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Oconee Federal Financial Corp. (NASDAQ: OFED) is a federally chartered corporation headquartered in Seneca, South Carolina. Initially established in 1924 as the Seneca Building and Loan Association, the company evolved through various name changes and structural changes, ultimately becoming Oconee Federal Financial Corp. in January 2011. The corporation serves as the mid-tier stock holding company for Oconee Federal Savings and Loan Association, following its mutual-to-stock conversion.
The company's principal business involves attracting retail deposits from the general public within its market area and investing these deposits, alongside operational funds, into one‐ to four‐family residential mortgage loans. Oconee Federal Financial Corp. has a longstanding history and commitment to providing financial services tailored to the needs of its community.
With a deep-rooted presence in South Carolina, the company aims to offer secure and profitable financial products, ensuring stability and growth for its depositors and shareholders. Oconee Federal Financial Corp. continues to focus on its core competencies, which include a strong emphasis on residential mortgages. Recent achievements reflect their dedication to community-centric banking and maintaining financial health.
The company's financial condition remains strong, supported by a robust deposit base and prudent investment strategies. Partnerships and collaborations further fortify their market position, enhancing both service offerings and customer satisfaction. Oconee Federal Financial Corp. also invests in various community projects, underlining its role as a pivotal financial institution in the region.
For the latest updates, performance insights, and news on developments, stay connected to Oconee Federal Financial Corp., a trusted name in South Carolina's financial landscape.
Oconee Federal Financial Corp. (OTCQX: OFED) has announced a quarterly cash dividend of $0.10 per share. The dividend will be distributed to stockholders of record as of November 7, 2024, with payment scheduled for November 21, 2024. This announcement comes from the holding company of Oconee Federal Savings and Loan Association.
Oconee Federal Financial Corp. (OTCQX: OFED) reported net income of $790,000, or $0.14 per diluted share, for the quarter ended September 30, 2024. This marks an increase from $312,000, or $0.06 per diluted share, in the same quarter of 2023. Key highlights include:
- 52 consecutive quarterly dividends of $0.10 per share since December 2011
- Total assets decreased 0.72% to $660.8 million from $665.6 million in June 2024
- Total loans outstanding decreased to $468.6 million from $469.7 million in June 2024
- Stock book value: $14.26; Tangible book value: $13.81
- Earnings increased due to improved interest margin
- Quarterly cash dividend of $0.10 per share paid on August 22, 2024
President and CEO Curtis T. Evatt noted strong capital ratios and expressed optimism for future growth despite slight decreases in assets and deposits.
Oconee Federal Financial Corp. (OTCQX: OFED) reported net income of $6.3 million, or $1.10 per diluted share, for the fiscal year ended June 30, 2024, surpassing the previous year's $3.3 million. The company's total assets increased by 11.8% to $665.6 million, while total loans outstanding rose to $469.7 million. Despite challenges from higher interest rates compressing the net interest margin, OFED's acquisition of Mutual Savings Bank in January 2024 contributed to asset growth and a $4.9 million earnings boost from a bargain purchase gain. The company maintained its quarterly dividend of $0.10 per share, continuing its 51-quarter streak of dividend payments.
Oconee Federal Financial Corp. (OTCQX: OFED), the holding company for Oconee Federal Savings and Loan Association, has announced a quarterly cash dividend of $0.10 per share on its common stock. The dividend will be paid to stockholders of record as of August 8, 2024, with the payment scheduled for August 22, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders, potentially indicating financial stability and confidence in its ongoing operations.
Oconee Federal Financial Corp. (OFED) reported a strong quarterly performance with net income of $3.9 million, or $0.57 per diluted share, surpassing the previous year's $628 thousand, or $0.11 per diluted share. The company also declared its fifty consecutive quarterly dividends of $0.10 per share since December 2011. Total assets increased by 11.4% to $663.2 million, loans outstanding grew to $473.1 million, and stock book value and tangible book value were $13.35 and $12.90, respectively. Despite a decline in net interest income due to higher interest rates, the acquisition of Mutual Savings Bank in Hartsville, SC, helped boost assets and earnings. The company's capital ratios remain strong, with plans to expand products and services for new customers in Hartsville.
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