Oconee Federal Financial Corp. (Nasdaq: OFED) (the “Company”), is the holding company for Oconee Federal Savings and Loan Association (the “Association”), today announced net income of $1.1 million or $0.18 per diluted share for the three months ended December 31, 2012, compared to net income of $901,000, or $0.15 per diluted share, for the three months ended December 31, 2011. The Company had net income of $2.1 million, or $0.34 per diluted share, for the six months ended December 31, 2012, compared to net income of $1.9 million, or $0.31 per diluted share for the same period in 2011.
2013 Three and Six Months Ended Highlights:
- Continued strong asset quality metrics such as low nonperforming loans to total loans and nonperforming assets to total assets
- Decline of $379,000, or 44.4% of our real estate owned
- Decline in our provision for real estate owned and other related expenses of $177,000 and $283,000 for the three and six months ended December 31, 2012, respectively
- Quarterly dividends of $.10 per share of common stock declared during both the three months ended September 30, 2012 and December 31, 2012
- Repurchased 163,200 shares of common stock
“Despite the low interest rate environment, we continue to realize strong net interest spreads and interest rate margins on our interest earning assets,” stated T. Rhett Evatt, President and Chief Executive Officer. “Our business continues to provide favorable results as we focus our lending efforts on one-to-four family residential mortgages in our market areas. We work hard to provide superior customer service and to build long-term customer relationships, and we continue to adhere to our conservative underwriting policies, which we believe are the primary reason for our solid asset quality metrics.”