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Oconee Financial Corporation (symbol: OSBK), headquartered in Watkinsville, Georgia, operates as a locally owned and operated community bank through its subsidiary, Oconee State Bank. Established in 1960, the bank has grown to operate six full-service financial centers across Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, with its latest expansion into Elbert County.
Oconee State Bank offers a competitive line of products and services, including personal banking, business banking, and lending solutions. The bank is a member of the FDIC and an equal housing lender, committed to serving its communities with personalized service, innovative products, and local decision-making.
Recently, Oconee Financial Corporation completed the acquisition of Elberton Federal Savings & Loan Association, which converted from a mutual savings association to a stock savings association before merging into Oconee State Bank. This strategic acquisition has expanded Oconee State Bank's footprint and added significant value to its assets, which stood at approximately $556 million post-merger.
In terms of financial performance, Oconee Financial Corporation reported robust results for the third and fourth quarters of 2023. The third quarter saw an unaudited net income of $2.9 million, marking a 184% increase compared to the same period in 2022. The fourth quarter, however, experienced a slight dip with a net income of $847 thousand, yet the year-to-date figures showed a 44% increase in net earnings. This performance was driven by increases in interest income on loans and investments, despite a challenging interest rate environment.
CEO Neil Stevens has been vocal about the bank's commitment to providing exceptional service and fostering a strong community presence. The acquisition of Elberton Federal has not only added experienced bankers to the team but has also expanded the bank's customer base and service offerings.
Oconee State Bank continues to uphold its legacy as the only locally owned and operated community bank headquartered in Oconee County. The bank strives to create remarkable experiences for its customers and stakeholders, emphasizing local ownership and involvement. For a comprehensive list of products and services, please visit their website.
Oconee Financial Corporation (OTCQX: OSBK) announced an annual cash dividend of $0.85 per share for 2023, reflecting a 21% increase from the previous $0.70. This dividend is payable on April 3, 2023, to shareholders recorded as of March 15, 2023. CEO Neil Stevens attributed the dividend rise to improved earnings in 2022, showcasing the company’s financial strength. Headquartered in Watkinsville, Georgia, Oconee Financial operates multiple financial centers and has celebrated over 63 years of service as a locally owned community bank.
Oconee Financial Corporation (OSBK) reported a 79.6% increase in net income for Q4 2022, totaling $1,271,602 or $1.42 per share, compared to $708,199 or $0.79 per share in Q4 2021. The YTD net income as of December 31, 2022, rose 37.5% to $4,123,685 or $4.60 per share, compared to $2,999,529 in 2021. Total assets decreased 6.0% to $536.7 million, with total loans declining 0.8% and total deposits down 4.8%. Book value per share dropped from $43.88 to $32.43 due to unrealized investment losses. CEO Neil Stevens expressed confidence in the bank's performance amid a challenging interest rate environment.
Oconee Financial Corporation (OTCQX: OSBK) reported a strong third quarter of 2022, with net income of $1,032,230 or $1.15 per common share, marking a 57.7% increase from $654,692 or $0.73 per share in Q3 2021. Year-to-date net income reached $2,852,083 or $3.18 per share, up 24.5% from the prior year. The growth was driven by a $489,000 increase in interest income on investments, while total assets decreased 6.7% to $533 million, largely due to seasonal municipal deposit declines. Book value per share dropped to $30.54 from $43.88 at the end of 2021.
Oconee Financial Corporation (OTCQX: OSBK) reported a net income of $1,229,477 or $1.37 per share for Q2 2022, a 51.3% increase from the prior year. The growth was driven by a $639,000 increase in SBA loan income, despite a $284,000 decline in net interest income due to lower PPP loan fees. Year-to-date net income reached $1,819,853, up 11.2% year-over-year. Total assets fell 11.4% to $505.9 million, with total deposits dropping 10.6% to $464.4 million. The book value per share decreased to $32.91 from $43.88.
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