Oconee Financial Corporation Reports First Quarter 2021 Results
WATKINSVILLE, Ga., May 5, 2021 /PRNewswire/ -- Oconee Financial Corporation ("Oconee") (OTCQX:OSBK) is pleased to report results for the first quarter of 2021. Unaudited net income for the three months ending March 31, 2021, was $824,221 or $0.92 per common share. This compares to $149,342 or $0.17 per common share for the first quarter of the prior year. This represents a 452% increase in net earnings in the first quarter of 2021 as compared to the same period in 2020. The increase in earnings over the year ago quarter was primarily attributable to increases in net interest income from Paycheck Protection Program (PPP) fees recognized of $591 thousand and increases in mortgage banking income of $423 thousand.
Total assets as of March 31, 2021, were $516.7 million, compared to total assets of $494.5 million as of December 31, 2020. Total loans were $326.4 million and deposits were $467.3 million as of March 31, 2021. This compared to total loans of $319.6 million and deposits of $444.7 million at December 31, 2020. For the quarter ended March 31, 2021, total loans increased 2.1% and total deposits increased 5.1% versus December 31, 2020.
Neil Stevens, President and Chief Executive Officer of Oconee stated "we were pleased with our quarterly results, particularly the improvement in earnings over the year ago quarter, as well as the nice growth in loans and deposits during the quarter. We are also happy to report that through the end of April, we have made over $17 million of loans under the second round of PPP. This is in addition to the $56 million of PPP loans we made in the first round of PPP. This level of PPP lending demonstrates our commitment to our vision of being essential to the lives, businesses and communities we serve."
Stevens also noted "in March, our board of directors voted to increase our annual dividend from $0.60 per share to $0.65 per share, an increase of 8.3%. We're pleased to be able to share a larger portion of our financial success with our shareholders. Also during the first quarter, we converted our downtown Athens loan production office at One Press Place to a full service office. The Athens Financial Center can now offer our customers our full suite of products and services."
Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service branch. 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.
OCONEE FINANCIAL CORPORATION | ||||||
BALANCE SHEET | ||||||
3/31/2021 | 12/31/2020 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and due from banks | $ 63,471,003 | $ 76,418,430 | ||||
Securities available for sale (at fair value) | 98,489,775 | 75,548,813 | ||||
Other investment | 247,400 | 359,700 | ||||
Mortgage loans held for sale | 9,668,013 | 6,408,720 | ||||
Loans, net of unearned income | 330,707,661 | 323,624,861 | ||||
Allowance for loan loss | (4,304,195) | (4,057,091) | ||||
Loans, net | 326,403,466 | 319,567,770 | ||||
Premises and equipment | 6,427,021 | 5,103,036 | ||||
Other real estate owned | -- | -- | ||||
Other assets | 11,955,318 | 11,129,233 | ||||
Total Assets | $ 516,661,995 | $ 494,535,702 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Liabilities: | ||||||
Deposits | $ 467,283,879 | $ 444,701,932 | ||||
Subordinated debenture, net of capitalized expenses | 9,776,484 | 9,770,497 | ||||
Dividends payable | 582,180 | -- | ||||
Accrued expenses and other liabilities | 1,553,078 | 1,928,168 | ||||
Total Liabilities | 479,195,622 | 456,400,597 | ||||
Stockholder's Equity: | ||||||
Common Stock | 1,795,076 | 1,794,250 | ||||
Restricted Stock | (63,724) | (37,976) | ||||
Additional Paid in Capital | 4,159,822 | 4,147,114 | ||||
Retained earnings | 31,093,020 | 30,850,978 | ||||
Unrealized gain/loss on securities | 482,180 | 1,380,739 | ||||
Total Stockholder's Equity | 37,466,373 | 38,135,105 | ||||
Total Liabilities and Stockholder's Equity | $ 516,661,995 | $ 494,535,702 | ||||
OCONEE FINANCIAL CORPORATION | ||||||
STATEMENT OF INCOME-YTD | ||||||
3/31/2021 | 3/31/2020 | |||||
(Unaudited) | ||||||
Interest Income: | ||||||
Loans | $ 3,853,102 | $ 3,270,326 | ||||
Securities available for sale | ||||||
State, County & Municipal | 187,343 | 88,820 | ||||
Treasuries & Agencies | 104,647 | 291,825 | ||||
Corporate | 67,773 | -- | ||||
Federal funds sold & other | 20,573 | 140,810 | ||||
4,233,437 | 3,791,781 | |||||
Interest Expense: | ||||||
Deposits | 286,087 | 596,912 | ||||
Other | 155,987 | -- | ||||
Total Interest Expense | 442,074 | 596,912 | ||||
Net interest income | 3,791,363 | 3,194,869 | ||||
Provision for loan losses | 235,500 | 187,500 | ||||
Net income after provision for loan losses | 3,555,863 | 3,007,369 | ||||
Noninterest income | ||||||
Service charges on deposit accounts | 106,182 | 130,830 | ||||
Gain on Sale of Assets | -- | -- | ||||
Securities gains (losses), net | 196,303 | -- | ||||
Mortgage banking income | 585,233 | 161,492 | ||||
SBA loan related income | 44,446 | 129,978 | ||||
Commissions on investment sales | 79,217 | 145,620 | ||||
Other | 402,079 | 321,406 | ||||
Total noninterest income | 1,413,461 | 889,325 | ||||
Noninterest expense | ||||||
Salaries and employee benefits | 2,290,952 | 2,431,458 | ||||
Occupancy | 307,016 | 285,128 | ||||
Other operating | 1,327,366 | 1,018,618 | ||||
Total noninterest expense | 3,925,334 | 3,735,204 | ||||
Income before provision for income taxes | 1,043,990 | 161,491 | ||||
Provision for income taxes | 219,769 | 12,149 | ||||
Net Income | $ 824,221 | $ 149,342 | ||||
Period-Ending Outstanding Shares | 895,662 | 895,478 | ||||
Weighted Average Shares Outstanding | 895,662 | 895,478 | ||||
YTD Earnings Per Common Share | $ 0.92 | $ 0.17 | ||||
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SOURCE Oconee Financial Corporation