Oconee Financial Corporation (OSBK) Reports Second Quarter 2023 Results
WATKINSVILLE, Ga., Aug. 10, 2023 /PRNewswire/ — Oconee Financial Corporation (“Oconee”) (OTCQX: OSBK) is pleased to report results for the second quarter of 2023. Unaudited net income for the three months ending June 30, 2023, was $1,018,744 or $1.14 per common share. This compares to $1,229,477 or $1.37 per common share for the second quarter of the prior year, a decrease of 17.2%. The decrease in net earnings for the second quarter 2023 was mainly attributable to a decrease in non-interest income of $917,000 and an increase of non-interest expense of $555,000 over the same period of 2022, offset by an increase in net interest income of $1,200,000 compared to the same period of 2022. The decrease in non-interest income was due to a reduction of $650,000 in SBA loan related income. $327,000 of the increase in non-interest expense was expenses related to our merger with Elberton Federal Savings & Loan Association (“Elberton Federal”). The net interest income increase was mainly due to increases in interest income on loans of $1,016,000, interest income on investments of $719,000, and interest income on interest-bearing bank balances of $284,000. Second quarter of 2022 also included an after tax gain on sale of bank premises of $167,000.