Oconee Financial Corporation (OTCQX: OSBK) is pleased to report results for the fourth quarter of 2020. Unaudited net income for the three months ending December 31, 2020, was $333,597 or $0.37 per common share. This compares to $1,936,380 or $2.17 per common share for the fourth quarter of 2019 and $516,483 or $0.58 per common share for the third quarter of 2020. Fourth quarter 2020's results included $387,500 of loan loss provision expense versus $142,500 for the fourth quarter of 2019 and $487,500 for the third quarter of 2020. Fourth quarter 2019's results included an after-tax gain on sale of Oconee's operations center of $1.3 million, or $1.45 per common share.
Unaudited net income for the year ended December 31, 2020 was $1,888,792 or $2.11 per common share. This compares to $3,759,365 or $4.20 per common share for YTD as of December 31 of the prior year. This represents a decrease of 49.8% in net earnings for the year ended December 31, 2020 as compared to the same period in 2019. Excluding the gain on sale of the operations center, net income declined $573 thousand or $0.64 per share.
Total assets as of December 31, 2020, were $494.5 million, compared to total assets of $399.5 million as of December 31, 2019, an increase of $95.0 million, or 24%. Total loans were $319.6 million and deposits were $444.7 million as of December 31, 2020. This compared to total loans of $248.8 million and deposits of $361.5 million at December 31, 2019. As of December 31, 2020, total loans have increased 28.5% and total deposits have increased 23.0% versus December 31, 2019.
Neil Stevens, President and Chief Executive Officer of Oconee stated "our fourth quarter results were impacted by an additional loan loss provision of $200,000. This follows an additional $300,000 loan loss provision in the third quarter of 2020. While credit quality remains stable, we believe it was prudent in light of current economic conditions to book an additional loan loss provision this year of $500,000.
Stevens added "we've been privileged to play a very essential role in helping businesses in our communities recover from the economic impact of COVID-19. In 2020, we loaned over $55 million in PPP loans to over 600 businesses. We stand ready to assist customers with the next round of PPP loans."
Oconee Financial Corporation is headquartered in Watkinsville, Georgia and operates four full-service branches and one limited-service loan production office. In February 2021, Oconee State bank celebrated 61 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.
