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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.
Oconee Federal Financial Corp. (OFED) ha riportato una forte performance trimestrale con un reddito netto di 3,9 milioni di dollari, o 0,57 dollari per azione diluita, superando il risultato dell'anno precedente di 628 mila dollari, o 0,11 dollari per azione diluita. La società ha inoltre dichiarato il suo cinquantesimo dividendo trimestrale consecutivo di 0,10 dollari per azione dal dicembre 2011. Gli asset totali sono aumentati dell'11,4% arrivando a 663,2 milioni di dollari, i prestiti in essere sono cresciuti fino a 473,1 milioni di dollari, e il valore contabile delle azioni e il valore contabile tangibile erano rispettivamente 13,35 dollari e 12,90 dollari. Nonostante un calo del reddito netto da interessi a causa degli alti tassi di interesse, l'acquisizione della Mutual Savings Bank di Hartsville, SC, ha contribuito ad aumentare gli asset e i guadagni. I rapporti di capitale della società rimangono solidi, con piani di espansione di prodotti e servizi per i nuovi clienti a Hartsville.
Oconee Federal Financial Corp. (OFED) informó un fuerte desempeño trimestral con un ingreso neto de $3.9 millones, o $0.57 por acción diluida, superando los $628 mil del año anterior, o $0.11 por acción diluida. La empresa también declaró sus cincuenta dividendos trimestrales consecutivos de $0.10 por acción desde diciembre de 2011. Los activos totales aumentaron un 11.4% a $663.2 millones, los préstamos pendientes crecieron a $473.1 millones, y el valor en libros de las acciones y el valor tangible en libros fueron de $13.35 y $12.90, respectivamente. A pesar de una disminución en los ingresos netos por intereses debido a las tasas de interés más altas, la adquisición del Mutual Savings Bank en Hartsville, SC, ayudó a aumentar los activos y las ganancias. Las proporciones de capital de la compañía permanecen sólidas, con planes para expandir productos y servicios para nuevos clientes en Hartsville.
오코니 페더럴 파이낸셜 코프. (OFED)는 순수익 390만 달러, 또는 희석주당 0.57달러로 전년 대비 우수한 분기 실적을 보고했습니다. 이는 전년의 62만 8천 달러, 또는 희석주당 0.11달러를 뛰어넘는 것입니다. 회사는 또한 2011년 12월 이후로 연속적으로 0.10달러의 분기 배당을 50회 선언했습니다. 총 자산은 11.4% 증가한 6억 6,320만 달러로, 대출 잔액은 4억 7,310만 달러로 증가했고, 주식 북가치와 유형 북가치는 각각 13.35달러와 12.90달러였습니다. 상승하는 이자율로 인해 순이자 수입은 감소했지만, 사우스 캐롤라이나 하츠빌에 위치한 뮤추얼 세이빙스 은행의 인수는 자산 및 수익 증대에 도움을 주었습니다. 회사의 자본비율은 강력하게 유지되고 있으며, 하츠빌에서 새로운 고객을 위한 제품 및 서비스 확장 계획을 가지고 있습니다.
La société Oconee Federal Financial Corp. (OFED) a rapporté une forte performance trimestrielle avec un revenu net de 3,9 millions de dollars, soit 0,57 dollar par action diluée, surpassant les 628 mille dollars de l'année précédente, soit 0,11 dollar par action diluée. L'entreprise a également déclaré ses cinquantièmes dividendes trimestriels consécutifs de 0,10 dollar par action depuis décembre 2011. Les actifs totaux ont augmenté de 11,4 % pour atteindre 663,2 millions de dollars, les prêts en cours ont grimpé à 473,1 millions de dollars, et la valeur comptable par action et la valeur comptable tangible étaient respectivement de 13,35 dollars et 12,90 dollars. Malgré une baisse des revenus nets d'intérêts en raison des taux d'intérêt plus élevés, l'acquisition de la Mutual Savings Bank à Hartsville, SC, a contribué à renforcer les actifs et les gains. Les ratios de capital de l'entreprise restent solides, avec des projets d'élargissement des produits et services pour les nouveaux clients à Hartsville.
Oconee Federal Financial Corp. (OFED) verzeichnete eine starke Quartalsleistung mit einem Nettogewinn von 3,9 Millionen Dollar oder 0,57 Dollar pro verwässerter Aktie und übertraf damit das Ergebnis des Vorjahres von 628 Tausend Dollar oder 0,11 Dollar pro verwässerter Aktie. Das Unternehmen gab auch seine fünfzigste aufeinanderfolgende vierteljährliche Dividende von 0,10 Dollar pro Aktie seit Dezember 2011 bekannt. Die Gesamtaktiva stiegen um 11,4 % auf 663,2 Millionen Dollar, ausstehende Kredite wuchsen auf 473,1 Millionen Dollar und der Buchwert der Aktien sowie der materielle Buchwert betrugen jeweils 13,35 Dollar und 12,90 Dollar. Trotz eines Rückgangs der Nettozinseinnahmen aufgrund höherer Zinssätze half die Übernahme der Mutual Savings Bank in Hartsville, SC, die Vermögenswerte und Erträge zu steigern. Die Kapitalquoten des Unternehmens bleiben stark, mit Plänen zur Erweiterung von Produkten und Dienstleistungen für neue Kunden in Hartsville.
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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 $3.9 million, or $0.57 per diluted share, for the quarter ended March 31, 2024, which was more than the net income of $628 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2023.
March 31, 2024 Quarter End Summary:
Fifty consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
Total assets were $663.2 million, an increase of 11.4% from $595.4 million at June 30, 2023.
Total loans outstanding were $473.1 million, up from $413.0 million at June 30, 2023.
At March 31, 2024, our stock book value and tangible book value were $13.35 and $12.90, respectively.
“Continuing higher interest rates are compressing net interest margin with a decline in net interest income to $3.2 million from $3.4 million when compared to the quarter ended March 31, 2023,” stated Curtis T. Evatt, President and Chief Executive Officer. With the completion of our acquisition of Mutual Savings Bank in Hartsville, SC, we have offset some of this decline and been able to boost our assets to $660 million and increase our earnings by $3.9 million from the bargain purchase gain. Furthermore, the transaction is expected to remain accretive going forward. Our capital ratios remain among some of the highest in the industry. We are looking forward to the opportunity of providing our new customers in Hartsville with more products and services to meet their needs.”
Cash Dividend Declared
Total dividends paid during the quarter ended March 31, 2024 were $561 thousand. On January 25, 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 February 8, 2024, which was paid on February 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.
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 Oconee Federal Financial Corp.'s (OFED) net income for the quarter ended March 31, 2024?
Oconee Federal Financial Corp. reported a net income of $3.9 million for the quarter ended March 31, 2024.
What were the total assets of Oconee Federal Financial Corp. (OFED) at March 31, 2024?
The total assets of Oconee Federal Financial Corp. were $663.2 million at March 31, 2024.
What was the cash dividend declared by Oconee Federal Financial Corp. (OFED) in the quarter ended March 31, 2024?
Oconee Federal Financial Corp. declared a quarterly cash dividend of $0.10 per share payable to stockholders of record as of February 8, 2024.
How did Oconee Federal Financial Corp. (OFED) manage to boost earnings despite a decline in net interest income?
Oconee Federal Financial Corp. boosted its earnings through the acquisition of Mutual Savings Bank in Hartsville, SC, which helped offset the decline in net interest income.
