Oconee Financial Corporation Reports First Quarter 2023 Results

WATKINSVILLE, Ga., May 8, 2023 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX: OSBK) is pleased to report results for the first quarter of 2023.  Unaudited net income for the three months ending March 31, 2023, was $1,127,683 or $1.26 per common share.  This compares to $590,376 or $0.66 per common share for the first quarter of the prior year, an increase of 91%.  The increase in net earnings for the first quarter 2023 was mainly attributable to an increase in net interest income of $1,246,000 compared to the same period of 2022.  This was mainly due to increases in interest income on loans of $669,000, interest income on investments of $696,000 and interest income on interest-bearing bank balances of $268,000.

Total assets as of March 31, 2023, were $526.1 million, compared to total assets of $536.7 million as of December 31, 2022, a decrease of 2%.  Total loans were $298.8 million and total deposits were $466.2 million as of March 31, 2023.  This compared to total loans of $295.6 million and total deposits of $494.9 million at December 31, 2022.  As of March 31, 2023, total loans increased 1.08% and total deposits decreased 5.8% versus December 31, 2022.  The decrease in total deposits and total assets is primarily due to a seasonal decline in municipal deposits.  Book value per share at March 31, 2023 was $35.06 versus $32.43 at December 31, 2022.  The increase in book value per share during the year was due to improvement in the unrealized loss position in the Bank's investment portfolio.

Neil Stevens, President and Chief Executive Officer of Oconee, commenting on the first quarter's results noted "We were very pleased with the first quarter results for 2023.  Our first quarter 2023 results, in comparison to first quarter results of 2022, show that we're successfully navigating a challenging interest rate environment.  We continue to see good loan production and sound credit quality.  We were pleased to announce and pay an annual dividend of $0.85 per share in April.  This 21% increase over the dividend paid in 2022 reflects our overall financial strength.  We were also pleased to announce the recent opening of our Macon branch and expansion into the Central Georgia market."

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates five full-service financial centers and one loan production office.  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 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.

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SOURCE Oconee Financial Corporation