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Oconee Federal Financial Corp. (OFED) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

Oconee Federal Financial Corp.

CIK: 1501078 Ticker: OFED

 

 

Oconee Federal Financial Corp. 8-K

 

 

Exhibit 99.1

OCONEE FEDERAL FINANCIAL CORP. ANNOUNCES ANNUAL FINANCIAL RESULTS

 

Seneca, South Carolina (August 12, 2022) – 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 $4.1 million, or $0.72 per diluted share, for the year ended June 30, 2022, which was the same as the net income of $4.1 million, or $0.72 per diluted share, for the year ended June 30, 2021.

 

June 30, 2022 Year End Summary:

 

·Forty-three consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
·Total assets were $544.8 million, an increase of 0.2% from $543.7 million at June 30, 2021.
·Total loans outstanding were $345.1 million, up from $339.1 million at June 30, 2021.

 

“The year ended June 30, 2022 was a good year for Oconee Federal. Net income remained stable at $4.1 million when compared to the year ended June 30, 2021” stated Curtis T. Evatt, President and Chief Executive Officer. “We had modest growth in both our loan and deposit balances. Loans increased 1.8% and deposits increased 4.5% over the prior year balances. In light of today’s ever changing economic, competitive and interest rate environments, as well as the continued economic disruptions as a result of the global COVID-19 pandemic, we view our current financial statement position as stable and our Company prepared to succeed as we look forward to our opportunities in the future. ”

 

Cash Dividend Declared

Total dividends paid during the year ended June 30, 2022 were $2.2 million. On July 28, 2022, 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 11, 2022, which is payable on August 25, 2022.

 

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 eight full-service branch locations in Oconee County, South Carolina, Pickens 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.

 

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

 


The following information was filed by Oconee Federal Financial Corp. (OFED) on Friday, August 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Oconee Federal Financial Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Oconee Federal Financial Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders Equity
Consolidated Statements Of Changes In Shareholders Equity (Parenthetical)
Consolidated Statements Of Income And Comprehensive (Loss)/Income
Activity For Loan Servicing Rights For The Year Ended June 30, 2022 And 2021 Is As Follows: (Details)
Borrowings
Borrowings (Details Narrative)
Borrowings (Tables)
Commitments
Commitments (Details Narrative)
Commitments (Tables)
Deposits
Deposits (Details Narrative)
Deposits (Tables)
Earnings Per Share
Earnings Per Share (Details Narrative)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details Narrative)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (Details Narrative)
Employee Stock Ownership Plan (Tables)
Estimated Amortization Expense For Each Of The Next Five Years Is As Follows: (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details Narrative)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Details Narrative)
Income Taxes (Tables)
Loan Servicing Rights
Loan Servicing Rights (Details Narrative)
Loan Servicing Rights (Tables)
Loans
Loans (Details Narrative)
Loans (Tables)
Parent Company Only Condensed Financial Information
Parent Company Only Condensed Financial Information (Tables)
Premises And Equipment
Premises And Equipment (Details Narrative)
Premises And Equipment (Tables)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details Narrative)
Regulatory Capital Requirements (Tables)
Schedule Of Actual And Minimum Capital Requirements To Be Well-Capitalized Under Prompt Corrective Action Provisions (Details)
Schedule Of Advances From The Federal Home Loan Bank (Details)
Schedule Of Amortized Cost And Fair Value Of Debt Securities Classified As Available-For-Sale By Contractual Maturity (Details)
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Schedule Of Carrying Amounts And Estimated Fair Values Of The Company's On-Balance Sheet Financial Instruments (Details)
Schedule Of Carrying Value Of Goodwill And The Core Deposit Intangible (Details)
Schedule Of Components Of Loans (Details)
Schedule Of Condensed Balance Sheet (Details)
Schedule Of Condensed Statement Of Cash Flows (Details)
Schedule Of Condensed Statement Of Income (Details)
Schedule Of Contractual Amount Of Financial Instruments With Off-Balance-Sheet Risk (Details)
Schedule Of Employee Stock Ownership Plan (Esop) (Details)
Schedule Of Factors Used In The Earnings Per Common Share Computation (Details)
Schedule Of Fair Value And Unrealized Loss Of Securities That Have Been In Unrealized Loss Positions (Details)
Schedule Of Income Tax Expense (Details)
Schedule Of Investment Securities (Details)
Schedule Of Loans To Principal Officers, Directors And Their Affiliates (Details)
Schedule Of Maturities Of The Advances From The Federal Home Loan Bank (Details)
Schedule Of Non-Vested Restricted Stock Activity (Details)
Schedule Of Premises And Equipment (Details)
Schedule Of Proceeds From Sales Of Securities Available-For-Sale And Gains Or Losses Recognized (Details)
Schedule Of Reconciliation Of All Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs Level 3 (Details)
Schedule Of Reconciliation Of The Amount Computed By Applying The Federal Statutory Rate To Pretax Income With Income Tax Expense (Details)
Schedule Of Stock Option Activity (Details)
Schedule Of Temporary Differences Between Tax And Financial Reporting That Result In Net Deferred Tax Assets (Details)
Schedule Of Total Loans By Risk Grade And Portfolio Segment (Details)
Schedule Of Valuation Methodology And Unobservable Inputs For Level 3 Assets Measured At Fair Value On A Non-Recurring Basis (Details)
Schedule Of Weighted-Average Fair Value Of Options Granted And Assumptions Used (Details)
Scheduled Maturities Of Certificates Of Deposit At June 30, 2022 Are As Follows For Each Fiscal Year: (Details)
Securities Available-For-Sale
Securities Available-For-Sale (Details Narrative)
Securities Available-For-Sale (Tables)
Stock Based Compensation
Stock Based Compensation (Details Narrative)
Stock Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details Narrative)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details Narrative)
Summary Of Significant Accounting Policies (Policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information For The Years Ended June 30, 2022 And 2021 Is As Follows: (Details)
The Following Table Presents The Activity In The Allowance For Loan Losses (Details)
The Following Table Presents The Recorded Balances Of Loans And Amount Of Allowance Allocated Based Upon Impairment Method By Portfolio Segment (Details)
The Tables Below Present Loans That Were Individually Evaluated For Impairment By Portfolio Segment (Details)
Total Past Due And Nonaccrual Loans By Portfolio Segment (Details)

Material Contracts, Statements, Certifications & more

Oconee Federal Financial Corp. provided additional information to their SEC Filing as exhibits

Ticker: OFED
CIK: 1501078
Form Type: 10-K Annual Report
Accession Number: 0001387131-22-009894
Submitted to the SEC: Tue Sep 20 2022 4:10:33 PM EST
Accepted by the SEC: Tue Sep 20 2022
Period: Thursday, June 30, 2022
Industry: Savings Institution Federally Chartered

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