$OSBK

OCONEE FINANCIAL CORP

CIK:0001076691|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Interest Income:
Loans	$ 1,934,191	$ 2,102,964
Investment securities:
U.S. government agencies	505,386	506,420
State, county and municipal	139,432	142,810
Federal funds sold and other	17,063	13,938
Total interest income	2,596,072	2,766,132
Interest Expense:
Deposits	442,671	594,373
Other		59,448
Total interest expense	442,671	653,821
Net interest income	2,153,401	2,112,311
Provision for loan losses	100,000	500,000
Net interest income after provision for loan losses	2,053,401	1,612,311
Other Income:
Service charges on deposit accounts	189,387	188,597
Mortgage origination fees	78,540	19,312
Securities gains, net		23,139
Other operating income	250,779	296,064
Total other income	518,706	527,112
Other Expense:
Salaries and other personnel expense	1,026,567	1,086,435
Net occupancy and equipment expense	211,363	287,477
Other operating expense	707,493	790,745
Total other expense	1,945,423	2,164,657
Earnings (loss) before income taxes (benefit)	626,684	(25,234)
Income taxes (benefit)	250,397	(9,722)
Net earnings (loss)	$ 376,287	$ (15,512)
Earnings (loss) per common share based on average outstanding shares of 899,815 (in Dollars per share)	$ 0.42	$ (0.02)

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net earnings (loss)	$ 376,287	$ (15,512)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Provision for loan losses	100,000	500,000
Depreciation, amortization and accretion	183,533	156,182
Loss on sales and disposals of fixed assets	57,887
Gain on sales of securities		(23,139)
Loss on other real estate owned	1,467	13,950
Change in assets and liabilities:
Interest receivable and other assets	936,203	(5,552)
Interest payable and other liabilities	(590,381)	73,777
Mortgage loans held for sale	659,265	183,500
Net cash provided by operating activities	1,724,261	883,206
Cash flows from investing activities:
Proceeds from sales of investment securities available for sale		718,700
Proceeds from calls, maturities, and paydowns of investment securities available for sale	7,315,515	3,038,430
Purchases of investment securities available for sale	(1,110,465)	(1,600,910)
Net change in loans	1,419,461	3,147,474
Purchases of premises and equipment	(20,871)	(17,245)
Proceeds from sales of other real estate	72,129
Net cash provided by investing activities	7,675,769	5,286,449
Cash flows from financing activities:
Net change in deposits	17,579,986	(3,357,087)
Net change in securities sold under repurchase agreements		(1,412,854)
Net cash provided by (used in) financing activities	17,579,986	(4,769,941)
Net increase in cash and cash equivalents	26,980,016	1,399,714
Cash and cash equivalents at beginning of period	18,194,898	29,958,828
Cash and cash equivalents at end of period	45,174,914	31,358,542
Supplemental cash flow information:
Cash paid for interest	447,192	686,521
Noncash investing and financing activities:
Transfer from loans to other real estate owned	1,347,044	282,604
Transfer of other real estate to loans	268,548	115,842
Change in net unrealized gains on investment securities available for sale, net of tax	$ 47,636	$ 142,465

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Assets
Cash and due from banks, including reserve requirements of $25,000	$ 45,174,914	$ 18,194,898
Investment securities available for sale	77,137,632	83,374,233
Restricted equity securities	461,100	461,100
Mortgage loans held for sale	368,550	1,027,815
Loans, net of allowance for loan losses of $2,738,252 and $2,760,160	138,623,645	141,221,602
Premises and equipment, net	5,533,797	5,646,012
Other real estate owned	7,615,574	6,610,674
Accrued interest receivable and other assets	2,344,270	3,309,621
Total assets	277,259,482	259,845,955
Deposits
Noninterest-bearing	38,155,331	34,022,991
Interest-bearing	216,036,691	202,589,045
Total deposits	254,192,022	236,612,036
Accrued interest payable and other liabilities	461,051	1,051,432
Total liabilities	254,653,073	237,663,468
Common stock, $2 par value; authorized 1,500,000 shares; issued and outstanding 899,815 shares	1,799,630	1,799,630
Additional paid-in capital	4,243,332	4,243,332
Retained earnings	15,477,756	15,101,470
Accumulated other comprehensive income	1,085,691	1,038,055
Total stockholders’ equity	22,606,409	22,182,487
Total liabilities and stockholders’ equity	$ 277,259,482	$ 259,845,955