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Press Release: Oconee Financial Corporation Reports Fourth Quarter 2020 Results

· 02/04/2021 17:18
OCONEE FINANCIAL CORPORATION BALANCE SHEET 12/31/2020 12/31/2019 (Unaudited) ASSETS ----------------------------------- Cash and due from banks $ 76,418,430 $ 38,099,324 Securities available for sale (at fair value) 75,548,813 99,228,506 Other investment 359,700 314,900 Mortgage loans held for sale 6,408,720 1,572,800 Loans, less allowance for loan losses 319,567,770 248,771,230 Premises and equipment 5,103,036 4,294,867 Other real estate owned -- -- Other assets 11,129,233 7,239,812 Total Assets $ 494,535,702 $ 399,521,439 LIABILITIES AND STOCKHOLDERS' EQUITY ----------------------------------- Liabilities: Deposits $ 444,701,932 $ 361,522,574 Repurchase agreements -- -- Subordinated debenture, net of capitalized expenses 9,770,497 -- Dividends payable -- -- Other borrowings -- -- Accrued expenses and other liabilities 1,928,168 2,331,769 Total Liabilities 456,400,597 363,854,343 Stockholder's Equity: Common Stock 1,794,250 1,793,760 Restricted Stock (37,977) (36,745) Additional Paid in Capital 4,147,114 4,139,146 Retained earnings 30,850,979 29,501,154 Unrealized gain/loss on securities 1,380,739 269,781 Total Stockholder's Equity 38,135,105 35,667,096 Total Liabilities and Stockholder's Equity $ 494,535,702 $ 399,521,439 OCONEE FINANCIAL CORPORATION STATEMENT OF INCOME - QTD 12/31/2020 12/31/2019 (Unaudited) Interest Income: Loans $ 3,702,713 $ 3,221,637 Securities available for sale State, County & Municipal 150,758 93,972 Treasuries & Agencies 139,227 296,051 Corporate 45,187 -- Federal funds sold & other 23,305 145,286 Total Interest Income 4,061,190 3,756,947 Interest Expense: Deposits 287,415 475,516 Other 180,617 398 Total Interest Expense 468,032 475,914 Net interest income 3,593,158 3,281,033 Provision for loan losses 387,500 142,500 Net income after provision for loan loss 3,205,658 3,138,533 Noninterest income Service charge on deposit accounts 114,185 139,893 Gain on Sale of Assets 500 1,781,545 Securities gains (losses), net -- 930 Mortgage banking income 668,645 194,979 SBA loan related income 26,539 271,413 Commissions on investment sales 106,387 123,821 Other 337,942 306,319 Total noninterest income 1,254,199 2,818,900 Noninterest expense Salaries and employee benefits 2,593,870 2,178,654 Occupancy 304,014 380,418 Other operating 1,203,960 872,193 Total noninterest expense 4,101,844 3,431,265 Income before provision for income tax 358,013 2,526,168 Provision for income taxes 24,415 589,788 Net Income $ 333,597 $ 1,936,380 Period-Ending Outstanding Shares 897,125 896,880 Weighted Average Shares Outstanding 896,163 895,742 QTD Earnings Per Common Share $ 0.37 $ 2.17 OCONEE FINANCIAL CORPORATION STATEMENT OF INCOME-YTD 12/31/2020 12/31/2019 (Unaudited) Interest Income: Loans $ 14,587,768 $ 12,381,600 Securities available for sale State, County & Municipal 407,768 454,790 Treasuries & Agencies 804,391 1,259,350 Corporate 58,594 -- Federal funds sold & other 203,373 375,577 16,061,894 14,471,317 Interest Expense: Deposits 1,597,785 1,523,254 Other 316,410 11,211 Total Interest Expense 1,914,195 1,534,465 Net interest income 14,147,699 12,936,852 Provision for loan losses 1,250,000 570,000 Net income after provision for loan losses 12,897,699 12,366,852 Noninterest income Service charges on deposit accounts 453,798 584,527 Gain on Sale of Assets (17,655) 1,781,545 Securities gains (losses), net 182,860 7,437 Mortgage banking income 1,919,163 518,339 SBA loan related income 615,891 1,076,190 Commissions on investment sales 536,908 510,184 Other 1,258,024 1,249,918 Total noninterest income 4,948,990 5,728,140 Noninterest expense Salaries and employee benefits 10,085,635 8,493,647 Occupancy 1,204,014 1,358,796 Other operating 4,301,175 3,465,678 Total noninterest expense 15,590,824 13,318,121 Income before provision for income taxes 2,255,864 4,776,871 Provision for income taxes 367,072 1,017,506 Net Income $ 1,888,792 $ 3,759,365 Period-Ending Outstanding Shares 897,125 896,880 Weighted Average Shares Outstanding 896,163 895,742 YTD Earnings Per Common Share $ 2.11 $ 4.20

Oconee Financial Corporation Reports Fourth Quarter 2020 Results

PR Newswire

WATKINSVILLE, Ga., Feb. 4, 2021

WATKINSVILLE, Ga., Feb. 4, 2021 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the fourth quarter of 2020. Unaudited net income for the three months ending December 31, 2020, was $333,597 or $0.37 per common share. This compares to $1,936,380 or $2.17 per common share for the fourth quarter of 2019 and $516,483 or $0.58 per common share for the third quarter of 2020. Fourth quarter 2020's results included $387,500 of loan loss provision expense versus $142,500 for the fourth quarter of 2019 and $487,500 for the third quarter of 2020. Fourth quarter 2019's results included an after-tax gain on sale of Oconee's operations center of $1.3 million, or $1.45 per common share.

Unaudited net income for the year ended December 31, 2020 was $1,888,792 or $2.11 per common share. This compares to $3,759,365 or $4.20 per common share for YTD as of December 31 of the prior year. This represents a decrease of 49.8% in net earnings for the year ended December 31, 2020 as compared to the same period in 2019. Excluding the gain on sale of the operations center, net income declined $573 thousand or $0.64 per share.

Total assets as of December 31, 2020, were $494.5 million, compared to total assets of $399.5 million as of December 31, 2019, an increase of $95.0 million, or 24%. Total loans were $319.6 million and deposits were $444.7 million as of December 31, 2020. This compared to total loans of $248.8 million and deposits of $361.5 million at December 31, 2019. As of December 31, 2020, total loans have increased 28.5% and total deposits have increased 23.0% versus December 31, 2019.

Neil Stevens, President and Chief Executive Officer of Oconee stated "our fourth quarter results were impacted by an additional loan loss provision of $200,000. This follows an additional $300,000 loan loss provision in the third quarter of 2020. While credit quality remains stable, we believe it was prudent in light of current economic conditions to book an additional loan loss provision this year of $500,000.

Stevens added "we've been privileged to play a very essential role in helping businesses in our communities recover from the economic impact of COVID-19. In 2020, we loaned over $55 million in PPP loans to over 600 businesses. We stand ready to assist customers with the next round of PPP loans."

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service loan production office. 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.

View original content:http://www.prnewswire.com/news-releases/oconee-financial-corporation-reports-fourth-quarter-2020-results-301222762.html

SOURCE Oconee Financial Corporation

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February 04, 2021 17:18 ET (22:18 GMT)