Oconee Federal Financial Corp. announces annual financial results

SENECA, SC–(BUSINESS THREAD)–Oconee Federal Financial Corp. (Nasdaq: OFED) (the “Company”), the holding company for Oconee Federal Savings and Loan Association (“Oconee Federal”), today announced net income of $4.1 million, or $0.72 per diluted share. , for the year ended June 30, 2022, which was the same as 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, up 0.2% from $543.7 million of dollars as of June 30, 2021. Total loans outstanding were $345.1 million, up from $339 million in June. 30, 2021.

“The year ended June 30, 2022 was a good year for Oconee Federal. Net income was flat at $4.1 million compared to the year ended June 30, 2021 said Curtis T. Evatt, President and CEO. “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 the economic environments, current competitive and constantly changing interest rate environment, as well as continued economic disruptions as a result of the global COVID-19 pandemic, we believe our current financial statement position is stable and our company is poised to succeed as we look forward to our opportunities in the future.”

Declared cash dividend

Total dividends paid for the year ended June 30, 2022 were $2.2 million. On July 28, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s common stock payable to stockholders of record on August 11, 2022 , which will be paid 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 federal 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 that operates eight full-service branches in Oconee County, South Carolina, Pickens County, South Carolina, Stephens County, Georgia and the County of Rabun, 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 the company’s and the partnership’s current expectations, estimates and projections about the industry, and the beliefs and assumptions of The address. Words such as anticipates, expects, intends, plans, believes, estimates and variations of these words and expressions are intended to identify forward-looking statements for the fiscal year. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or anticipated in these forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information or otherwise.


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