Oconee Federal Financial Corp. Announces Annual Financial Results
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) ha riportato un reddito netto di 6,3 milioni di dollari, ovvero 1,10 dollari per azione diluita, per l'anno fiscale concluso il 30 giugno 2024, superando il reddito netto dell'anno precedente di 3,3 milioni di dollari. Il totale degli attivi è aumentato dell'11,8% raggiungendo 665,6 milioni di dollari, mentre il totale dei prestiti in essere è salito a 469,7 milioni di dollari. Nonostante le sfide derivanti dai tassi di interesse più elevati che hanno compresso il margine d'interesse netto, l'acquisizione di Mutual Savings Bank da parte di OFED nel gennaio 2024 ha contribuito alla crescita degli attivi e a un incremento degli utili di 4,9 milioni di dollari grazie a un guadagno da acquisto a prezzo conveniente. L'azienda ha mantenuto il dividendo trimestrale di 0,10 dollari per azione, continuando la sua striscia di 51 trimestri di pagamenti di dividendi.
Oconee Federal Financial Corp. (OTCQX: OFED) reportó ingresos netos de 6,3 millones de dólares, o 1,10 dólares por acción diluida, para el año fiscal que terminó el 30 de junio de 2024, superando los 3,3 millones de dólares del año anterior. Los activos totales aumentaron un 11,8% alcanzando los 665,6 millones de dólares, mientras que los préstamos totales en circulación se elevaron a 469,7 millones de dólares. A pesar de los desafíos ocasionados por el aumento de las tasas de interés que comprime el margen de interés neto, la adquisición de Mutual Savings Bank por parte de OFED en enero de 2024 contribuyó al crecimiento de los activos y a un incremento de 4,9 millones de dólares en ganancias procedentes de una compra a precio de ganga. La compañía mantuvo su dividendo trimestral de 0,10 dólares por acción, continuando su racha de 51 trimestres de pagos de dividendos.
오코니 연방 금융 공사 (OTCQX: OFED)는 2024년 6월 30일로 끝나는 회계연도에 대해 630만 달러의 순이익, 즉 희석주당 1.10달러를 보고했으며, 이는 작년의 330만 달러를 초과한 수치입니다. 총 자산은 11.8% 증가하여 6억 6,560만 달러에 이르렀고, 총 대출 잔액은 4억 6,970만 달러에 도달했습니다. 금리에 따른 압박으로 인해 순이자 마진이 축소되는 어려움에도 불구하고, OFED는 2024년 1월에 Mutual Savings Bank를 인수하여 자산 성장에 기여하였으며, 거래할인으로 인해 490만 달러의 수익 증가를 가져왔습니다. 회사는 주당 0.10달러의 분기 배당금을 유지하여 51분기 연속 배당금을 지급하는 기록을 이어갔습니다.
Oconee Federal Financial Corp. (OTCQX: OFED) a annoncé un bénéfice net de 6,3 millions de dollars, soit 1,10 dollar par action diluée, pour l'exercice fiscal clos le 30 juin 2024, surpassant les 3,3 millions de dollars de l'année précédente. Le total des actifs a augmenté de 11,8 % pour atteindre 665,6 millions de dollars, tandis que le total des prêts en cours a grimpé à 469,7 millions de dollars. Malgré les défis posés par des taux d'intérêt plus élevés qui compressent la marge d'intérêt nette, l'acquisition de la Mutual Savings Bank par OFED en janvier 2024 a contribué à la croissance des actifs et à un coup de pouce de 4,9 millions de dollars des bénéfices grâce à un gain d'achat avantageux. L'entreprise a maintenu son dividende trimestriel de 0,10 dollar par action, poursuivant ainsi sa série de 51 trimestres de paiements de dividendes.
Die Oconee Federal Financial Corp. (OTCQX: OFED) berichtete von einem Nettogewinn von 6,3 Millionen Dollar, oder 1,10 Dollar pro verwässerter Aktie, für das am 30. Juni 2024 endende Geschäftsjahr, was die 3,3 Millionen Dollar des Vorjahres übertraf. Die Gesamtvermögenswerte stiegen um 11,8 % auf 665,6 Millionen Dollar, während die gesamten ausstehenden Kredite auf 469,7 Millionen Dollar anstiegen. Trotz der Herausforderungen durch höhere Zinssätze, die die Nettozinsspanne drücken, trug die Akquisition der Mutual Savings Bank durch OFED im Januar 2024 zur Vermögenssteigerung und zu einem Gewinnzuwachs von 4,9 Millionen Dollar aus einem Kauf mit Gewinn bei. Das Unternehmen hielt seine Quartalsdividende von 0,10 Dollar pro Aktie aufrecht und setzte damit seine Serie von 51 Quartalen an Dividendenzahlungen fort.
- Net income increased significantly from $3.3 million to $6.3 million year-over-year
- Total assets grew by 11.8% to $665.6 million
- Total loans outstanding increased from $411.5 million to $469.7 million
- Acquisition of Mutual Savings Bank expected to remain accretive going forward
- Maintained consistent quarterly dividend of $0.10 per share for 51 consecutive quarters
- Net interest income declined from $14.6 million to $12.3 million due to compressed net interest margin
- Higher interest rate environment presented challenges to the company's operations
June 30, 2024 Year End Summary:
-
Fifty-one consecutive quarterly dividends of
$0.10 -
Total assets were
$665.6 million 11.8% from$595.4 million -
Total loans outstanding were
$469.7 million $411.5 million
“The year ended June 30, 2024 presented both challenges and opportunities for Oconee Federal. The current higher interest rate environment has compressed the net interest margin resulting in a decline in net interest income to
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2024 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/20240821204528/en/
Investor/Media:
Curtis T. Evatt
President & Chief Executive Officer
Oconee Federal Financial Corp.
201 East North Second Street
864-882-2765
Source: Oconee Federal Financial Corp.
FAQ
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