10.02.2023 15:36:00

Oconee Financial Corporation Reports Fourth Quarter 2022 Results

WATKINSVILLE, Ga., Feb. 10, 2023 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the fourth quarter of 2022.  Unaudited net income for the three months ending December 31, 2022, was $1,271,602 or $1.42 per common share.  This compares to $708,199 or $0.79 per common share for the fourth quarter of the prior year, an increase of 79.6%.  The increase in net earnings for the fourth quarter 2022 was mainly attributable to an increase in net interest income of $852,000 compared to the same period of 2021.  This was mainly due to increases in interest income on investments of $660,000 and interest income on interest-bearing bank balances of $395,000.

Unaudited net income YTD as of December 31, 2022 was $4,123,685 or $4.60 per common share.  This compares to $2,999,529 or $3.35 per common share for the year ended December 31, 2021.  This represents an increase of 37.5% in net earnings YTD December 31, 2022 as compared to the same period in 2021. 

Total assets as of December 31, 2022 were $536.7 million, compared to total assets of $571.1 million as of December 31, 2021, a decrease of 6.0%.  Total loans were $295.6 million and total deposits were $494.9 million as of December 31, 2022.  This compared to total loans of $298.0 million and deposits of $519.7 million at December 31, 2021.  As of December 31, 2022, total loans decreased 0.8% and total deposits decreased 4.8% versus December 31, 2021.  The decrease in total deposits and total assets is primarily due to a decline in retail and municipal deposits.  Book value per share at December 31, 2022 was $32.43 versus $43.88 at December 31, 2021.  The decrease in book value per share during the year was due to unrealized losses in the Bank's investment portfolio.

Neil Stevens, President and Chief Executive Officer of Oconee, commenting on the fourth quarter's results noted, "We were very pleased with both the fourth quarter and full year results for 2022.  We believe we're successfully navigating a very challenging interest rate environment.  We continue to see good loan production and sound credit quality."   

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service financial centers and one loan production office.  In February 2023, Oconee State bank celebrated 63 years of service and continues to be the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank has proudly served the local community, providing an unparalleled commitment to personalized service, innovative products and solutions, and strives to bring exceptional value to our customers through local ownership, involvement, and decision-making. We continuously strive to create remarkable experiences that significantly mark the lives of others. 

 

OCONEE FINANCIAL CORPORATION

BALANCE SHEET












12/31/2022


12/31/2021





(Unaudited)



ASSETS






Cash and due from banks

$          51,430,016


$           85,774,514



Securities available for sale (at fair value)

159,640,457


162,165,152



Other investment

285,500


247,400



Mortgage loans held for sale

140,409


1,212,617










Loans, net of unearned income

300,130,642


302,523,687



Allowance for loan loss

(4,549,357)


(4,542,292)




Loans, net

295,581,285


297,981,395










Premises and equipment

8,000,576


8,602,518



Other assets

21,669,411


15,158,402




Total Assets

$        536,747,653


$         571,141,998








LIABILITIES AND STOCKHOLDERS' EQUITY





Liabilities:






Deposits

$        494,869,684


$         519,693,969



Federal Home Loan Bank Advances

--


--



Subordinated debenture, net of capitalized expenses

9,818,393


9,794,445



Dividends payable

--


--



Accrued expenses and other liabilities

2,976,385


2,320,963




Total Liabilities

507,664,463


531,809,377









Stockholder's Equity:






Common Stock

1,795,900


1,795,076



Restricted Stock

(43,528)


(38,311)



Additional Paid in Capital

4,176,342


4,159,822



Retained earnings

36,764,762


33,268,328



Unrealized gain/loss on securities and derivatives

(13,610,285)


147,706




Total Stockholder's Equity

29,083,191


39,332,621











Total Liabilities and Stockholder's Equity

$        536,747,653


$         571,141,998











Book Value Per Share

$                   32.43


$                    43.88








 

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-YTD












12/31/2022


12/31/2021





(Unaudited)




Interest Income:






Loans

$          13,924,934


$           15,281,802



Securities available for sale







State, County & Municipal

765,942


685,752




Treasuries & Agencies

2,103,601


875,535




Corporate

379,271


346,038



Federal funds sold & other

743,302


102,278





17,917,050


17,291,405









Interest Expense:






Deposits

783,609


1,001,740



Other

639,116


623,949



Total Interest Expense

1,422,725


1,625,689











Net interest income

16,494,326


15,665,716









Provision for loan losses

--


456,000










Net income after provision for loan losses

16,494,326


15,209,716









Noninterest income






Service charges on deposit accounts

645,856


458,943



Gain (loss) on Sale of Assets

218,227


(268,123)



Securities gains (losses), net

749


172,312



Mortgage banking income

1,017,698


2,067,991



SBA loan related income

1,245,249


339,651



Commissions on investment sales

122,104


187,329



Other

1,616,323


1,434,421



Total noninterest income

4,866,206


4,392,523









Noninterest expense






Salaries and employee benefits

9,496,173


9,300,150



Occupancy

1,181,164


1,425,137



Other operating

5,354,838


5,145,490



Total noninterest expense

16,032,175


15,870,776











Income before provision for income taxes

5,328,357


3,731,463









Provision for income taxes

1,204,672


731,934











Net Income

$            4,123,685


$             2,999,529











Period-Ending Outstanding Shares

896,824


896,412




Weighted Average Shares Outstanding

896,823


896,412




YTD Earnings Per Common Share

$                     4.60


$                      3.35

 

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-QTD












12/31/2022


12/31/2021





(Unaudited)




Interest Income:






Loans

$            3,767,185


$             3,923,036



Securities available for sale







State, County & Municipal

189,802


168,142




Treasuries & Agencies

924,721


264,838




 Corporate

94,766


94,766



Federal funds sold & other

431,509


36,578





5,407,982


4,487,360









Interest Expense:






Deposits

275,659


218,171



Other

166,786


155,987



Total Interest Expense

442,444


374,158











Net interest income

4,965,538


4,113,203









Provision for loan losses

--


220,500










Net income after provision for loan losses

4,965,538


3,892,703









Noninterest income






Service charges on deposit accounts

159,193


126,728



Gain (loss) on Sale of Assets

--


(203,971)



Securities gains (losses), net

--


--



Mortgage banking income

153,933


405,419



SBA loan related income

260,035


183,938



Commissions on investment sales

21,619


24,249



Other

391,309


378,718



Total noninterest income

986,089


915,081









Noninterest expense






Salaries and employee benefits

2,628,861


2,433,066



Occupancy

289,423


375,854



Other operating

1,402,034


1,144,600



Total noninterest expense

4,320,318


3,953,519











Income before provision for income taxes

1,631,308


854,265









Provision for income taxes

359,706


146,066











Net Income

$            1,271,602


$                708,199











Period-Ending Outstanding Shares

896,824


896,412




Weighted Average Shares Outstanding

896,823


896,412




QTD Earnings Per Common Share

$                     1.42


$                      0.79

 

Cision View original content:https://www.prnewswire.com/news-releases/oconee-financial-corporation-reports-fourth-quarter-2022-results-301744042.html

SOURCE Oconee Financial Corporation

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