Oconee Financial Corporation Reports Fourth Quarter 2023 Results [Yahoo! Finance]
OCONEE FINL CORP (OSBK)
Company Research
Source: Yahoo! Finance
Unaudited net income for the three months ending December 31, 2023 , was $847 thousand or per common share. This compares to $1.3 million or 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 f
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