Oconee Federal Financial Corp., the holding company for Oconee Federal Savings and Loan Association, announced three month and year ended financial results. Net income was $1.2 million, or $0.21 per diluted share, for the three months ended June 30, 2015.
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This compares to net income of $854 thousand, or $0.15 per diluted share, for the three months ended June 30, 2014.
The company had net income of $4.5 million, or $0.78 per diluted share, for the year ended June 30, 2015, compared to net income of $3.6 million, or $0.64 per diluted share, for the year ended June 30, 2014.
Interest income increased by $1.3 million, or 39.4%, to $4.6 million for the three months ended June 30, 2015 from $3.3 million for the three months ended June 30, 2014.
The increase was the result of the increase in the average balance of company's interest-earning assets of $96.4 million to $441.7 million for the three months ended June 30, 2015 from $345.3 million for the three months ended June 30, 2014.
Net interest income increased by $1.4 million, or 48.3%, to $4.3 million for the three months ended June 30, 2015 from $2.9 million for the three months ended June 30, 2014. Net interest margin for the three months ended June 30, 2015 increased to 3.90% from 3.39% for the three months ended June 30, 2014.
Interest income increased by $3.2 million, or 24.6%, to $16.2 million for the year ended June 30, 2015 from $13 million for the year ended June 30, 2014.
Net interest income increased by $3.5 million, or 30.4%, to $15 million for the year ended June 30, 2015 compared to $11.5 million for 2014. Net interest margin for the year ended June 30, 2015 was 3.73%, up 43 basis-points from 3.30% for the year ended June 30, 2014.
Noninterest income for the three months ended June 30, 2015 increased by $483 thousand, or 439.1%, to $593 thousand from $110 thousand for the same period in 2014.
Noninterest expense for the three months ended June 30, 2015 increased by $929 thousand, or 55.4%, to $2.6 million from $1.7 million for the same period in 2014.
The company recorded a provision for loan losses of $179 thousand for the three months ended June 30, 2015, compared with a provision of $26 thousand for the three months ended June 30, 2014. Net charge-offs for the three months ended June 30, 2015 were $39 thousand and were $0 for the three months ended June 30, 2014.
The provision for loan losses for the year ended June 30, 2015 was $195 thousand compared with a provision of $108 thousand for the year ended June 30, 2014. Net charge-offs for the year ended June 30, 2015 were $41 thousand compared with $4 thousand for the year ended June 30, 2014.
Our ratio of nonperforming loans to total loans increased to 1.35% at June 30, 2015 from 0.71% at June 30, 2014, and company's ratio of nonperforming assets to total assets increased to 1.42% from 0.66% at the same dates. Total nonperforming loans was $4.1 million at June 30, 2015 compared to $1.6 million at June 30, 2014.
A total of $1 million of nonperforming loans was related to company's originated portfolio and $3.1 million was related to company's acquired loan portfolio. Of the $3.1 million in nonperforming loans within company's acquired portfolio, $2.8 million are loans identified as purchased credit impaired.
Income tax expense for the three months ended June 30, 2015 and 2014 was $865 thousand and $483 thousand, respectively, with effective income tax rates of 41.0% and 36.1%, respectively. Income tax expense for the years ended June 30, 2015 and 2014 was $2.7 million and $2 million, respectively, with effective income tax rates of 37.4% and 36.0%, respectively.
Our total assets increased by $114.9 million, or 31.9%, to $475.4 million at June 30, 2015 from $360.5 million at June 30, 2014. ■