This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oconee Federal Financial Corp. Announces Three Month And Year Ended Financial Results

Oconee Federal Financial Corp. (Nasdaq: OFED) (the “Company”), the holding company for Oconee Federal Savings and Loan Association (the “Association”), announced today net income of $1.1 million, or $0.18 per diluted share, for the three months ended June 30, 2013, compared to net income of $1.2 million, or $0.19 per diluted share, for the three months ended June 30, 2012. The Company had net income of $4.0 million, or $0.67 per diluted share, for the year ended June 30, 2013, compared to net income of $4.0 million, or $0.65 per diluted share, for the same period in 2012.

June 30, 2013 Three Months and Year Ended:
  • Continued strong earnings amidst a challenging economy and low interest rates.
  • Continued strong asset quality as evidenced by decreased levels of nonperforming loans to total loans and nonperforming assets to total assets.
  • Decreases in our provision for real estate owned and other related expenses to $142,000 for the year ended June 30, 2013 from $594,000 for the year ended June 30, 2012.
  • Four quarterly dividends of $0.10 per share for the year ended June 30, 2013 and three quarterly dividends of $0.10 for the year ended June 30, 2012.
  • Repurchased 147,800 shares of common stock during the three months ended June 30, 2013, which brought the total shares of common stock repurchased to 500,350 during the year ended June 30, 2013.

“Despite the tightening of our margins, we continue to experience strong earnings by limiting loan and real estate owned losses to a low level and keeping our operating costs low,” stated T. Rhett Evatt, President and Chief Executive Officer. “Loan demand continues to be weak during this time of economic recovery, and the continued environment of very low interest rates have made it difficult to maintain the same interest rate margins that we experienced in the prior year. We do see signs of recovery, albeit slow, in the housing market, and with the increases in the long-term Treasury yield, we should begin to see gradual improvements in our net interest margins in the future.”

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs