Oconee Financial Corporation Reports Third Quarter 2019 Results

WATKINSVILLE, Ga., Oct. 28, 2019 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report earnings results for the quarter and YTD ending September 30, 2019.  Unaudited net income for the three months ending September 30, 2019 was $629,862 or $0.71 per common share, compared to $383,308 or $0.43 per common share for the third quarter of the prior year.  This represents an increase of 64.3% in net earnings in the third quarter of 2019 as compared to the same time period in 2018.

Unaudited net income YTD as of September 30, 2019 is $1,822,985 or $2.03 per common share, compared to $1,130,336 or $1.26 per common share YTD September 30, 2018.  This represents an increase of 61.3% in net earnings YTD September 30, 2019 as compared to the same time period in 2018.

Total assets as of September 30, 2019 were $355.8 million, compared to total assets of $349.8 million as of December 31, 2018 and $331.2 million as of September 30, 2018.  Total loans, net of reserves, were $241.9 million and deposits were $320.7 million as of September 30, 2019, compared to net loan balances of $221.8 million and deposits of $318.5 million at December 31, 2018 and net loan balances of $217.7 million, and deposits of $301.4 million, as of September 30, 2018.

Neil Stevens, President and Chief Executive Officer of Oconee stated, "We are very pleased with our third quarter financial performance, particularly as it compares to 2018.  It is exciting to see the continued positive performance trends.  The investments we have made in high performing bankers continues to pay off.   We anticipate these positive trends to continue, and we are excited about the future."   

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service loan production office.  With more than 59 years of service, Oconee State Bank is the only locally owned and operated community bank 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. 

SOURCE Oconee Financial Corporation

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