Oconee Federal Financial Corp. Announces Annual Financial Results
13 August 2022 - 1:00AM
Business Wire
Oconee Federal Financial Corp. (Nasdaq: OFED) (the “Company”),
the holding company for Oconee Federal Savings and Loan Association
(“Oconee Federal”), announced today net income of $4.1 million, or
$0.72 per diluted share, for the year ended June 30, 2022, which
was the same as the net income of $4.1 million, or $0.72 per
diluted share, for the year ended June 30, 2021.
June 30, 2022 Year End Summary:
- Forty-three consecutive quarterly dividends of $0.10 per share
since the quarter ended December 2011.
- Total assets were $544.8 million, an increase of 0.2% from
$543.7 million at June 30, 2021.
- Total loans outstanding were $345.1 million, up from $339.1
million at June 30, 2021.
“The year ended June 30, 2022 was a good year for Oconee
Federal. Net income remained stable at $4.1 million when compared
to the year ended June 30, 2021,” stated Curtis T. Evatt, President
and Chief Executive Officer. “We had modest growth in both our loan
and deposit balances. Loans increased 1.8% and deposits increased
4.5% over the prior year balances. In light of today’s ever
changing economic, competitive and interest rate environments, as
well as the continued economic disruptions as a result of the
global COVID-19 pandemic, we view our current financial statement
position as stable and our Company prepared to succeed as we look
forward to our opportunities in the future. ”
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2022 were
$2.2 million. On July 28, 2022, 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 11, 2022, which is payable on August 25, 2022.
About Oconee Federal
Oconee Federal Financial Corp. (NASDAQ Capital Market: 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.
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/20220812005009/en/
Investor/Media Contact: Curtis T. Evatt President & Chief
Executive Officer Oconee Federal Financial Corp. 864-882-2765
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