Oconee Federal Financial Corp. Announces Quarterly Financial Results
SENECA, S.C.--(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 $3.9 million, or $0.57 per diluted share, for the quarter ended March 31, 2024, which was more than the net income of $628 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2023.
“Continuing higher interest rates are compressing net interest margin with a decline in net interest income to $3.2 million from $3.4 million when compared to the quarter ended March 31, 2023”
March 31, 2024 Quarter End Summary:
- Fifty consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
- Total assets were $663.2 million, an increase of 11.4% from $595.4 million at June 30, 2023.
- Total loans outstanding were $473.1 million, up from $413.0 million at June 30, 2023.
- At March 31, 2024, our stock book value and tangible book value were $13.35 and $12.90, respectively.
“Continuing higher interest rates are compressing net interest margin with a decline in net interest income to $3.2 million from $3.4 million when compared to the quarter ended March 31, 2023,” stated Curtis T. Evatt, President and Chief Executive Officer. With the completion of our acquisition of Mutual Savings Bank in Hartsville, SC, we have offset some of this decline and been able to boost our assets to $660 million and increase our earnings by $3.9 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 our new customers in Hartsville with more products and services to meet their needs.”
Cash Dividend Declared
Total dividends paid during the quarter ended March 31, 2024 were $561 thousand. On January 25, 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 February 8, 2024, which was paid on February 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 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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