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Oconee Federal Financial Corp - OFED STOCK NEWS

Welcome to our dedicated news page for Oconee Federal Financial (Ticker: OFED), a resource for investors and traders seeking the latest updates and insights on Oconee Federal Financial.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Oconee Federal Financial's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Oconee Federal Financial's position in the market.

News
Oconee Federal Financial Corp. Announces Quarterly Financial Results
Rhea-AI Summary
<p>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.</p>
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Oconee Federal Financial Corp. Announces Quarterly Dividend
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Oconee Federal Financial Corp. (OTCQX: OFED) has announced a quarterly cash dividend of $0.10 per share for its common stock. The dividend will be payable to stockholders of record as of May 9, 2024. This decision reflects the company's commitment to returning value to its shareholders.
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Oconee Federal Completes Acquisition of Mutual Savings Bank
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Oconee Federal Financial Corp. (OFED) has completed its acquisition of Mutual Savings Bank, issuing 230,215 shares of its common stock to the MHC, increasing consolidated assets to approximately $660 million. The transaction was immediately accretive to earnings and tangible book value per share, with capital ratios exceeding 'well capitalized' standards. Oconee Federal has established an Advisory Board and will support the Hartsville, South Carolina community through charitable grants. The merger aims to provide customers with a larger suite of products and service capabilities while continuing to support the community.
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Oconee Federal Financial Corp. Announces Quarterly Dividend
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Oconee Federal Financial Corp. (OFED) declared a quarterly cash dividend of $0.10 per share of common stock, payable to stockholders of record as of February 8, 2024. This announcement reflects the company's commitment to providing returns to its shareholders.
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Oconee Federal Financial Corp. Announces Quarterly Financial Results
Rhea-AI Summary
Oconee Federal Financial Corp. (OFED) reported a net income of $320 thousand for the quarter ended December 31, 2023, down from $1.1 million in the same period in 2022. Total assets increased by 3.0% to $613.1 million, and total loans outstanding rose to $428.9 million. The company has declared 49 consecutive quarterly dividends of $0.10 per share since December 2011. Despite facing challenges due to interest margin compression, the company experienced steady growth in loan balances and deposits, with a positive outlook for the future.
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Oconee Federal Financial Corp. Announces Quarterly Dividend
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Oconee Federal Financial Corp. (OTCQX: OFED) declares a quarterly cash dividend of $0.10 per share of common stock.
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Oconee Federal Financial Corp. Announces Quarterly Financial Results
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Oconee Federal Financial Corp. announces a decrease in net income for the quarter ended September 30, 2023.
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Oconee Federal Financial Corp. Announces Annual Financial Results
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Oconee Federal Financial Corp. (OFED) reported a net income of $3.3 million, or $0.60 per diluted share, for the year ended June 30, 2023, down from $4.1 million, or $0.73 per diluted share, for the year ended June 30, 2022. Despite challenges due to interest margin compression, the company saw a 9.3% increase in total assets to $595.4 million, with total loans outstanding at $411.5 million, up 19.7% from the previous year. Oconee Federal also announced a quarterly cash dividend of $0.10 per share and a recently announced merger with Mutual Savings Bank.
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Oconee Federal Financial Corp. Announces Voluntary NASDAQ Delisting and SEC Deregistration
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Oconee Federal to Merge With Mutual Savings Bank
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Oconee Federal Financial Corp. and Mutual Savings Bank have announced a merger agreement, with Mutual merging into Oconee Federal. The merger is expected to increase the Company's consolidated assets from $588 million to $633 million. The transaction is expected to be immediately accretive to the Company's earnings and tangible book value per share. The merger is subject to certain conditions and is expected to close in Q4 2023 or Q1 2024.
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Oconee Federal Financial Corp

OTC:OFED

OFED Rankings

N/A Ranked by Market Cap
N/A Ranked by Stock Gains
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OFED Stock Data

73.64M
1.51M
66.63%
0.11%
Savings Institutions
Finance and Insurance
Link
United States
Seneca

About OFED

oconee federal savings and loan association is a federally chartered savings and loan association headquartered in seneca, south carolina. oconee federal savings and loan association was originally chartered by the state of south carolina in 1924 as seneca building and loan association. in 1958, it changed its name to “oconee savings and loan association” and in 1991 it converted to a federal charter under the name “oconee federal savings and loan association.” oconee federal financial corp. is a federally-chartered corporation that was incorporated in january, 2011 to be the mid-tier stock holding company for oconee federal savings and loan association in connection with the mutual-to-stock conversion of oconee federal savings and loan association. our principal business consists of attracting retail deposits from the general public in our market area and investing those deposits, together with funds generated from operations, in one‐ to four‐family residential mortgage loans and, to