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SENECA, S.C., August 21, 2024--(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 $6.3 million, or $1.10 per diluted share, for the year ended June 30, 2024, which was more than the net income of $3.3 million, or $0.60 per diluted share, for the year ended June 30, 2023.
June 30, 2024 Year End Summary:
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Fifty-one consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
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Total assets were $665.6 million, an increase of 11.8% from $595.4 million at June 30, 2023.
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Total loans outstanding were $469.7 million, up from $411.5 million at June 30, 2023.
"The year ended June 30, 2024 presented both challenges and opportunities for Oconee Federal. The current higher interest rate environment has compressed the net interest margin resulting in a decline in net interest income to $12.3 million from $14.6 million when compared to the year ended June 30, 2023," stated Curtis T. Evatt, President and Chief Executive Officer. However, with the completion of our acquisition of Mutual Savings Bank in Hartsville, SC in January 2024 we have offset some of this decline and been able to boost our assets to $665.6 million as of year end and increase our earnings by $4.9 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 the best products and services to our customers in the coming year."
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2024 were $2.3 million. 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 is payable 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.