Oconee Financial Corporation Reports Fourth Quarter 2023 Results
WATKINSVILLE, Ga., Feb. 9, 2024 /PRNewswire/ — Oconee Financial Corporation (“Oconee”) (OTCQX: OSBK) is pleased to report results for the fourth quarter of 2023. Unaudited net income for the three months ending December 31, 2023, was $847 thousand or $0.90 per common share. This compares to $1.3 million or $1.42 per common share for the fourth quarter of 2022, a decrease of 33%. The decrease in net earnings for the fourth quarter 2023 was mainly attributable to a decrease in non-interest income of $77 thousand and an increase of net interest income of $741 thousand, offset by an increase in non-interest expense of $1.0 million over the same period of 2022. The decrease in non-interest income was due to the recording of a tax related adjustment to the bargain purchase gain of $222 thousand from the merger with Elberton Federal Savings & Loan Association (“Elberton Federal”). This decrease was offset by an increase in Mortgage Banking income of $108 thousand over the same period of 2022. $780 thousand of the quarterly increase in non-interest expense was attributable to expenses related to the Elberton Federal merger and higher incentive accruals in the fourth quarter. The net interest income increase was mainly due to increases in interest income on loans of $1.5 million, interest income on investments of $181 thousand, and interest income on interest-bearing bank balances of $942 thousand, offset by increases in interest expense on deposits and interest expense on borrowings of $1.9 million.