8-K
Oconee Federal Financial Corp. (OFED)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): April 24, 2020
OCONEE FEDERAL FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
| Federal<br><br> <br>(State<br> or Other Jurisdiction<br><br> <br>of<br> Incorporation) | 001-35033<br><br> <br>(Commission<br><br> <br>File<br> Number) | 32-0330122<br><br> <br>(I.R.S.<br> 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<br> the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant<br> under any of the following provisions: | |
|---|---|
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> 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<br> Stock, $0.01 par value per share | OFED | The<br> 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 April 24, 2020, Oconee Federal Financial Corp. issued a press release to announce its results of operations for the quarter ended March 31, 2020. 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<br> release dated April 24, 2020 |
|---|
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:<br> April 24, 2020 | By: | /s/<br> John Hobbs |
| John<br> Hobbs | ||
| Chief<br> Financial Officer | ||
| (Duly<br> Authorized Representative) |
Oconee Federal Financial Corp. 8-K
Exhibit99.1
OCONEEFEDERAL FINANCIAL CORP. ANNOUNCES QUARTERLY FINANCIAL RESULTS
Seneca, South Carolina (April 24, 2020) – 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 $946 thousand, or $0.17 per diluted share, for the quarter ended March 31, 2020, compared to net income of $952 thousand, or $0.16 per diluted share, for the quarter ended March 31, 2019. For the nine months ended March 31, 2020, net income was $3.0 million, or $0.52 per diluted share compared to net income of $2.7 million, or $0.47 per diluted share, for the nine months ended March 31, 2019.
March31, 2020 Quarter End Highlights:
| • | Thirty-four<br> consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011. |
|---|---|
| • | Total<br> assets were $502.2 million, a slight decrease of 0.2% from $503.2 million at December<br> 31, 2019. |
| --- | --- |
| • | Total<br> loans outstanding were $353.2 million, down from $360.2 million at December 31, 2019. |
| --- | --- |
“The quarter ended March 31, 2020 was a good quarter for Oconee Federal. Net income before taxes increased slightly to $1.19 million compared to $1.15 million for the quarter ended March 31, 2019” stated Curtis T. Evatt, President and Chief Executive Officer. “We have reduced the size of our balance sheet in an effort to combat margin compression brought on by competitive factors. 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. ”
Coronavirus/COVID-19Update:
Our priorities remain, as always, to ensure the safety and well-being of our employees and the community while continuing to provide the highest level of service to our customers. After reviewing the current guidelines of the relevant local, state and federal public health officials, our offices remain open with regular business hours. However we have shifted all teller services and transactions to our drive-thru lanes and limited our retail branch lobbies and offices to “by-appointment-only” service. All in-person withdrawals, deposits and payments will continue uninterrupted via drive-thru service. We will closely monitor the COVID-19 situation and return to normal operations as soon as possible.
Oconee Federal is taking steps to meet the financial services needs of customers adversely affected by COVID-19 related issues. We are participating in the Paycheck Protection Program authorized under the Federal CARES Act as well as 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.
CashDividend Declared
Total dividends paid during the nine months ended March 31, 2020 were $1.7 million. On April 23, 2020, 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 May 7, 2020, which is payable on May 21, 2020.
AboutOconee 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-LookingStatements
Thisrelease contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995that 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 variationsof such words and expressions are intended to identify fiscal year forward-looking statements. Such statements are not guaranteesof 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 undertakesno 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