Oconee Federal Financial Corp. Announces Annual Financial Results
- 9.3% increase in total assets to $595.4 million
- 19.7% increase in total loans outstanding
- Net income declined from $4.1 million to $3.3 million
- Interest margin compression affected the company's financial performance
June 30, 2023 Year End Summary:
-
Forty-seven consecutive quarterly dividends of
per share since the quarter ended December 2011.$0.10 -
Total assets were
, an increase of$595.4 million 9.3% from at June 30, 2022.$544.8 million -
Total loans outstanding were
, up from$411.5 million at June 30, 2022.$345.1 million
“The year ended June 30, 2023 presented challenges for Oconee Federal. Oconee Federal, like many financial institutions, faced interest margin compression due to the rising rate environment. Net income declined to
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2023 were
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
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/20230809586149/en/
Investor/Media Contact:
Curtis T. Evatt
President & Chief Executive Officer
Oconee Federal Financial Corp.
864-882-2765
Source: Oconee Federal Financial Corp.
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