Oconee Financial : Balance Sheet and I/S - 06/30/22

OCONEE FINANCIAL CORPORATION

BALANCE SHEET

		6/30/2022			12/31/2021
		(Unaudited)
ASSETS
Cash and due from banks	$	32,116,471	$	85,774,514
Securities available for sale (at fair value)		150,386,861			162,165,152
Other investment		285,600			247,400
Mortgage loans held for sale		1,936,913			1,212,617
Loans, net of unearned income		298,456,019			302,523,687
Allowance for loan loss		(4,549,025)			(4,542,292)
Loans, net		293,906,994			297,981,395
Premises and equipment		7,990,608			8,602,518
Other assets		19,293,786			15,158,402
Total Assets	$	505,917,233		$	571,141,998
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits	$	464,381,658	$	519,693,969
Subordinated debenture, net of capitalized expenses		9,806,419			9,794,445
Dividends payable		--			--
Accrued expenses and other liabilities		2,239,113			2,320,963
Total Liabilities		476,427,191			531,809,377
Stockholder's Equity:
Common Stock		1,795,900			1,795,076
Restricted Stock		(70,523)			(38,311)
Additional Paid in Capital		4,176,342			4,159,822
Retained earnings		34,460,929			33,268,328
Unrealized gain/loss on securities		(10,872,606)			147,706
Total Stockholder's Equity		29,490,042			39,332,621
Total Liabilities and Stockholder's Equity	$	505,917,233	$	571,141,998
Book Value Per Share	$	32.91	$	43.88

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-YTD

		6/30/2022			6/30/2021
		(Unaudited)
Interest Income:
Loans	$	6,623,582	$	7,740,280
Securities available for sale
State, County & Municipal		387,964			353,938
Treasuries & Agencies		625,557			360,916
Corporate		189,740			158,622
Federal funds sold & other		127,129			39,954
		7,953,972			8,653,710
Interest Expense:
Deposits		329,127			546,632
Other		311,974			311,974
Total Interest Expense		641,101			858,606
Net interest income		7,312,871			7,795,104
Provision for loan losses		--			235,500
Net income after provision for loan losses		7,312,871			7,559,604
Noninterest income
Service charges on deposit accounts		323,389			215,134
Gain (loss) on Sale of Assets		218,227			(36,462)
Securities gains (losses), net		--			172,312
Mortgage banking income		616,875			1,202,670
SBA loan related income		815,364			118,545
Commissions on investment sales		61,635			139,341
Other		812,152			749,472
Total noninterest income		2,847,642			2,561,011
Noninterest expense
Salaries and employee benefits		4,562,970			4,645,279
Occupancy		608,000			661,406
Other operating		2,617,969			2,743,975
Total noninterest expense		7,788,939			8,050,659
Income before provision for income taxes		2,371,574			2,069,956
Provision for income taxes		551,721			433,318
Net Income	$	1,819,853	$	1,636,638
Period-Ending Outstanding Shares		896,074			895,662
Weighted Average Shares Outstanding		896,823			895,662
YTD Earnings Per Common Share	$	2.03	$	1.83

OCONEE FINANCIAL CORPORATION

STATEMENT OF INCOME-QTD

		6/30/2022			6/30/2021
		(Unaudited)
Interest Income:
Loans	$	3,333,559	$	3,887,179
Securities available for sale
State, County & Municipal		192,939			166,595
Treasuries & Agencies		323,493			256,269
Corporate		94,766			90,849
Federal funds sold & other		89,475			19,381
		4,034,232			4,420,273
Interest Expense:
Deposits		158,246			260,545
Other		155,987			155,987
Total Interest Expense		314,233			416,532
Net interest income		3,719,999			4,003,741
Provision for loan losses		--			--
Net income after provision for loan losses		3,719,999			4,003,741
Noninterest income
Service charges on deposit accounts		160,443			108,952
Gain (loss) on Sale of Assets		218,227			(36,462)
Securities gains (losses), net		--			(23,991)
Mortgage banking income		238,374			617,436
SBA loan related income		712,838			74,099
Commissions on investment sales		37,890			60,124
Other		411,082			347,393
Total noninterest income		1,778,854			1,147,551
Noninterest expense
Salaries and employee benefits		2,262,774			2,354,327
Occupancy		305,094			354,390
Other operating		1,321,550			1,416,609
Total noninterest expense		3,889,418			4,125,325
Income before provision for income taxes		1,609,435			1,025,966
Provision for income taxes		379,959			213,549
Net Income	$	1,229,477	$	812,417
Period-Ending Outstanding Shares		896,074			895,662
Weighted Average Shares Outstanding		896,823			895,662
QTD Earnings Per Common Share	$	1.37	$	0.91