Oritani Financial Corp. in Washington, N.J., announced a quarterly loss of $4.1 million that it said stemmed in part from its conversion from a mutual to a stock company in June.
The $2.5 billion-asset company attributed the loss to the accelerated vesting of stock awards, a pretax charge that was triggered by the conversion. The $8.1 million charge, which the company had anticipated, represents an accelerated recognition of expenses.
Without the expense, Oritani said it would have had net income of $4 million, compared with net income of $1.5 million a year earlier.
Oritani reported net income of $8.4 million for its fiscal year, which ended June 30, compared with net income of $5.6 million for the previous fiscal year.
It announced the results Wednesday.
Total assets rose 29.5% and net loans increased 17.8% from the previous year. The company recorded a $2.5 million provision for loan losses, and charged off $1.1 million, boosting its reserve coverage ratio. Oritani raised $401.8 million through the second-step offering.