Oconee Federal Financial Corp. (OTCQX: OFED) (the “Company”), the holding company for Oconee Federal Savings and Loan Association (“Oconee Federal”), announced today net income of $320 thousand, or $0.06 per diluted share, for the quarter ended December 31, 2023, which was less than the net income of $1.1 million, or $0.20 per diluted share, for the quarter ended December 31, 2022.

December 31, 2023 Quarter End Summary:

• Forty-nine consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
• Total assets were $613.1 million, an increase of 3.0% from $595.4 million at June 30, 2023.
• Total loans outstanding were $428.9 million, up from $413.0 million at June 30, 2023.
• At December 31, 2023, our stock book value and tangible book value were $12.95 and $12.49, respectively.

“The quarter ended December 31, 2023 presented challenges for Oconee Federal as we continue to face interest margin compression due to the current rate environment. Net income declined to $320 thousand from $1.1 million when compared to the quarter ended December 31, 2022.” stated Curtis T. Evatt, President and Chief Executive Officer. “However, we continue to have steady growth in our loan balances. Loans increased 2.4% while deposits increased 2.8% compared to the September 30, 2023 quarter end balances. We believe this growth, along with our announced merger with Mutual Savings Bank, will position our Company to succeed as we look to the future.”

Cash Dividend Declared

Total dividends paid during the quarter ended December 31, 2023 were $561 thousand. On October 26, 2023, 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 November 9, 2023, which was paid on November 22, 2023.

About Oconee Federal

Oconee Federal Financial Corp. (OTCQX: 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.

For financial information, please access our investor information page on our website at www.oconeefederal.com.

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.

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