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.