- Oconee Federal Financial Corp. (OTCQX: OFED) reported a net income of $1.0 million for the quarter ended March 31, 2025.
- The company declared a quarterly dividend of $0.10 per share, continuing its streak of 54 consecutive quarterly dividends.
- Total loans outstanding increased to $481.8 million, marking an improvement from the previous year.
Oconee Federal Financial Corp. (OTCQX: OFED), the parent company of Oconee Federal Savings and Loan Association, announced its financial results for the quarter ending March 31, 2025. Net income for the quarter stood at $1.0 million, or $0.17 per diluted share. This is a decrease from the $5 million, or $0.86 per diluted share, recorded in the same quarter the previous year, which included a $4.9 million gain from the acquisition of Mutual Savings Bank in Hartsville, SC.
The company's total assets amounted to $659.0 million, reflecting a 0.99% decline from $665.6 million as of June 30, 2024. Despite this, total loans outstanding grew to $481.8 million from $473.0 million during the same period. The stock book value and tangible book value were reported at $14.15 and $13.70, respectively.
President and CEO Curtis T. Evatt highlighted the improvement in interest margins, contributing to a $726 thousand increase in net income when excluding the previous year's bargain purchase gain and merger expenses. The company continues to exhibit strong capital ratios and has paid a total of $584 thousand in dividends for the quarter. Oconee Federal declared a $0.10 per share dividend on January 23, 2025, payable to shareholders recorded on February 6, 2025, and disbursed on February 20, 2025.
Headquartered in Seneca, South Carolina, Oconee Federal Savings and Loan Association, established in 1924, serves as a community-oriented financial institution with eight branch locations across South Carolina and Georgia.
