Oconee Federal Financial Corp. Announces Annual Financial Results
August 21 2024 - 7:48AM
Business Wire
Oconee Federal Financial Corp. (OTCQX: OFED) (the “Company”),
the holding company for Oconee Federal Savings and Loan Association
(“Oconee Federal”), announced today net income of $6.3 million, or
$1.10 per diluted share, for the year ended June 30, 2024, which
was more than the net income of $3.3 million, or $0.60 per diluted
share, for the year ended June 30, 2023.
June 30, 2024 Year End Summary:
- Fifty-one consecutive quarterly dividends of $0.10 per share
since the quarter ended December 2011.
- Total assets were $665.6 million, an increase of 11.8% from
$595.4 million at June 30, 2023.
- Total loans outstanding were $469.7 million, up from $411.5
million at June 30, 2023.
“The year ended June 30, 2024 presented both challenges and
opportunities for Oconee Federal. The current higher interest rate
environment has compressed the net interest margin resulting in a
decline in net interest income to $12.3 million from $14.6 million
when compared to the year ended June 30, 2023,” stated Curtis T.
Evatt, President and Chief Executive Officer. However, with the
completion of our acquisition of Mutual Savings Bank in Hartsville,
SC in January 2024 we have offset some of this decline and been
able to boost our assets to $665.6 million as of year end and
increase our earnings by $4.9 million from the bargain purchase
gain. Furthermore, the transaction is expected to remain accretive
going forward. Our capital ratios remain among some of the highest
in the industry. We are looking forward to the opportunity of
providing the best products and services to our customers in the
coming year.”
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2024 were
$2.3 million. On July 23, 2024, the Board of Directors of the
Company declared a quarterly cash dividend of $0.10 per share of
the Company’s common stock payable to stockholders of record as of
August 8, 2024, which is payable on August 22, 2024.
About Oconee Federal
Oconee Federal Financial Corp. (OTCQX: OFED) is the holding
company of Oconee Federal Savings and Loan Association. Oconee
Federal Savings and Loan Association is a federally chartered
savings and loan association founded in 1924 and headquartered in
Seneca, South Carolina. Oconee Federal Savings and Loan Association
is a community oriented financial institution operating nine
full-service branch locations in Oconee County, South Carolina,
Pickens County, South Carolina, Darlington County, South Carolina,
Stephens County, Georgia and Rabun County, Georgia.
For future financial information, please access our investor
information page on our website at www.oconeefederal.com.
Forward-Looking Statements
This release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on current expectations, estimates and projections
about the Company’s and the Association’s industry, and
management’s beliefs and assumptions. Words such as anticipates,
expects, intends, plans, believes, estimates and variations of such
words and expressions are intended to identify fiscal year
forward-looking statements. Such statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to forecast. Therefore, actual
results may differ materially from those expressed or forecast in
such forward-looking statements. The Company undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821204528/en/
Investor/Media: Curtis T. Evatt President & Chief Executive
Officer Oconee Federal Financial Corp. 201 East North Second Street
Seneca, South Carolina 864-882-2765
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