Oconee Federal Financial Corp. Announces Quarterly Financial Results

Rhea-AI Summary

Oconee Federal Financial Corp. announces a decrease in net income for the quarter ended September 30, 2023.

Positive

• Total loans outstanding increased by 1.4% compared to the previous quarter.
• The company has declared a quarterly cash dividend of $0.10 per share.
• The recently announced merger with Mutual Savings Bank is expected to position the company for future success.

Negative

• Net income decreased to $312 thousand from $1.3 million compared to the same quarter last year.
• Total assets decreased by 0.6% compared to the previous quarter.
• Deposits decreased by 0.7% compared to the previous quarter.

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 $312 thousand, or $0.06 per diluted share, for the quarter ended September 30, 2023, which was less than the net income of $1.3 million, or $0.24 per diluted share, for the quarter ended September 30, 2022.

September 30, 2023 Quarter End Summary:

• Forty-eight consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
• Total assets were $591.9 million, a decrease of 0.6% from $595.4 million at June 30, 2023.
• Total loans outstanding were $418.8 million, up from $413.0 million at June 30, 2023.

“The quarter ended September 30, 2023 presented challenges for Oconee Federal. Oconee Federal, like many financial institutions, continues to face interest margin compression due to the rising rate environment. Net income declined to $312 thousand from $1.3 million when compared to the quarter ended September 30, 2022,” stated Curtis T. Evatt, President and Chief Executive Officer. “However, we continue to have steady growth in our loan balances. Loans increased 1.4% while deposits decreased 0.7% compared to the prior quarter balances. We believe this growth, along with our recently announced merger with Mutual Savings Bank, will position our Company to succeed as we look to the future.”

Cash Dividend Declared

Total dividends paid during the quarter ended September 30, 2023 were $561 thousand. On August 8, 2023, 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 18, 2023, which was paid on August 25, 2023.

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 eight full-service branch locations in Oconee County, South Carolina, Pickens 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/20231019480227/en/

Investor/Media Contact:

Curtis T. Evatt

President & Chief Executive Officer

Oconee Federal Financial Corp.

864-882-2765

Source: Oconee Federal Financial Corp.

FAQ

What was the net income for the quarter ended September 30, 2023?

The net income for the quarter ended September 30, 2023 was $312 thousand.

What is the total loans outstanding compared to the previous quarter?

Total loans outstanding increased by 1.4% compared to the previous quarter.

What is the cash dividend declared by the company?

The company declared a quarterly cash dividend of $0.10 per share.

What is the recently announced merger?

The recently announced merger is with Mutual Savings Bank.