SENECA, S.C.--(BUSINESS WIRE)--Oconee Federal Financial Corp. (Nasdaq: OFED) (the “Company”), the holding company for Oconee Federal Savings and Loan Association (“Oconee Federal”), announced today net income of $3.7 million, or $0.64 per diluted share, for the year ended June 30, 2019, compared to net income of $3.0 million, or $0.52 per diluted share, for the year ended June 30, 2018.
June 30, 2019 Year End Highlights:
- Thirty-one consecutive quarterly dividends of $0.10 per share since the quarter ending December 2011.
- Total assets were $527.8 million, an increase of 8.2% from $488.0 million at June 30, 2018.
- Total loans outstanding were $360.1 million, up from $327.8 million at June 30, 2018.
“Fiscal year 2019 was a good year for Oconee Federal. Net income before taxes was just slightly lower at $4.6 million in 2019 compared to $4.7 million in 2018. However, due to the current favorable tax rate environment, our after tax net income was $3.7 million, up $685 thousand compared to $3.0 million in 2018,” stated Curtis T. Evatt, President and Chief Executive Officer. “We are pleased that our asset growth rate has been strong in 2019. That growth has helped us combat margin compression brought on by competitive factors. In light of today’s ever changing economic, competitive and interest rate environments, we view our current financial position as stable and our Company is prepared to succeed as we look forward to our opportunities in the coming year.”
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2019 were $2.3 million. On July 23, 2019, 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, 2019, which is payable on August 22, 2019.
About Oconee Federal
Oconee Federal Financial Corp. (NASDAQ Capital Market: 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 seven full-service branch locations in Oconee County, South Carolina, Stephens County, Georgia and Rabun County, Georgia.
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.