UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 16, 2019

OCONEE FEDERAL FINANCIAL CORP.

(Exact name of Registrant as specified in its charter)

 

Federal

(State or Other Jurisdiction

of Incorporation)

001-35033

(Commission

File Number)

32-0330122

(I.R.S. Employer

Identification No.)

 

201 East North Second Street, Seneca, South Carolina 29678

(Address of principal executive offices)

 

(864) 882-2765

Registrant's telephone number, including area code

 

Not Applicable

(Former Name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   
☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

   

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share OFED

The Nasdaq Stock Market, LLC.

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 


 
 
Item 2.02Results of Operations and Financial Results

 

On August 16, 2019, Oconee Federal Financial Corp. issued a press release to announce its results of operations for the year ended June 30, 2019. The press release is included as Exhibit 99.1 to this report. The information included in the press release is considered to be “furnished” under the Securities Exchange Act of 1934.

 

Item 9.01Financial Statements and Exhibits

 

(a) Financial Statements of businesses acquired. Not Applicable.
   
(b) Pro forma financial information. Not Applicable.
   
(c) Shell company transactions. None
   
(d) Exhibits.
   

  Exhibit 99.1 Press release dated August 16, 2019

 

 
 

 

SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

OCONEE FEDERAL FINANCIAL CORP.

 

 

 

Date: August 16, 2019 By: /s/ John Hobbs
    John Hobbs
    Chief Financial Officer
    (Duly Authorized Representative)

 

 

 

 

Oconee Federal Financial Corp. 8-K

 

 

Exhibit 99.1

 

 

OCONEE FEDERAL FINANCIAL CORP. ANNOUNCES YEAR END FINANCIAL RESULTS

 

Seneca, South Carolina (August 16, 2019) – 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 $3.7 million, or $0.64 per diluted share, for the year ended June 30, 2019, compared to net income of $3.0 million, or $0.52 per diluted share, for the year ended June 30, 2018.

 

June 30, 2019 Year End Highlights:

●Thirty-one consecutive quarterly dividends of $0.10 per share since the quarter ending December 2011.
●Total assets were $527.8 million, an increase of 8.2% from $488.0 million at June 30, 2018.
●Total loans outstanding were $360.1 million, up from $327.8 million at June 30, 2018.

 

“Fiscal year 2019 was a good year for Oconee Federal. Net income before taxes was just slightly lower at $4.6 million in 2019 compared to $4.7 million in 2018. However, due to the current favorable tax rate environment, our after tax net income was $3.7 million, up $685 thousand compared to $3.0 million in 2018” stated Curtis T. Evatt, President and Chief Executive Officer. “We are pleased that our asset growth rate has been strong in 2019. That growth has helped us combat margin compression brought on by competitive factors. In light of today’s ever changing economic, competitive and interest rate environments, we view our current financial statement position as stable and our Company prepared to succeed as we look forward to our opportunities in the coming year.”

 

Cash Dividend Declared

Total dividends paid during the year ended June 30, 2019 were $2.3 million. On July 23, 2019, 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 8, 2019, which is payable on August 22, 2019.

 

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 seven full-service branch locations in Oconee 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