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Oconee Financial Corporation Reports Third Quarter 2023 Results

WATKINSVILLE, Ga., Nov. 9, 2023 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the third quarter of 2023.  Unaudited net income for the three months ending September 30, 2023, was $2.9 million or $3.19 per common share.  This compares to $1.0 million or $1.15 per common share for the third quarter of 2022, an increase of 184%.  The increase in net earnings for the third quarter 2023 was mainly attributable to increases in non-interest income of $2.1 million and net interest income of $947,000, offset by an increase in non-interest expense of $1.0 million over the same period of 2022.  The increase in non-interest income was due to the recording of a bargain purchase gain of $2.1 million from the merger with Elberton Federal Savings & Loan Association ("Elberton Federal").   $259,000 of the increase in non-interest expense was attributable to expenses related to the Elberton Federal merger.   The net interest income increase was mainly due to increases in interest income on loans of $1.2 million, interest income on investments of $546,000, and interest income on interest-bearing bank balances of $560,000, offset by increases in interest expense on deposits and interest expense on borrowings of $1.3 million.

Unaudited net income, YTD as of September 30, 2023, was $5.1 million, or $5.52 per common share.  This compares to $2.9 million or $3.18 per common share for YTD as of September 30 of the prior year.  This represents an increase of 78% in year-to-date net earnings as compared to the same period in 2022.  YTD earnings for 2023 also includes expenses related to our merger with Elberton Federal of $556,000 and the recorded bargain purchase gain of $2.1 million.

Total assets as of September 30, 2023, were $579.9 million, compared to total assets of $536.7 million as of December 31, 2022, an increase of 8%.  Total loans were $331.8 million and total deposits were $504.9 million as of September 30, 2023.  This compared to total loans of $295.6 million and total deposits of $494.9 million at December 31, 2022.  As of September 30, 2023, total loans increased 12.2% and total deposits increased 2.0% versus December 31, 2022.  The Increase in total deposits and total assets is primarily due to the merger with Elberton.  Elberton loans of $19.5 million and deposits of $16.1 million are included in the increase.   Book value per share at September 30, 2023 was $37.81 versus $32.43 at December 31, 2022.  The increase in book value per share during the year was largely due to retention of earnings, the bargain purchase gain noted above as well as a year-to-date increase in Other Comprehensive Income, which includes an increase in the fair value of derivatives offset by an increase in the Bank's unrealized loss in the investment portfolio, .

Neil Stevens, President and Chief Executive Officer of Oconee, commenting on the third quarter's results noted, "We were pleased with the third quarter results for 2023.  These results, even after excluding the bargain purchase gain and related merger expenses, compare favorably to last year's third quarter results.  We continue to successfully navigate a challenging interest rate environment and are seeing good loan production and sound credit quality.

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During third quarter, we expanded into the Northeast Georgia market with the merger and opening of our Elberton financial center.  Effective July 31, 2023, Oconee Financial Corporation completed its acquisition of Elberton Federal and its related common stock offering, in a conversion merger transaction. Stevens said "we welcome the addition of Elberton Federal, its team of experienced bankers, and our newest shareholders and customers in Elbert County.  We aim to provide them the same high level of service and care our current customers and shareholders enjoy".

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates six full-service financial centers in Georgia, located in Oconee, Athens Clarke, Gwinnett and Macon-Bibb counties, including its newest location in Elbert County.    In February 2023, Oconee State bank celebrated 63 years of service and continues to be the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.

Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.

OCONEE FINANCIAL CORPORATION

BALANCE SHEET












9/30/2023


12/31/2022





(Unaudited)



ASSETS






Cash and due from banks

$         52,077,900


$          51,430,016



Securities available for sale (at fair value)

155,731,434


159,640,457



Other investment

1,458,674


285,500



Mortgage loans held for sale

2,879,547


140,409










Loans, net of unearned income

336,308,650


300,130,642



Allowance for loan loss

(4,477,382)


(4,549,357)




Loans, net

331,831,268


295,581,285










Premises and equipment

8,781,786


8,000,576



Other assets

27,127,018


21,669,411




Total Assets

$       579,887,626


$        536,747,654








LIABILITIES AND STOCKHOLDERS' EQUITY





Liabilities:






Deposits

$       504,868,729


$        494,869,684



Federal Home Loan Bank Advances

22,250,000


--



Subordinated debenture, net of capitalized expenses

9,336,355


9,818,393



Dividends payable

--


--



Accrued expenses and other liabilities

3,905,768


2,976,386




Total Liabilities

540,360,851


507,664,463









Stockholder's Equity:






Common Stock

2,094,776


1,795,900



Restricted Stock

(72,695)


(43,528)



Additional Paid in Capital

7,043,013


4,176,342



Stock Subscription

--


--



Retained earnings

43,007,068


36,764,762



Unrealized gain/loss on securities and derivatives

(12,545,387)


(13,610,285)




Total Stockholder's Equity

39,526,775


29,083,191











Total Liabilities and Stockholder's Equity

$       579,887,626


$        536,747,654











Book Value Per Share

$                  37.81


$                   32.43

 

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-QTD












9/30/2023


9/30/2022





(Unaudited)




Interest Income:






Loans

$           4,733,783


$            3,534,167



Securities available for sale







State, County & Municipal

189,440


188,176




Treasuries & Agencies

1,087,633


553,324




 Corporate

104,790


94,766



Federal funds sold & other

744,849


184,664



Total Interest Income

6,860,496


4,555,096









Interest Expense:






Deposits

1,289,891


178,823



Other

407,967


160,356



Total Interest Expense

1,697,858


339,179











Net interest income

5,162,637


4,215,916









Provision for loan losses

75,998


--










Net income after provision for loan losses

5,086,639


4,215,916









Noninterest income






Service charges on deposit accounts

161,756


163,274



Gain (loss) on Sale of Assets

--


0



Bargain Purchase Gain - Elberton Federal

2,058,797


--



Securities gains (losses), net

2,237


749



Mortgage banking income

329,546


246,892



SBA loan related income

200,259


169,851



Commissions on investment sales

42,660


38,849



Other

350,720


412,861



Total noninterest income

3,145,975


1,032,476









Noninterest expense






Salaries and employee benefits

2,850,574


2,304,341



Occupancy

367,261


283,741



Other operating

1,750,251


1,334,835



Total noninterest expense

4,968,086


3,922,917











Income before provision for income taxes

3,264,528


1,325,475









Provision for income taxes

331,629


293,244











Net Income

$           2,932,899


$            1,032,230











Period-Ending Outstanding Shares

1,045,512


896,074




Weighted Average Shares Outstanding

920,582


896,823




QTD Earnings Per Common Share

$                    3.19


$                     1.15

 

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-YTD












9/30/2023


9/30/2022





(Unaudited)




Interest Income:






Loans

$         13,042,308


$          10,157,749



Securities available for sale







State, County & Municipal

568,664


576,141




Treasuries & Agencies

3,137,208


1,178,880




Corporate

294,322


284,505



Federal funds sold & other

1,424,397


311,793



Total Interest Income

18,466,899


12,509,068









Interest Expense:






Deposits

2,644,659


507,950



Other

878,002


472,330



Total Interest Expense

3,522,660


980,280











Net interest income

14,944,239


11,528,788









Provision for loan losses

102,141


--










Net income after provision for loan losses

14,842,098


11,528,788









Noninterest income






Service charges on deposit accounts

483,374


486,663



Gain (loss) on Sale of Assets

3,900


218,227



Bargain Purchase Gain - Elberton Federal

2,058,797


--



Securities gains (losses), net

2,237


749



Mortgage banking income

702,065


863,766



SBA loan related income

712,006


985,214



Commissions on investment sales

103,452


100,484



Other

1,115,537


1,225,014



Total noninterest income

5,181,368


3,880,117









Noninterest expense






Salaries and employee benefits

8,027,456


6,867,311



Occupancy

986,627


891,742



Other operating

4,898,714


3,952,804



Total noninterest expense

13,912,797


11,711,857











Income before provision for income taxes

6,110,669


3,697,048









Provision for income taxes

1,031,341


844,965











Net Income

$           5,079,328


$            2,852,083











Period-Ending Outstanding Shares

1,045,512


896,074




Weighted Average Shares Outstanding

920,582


896,823




YTD Earnings Per Common Share

$                    5.52


$                     3.18

 

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/oconee-financial-corporation-reports-third-quarter-2023-results-301984097.html

SOURCE Oconee Financial Corporation