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 $1.0 million, or $0.17 per diluted share, for the quarter ended March 31, 2025, which was less than the net income of $5 million, or $0.86 per diluted share, for the quarter ended March 31, 2024. However, a $4.9 million bargain purchase gain upon the completion of our acquisition of Mutual Savings Bank in Hartsville, SC, was included in the income for last year's quarter ended March 31, 2024.

March 31, 2025 Quarter End Summary:

Fifty-four consecutive quarterly dividends of $0.10 per share since the quarter ended December 2011.
Total assets were $659.0 million, a decrease of 0.99% from $665.6 million at June 30, 2024.
Total loans outstanding were $481.8 million, up from $473.0 million at June 30, 2024.
At March 31, 2025, our stock book value and tangible book value were $14.15 and $13.70, respectively.

"The quarter ended March 31, 2025 was a good quarter for Oconee Federal. When we remove the bargain purchase gain and merger expenses from the prior year quarter's income, and compare that to our current year quarterly income, we have an increase of $726 thousand in net income. This increase was aided by an improved interest margin," stated Curtis T. Evatt, President and Chief Executive Officer. "As always, our capital ratios remain among some of the highest in the industry and we are looking forward to the opportunity of providing the best products and services to our customers in the coming year."

Cash Dividend Declared and Paid

Total dividends paid during the quarter ended March 31, 2025 were $584 thousand. On January 23, 2025, 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 February 6, 2025, which was paid on February 20, 2025.

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, Darlington 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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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

Oconee Federal Financial Corp. Announces Quarterly Financial Results