Oconee Federal Financial Corp. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended December 31, 2012
January 31, 2013 at 05:18 pm EST
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Oconee Federal Financial Corp. reported unaudited earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported income before income taxes of $1,763,000, net income of $1,107,000 or $0.18 diluted per share on net interest income of $2,959,000 against income before income taxes of $1,458,000, net income of $901,000 or $0.15 diluted per share on net interest income of $3,025,000 for the same period a year ago. Return on average assets of 1.17% against 0.95% for the same period a year ago. Return on average equity was 5.33% against 4.39% for the same period a year ago.
For the six months, the company reported income before income taxes of $3,448,000, net income of $2,122,000 or $0.34 diluted per share on net interest income of $5,989,000 against income before income taxes of $3,063,000, net income of $1,876,000 or $0.31 diluted per share on net interest income of $5,950,000 for the same period a year ago. Return on average assets of 1.12% against 0.99% for the same period a year ago. Return on average equity was 5.10% against 4.61% for the same period a year ago.
Oconee Federal Financial Corp. is a holding company for Oconee Federal Savings and Loan Association. Oconee Federal Savings and Loan Association is a federally chartered savings and loan association. The Companyâs principal business consists of accepting retail deposits from the general public in its market area and investing those deposits, together with funds generated from operations, in one-to-four family residential mortgage loans and, to a lesser extent, nonresidential mortgage, construction and land, agricultural and other loans. It also invests in United States Government and federal agency securities, mortgage-backed securities, municipal securities and short-term deposits. It also offers functional electronic banking platforms, including online bill pay, and mobile banking. It has approximately nine full-service branch offices. Its branch offices are located in South Carolina, Seneca, Walhalla, Westminster, Clemson, and Toccoa, Doyle Street, Georgia.