8-K
Oconee Federal Financial Corp. (OFED)
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 13, 2021
OCONEE FEDERAL FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
| Federal<br><br> <br>(State or Other<br> Jurisdiction<br><br> <br>of Incorporation) | 001-35033<br><br> <br>(Commission<br><br> <br>File Number) | 32-0330122<br><br> <br>(I.R.S. Employer<br><br> <br>Identification<br> 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<br> 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<br> Act (17 CFR 230.425) | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17<br> CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under<br>the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br>the Exchange Act (17 CFR 240.13e-4(c)) | |
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
| --- | --- | --- |
| Common Stock, <br><br> par value $0.01 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 2.02 | Results of Operations and Financial Results |
|---|
On August 13, 2021, Oconee Federal Financial Corp. issued a press release to announce its results of operations for the year ended June 30, 2021. 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 9.01 | Financial 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<br>13, 2021 |
| --- | --- |
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.<br><br> <br><br><br> <br><br><br> <br>**** | ||
|---|---|---|
| Date: August 13, 2021 | 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 ANNUALFINANCIAL RESULTS
Seneca, South Carolina (August 13, 2021) – 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, 2021, compared to net income of $3.9 million, or $0.67 per diluted share, for the year ended June 30, 2020.
June 30, 2021 Year End Summary:
| · | Thirty-nine consecutive quarterly<br>dividends of $0.10 per share since the quarter ended December 2011. |
|---|---|
| · | Total assets were $543.7 million, an increase of 5.5% from<br>$515.6 million at June 30, 2020. |
| --- | --- |
| · | Total loans outstanding were $339.1 million, down from $355.7<br>million at June 30, 2020. |
| --- | --- |
“The year ended June 30, 2021 was a good year for Oconee Federal. Net income before taxes increased slightly to $5.1 million compared to $4.8 million for the year ended June 30, 2020” stated Curtis T. Evatt, President and Chief Executive Officer. “Growth in our deposits and favorable borrowing rates have allowed us to increase the size of our balance sheet in an effort to increase earnings. In light of today’s ever changing economic, competitive and interest rate environments, as well as the most recent 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. ”
Oconee Federal is taking steps to meet the financial services needs of customers adversely affected by COVID-19 related issues. We have lent $7.7 million by participating in the Paycheck Protection Program as authorized under the Federal CARES Act and have been prudently working with adversely affected customers by, for example, waiving fees, offering repayment accommodations, extending payment due dates, and increasing daily withdrawal limits at automated teller machines.
Cash Dividend Declared
Total dividends paid during the year ended June 30, 2021 were $2.2 million. On July 22, 2021, 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 5, 2021, which is payable on August 19, 2021.
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 statementswithin the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projectionsabout 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-lookingstatements. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions thatare 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