WATKINSVILLE, Ga., Nov. 10, 2020 /PRNewswire/ — Oconee Financial Corporation (“Oconee”) (OTCQX: OSBK) is pleased to report results for the third quarter of 2020. Unaudited net income for the three months ending September 30, 2020, was $516,483 or $0.58 per common share. This compares to $629,863 or $0.71 per common share for the third quarter of 2019 and $889,370 or $0.99 per common share for the second quarter of 2020. Third quarter 2020’s results included $487,500 of loan loss provision expense versus $142,500 for the third quarter of 2019 and $187,500 for the second quarter of 2020.
Unaudited net income YTD as of September 30, 2020 was $1,555,195 or $1.73 per common share. This compares to $1,822,985 or $2.03 per common share for YTD as of September 30 of the prior year. This represents a decrease of 14.7% in net earnings YTD September 30, 2020 as compared to the same period in 2019.
Total assets as of September 30, 2020, were $469.4 million, compared to total assets of $399.5 million as of December 31, 2019. Total loans were $326.1 million and deposits were $391.2 million as of September 30, 2020. This compared to total loans of $248.8 million and deposits of $361.5 million at December 31, 2019. As of September 30, 2020, total loans have increased 31.1% and total deposits have increased 8.2% versus December 31, 2019.
Neil Stevens, President and Chief Executive Officer of Oconee stated “while third quarter 2020’s earnings showed a decline over the third quarter of 2019, this was the result of additional loan loss provisioning in the third quarter. This move, along with the successful completion of a $10 million subordinated debt capital raise in August, both serve to further strengthen our balance sheet.”
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.
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