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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.
Positive
9.3% increase in total assets to $595.4 million
19.7% increase in total loans outstanding
Negative
Net income declined from $4.1 million to $3.3 million
Interest margin compression affected the company's financial performance
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 $3.3 million, or $0.60 per diluted share, for the year ended June 30, 2023, which was less than the net income of $4.1 million, or $0.73 per diluted share, for the year ended June 30, 2022.
June 30, 2023 Year End Summary:
Forty-seven consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
Total assets were $595.4 million, an increase of 9.3% from $544.8 million at June 30, 2022.
Total loans outstanding were $411.5 million, up from $345.1 million at June 30, 2022.
“The year ended June 30, 2023 presented challenges for Oconee Federal. Oconee Federal, like many financial institutions, faced interest margin compression due to the rising rate environment. Net income declined to $3.3 million from $4.1 million when compared to the year ended June 30, 2022,” stated Curtis T. Evatt, President and Chief Executive Officer. “However, we had strong growth in our loan balances, and steady growth in our deposit balances. Loans increased 19.7% and deposits increased 3.2% over the prior year 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 year ended June 30, 2023 were $2.2 million. 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 is payable 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 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.
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
