Oconee Federal Financial Corp. Announces Quarterly Financial Results

Rhea-AI Summary

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.

Positive

• Net income increased significantly from $312,000 to $790,000 year-over-year
• Earnings per share grew from $0.06 to $0.14 compared to the same quarter last year
• Improved interest margin contributed to increased earnings
• Maintained 52 consecutive quarterly dividends of $0.10 per share
• Strong capital ratios reported as 'among some of the highest in the industry'

Negative

• Total assets decreased by 0.72% from the previous quarter
• Total loans outstanding declined from $469.7 million to $468.6 million
• Deposits decreased, contributing to the slight reduction in total assets

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 $790 thousand, or $0.14 per diluted share, for the quarter ended September 30, 2024, which was more than the net income of $312 thousand, or $0.06 per diluted share, for the quarter ended September 30, 2023.

September 30, 2024 Quarter End Summary:

• Fifty-two consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
• Total assets were $660.8 million, a decrease of 0.72% from $665.6 million at June 30, 2024.
• Total loans outstanding were $468.6 million, down from $469.7 million at June 30, 2024.
• At September 30, 2024, our stock book value and tangible book value were $14.26 and $13.81, respectively.

“The quarter ended September 30, 2024 was a good quarter for Oconee Federal. Although our assets decreased slightly due to lower loan demand coupled with a decrease in our deposits, both of which we consider to be routine fluctuations, our earnings increased due to an improved interest margin when compared to the quarter ended September 30, 2023,” stated Curtis T. Evatt, President and Chief Executive Officer. “As always, our capital ratios remain among some of the highest in the industry and we are looking forward to the opportunity of providing the best products and services to our customers in the coming year.”

Cash Dividend Declared and Paid

Total dividends paid during the quarter ended September 30, 2024 were $584 thousand. On July 23, 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 August 8, 2024, which was paid on August 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241021300249/en/

Investor/Media Contact:

Curtis T. Evatt

President & Chief Executive Officer

Oconee Federal Financial Corp.

201 East North Second Street

Seneca, South Carolina

864-882-2765

Source: Oconee Federal Financial Corp.

FAQ

What was Oconee Federal Financial Corp's (OFED) net income for Q3 2024?

Oconee Federal Financial Corp (OFED) reported a net income of $790,000 for the quarter ended September 30, 2024.

How did OFED's Q3 2024 earnings compare to the same quarter in 2023?

OFED's Q3 2024 earnings of $790,000 ($0.14 per diluted share) were significantly higher than the $312,000 ($0.06 per diluted share) reported in Q3 2023.

What was the total asset value of OFED as of September 30, 2024?

OFED's total assets were $660.8 million as of September 30, 2024, showing a slight decrease of 0.72% from $665.6 million on June 30, 2024.

How much was OFED's quarterly dividend for Q3 2024?

OFED declared and paid a quarterly cash dividend of $0.10 per share for Q3 2024, maintaining its streak of 52 consecutive quarterly dividends at this amount.

What factors contributed to OFED's increased earnings in Q3 2024?

OFED's increased earnings in Q3 2024 were primarily due to an improved interest margin compared to the same quarter in the previous year.