Oconee Financial Corporation Reports First Quarter 2021 Results

WATKINSVILLE, Ga., May 5, 2021 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the first quarter of 2021.  Unaudited net income for the three months ending March 31, 2021, was $824,221 or $0.92 per common share.  This compares to $149,342 or $0.17 per common share for the first quarter of the prior year.  This represents a 452% increase in net earnings in the first quarter of 2021 as compared to the same period in 2020.  The increase in earnings over the year ago quarter was primarily attributable to increases in net interest income from Paycheck Protection Program (PPP) fees recognized of $591 thousand and increases in mortgage banking income of $423 thousand.

Total assets as of March 31, 2021, were $516.7 million, compared to total assets of $494.5 million as of December 31, 2020.  Total loans were $326.4 million and deposits were $467.3 million as of March 31, 2021.  This compared to total loans of $319.6 million and deposits of $444.7 million at December 31, 2020.  For the quarter ended March 31, 2021, total loans increased 2.1% and total deposits increased 5.1% versus December 31, 2020. 

Neil Stevens, President and Chief Executive Officer of Oconee stated "we were pleased with our quarterly results, particularly the improvement in earnings over the year ago quarter, as well as the nice growth in loans and deposits during the quarter.  We are also happy to report that through the end of April, we have made over $17 million of loans under the second round of PPP.  This is in addition to the $56 million of PPP loans we made in the first round of PPP.  This level of PPP lending demonstrates our commitment to our vision of being essential to the lives, businesses and communities we serve."

Stevens also noted "in March, our board of directors voted to increase our annual dividend from $0.60 per share to $0.65 per share, an increase of 8.3%.  We're pleased to be able to share a larger portion of our financial success with our shareholders.  Also during the first quarter, we converted our downtown Athens loan production office at One Press Place to a full service office.  The Athens Financial Center can now offer our customers our full suite of products and services."

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service branch.  In February 2021, Oconee State bank celebrated 61 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
				3/31/2021		12/31/2020
				(Unaudited)
ASSETS
		Cash and due from banks		$         63,471,003		$          76,418,430
		Securities available for sale (at fair value)		98,489,775		75,548,813
		Other investment		247,400		359,700
		Mortgage loans held for sale		9,668,013		6,408,720
		Loans, net of unearned income		330,707,661		323,624,861
		Allowance for loan loss		(4,304,195)		(4,057,091)
			Loans, net	326,403,466		319,567,770
		Premises and equipment		6,427,021		5,103,036
		Other real estate owned		--		--
		Other assets		11,955,318		11,129,233
			Total Assets	$       516,661,995		$        494,535,702
LIABILITIES AND STOCKHOLDERS' EQUITY
	Liabilities:
		Deposits		$       467,283,879		$        444,701,932
		Subordinated debenture, net of capitalized expenses		9,776,484		9,770,497
		Dividends payable		582,180		--
		Accrued expenses and other liabilities		1,553,078		1,928,168
			Total Liabilities	479,195,622		456,400,597
	Stockholder's Equity:
		Common Stock		1,795,076		1,794,250
		Restricted Stock		(63,724)		(37,976)
		Additional Paid in Capital		4,159,822		4,147,114
		Retained earnings		31,093,020		30,850,978
		Unrealized gain/loss on securities		482,180		1,380,739
			Total Stockholder's Equity	37,466,373		38,135,105
			Total Liabilities and Stockholder's Equity	$       516,661,995		$        494,535,702

 

OCONEE FINANCIAL CORPORATION
STATEMENT OF INCOME-YTD
				3/31/2021		3/31/2020
				(Unaudited)
	Interest Income:
		Loans		$           3,853,102		$            3,270,326
		Securities available for sale
			State, County & Municipal	187,343		88,820
			Treasuries & Agencies	104,647		291,825
			Corporate	67,773		--
		Federal funds sold & other		20,573		140,810
				4,233,437		3,791,781
	Interest Expense:
		Deposits		286,087		596,912
		Other		155,987		--
		Total Interest Expense		442,074		596,912
			Net interest income	3,791,363		3,194,869
	Provision for loan losses			235,500		187,500
		Net income after provision for loan losses		3,555,863		3,007,369
	Noninterest income
		Service charges on deposit accounts		106,182		130,830
		Gain on Sale of Assets		--		--
		Securities gains (losses), net		196,303		--
		Mortgage banking income		585,233		161,492
		SBA loan related income		44,446		129,978
		Commissions on investment sales		79,217		145,620
		Other		402,079		321,406
		Total noninterest income		1,413,461		889,325
	Noninterest expense
		Salaries and employee benefits		2,290,952		2,431,458
		Occupancy		307,016		285,128
		Other operating		1,327,366		1,018,618
		Total noninterest expense		3,925,334		3,735,204
			Income before provision for income taxes	1,043,990		161,491
	Provision for income taxes			219,769		12,149
			Net Income	$              824,221		$               149,342
			Period-Ending Outstanding Shares	895,662		895,478
			Weighted Average Shares Outstanding	895,662		895,478
			YTD Earnings Per Common Share	$                    0.92		$                     0.17

 

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SOURCE Oconee Financial Corporation