Oconee Financial Corporation Reports Third Quarter 2023 Results
WATKINSVILLE, Ga., Nov. 9, 2023 /PRNewswire/ — Oconee Financial Corporation (“Oconee”) (OTCQX: OSBK) is pleased to report results for the third quarter of 2023. Unaudited net income for the three months ending September 30, 2023, was $2.9 million or $3.19 per common share. This compares to $1.0 million or $1.15 per common share for the third quarter of 2022, an increase of 184%. The increase in net earnings for the third quarter 2023 was mainly attributable to increases in non-interest income of $2.1 million and net interest income of $947,000, offset by an increase in non-interest expense of $1.0 million over the same period of 2022. The increase in non-interest income was due to the recording of a bargain purchase gain of $2.1 million from the merger with Elberton Federal Savings & Loan Association (“Elberton Federal”). $259,000 of the increase in non-interest expense was attributable to expenses related to the Elberton Federal merger. The net interest income increase was mainly due to increases in interest income on loans of $1.2 million, interest income on investments of $546,000, and interest income on interest-bearing bank balances of $560,000, offset by increases in interest expense on deposits and interest expense on borrowings of $1.3 million.