarily for investment and holds such loans in its portfolio.
The Company’s principal lending activity is the origination of multi-family loans and commercial real estate loans as well as residential real estate mortgage loans secured by property located primarily in its market area. The Company’s commercial real estate loans consist primarily of mortgage loans secured by small commercial offices, retail space, warehouses and mixed-use buildings. The Company’s multi-family loans consist primarily of mortgage loans secured by small- and medium-sized apartment buildings. The Company’s residential real estate mortgage loans consist of one- to four-family residential real property and consumer loans. Construction loans consist primarily of one-to four-family development, condominiums and commercial development projects. Second mortgage and equity loans consist primarily of home equity loans and home equity lines of credit.
The Company originates non-residential commercial real estate mortgage loans and loans on multi-family dwellings. The Company’s commercial real estate mortgage loans are primarily permanent loans secured by improved property such as mixed-use properties, office buildings, retail stores and commercial warehouses. The Company’s multi-family mortgage loans are primarily permanent loans secured by apartment buildings.
The Company also offers second mortgage and equity loans and home equity of lines of credit, each of which are secured by one- to four-family residences, substantially all of which are located in its primary market area.
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.
Other loans consist of passbook, business and automobile loans. The Company offers a variety of consumer loans and such loans generally consist of secured personal loans.
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Investment Analysis |
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Net income decreased $498,000, or 5.6%, to $8.5 million for the year ended June 30, 2006 versus $9.0 million for the year ended June 30, 2005.
Total interest income increased $4.8 million, or 10.4%, to $51.3 million for the year ended June 30, 2006 versus $46.4 million for the year ended June 30, 2005.
Interest expense increased $5.2 million, or 28.2%, to $23.5 million for the year ended June 30, 2006 versus $18.3 million for the prior year period.
Other income increased $2.9 million, or 174.2%, to $4.6 million for the year ended June 30, 2006 versus $1.7 million for the year ended June 30, 2005.
Total operating expenses increased $2.7 million, or 18.4%, to $17.5 million for the year ended June 30, 2006 from $14.8 million for the year ended June 30, 2005.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2004
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0.00 |
12,873,733 |
0.00 |
5,644,279 |
10,106,782 |
0.00 |
| 2005
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0.00 |
14,799,622 |
0.00 |
5,193,475 |
8,959,923 |
0.00 |
| 2006
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0.00 |
17,524,747 |
0.00 |
4,827,004 |
8,462,360 |
0.00 |
| *Year ended June 30
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
18,183,814 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,051,701,740 |
0.00 |
141,796,106 |
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2006 |
7,273,503 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,031,420,699 |
0.00 |
150,135,284 |
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*Year ended June 30
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2004 |
11,979,608 |
-44,016,876 |
24,973,286 |
-7,063,982 |
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2005 |
11,214,878 |
-2,050,305 |
2,108,238 |
11,272,811 |
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2006 |
3,529,123 |
11,351,751 |
-25,791,185 |
-10,910,311 |
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*Year ended June 30
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- Value Gap 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 
