Oconee Financial Corporation Reports Second Quarter 2020 Results
WATKINSVILLE, Ga., Aug. 3, 2020 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the second quarter of 2020. Unaudited net income for the three months ending June 30, 2020, was $889,370 or $0.99 per common share. This compares to $669,248 or $0.75 per common share for the second quarter of the prior year. This represents a 32.9% increase in net earnings in the second quarter of 2020 as compared to the same period in 2019.
Unaudited net income YTD as of June 30, 2020 was $1,038,711 or $1.15 per common share. This compares to $1,193,124 or $1.33 per common share for YTD as of June 30 of the prior year. This represents a decrease of 12.9% in net earnings YTD June 30, 2020 as compared to the same period in 2019.
Total assets as of June 30, 2020, were $469.1 million, compared to total assets of $399.5 million as of December 31, 2019. Total loans were $319.2 million and deposits were $400.2 million as of June 30, 2020. This compared to total loans of $248.8 million and deposits of $361.5 million at December 31, 2019. As of June 30, 2020, total loans have increased 28.3% and total deposits have increased 10.7% versus December 31, 2019.
Neil Stevens, President and Chief Executive Officer of Oconee stated "We're pleased with second quarter earnings and the improvement over the prior year second quarter and the first quarter of 2020. During the quarter we provided over $55 million in Paycheck Protection Program loans, marking the lives of many people in our communities."
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 |
||||||
6/30/2020 |
12/31/2019 |
|||||
(Unaudited) |
||||||
ASSETS |
||||||
Cash and due from banks |
$ 69,628,726 |
$ 38,099,324 |
||||
Securities available for sale (at fair value) |
56,575,424 |
99,228,506 |
||||
Other investment |
359,600 |
314,900 |
||||
Mortgage loans held for sale |
6,271,606 |
1,572,800 |
||||
Loans, less allowance for loan |
||||||
losses |
319,225,237 |
248,771,230 |
||||
Premises and equipment |
4,178,827 |
4,294,867 |
||||
Other real estate owned |
-- |
-- |
||||
Other assets |
12,888,452 |
7,239,812 |
||||
Total Assets |
$ 469,127,872 |
$ 399,521,439 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Liabilities: |
||||||
Deposits |
$ 400,184,890 |
$ 361,522,574 |
||||
Repurchase agreements |
-- |
-- |
||||
Dividends payble |
-- |
-- |
||||
Other borrowings |
29,396,699 |
0 |
||||
Accrued expenses and other liabilities |
2,679,856 |
2,331,769 |
||||
Total Liabilities |
432,261,445 |
363,854,343 |
||||
Stockholder's Equity: |
||||||
Common Stock |
1,792,750 |
1,793,760 |
||||
Restricted Stock |
(36,745) |
(36,745) |
||||
Additional Paid in Capital |
4,122,790 |
4,139,146 |
||||
Retained earnings |
30,000,898 |
29,501,154 |
||||
Unrealized gain/loss on securities |
986,735 |
269,781 |
||||
Total Stockholder's Equity |
36,866,427 |
35,667,096 |
||||
Total Liabilities and Stockholder's Equity |
$ 469,127,872 |
$ 399,521,439 |
||||
OCONEE FINANCIAL CORPORATION |
||||||
STATEMENT OF INCOME-QTD |
||||||
6/30/2020 |
6/30/2019 |
|||||
(Unaudited) |
||||||
Interest Income: |
||||||
Loans |
$ 3,794,685 |
$ 3,117,939 |
||||
Securities available for sale |
||||||
State, County & Municipal |
85,972 |
117,974 |
||||
Treasuries & Agencies |
205,124 |
332,448 |
||||
Corporate |
875 |
|||||
Federal funds sold & other |
19,445 |
30,750 |
||||
4,106,100 |
3,599,112 |
|||||
Interest Expense: |
||||||
Deposits |
375,380 |
343,085 |
||||
Other |
18,196 |
9,541 |
||||
Total Interest Expense |
393,576 |
352,626 |
||||
Net interest income |
3,712,524 |
3,246,486 |
||||
Provision for loan losses |
187,500 |
142,500 |
||||
Net income after provision for loan losses |
3,525,024 |
3,103,986 |
||||
Noninterest income |
||||||
Service charges on deposit accounts |
99,217 |
142,790 |
||||
Gain on Sale of Assets |
(13,291) |
-- |
||||
Securities gains (losses), net |
163,994 |
9,626 |
||||
Mortgage banking income |
461,907 |
104,101 |
||||
SBA loan related income |
179,570 |
394,976 |
||||
Commissions on investment sales |
137,669 |
169,827 |
||||
Other |
287,875 |
289,478 |
||||
Total noninterest income |
1,316,941 |
1,110,798 |
||||
Noninterest expense |
||||||
Salaries and employee benefits |
2,466,504 |
2,139,609 |
||||
Occupancy |
308,330 |
325,290 |
||||
Other operating |
939,104 |
913,472 |
||||
Total noninterest expense |
3,713,937 |
3,378,371 |
||||
Income before provision for income taxes |
1,128,028 |
836,414 |
||||
Provision for income taxes |
238,658 |
167,166 |
||||
Net Income |
$ 889,370 |
$ 669,248 |
||||
Weighted Shares Outstanding |
895,401 |
900,401 |
||||
QTD Earnings Per Common Share |
$ 0.99 |
$ 0.75 |
||||
OCONEE FINANCIAL CORPORATION |
||||||
STATEMENT OF INCOME-YTD |
||||||
6/30/2020 |
6/30/2019 |
|||||
(Unaudited) |
||||||
Interest Income: |
||||||
Loans |
$ 7,065,011 |
$ 5,928,892 |
||||
Securities available for sale |
||||||
State, County & Municipal |
174,792 |
264,536 |
||||
Treasuries & Agencies |
496,949 |
678,092 |
||||
Corporate |
875 |
|||||
Federal funds sold & other |
160,255 |
148,241 |
||||
7,897,881 |
7,019,762 |
|||||
Interest Expense: |
||||||
Deposits |
972,292 |
643,841 |
||||
Other |
18,196 |
9,541 |
||||
Total Interest Expense |
990,488 |
653,382 |
||||
Net interest income |
6,907,393 |
6,366,380 |
||||
Provision for loan losses |
375,000 |
285,000 |
||||
Net income after provision for loan losses |
6,532,393 |
6,081,380 |
||||
Noninterest income |
||||||
Service charges on deposit accounts |
230,047 |
288,435 |
||||
Gain on Sale of Assets |
(13,291) |
-- |
||||
Securities gains (losses), net |
163,994 |
9,626 |
||||
Mortgage banking income |
623,399 |
171,232 |
||||
SBA loan related income |
309,548 |
589,700 |
||||
Commissions on investment sales |
283,289 |
287,248 |
||||
Other |
609,281 |
644,044 |
||||
Total noninterest income |
2,206,267 |
1,990,285 |
||||
Noninterest expense |
||||||
Salaries and employee benefits |
4,897,962 |
4,201,990 |
||||
Occupancy |
593,458 |
646,320 |
||||
Other operating |
1,957,722 |
1,755,262 |
||||
Total noninterest expense |
7,449,141 |
6,603,572 |
||||
Income before provision for income taxes |
1,289,518 |
1,468,093 |
||||
Provision for income taxes |
250,807 |
274,969 |
||||
Net Income |
$ 1,038,711 |
$ 1,193,124 |
||||
Weighted Shares Outstanding |
895,401 |
900,401 |
||||
YTD Earnings Per Common Share |
$ 1.15 |
$ 1.33 |
||||
SOURCE Oconee Financial Corporation
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