Oconee Financial Corporation Reports Fourth Quarter and Year End 2019 Results
WATKINSVILLE, Ga., Feb. 19, 2020 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the fourth quarter and for the year ended December 31, 2019. Unaudited net income for the three months ending December 31, 2019 was $1,936,379 or $2.17 per common share. This compares to $607,064 or $0.67 per common share for the fourth quarter of the prior year. This represents an increase of 219% in net earnings in the fourth quarter of 2019 as compared to the same period in 2018. Excluding an after-tax gain on sale of the Bank's operations center in the fourth quarter of $1.3 million, net earnings for the fourth quarter were $638,578, or $0.71 per share.
Unaudited net income for the year ending December 31, 2019 was $3.8 million or $4.20 per common share, compared to $1.7 million or $1.93 per common share for the year ending December 31, 2018. This represents an increase of 116% in net earnings over the year ending December 31, 2018. Excluding an after-tax gain on sale of the Bank's operations center in the fourth quarter of $1.3 million, net earnings for the year ending December 31, 2019 were $2.5 million, or $2.75 per share.
Total assets as of December 31, 2019 were $399.6 million, compared to total assets of $349.8 million as of December 31, 2018. Total loans were $248.8 million and deposits were $361.5 million as of December 31, 2019. This compared to total loans of $221.8 million and deposits of $318.5 million at December 31, 2018. For the year ended December 31, 2019, total loans increased 12.2% and total deposits increased 13.5% versus December 31, 2018.
Neil Stevens, President and Chief Executive Officer of Oconee stated, "We are pleased with the fourth quarter results. Excluding the gain on the sale of our operations building, our fourth quarter results reflected an increase of 5% over the fourth quarter of 2018. Earnings continue to benefit from the investments we've made in high performing bankers as we continued to see strong loan growth this quarter and for the year. We were also pleased to announce the addition of Laura Whitaker to our board on January 16th. Laura is already making a significant contribution to our board."
Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service loan production office. In February 2020, Oconee State bank celebrated 60 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 |
||||||
12/31/2019 |
12/31/2018 |
|||||
(Unaudited) |
||||||
ASSETS |
||||||
Cash and due from banks |
$ 38,097,412 |
$ 22,365,042 |
||||
Securities available for sale (at fair value) |
99,228,506 |
90,802,006 |
||||
Other investment |
314,900 |
319,600 |
||||
Mortgage loans held for sale |
1,572,800 |
745,000 |
||||
Loans, less allowance for loan losses |
248,771,230 |
221,802,558 |
||||
Premises and equipment |
3,499,383 |
5,850,891 |
||||
Other real estate owned |
-- |
-- |
||||
Other assets |
8,087,517 |
7,975,186 |
||||
Total Assets |
$ 399,571,748 |
$ 349,860,283 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Liabilities: |
||||||
Deposits |
$ 361,522,575 |
$ 318,496,973 |
||||
Repurchase agreements |
-- |
-- |
||||
Dividends payble |
-- |
-- |
||||
Federal Home Loan Bank advances |
-- |
-- |
||||
Accrued expenses and other liabilities |
2,382,077 |
674,253 |
||||
Total Liabilities |
363,904,652 |
319,171,226 |
||||
Stockholder's Equity: |
||||||
Common Stock |
1,793,760 |
1,802,728 |
||||
Restricted Stock |
(36,745) |
(30,684) |
||||
Additional Paid in Capital |
4,139,146 |
4,288,610 |
||||
Retained earnings |
29,501,154 |
26,281,797 |
||||
Unrealized gain/loss on securities |
269,781 |
(1,653,394) |
||||
Total Stockholder's Equity |
35,667,096 |
30,689,057 |
||||
Total Liabilities and Stockholder's Equity |
$ 399,571,748 |
$ 349,860,283 |
||||
OCONEE FINANCIAL CORPORATION |
||||||
STATEMENT OF INCOME-QTD |
||||||
12/31/2019 |
12/31/2018 |
|||||
(Unaudited) |
||||||
Interest Income: |
||||||
Loans |
$ 3,221,637 |
$ 2,855,317 |
||||
Securities available for sale |
||||||
State, County & Municipal |
93,972 |
146,548 |
||||
Treasuries & Agencies |
296,051 |
371,710 |
||||
Federal funds sold & other |
145,286 |
59,760 |
||||
3,756,947 |
3,433,335 |
|||||
Interest Expense: |
||||||
Deposits |
475,516 |
213,780 |
||||
Other |
398 |
1,108 |
||||
Total Interest Expense |
475,914 |
214,888 |
||||
Net interest income |
3,281,033 |
3,218,447 |
||||
Provision for loan losses |
142,500 |
80,100 |
||||
Net income after provision for loan losses |
3,138,533 |
3,138,347 |
||||
Noninterest income |
||||||
Service charges on deposit accounts |
139,893 |
149,717 |
||||
Gain on Sale of Assets |
1,781,545 |
-- |
||||
Securities gains (losses), net |
930 |
0 |
||||
Mortgage banking income |
194,979 |
-- |
||||
SBA loan related income |
271,413 |
229,676 |
||||
Commissions on investment sales |
123,821 |
130,665 |
||||
Other |
306,319 |
296,423 |
||||
Total noninterest income |
2,818,899 |
806,481 |
||||
Noninterest expense |
||||||
Salaries and employee benefits |
2,178,654 |
2,114,257 |
||||
Occupancy |
380,418 |
292,868 |
||||
Other operating |
872,193 |
863,420 |
||||
Total noninterest expense |
3,431,265 |
3,270,545 |
||||
Income before provision for income taxes |
2,526,167 |
674,283 |
||||
Provision for income taxes |
589,788 |
67,219 |
||||
Net Income |
$ 1,936,379 |
$ 607,064 |
||||
Shares Outstanding |
895,742 |
900,401 |
||||
QTD Earnings Per Common Share |
2.17 |
0.67 |
||||
OCONEE FINANCIAL CORPORATION |
||||||
STATEMENT OF INCOME-YTD |
||||||
12/31/2019 |
12/31/2018 |
|||||
(Unaudited) |
||||||
Interest Income: |
||||||
Loans |
$ 12,381,600 |
$ 10,033,144 |
||||
Securities available for sale |
||||||
State, County & Municipal |
454,790 |
884,801 |
||||
Treasuries & Agencies |
1,259,350 |
1,524,166 |
||||
Federal funds sold & other |
375,577 |
316,842 |
||||
14,471,318 |
12,758,953 |
|||||
Interest Expense: |
||||||
Deposits |
1,523,254 |
765,402 |
||||
Other |
11,211 |
1,108 |
||||
Total Interest Expense |
1,534,465 |
766,510 |
||||
Net interest income |
12,936,853 |
11,992,443 |
||||
Provision for loan losses |
570,000 |
240,300 |
||||
Net income after provision for loan losses |
12,366,853 |
11,752,143 |
||||
Noninterest income |
||||||
Service charges on deposit accounts |
584,527 |
528,367 |
||||
Gain on Sale of Assets |
1,781,545 |
-- |
||||
Securities gains (losses), net |
7,437 |
73,255 |
||||
Mortgage banking income |
518,339 |
-- |
||||
SBA loan related income |
1,076,190 |
352,846 |
||||
Commissions on investment sales |
510,184 |
491,888 |
||||
Other |
1,249,918 |
1,126,943 |
||||
Total noninterest income |
5,728,139 |
2,573,299 |
||||
Noninterest expense |
||||||
Salaries and employee benefits |
8,493,647 |
7,874,617 |
||||
Occupancy |
1,358,796 |
1,065,187 |
||||
Other operating |
3,465,678 |
3,438,823 |
||||
Total noninterest expense |
13,318,121 |
12,378,627 |
||||
Income before provision for income taxes |
4,776,871 |
1,946,815 |
||||
Provision for income taxes |
1,017,506 |
209,417 |
||||
Net Income |
$ 3,759,365 |
$ 1,737,400 |
||||
Shares Outstanding |
895,742 |
900,401 |
||||
YTD Earnings Per Common Share |
4.20 |
1.93 |
||||
SOURCE Oconee Financial Corporation
Related Links
https://www.oconeestatebank.com/
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