Oconee Financial Corporation is pleased to report results for the fourth quarter of 2022.  Unaudited net income for the three months ending December 31, 2022, was $1,271,602 or $1.42 per common share.  This compares to $708,199 or $0.79 per common share for the fourth quarter of the prior year, an increase of 79.6%.  The increase in net earnings for the fourth quarter 2022 was mainly attributable to an increase in net interest income of $852,000 compared to the same period of 2021.  This was mainly due to increases in interest income on investments of $660,000 and interest income on interest-bearing bank balances of $395,000.

Unaudited net income YTD as of December 31, 2022 was $4,123,685 or $4.60 per common share.  This compares to $2,999,529 or $3.35 per common share for the year ended December 31, 2021.  This represents an increase of 37.5% in net earnings YTD December 31, 2022 as compared to the same period in 2021. 

Total assets as of December 31, 2022 were $536.7 million, compared to total assets of $571.1 million as of December 31, 2021, a decrease of 6.0%.  Total loans were $295.6 million and total deposits were $494.9 million as of December 31, 2022.  This compared to total loans of $298.0 million and deposits of $519.7 million at December 31, 2021.  As of December 31, 2022, total loans decreased 0.8% and total deposits decreased 4.8% versus December 31, 2021.  The decrease in total deposits and total assets is primarily due to a decline in retail and municipal deposits.  Book value per share at December 31, 2022 was $32.43 versus $43.88 at December 31, 2021.  The decrease in book value per share during the year was due to unrealized losses in the Bank's investment portfolio.

Neil Stevens, President and Chief Executive Officer of Oconee, commenting on the fourth quarter's results noted, "We were very pleased with both the fourth quarter and full year results for 2022.  We believe we're successfully navigating a very challenging interest rate environment.  We continue to see good loan production and sound credit quality."   

Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service financial centers and one loan production office.  In February 2023, Oconee State bank celebrated 63 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.