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Oconee Federal Financial Corp. Reports Strong Quarter-End Results

SENECA, S.C., October 21, 2024 — (BUSINESS WIRE) — Oconee Federal Financial Corp. (OTCQX: OFED), the holding entity for Oconee Federal Savings and Loan Association ("Oconee Federal"), proudly announces its financial performance for the quarter ending September 30, 2024. The company achieved a remarkable net income of $790 thousand, translating to $0.14 per diluted share. This figure represents a significant increase when compared to the previous year’s earnings, which were reported at $312 thousand or $0.06 per diluted share for the quarter ending September 30, 2023.

September 30, 2024 Quarter-End Summary

The quarter’s performance showcased several key highlights, including:

• Consistent Dividend Payments: Oconee Federal has declared and paid dividends for fifty-two consecutive quarters, maintaining a steady distribution of $0.10 per share since December 2011.

• Total Assets: As of September 30, 2024, Oconee Federal’s total assets amounted to $660.8 million. This marks a minor decrease of 0.72% from the $665.6 million reported at the end of June 30, 2024.

• Loan Portfolio: The total loans outstanding were $468.6 million, a slight downturn from $469.7 million at the end of June 2024, reflective of routine market adjustments.

• Stock Value: By September 30, 2024, the company’s stock book value stood at $14.26, while its tangible book value was reported at $13.81.

Management Comments on Performance

"The quarter ending September 30, 2024, demonstrated considerable progress for Oconee Federal. While we experienced a slight decrease in assets due to reduced loan demand and a drop in our deposits—both of which we consider as routine market fluctuations—our earnings saw an upward trend owing to an improved interest margin compared to the last year’s similar quarter," stated Curtis T. Evatt, the President and Chief Executive Officer. "Our capital ratios continue to rank among the highest in the financial industry, and we are excited about the prospect of delivering exceptional products and services to our customers in the upcoming year."

Cash Dividends Declared and Paid

During the quarter ending September 30, 2024, Oconee Federal paid a total of $584 thousand in dividends. Notably, on July 23, 2024, the Board of Directors declared a quarterly cash dividend of $0.10 per share, which was allocated to stockholders of record as of August 8, 2024, and paid out on August 22, 2024.

About Oconee Federal

Oconee Federal Financial Corp. (OTCQX: OFED) serves as the holding company for Oconee Federal Savings and Loan Association. Established in 1924 and headquartered in Seneca, South Carolina, Oconee Federal operates as a community-oriented financial institution with nine full-service branches located across Oconee County, Pickens County in South Carolina, and in both Stephens and Rabun Counties in Georgia.

For an in-depth examination of our financial data, please refer to our investor information page available on our website at www.oconeefederal.com.

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Forward-Looking Statements

This announcement includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and tactics of the Company regarding its operations, financial results, and management’s outlook. Phrases such as anticipates, expects, intends, plans, believes, and estimates, as well as similar expressions, are designed to identify these forward-looking statements. However, it is essential to note that such assertions are not guarantees of future performance and are subject to various risks and uncertainties that may be challenging to predict. Therefore, actual results may significantly differ from those projections provided. The Company bears no responsibility to publicly update any forward-looking statements due to new information or shifting circumstances.

Source and Contact Information

For further details, please view the source version of this release on Business Wire:
Business Wire Link

Investor/Media Contact:

Curtis T. Evatt
President & Chief Executive Officer
Oconee Federal Financial Corp.
201 East North Second Street
Seneca, South Carolina
864-882-2765

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