Oconee Financial Corporation Reports Third Quarter 2022 Results
WATKINSVILLE, Ga., Nov. 2, 2022 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the third quarter of 2022. Unaudited net income for the three months ending September 30, 2022, was
Unaudited net income YTD as of September 30, 2022 was
Total assets as of September 30, 2022 were
Neil Stevens, President and Chief Executive Officer of Oconee, commenting on the third quarter's results noted "we were very pleased with our third quarter and year-to-date results. Earnings are substantially improved over the comparable periods and reflect the outstanding efforts of our team members in the day to day execution of our strategic plan."
Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service financial centers and one loan production office. In February 2022, Oconee State bank celebrated 62 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 | ||||||
9/30/2022 | 12/31/2021 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and due from banks | $ 50,506,172 | $ 85,774,514 | ||||
Securities available for sale (at fair value) | 161,449,262 | 162,165,152 | ||||
Other investment | 473,000 | 247,400 | ||||
Mortgage loans held for sale | 721,050 | 1,212,617 | ||||
Loans, net of unearned income | 295,671,869 | 302,523,687 | ||||
Allowance for loan loss | (4,549,277) | (4,542,292) | ||||
Loans, net | 291,122,592 | 297,981,395 | ||||
Premises and equipment | 7,862,995 | 8,602,518 | ||||
Other assets | 20,829,860 | 15,158,402 | ||||
Total Assets | $ 532,964,932 | $ 571,141,998 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Liabilities: | ||||||
Deposits | $ 488,440,786 | $ 519,693,969 | ||||
Federal Home Loan Bank Advances | 5,000,000 | -- | ||||
Subordinated debenture, net of capitalized expenses | 9,812,406 | 9,794,445 | ||||
Dividends payable | -- | -- | ||||
Accrued expenses and other liabilities | 2,349,083 | 2,320,963 | ||||
Total Liabilities | 505,602,276 | 531,809,377 | ||||
Stockholder's Equity: | ||||||
Common Stock | 1,795,900 | 1,795,076 | ||||
Restricted Stock | (70,523) | (38,311) | ||||
Additional Paid in Capital | 4,176,342 | 4,159,822 | ||||
Retained earnings | 35,493,159 | 33,268,328 | ||||
Unrealized gain/loss on securities and derivatives | (14,032,222) | 147,706 | ||||
Total Stockholder's Equity | 27,362,656 | 39,332,621 | ||||
Total Liabilities and Stockholder's Equity | $ 532,964,932 | $ 571,141,998 | ||||
Book Value Per Share | $ 30.54 | $ 43.88 |
OCONEE FINANCIAL CORPORATION | ||||||
STATEMENT OF INCOME-YTD | ||||||
9/30/2022 | 9/30/2021 | |||||
(Unaudited) | ||||||
Interest Income: | ||||||
Loans | $ 10,157,749 | $ 11,358,766 | ||||
Securities available for sale | ||||||
State, County & Municipal | 576,141 | 517,609 | ||||
Treasuries & Agencies | 1,178,880 | 610,697 | ||||
Corporate | 284,505 | 251,273 | ||||
Federal funds sold & other | 311,793 | 65,700 | ||||
12,509,068 | 12,804,045 | |||||
Interest Expense: | ||||||
Deposits | 507,950 | 783,570 | ||||
Other | 472,330 | 467,962 | ||||
Total Interest Expense | 980,280 | 1,251,532 | ||||
Net interest income | 11,528,788 | 11,552,513 | ||||
Provision for loan losses | -- | 235,500 | ||||
Net income after provision for loan losses | 11,528,788 | 11,317,013 | ||||
Noninterest income | ||||||
Service charges on deposit accounts | 486,663 | 332,215 | ||||
Gain (loss) on Sale of Assets | 218,227 | (64,151) | ||||
Securities gains (losses), net | 749 | 172,312 | ||||
Mortgage banking income | 863,766 | 1,662,571 | ||||
SBA loan related income | 985,214 | 155,713 | ||||
Commissions on investment sales | 100,484 | 163,080 | ||||
Other | 1,225,014 | 1,055,703 | ||||
Total noninterest income | 3,880,117 | 3,477,442 | ||||
Noninterest expense | ||||||
Salaries and employee benefits | 6,867,311 | 6,867,084 | ||||
Occupancy | 891,742 | 1,049,283 | ||||
Other operating | 3,952,804 | 4,000,890 | ||||
Total noninterest expense | 11,711,857 | 11,917,257 | ||||
Income before provision for income taxes | 3,697,048 | 2,877,198 | ||||
Provision for income taxes | 844,965 | 585,868 | ||||
Net Income | $ 2,852,083 | $ 2,291,330 | ||||
Period-Ending Outstanding Shares | 896,074 | 895,662 | ||||
Weighted Average Shares Outstanding | 896,823 | 895,662 | ||||
YTD Earnings Per Common Share | $ 3.18 | $ 2.56 |
OCONEE FINANCIAL CORPORATION | ||||||
STATEMENT OF INCOME-QTD | ||||||
9/30/2022 | 9/30/2021 | |||||
(Unaudited) | ||||||
Interest Income: | ||||||
Loans | $ 3,534,167 | $ 3,618,485 | ||||
Securities available for sale | ||||||
State, County & Municipal | 188,176 | 163,671 | ||||
Treasuries & Agencies | 553,324 | 249,781 | ||||
Corporate | 94,766 | 92,651 | ||||
Federal funds sold & other | 184,664 | 25,746 | ||||
4,555,096 | 4,150,335 | |||||
Interest Expense: | ||||||
Deposits | 178,823 | 236,938 | ||||
Other | 160,356 | 155,988 | ||||
Total Interest Expense | 339,179 | 392,926 | ||||
Net interest income | 4,215,916 | 3,757,409 | ||||
Provision for loan losses | -- | -- | ||||
Net income after provision for loan losses | 4,215,916 | 3,757,409 | ||||
Noninterest income | ||||||
Service charges on deposit accounts | 163,274 | 117,081 | ||||
Gain (loss) on Sale of Assets | -- | (27,690) | ||||
Securities gains (losses), net | 749 | -- | ||||
Mortgage banking income | 246,891 | 459,902 | ||||
SBA loan related income | 169,851 | 37,168 | ||||
Commissions on investment sales | 38,849 | 23,738 | ||||
Other | 412,861 | 306,231 | ||||
Total noninterest income | 1,032,476 | 916,430 | ||||
Noninterest expense | ||||||
Salaries and employee benefits | 2,304,341 | 2,221,805 | ||||
Occupancy | 283,741 | 387,877 | ||||
Other operating | 1,334,835 | 1,256,915 | ||||
Total noninterest expense | 3,922,917 | 3,866,597 | ||||
Income before provision for income taxes | 1,325,475 | 807,242 | ||||
Provision for income taxes | 293,244 | 152,550 | ||||
Net Income | $ 1,032,230 | $ 654,692 | ||||
Period-Ending Outstanding Shares | 896,074 | 895,662 | ||||
Weighted Average Shares Outstanding | 896,823 | 895,662 | ||||
QTD Earnings Per Common Share | $ 1.15 | $ 0.73 |
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SOURCE Oconee Financial Corporation