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Oconee Financial Corporation (OTCQX: OSBK) reported a first-quarter 2022 net income of $590,376, or $0.66 per share, down 28.4% from $824,221, or $0.92 per share in Q1 2021. The decline was primarily due to a $314,000 drop in net interest income, primarily attributed to a decrease in loan fees from the Paycheck Protection Program. Total assets decreased to $557.1 million, down 2.5%, with total loans and deposits also declining. Book value per share fell to $36.49 from $43.88, mainly due to $6.6 million in unrealized losses from the investment portfolio.
Oconee Financial Corporation (OTCQX: OSBK) has announced an increase in its annual cash dividend from $0.65 to $0.70 per share, reflecting the company's growth and financial strength. The 2022 dividend will be payable on April 4, 2022, to shareholders recorded by March 11, 2022. This dividend increase is part of Oconee's commitment to maximizing shareholder value, as noted by President and CEO Neil Stevens.
Oconee Financial Corporation (OTCQX: OSBK) reported a strong fourth quarter and full-year results for 2021. The net income for Q4 2021 reached $708,199 ($0.79/share), a 112.3% increase from $333,597 ($0.37/share) in Q4 2020. Year-to-date net income totaled $2,999,529 ($3.35/share), up 58.8% from the previous year. Key drivers included a $520,000 rise in net interest income, bolstered by PPP fees. Total assets grew 15.5% to $571.1 million, while loans dipped 6.8%, and deposits surged 16.9%. Book value per share improved to $43.88.
Oconee Financial Corporation (OTCQX: OSBK) reported a net income of $654,692 for Q3 2021, up 26.8% from $516,482 in Q3 2020, reflecting a per-share increase from $0.58 to $0.73. Year-to-date income reached $2,291,330, a 47.3% increase from $1,555,194 in 2020. Key drivers included a $964,000 rise in PPP fees and a $412,000 increase in mortgage banking income. Total assets climbed to $532.2 million, with loans decreasing 6.9% to $297.7 million and deposits increasing 8.2% to $481.2 million.
Oconee Financial Corporation (OTCQX: OSBK) reported a second-quarter net income of $812,417 or $0.91 per share, down 8.7% from the previous year. The decline is attributed to merger expenses of $196,000 linked to the acquisition of Elberton Federal Savings. Year-to-date income increased by 57.6%, largely driven by $835,000 in Paycheck Protection Program fees. Total assets rose to $529.3 million, while total loans decreased 5.8%. President Neil Stevens expressed optimism about lending momentum and confirmed the merger application has been filed.
The boards of Oconee Financial Corporation (OTCQX: OSBK) and Elberton Federal Savings and Loan announced a definitive merger agreement.
This merger involves Elberton converting to a stock organization and merging into Oconee State Bank. Oconee Financial will offer stock to eligible Elberton account holders. The merger, aimed at expanding Oconee's footprint in Northeast Georgia, is expected to complete in 4 to 6 months, pending regulatory approval.
Oconee Financial Corporation (OTCQX: OSBK) reported strong first-quarter 2021 results, with unaudited net income reaching $824,221, or $0.92 per share, marking a significant 452% increase from $149,342, or $0.17 per share, in Q1 2020. This growth was fueled by a $591K rise in net interest income from Paycheck Protection Program (PPP) fees and a $423K increase in mortgage banking income. Total assets rose to $516.7 million, with loans and deposits growing 2.1% and 5.1%, respectively. The board approved an 8.3% annual dividend increase, from $0.60 to $0.65 per share.
Oconee Financial Corporation (OTCQX: OSBK) announced an annual cash dividend of $0.65 per share for 2021, marking an 8.3% increase from last year's $0.60. The dividend is payable on April 5, 2021, to shareholders of record as of March 15, 2021. President and CEO Neil Stevens expressed satisfaction with the increase, highlighting it as a reflection of the company's growth and financial strength. Oconee State Bank, the only locally owned community bank in Oconee County, continues to focus on personalized service and community involvement.
Oconee Financial Corporation (OTCQX: OSBK) reported a significant decline in net income for Q4 2020, totaling $333,597, compared to $1,936,380 in Q4 2019. The annual net income dropped 49.8% to $1,888,792 from $3,759,365. In contrast, total assets increased to $494.5 million, a 24% rise from the previous year, with loans and deposits also seeing substantial growth of 28.5% and 23.0%, respectively. The company allocated $387,500 for loan loss provisions in Q4 2020, highlighting concerns over credit quality amidst economic challenges due to COVID-19.