Oconee Financial Corporation Reports Second Quarter 2020 Results

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Aug 03, 2020, 20:15 ET

WATKINSVILLE, Ga., Aug. 3, 2020 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the second quarter of 2020. Unaudited net income for the three months ending June 30, 2020, was $889,370 or $0.99 per common share. This compares to $669,248 or $0.75 per common share for the second quarter of the prior year. This represents a 32.9% increase in net earnings in the second quarter of 2020 as compared to the same period in 2019.

Unaudited net income YTD as of June 30, 2020 was $1,038,711 or $1.15 per common share. This compares to $1,193,124 or $1.33 per common share for YTD as of June 30 of the prior year. This represents a decrease of 12.9% in net earnings YTD June 30, 2020 as compared to the same period in 2019.

Total assets as of June 30, 2020, were $469.1 million, compared to total assets of $399.5 million as of December 31, 2019. Total loans were $319.2 million and deposits were $400.2 million as of June 30, 2020. This compared to total loans of $248.8 million and deposits of $361.5 million at December 31, 2019. As of June 30, 2020, total loans have increased 28.3% and total deposits have increased 10.7% versus December 31, 2019.

Neil Stevens, President and Chief Executive Officer of Oconee stated "We're pleased with second quarter earnings and the improvement over the prior year second quarter and the first quarter of 2020. During the quarter we provided over $55 million in Paycheck Protection Program loans, marking the lives of many people in our communities."

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service loan production office. In February 2020, Oconee State bank celebrated 60 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

				6/30/2020	12/31/2019
				(Unaudited)
ASSETS
		Cash and due from banks		$ 69,628,726	$ 38,099,324
		Securities available for sale (at fair value)		56,575,424	99,228,506
		Other investment		359,600	314,900
		Mortgage loans held for sale		6,271,606	1,572,800
		Loans, less allowance for loan
			losses	319,225,237	248,771,230
		Premises and equipment		4,178,827	4,294,867
		Other real estate owned		--	--
		Other assets		12,888,452	7,239,812
			Total Assets	$ 469,127,872	$ 399,521,439

LIABILITIES AND STOCKHOLDERS' EQUITY
	Liabilities:
		Deposits		$ 400,184,890	$ 361,522,574
		Repurchase agreements		--	--
		Dividends payble		--	--
		Other borrowings		29,396,699	0
		Accrued expenses and other liabilities		2,679,856	2,331,769
			Total Liabilities	432,261,445	363,854,343

	Stockholder's Equity:
		Common Stock		1,792,750	1,793,760
		Restricted Stock		(36,745)	(36,745)
		Additional Paid in Capital		4,122,790	4,139,146
		Retained earnings		30,000,898	29,501,154
		Unrealized gain/loss on securities		986,735	269,781
			Total Stockholder's Equity	36,866,427	35,667,096

			Total Liabilities and Stockholder's Equity	$ 469,127,872	$ 399,521,439

OCONEE FINANCIAL CORPORATION
STATEMENT OF INCOME-QTD

				6/30/2020	6/30/2019
				(Unaudited)
	Interest Income:
		Loans		$ 3,794,685	$ 3,117,939
		Securities available for sale
			State, County & Municipal	85,972	117,974
			Treasuries & Agencies	205,124	332,448
			Corporate	875
		Federal funds sold & other		19,445	30,750
				4,106,100	3,599,112

	Interest Expense:
		Deposits		375,380	343,085
		Other		18,196	9,541
		Total Interest Expense		393,576	352,626

			Net interest income	3,712,524	3,246,486

	Provision for loan losses			187,500	142,500

		Net income after provision for loan losses		3,525,024	3,103,986

	Noninterest income
		Service charges on deposit accounts		99,217	142,790
		Gain on Sale of Assets		(13,291)	--
		Securities gains (losses), net		163,994	9,626
		Mortgage banking income		461,907	104,101
		SBA loan related income		179,570	394,976
		Commissions on investment sales		137,669	169,827
		Other		287,875	289,478
		Total noninterest income		1,316,941	1,110,798

	Noninterest expense
		Salaries and employee benefits		2,466,504	2,139,609
		Occupancy		308,330	325,290
		Other operating		939,104	913,472
		Total noninterest expense		3,713,937	3,378,371

			Income before provision for income taxes	1,128,028	836,414

	Provision for income taxes			238,658	167,166

			Net Income	$ 889,370	$ 669,248

			Weighted Shares Outstanding	895,401	900,401
			QTD Earnings Per Common Share	$ 0.99	$ 0.75

OCONEE FINANCIAL CORPORATION
STATEMENT OF INCOME-YTD

				6/30/2020	6/30/2019
				(Unaudited)
	Interest Income:
		Loans		$ 7,065,011	$ 5,928,892
		Securities available for sale
			State, County & Municipal	174,792	264,536
			Treasuries & Agencies	496,949	678,092
			Corporate	875
		Federal funds sold & other		160,255	148,241
				7,897,881	7,019,762

	Interest Expense:
		Deposits		972,292	643,841
		Other		18,196	9,541
		Total Interest Expense		990,488	653,382

			Net interest income	6,907,393	6,366,380

	Provision for loan losses			375,000	285,000

		Net income after provision for loan losses		6,532,393	6,081,380

	Noninterest income
		Service charges on deposit accounts		230,047	288,435
		Gain on Sale of Assets		(13,291)	--
		Securities gains (losses), net		163,994	9,626
		Mortgage banking income		623,399	171,232
		SBA loan related income		309,548	589,700
		Commissions on investment sales		283,289	287,248
		Other		609,281	644,044
		Total noninterest income		2,206,267	1,990,285

	Noninterest expense
		Salaries and employee benefits		4,897,962	4,201,990
		Occupancy		593,458	646,320
		Other operating		1,957,722	1,755,262
		Total noninterest expense		7,449,141	6,603,572

			Income before provision for income taxes	1,289,518	1,468,093

	Provision for income taxes			250,807	274,969

			Net Income	$ 1,038,711	$ 1,193,124

			Weighted Shares Outstanding	895,401	900,401
			YTD Earnings Per Common Share	$ 1.15	$ 1.33