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Oconee Financial Corporation (OTCQX: OSBK) announced an annual cash dividend of $0.85 per share for 2023, reflecting a 21% increase from the previous $0.70. This dividend is payable on April 3, 2023, to shareholders recorded as of March 15, 2023. CEO Neil Stevens attributed the dividend rise to improved earnings in 2022, showcasing the company’s financial strength. Headquartered in Watkinsville, Georgia, Oconee Financial operates multiple financial centers and has celebrated over 63 years of service as a locally owned community bank.
Oconee Financial Corporation (OSBK) reported a 79.6% increase in net income for Q4 2022, totaling $1,271,602 or $1.42 per share, compared to $708,199 or $0.79 per share in Q4 2021. The YTD net income as of December 31, 2022, rose 37.5% to $4,123,685 or $4.60 per share, compared to $2,999,529 in 2021. Total assets decreased 6.0% to $536.7 million, with total loans declining 0.8% and total deposits down 4.8%. Book value per share dropped from $43.88 to $32.43 due to unrealized investment losses. CEO Neil Stevens expressed confidence in the bank's performance amid a challenging interest rate environment.
Oconee Financial Corporation (OTCQX: OSBK) reported a strong third quarter of 2022, with net income of $1,032,230 or $1.15 per common share, marking a 57.7% increase from $654,692 or $0.73 per share in Q3 2021. Year-to-date net income reached $2,852,083 or $3.18 per share, up 24.5% from the prior year. The growth was driven by a $489,000 increase in interest income on investments, while total assets decreased 6.7% to $533 million, largely due to seasonal municipal deposit declines. Book value per share dropped to $30.54 from $43.88 at the end of 2021.
Oconee Financial Corporation (OTCQX: OSBK) reported a net income of $1,229,477 or $1.37 per share for Q2 2022, a 51.3% increase from the prior year. The growth was driven by a $639,000 increase in SBA loan income, despite a $284,000 decline in net interest income due to lower PPP loan fees. Year-to-date net income reached $1,819,853, up 11.2% year-over-year. Total assets fell 11.4% to $505.9 million, with total deposits dropping 10.6% to $464.4 million. The book value per share decreased to $32.91 from $43.88.