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 |
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SOURCE Oconee Financial Corporation
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