Oritani Financial Corp. Reports an Increase to Problem Asset Totals

Oritani Financial Corp. ORIT, the holding company for Oritani Bank, reported that the June 30, 2011 problem asset totals contained in its press release of July 25, 2011 will be adjusted upward. Subsequent to the issuance of the July 25, 2011 press release, Oritani was informed by the lead lender of a loan relationship in which Oritani is a participant, that the lead lender was placing the loan on nonaccrual status, effective June 30, 2011. Oritani's portion of this loan totals $6.4 million. Oritani originally categorized this loan as an accruing troubled debt restructuring with a substandard classification as of June 30, 2011. Based on the updated information, which contradicted information supplied only weeks earlier, Oritani is changing its June 30, 2011 categorization to a nonaccrual troubled debt restructuring with a substandard classification.