Oconee Federal Financial Corp. Announces Quarterly Financial Results
January 22 2024 - 11:39AM
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 $320 thousand, or
$0.06 per diluted share, for the quarter ended December 31, 2023,
which was less than the net income of $1.1 million, or $0.20 per
diluted share, for the quarter ended December 31, 2022.
December 31, 2023 Quarter End Summary:
- Forty-nine consecutive quarterly dividends of $0.10 per share
since the quarter ended December 2011.
- Total assets were $613.1 million, an increase of 3.0% from
$595.4 million at June 30, 2023.
- Total loans outstanding were $428.9 million, up from $413.0
million at June 30, 2023.
- At December 31, 2023, our stock book value and tangible book
value were $12.95 and $12.49, respectively.
“The quarter ended December 31, 2023 presented challenges for
Oconee Federal as we continue to face interest margin compression
due to the current rate environment. Net income declined to $320
thousand from $1.1 million when compared to the quarter ended
December 31, 2022.” stated Curtis T. Evatt, President and Chief
Executive Officer. “However, we continue to have steady growth in
our loan balances. Loans increased 2.4% while deposits increased
2.8% compared to the September 30, 2023 quarter end balances. We
believe this growth, along with our announced merger with Mutual
Savings Bank, will position our Company to succeed as we look to
the future.”
Cash Dividend Declared
Total dividends paid during the quarter ended December 31, 2023
were $561 thousand. On October 26, 2023, 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 November 9, 2023, which was paid on November 22, 2023.
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 eight
full-service branch locations in Oconee County, South Carolina,
Pickens County, South Carolina, Stephens County, Georgia and Rabun
County, Georgia.
For 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240122967085/en/
Investor/Media Contact: Curtis T. Evatt President & Chief
Executive Officer Oconee Federal Financial Corp. 864-882-2765
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