EXHIBIT 99.1

Oritani Financial Corp. Announces 3rd Quarter Results and Increased Dividend

TOWNSHIP OF WASHINGTON, N.J., April 24, 2012 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank"), reported net income of $8.4 million, or $0.20 per basic and diluted common share, for the three months ended March 31, 2012, and $23.4 million, or $0.53 per basic (and $0.52 diluted) common share, for the nine months ended March 31, 2012. This compares to net income of $7.0 million, or $0.13 per basic and diluted common share, for the three months ended March 31, 2011, and $21.3 million, or $0.40 per basic and diluted common share, for the nine months ended March 31, 2011.

The Company also reported that its Board of Directors has declared a $0.15 quarterly cash dividend on the Company's common stock. The record date for the dividend will be May 4, 2012 and the payment date will be May 18, 2012. On October 28, 2011, the Company increased its dividend rate by 25% from $0.10 to $0.125, and has now increased the rate an additional 20% from $0.125 to $0.15. Based on the recent trading range of the Company's common stock, the dividend yield is approximately 4.25%.

"The economic landscape is continually presenting challenges and we have confronted our fair share over the past few years," said Kevin J. Lynch, the Company's Chairman, President and CEO. "Our business plan has proven to be an excellent strategy to face these challenges. We have focused on originating quality loans, growing core deposits and aggressively addressing delinquent loans. Our recent results validate our approach. Our interest rate risk exposure has increased over the year but we have recently begun the process of mitigating this exposure. Although our dividend rate was already one of the higher ones in our industry, our Board of Directors has elected to share these successes with our shareholders in the form of a 20% increase to our dividend rate."

Comparison of Operating Results for the Periods Ended March 31, 2012 and 2011

Net Income. Net income increased $1.4 million, or 20.2%, to $8.4 million for the quarter ended March 31, 2012, from $7.0 million for the corresponding 2011 quarter. Net income increased $2.1 million, or 10.0%, to $23.4 million for the nine months ended March 31, 2012, from $21.3 million for the corresponding 2011 period. The primary cause of the increased net income in the 2012 periods was increased net interest income, decreased provision for loan losses and increased other income, partially offset by increased expenses. 

Total Interest Income.  Total interest income increased $899,000, or 3.0%, to $30.5 million for the three months ended March 31, 2012, from $29.6 million for the three months ended March 31, 2011. The largest increase occurred in interest on loans, which increased $1.9 million or 7.5%, to $27.3 million for the three months ended March 31, 2012, from $25.4 million for the three months ended March 31, 2011.  During that same period, the average balance of loans increased $206.3 million while the yield on the portfolio decreased 28 basis points.  The decreased yield was primarily due to the impact of current market rates on new originations, refinancings, prepayments and repricings. There was an overall decrease in interest income regarding the investment related categories (Securities held to maturity ("HTM"); Securities available for sale ("AFS"); Mortgage backed securities ("MBS") HTM; MBS AFS and short term investments). On an overall basis, there were decreases in yield and average balances. The decreased yield was primarily due to the prepayment of higher yielding securities and the returns associated with purchases subsequent to March 31, 2011. Management actively purchased such assets at times over the period as excess funds were available for deployment. The investment purchases were primarily in the category of MBS AFS as management believed such securities provided the best available risk/reward profile based on the projected cash needs and interest rate risk position of the Company. However, purchases have slowed considerably as the rates of return available on such securities decreased and excess cash was primarily used for repurchases of the Company's common stock. There has been only one investment purchase of any type since October 1, 2011. MBS AFS was the investment category with the largest increase in interest income over the periods. Interest on MBS AFS increased $252,000, or 11.3%, to $2.5 million for the three months ended March 31, 2012, from $2.2 million for the three months ended March 31, 2011. The average balance of MBS AFS increased $122.6 million for the three months ended March 31, 2012 versus the corresponding 2011 period while the yield on the portfolio decreased 29 basis points. There was a small increase in Securities HTM over periods, but this increase was primarily due to dividends on Federal Home Loan Bank of New York ("FHLB-NY") stock.

Total interest income increased $3.1 million, or 3.5%, to $90.8 million for the nine months ended March 31, 2012, from $87.7 million for the nine months ended March 31, 2011. The largest increase occurred in interest on loans, which increased $5.8 million or 7.8%, to $80.1 million for the nine months ended March 31, 2012, from $74.4 million for the nine months ended March 31, 2011.  Over that same period, the average balance of loans increased $184.4 million and the yield on the portfolio decreased 21 basis points. Interest on MBS AFS increased $2.7 million, or 50.1%, to $8.1 million for the nine months ended March 31, 2012, from $5.4 million for the nine months ended March 31, 2011. The average balance of MBS AFS increased $247.6 million over these periods while the yield on the portfolio decreased 36 basis points.  The qualitative explanations provided in the paragraph above regarding changes in interest income for the three month period comparison are also applicable to the nine month period comparison. 

Total Interest Expense. Total interest expense decreased $809,000, or 9.0%, to $8.2 million for the three months ended March 31, 2012, from $9.0 million for the three months ended March 31, 2011. The majority of the decrease occurred in interest expense on deposits, which decreased $672,000, or 18.1%, to $3.0 million for the three months ended March 31, 2012, from $3.7 million for the three months ended March 31, 2011. The average balance of interest bearing deposits increased $104.3 million over the period while the average cost of these funds decreased 28 basis points. Market interest rates allowed the Bank to reprice many maturing time deposits, as well as other interest bearing deposits, at lower rates, decreasing the cost of funds. Interest expense on borrowings decreased $137,000, or 2.6%, to $5.2 million for the three months ended March 31, 2012, from $5.3 million for the three months ended March 31, 2011. The average balance of borrowings increased significantly ($121.9 million) over the period while the cost decreased significantly (77 basis points). The Company has increased its overnight borrowings with the FHLB-NY. These borrowings had a very low cost associated with them and the rate of interest on these borrowings is expected to remain low for the foreseeable future. The Company also modified $24.2 million of long term advances from FHLB-NY. The effective interest rates on these advances decreased 109 basis points. These modifications occurred toward the end of the quarter and had little effect on the March 31, 2012 results; their impact will be realized prospectively. The Company will continue to modify FHLB-NY advances opportunistically. In April, 2012, the Company modified an additional $27.5 million of FHLB-NY advances with a 183 basis point decrease in the effective rates of these advances.

Total interest expense decreased $2.1 million, or 7.5%, to $25.4 million for the nine months ended March 31, 2012, from $27.5 million for the nine months ended March 31, 2011.  Interest expense on deposits decreased $1.8 million, or 15.2%, to $10.0 million for the nine months ended March 31, 2012, from $11.8 million for the nine months ended March 31, 2011.  The average balance of interest bearing deposits increased $102.1 million over this period while the average cost of these funds decreased 26 basis points.  Interest expense on borrowings decreased $274,000, or 1.7%, to $15.4 million for the nine months ended March 31, 2012, from $15.7 million for the nine months ended March 31, 2011.  The average balance of borrowings increased $97.8 million over the period while the cost decreased 68 basis points. The qualitative explanations provided in the paragraph above regarding changes in interest expense for the three month period comparison are also applicable to the nine month period comparison.

Net Interest Income Before Provision for Loan Losses. Net interest income increased by $1.7 million, or 8.3%, to $22.3 million for the three months ended March 31, 2012, from $20.6 million for the three months ended March 31, 2011. Net interest income increased by $5.1 million, or 8.5%, to $65.3 million for the nine months ended March 31, 2012, from $60.2 million for the nine months ended March 31, 2011. The Company's net interest income, spread and margin over the period are detailed in the chart below.

The Company's spread and margin increased steadily over the 2011 fiscal year and that expansion has continued into the current fiscal year. The Company expects that the spread and margin will come under pressure in the current interest rate environment due to several factors, including: rates on new loan originations and investment purchases; modifications of loans within the existing loan portfolio; prepayments of higher yielding loans and investments; limited ability to further lower deposit and borrowing costs; promotional interest costs to attract new deposit customers; expected increases in borrowing costs and decreased net interest income due to funds used for repurchase activity.   The Company's largest interest rate risk exposure is to a flat or inverted yield curve. 

Despite the above, spread, margin and net interest income all have increased during fiscal 2012. Many of the pressures detailed above have impacted the Company. However, the Company has been able to offset these pressures. The primary factor has been the utilization of overnight borrowings. In the recent rate environment, such borrowings have a very low cost. The utilization of such borrowings has increased the Company's interest rate risk, and the Company is in the process of addressing the increased exposure. The Company has also been able to successfully lower the cost of money market deposits without a significant impact on balances, and has decreased its reliance on time deposits, which carry a higher cost. The shifting of investment funds out of federal funds sold and into higher yielding investments improved results. More recently, the further shifting of assets out of investments and into higher yielding loans extended this improvement. The recent modifications of FHLB advances should also serve to offset some of the pressures of the current interest rate environment. The Company expects to address the increased interest rate risk posed by the overnight borrowings by extending their maturity, over time. This extension will increase borrowing costs. The Company has not fixed a time period to enact this strategy. The Company's stock repurchase activity in this fiscal year effectively decreased net interest income. However, the impact was minimal as the cost of these funds (either federal funds sold or overnight borrowings) was very low.

The Company's net interest income and net interest rate spread were both negatively impacted in all periods due to the reversal of accrued interest income on loans delinquent more than 90 days. The total of such income reversed was $293,000 and $943,000 for the three and nine months ended March 31, 2012, respectively, and $535,000 and $2.0 million for the three and nine months ended March 31, 2011, respectively. 

Provision for Loan Losses.  The Company recorded provisions for loan losses of $1.5 million for the three months ended March 31, 2012 as compared to $2.3 million for the three months ended March 31, 2011. The Company recorded provisions for loan losses of $7.0 million for the nine months ended March 31, 2012 as compared to $6.8 million for the nine months ended March 31, 2011. A rollforward of the allowance for loan losses for the three and nine months ended March 31, 2012 and 2011 is presented below:

The primary contributors to the current level of provision for loan losses are the delinquency and nonaccrual totals, changes in loan risk ratings, loan growth, charge-offs and economic factors. 

Delinquency and non performing asset information is provided below:

Over the fiscal year ended June 30, 2011, the Company realized significant decreases in total delinquent loans, nonaccrual loans and nonperforming assets. In fiscal 2012, there have been increases in the loan delinquency categories. The increases are primarily due to increases in residential delinquencies. The largest commercial components of the 60 – 89 day past due total at March 31, 2012 are a $3.6 million loan on a multifamily property in Hudson County, New Jersey and a $1.1 million loan on a multifamily property in Passaic County. 

At March 31, 2012, there are two nonaccrual loans as well as one nonaccrual loan relationship with balances greater than $1.0 million. These loans are discussed below:

• A construction loan relationship in which Oritani is a participant. The relationship entails two borrowing entities and four separate properties. Oritani's portion of this loan relationship totals $4.9 million. All four of the properties are for residential tract development and are located in Rockland and Orange Counties, New York. The loan is classified as impaired and as a troubled debt restructuring ("TDR") as of March 31, 2012. The lead lender on this loan is attempting to negotiate a settlement with the borrowers that would expedite resolution. In accordance with the results of the impairment analysis for this loan, a charge off of $1.5 million was previously recognized against this loan and a $1.2 million impairment reserve remains against this loan as of March 31, 2012. 
• A $2.8 million mixed use building in Bergen County, New Jersey. The borrower encountered cash flow difficulties and the property is currently being managed by a rent receiver. The loan is now classified as impaired. In accordance with the results of the impairment analysis for this loan, a $966,000 impairment reserve was established against this loan as of March 31, 2012. The Company is currently determining whether to rewrite the loan as a TDR or continue pursuit of legal remedies. 
• A $1.8 million construction loan for a luxury home in Morris County, New Jersey. The Company reached a settlement and forbearance agreement with the borrower on this matter during the quarter. The loan is classified as a nonaccrual TDR as of March 31, 2012. If the borrower continues compliance with the new agreement, the loan may be upgraded in the future. 

There are nine other multifamily/commercial real estate loans, totaling $3.5 million, classified as nonaccrual at March 31, 2012. The largest of these loans has a balance of $679,000. 

There are fifteen other residential loans, totaling $5.7 million, classified as nonaccrual at March 31, 2012. The largest of these loans has a balance of $958,000.

See "Comparison of Financial Condition at March 31, 2012 and March 31, 2011" for a discussion of Real Estate Owned. 

Other Income. Other income increased $437,000 to $1.5 million for the three months ended March 31, 2012, from $1.1 million for the three months ended March 31, 2011.  The increase was primarily due to net income on the real estate investment captions of net real estate operations and income from investments in real estate joint ventures, which increased by $292,000 to $744,000 for the three months ended March 31, 2012, from $452,000 for the three months ended March 31, 2011. The majority of the fluctuation is due to income recognized at one commercial property. The property was flooded in 2010 (fiscal 2011), repaired, and flooded again in 2011 (fiscal 2012). Both floods caused decreased income from this property. The repairs on this property due to the 2011 flood are extensive and income from this property is expected to be below historical levels for fiscal 2012 as well as portions of fiscal 2013. The Company expects to make additional capital contributions to this joint venture to fund the repairs as well as improvements. However, a nonrecurring insurance claim of $488,000 pertaining to the 2011 flood was received and recognized as income this quarter. During the quarter ended December 31, 2011, a nonrecurring insurance claim of $487,000 pertaining to the 2010 flood was received and recognized as income. The Company is pursuing additional insurance claims but it is possible that no additional insurance proceeds pertaining to these floods will be received. Income from bank-owned life insurance increased by $121,000 to $391,000 for the three months ended March 31, 2012, from $270,000 for the three months ended March 31, 2011, primarily due to increased investment in bank-owned life insurance. The Company had a nonrecurring gain of $73,000 during the three months ended March 31, 2012 due to the net gain realized on the sale of real estate owned properties. 

Other income increased $347,000 to $4.3 million for the nine months ended March 31, 2012 from $4.0 million for the nine months ended March 31, 2011. The increase was primarily due to net income on the real estate investment captions of net real estate operations and income from investments in real estate joint ventures, which increased by $456,000 to $1.7 million for the nine months ended March 31, 2012, from $1.3 million for the nine months ended March 31, 2011. The increase was primarily due to the receipt of insurance proceeds described in the above paragraph. Income from bank-owned life insurance increased by $366,000 to $1.2 million for the nine months ended March 31, 2012, from $829,000 for the nine months ended March 31, 2011, primarily due to increased investment in bank-owned life insurance. These increases were partially offset by a $262,000 impairment charge for equity securities that was recognized in the 2012 period.

Operating Expenses. Operating expenses increased $551,000, or 6.7%, to $8.8 million for the three months ended March 31, 2012, from $8.3 million for the three months ended March 31, 2011. The increase was primarily due to compensation, payroll taxes and fringe benefits, which increased $1.5 million to $6.3 million for the three months ended March 31, 2012, from $4.7 million for the three months ended March 31, 2011.  The increase was primarily due to the amortization of costs associated with stock awards and options that were granted under the Company's 2011 Equity Incentive Plan ("the Equity Plan") on August 18, 2011. The expense associated with the Equity Plan recognized in the quarter totaled $1.5 million. This increase was partially offset by a decrease in real estate owned operations, which decreased $770,000 to $124,000 for the three months ended March 31, 2012, from $894,000 for the three months ended March 31, 2011.  Expenses for the 2011 period included a $799,000 writedown of the carrying value of a real estate owned property, which was based on an updated appraisal.

Operating expenses increased $2.3 million to $26.1 million for the nine months ended March 31, 2012, from $23.8 million for the nine months ended March 31, 2011. The increase was primarily due to compensation, payroll taxes and fringe benefits, which increased $3.4 million to $6.3 million for the nine months ended March 31, 2012, from $4.7 million for the nine months ended March 31, 2011.  The increase was primarily due to costs associated with the Equity Plan. The expense associated with the Equity Plan recognized in the nine month period totaled $3.8 million. This increase was partially offset by decreases in real estate owned operations and other expenses.  Real estate owned operations decreased $568,000 to $672,000 for the nine months ended March 31, 2012, from $1.2 million for the nine months ended March 31, 2011, primarily due to the 2011 writedown described in the above paragraph. Other expenses decreased $474,000 to $2.8 million for the nine months ended March 31, 2012, from $3.2 million for the nine months ended March 31, 2011, primarily due to decreased expenses associated with problem assets.  

Income Tax Expense. Income tax expense for the three months ended March 31, 2012 was $5.1 million on pre-tax income of $13.5 million, resulting in an effective tax rate of 37.5%. Income tax expense for the three months ended March 31, 2011 was $4.1 million on pre-tax income of $11.1 million, resulting in an effective tax rate of 36.8%.  Income tax expense for the nine months ended March 31, 2012, was $13.2 million, due to pre-tax income of $36.6 million, resulting in an effective tax rate of 36.1%. For the nine months ended March 31, 2011, income tax expense was $12.3 million, due to pre-tax income of $33.6 million, resulting in an effective tax rate of 36.8%. 

Comparison of Financial Condition at March 31, 2012 and June 30, 2011

Total Assets.  Total assets increased $57.9 million, or 2.2%, to $2.65 billion at March 31, 2012, from $2.59 billion at June 30, 2011.  The primary investing activity was in loans. The loan increase was primarily funded by decreases in federal funds sold and investment securities, as well as an increase in overnight borrowings. Asset growth has been muted by one of the Company's recent strategic decisions: cash flows from the investment portfolio have been applied to overnight borrowings, and not redeployed into the investment portfolio. This decision was made to lessen the interest rate risk that is being created through the increased overnight borrowings in addition to consideration of the low returns currently available on investments.

Cash and Cash Equivalents. Cash and cash equivalents (which include fed funds and short term investments) decreased $122.1 million to $11.2 million at March 31, 2012, from $133.2 million at June 30, 2011. The funds were deployed in general operations, including funding of the Company's stock repurchase activity.

Net Loans. Loans, net increased $236.1 million to $1.91 billion at March 31, 2012, from $1.67 billion at June 30, 2011. The Company continues its emphasis on loan originations, particularly multifamily and commercial real estate loans. Loan originations totaled $397.3 million and purchases totaled $2.0 million for the nine months ended March 31, 2012. 

Mortgage-backed Securities Available For Sale. Mortgage-backed securities AFS increased $12.3 million to $518.2 million at March 31, 2012, from $505.9 million at June 30, 2011. However, balances in this category have decreased $88.0 million since September 30, 2011 as the Company is not currently redeploying proceeds from the investment portfolio into new purchases.

Real Estate Owned. Real estate owned ("REO") increased $299,000 to $4.3 million at March 31, 2012, from $4.0 million at June 30, 2011. During the nine months ended March 31, 2012, the Bank took title to six properties and disposed of five properties. The $4.3 million balance consists of nine properties. Six of these properties, with a book value of $2.5 million, were under contract for sale at March 31, 2012, and one of those properties, with a book value of $1.1 million, closed in April. An $84,000 gain was recognized on this April disposal.

Deposits. Deposits increased $8.1 million, or 0.6%, to $1.39 billion at March 31, 2012, from $1.38 billion at June 30, 2011. Growth in core accounts has been largely offset by decreases in time deposits. New branch locations in Upper Montclair and Clifton, NJ, have opened during the fiscal year. 

Stockholders' Equity. Stockholders' equity decreased $134.4 million to $511.0 million at March 31, 2012, from $645.4 million at June 30, 2011.  The decline is primarily attributable to stock repurchases. The Company's repurchase activity is summarized below:

On November 14, 2011, the Company announced a repurchase plan for up to 2,278,776 shares of its common stock. As of April 20, 2012, there were 2,160,376 shares authorized under the Company's current stock repurchase plan that had not yet been purchased.

In addition to the repurchase activity above, the Company repurchased shares in conjunction with the Equity Plan. On August 18, 2011, a total of 1,598,100 shares were granted by the Board of Directors under the Equity Plan. These shares were purchased in open market transactions during the quarter ended September 30, 2011. The total cost of these shares was $19.3 million and the average cost per share was $12.06.

Based on our March 31, 2012 closing price of $14.68 per share and book value per share of $11.24, the Company stock was trading at 130.6% of book value.

About the Company

Oritani Financial Corp. is the holding company for Oritani Bank, a New Jersey state chartered bank offering a full range of retail and commercial loan and deposit products. Oritani Bank is dedicated to providing exceptional personal service to its individual and business customers. The Bank currently operates its main office and 24 full service branches in the New Jersey Counties of Bergen, Hudson, Essex and Passaic. For additional information about Oritani Bank, please visit www.oritani.com.

Forward Looking Statements

Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. 

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT: Kevin J. Lynch
         Chairman, President and Chief Executive Officer
         Oritani Financial Corp.
         (201) 664-5400