Oconee Federal Financial Corp. Announces Year End Financial Results
16 Agosto 2019 - 10:00AM
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 $3.7 million, or
$0.64 per diluted share, for the year ended June 30, 2019, compared
to net income of $3.0 million, or $0.52 per diluted share, for the
year ended June 30, 2018.
June 30, 2019 Year End Highlights:
- Thirty-one consecutive quarterly dividends of $0.10 per share
since the quarter ending December 2011.
- Total assets were $527.8 million, an increase of 8.2% from
$488.0 million at June 30, 2018.
- Total loans outstanding were $360.1 million, up from $327.8
million at June 30, 2018.
“Fiscal year 2019 was a good year for Oconee Federal. Net income
before taxes was just slightly lower at $4.6 million in 2019
compared to $4.7 million in 2018. However, due to the current
favorable tax rate environment, our after tax net income was $3.7
million, up $685 thousand compared to $3.0 million in 2018,” stated
Curtis T. Evatt, President and Chief Executive Officer. “We are
pleased that our asset growth rate has been strong in 2019. That
growth has helped us combat margin compression brought on by
competitive factors. In light of today’s ever changing economic,
competitive and interest rate environments, we view our current
financial position as stable and our Company is prepared to succeed
as we look forward to our opportunities in the coming year.”
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2019 were
$2.3 million. On July 23, 2019, 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, 2019, which is payable on August 22, 2019.
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 seven full-service branch locations in Oconee 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190816005005/en/
Curtis T. Evatt President & Chief Executive Officer Oconee
Federal Financial Corp. 864-882-2765
Oconee Federal Financial (NASDAQ:OFED)
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