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**U.S. SECURITIES AND  EXCHANGE COMMISSION  Washington,  D.C.  20549  FORM 10-KSB**

x                    Annual Report Pursuant to Section 13 or 15(d) of                                 The Securities Exchange Act of 1934                                 For the Fiscal Year Ended December 31, 2001

 ̈                     Transition Report Pursuant to Section 13 or 15(d) of                                 The Securities Exchange Act of 1934

Commission  File Number 000-25267

              **Oconee  Financial  Corporation**                (Exact  name of registrant as specified in its charter)

|  Georgia                                                                  | 58-2442250                                          |
|--------------------------------------------------------------------------------|-----------------------------------------------------|
|                                                                                |                                                     |
| (State  or other jurisdiction  of incorporation          or organization) | (I.R.S. Employer           Identification No.) |

    35  North Main Street, Watkinsville, Georgia 30677-0205    (Address  of principal executive office)   (Zip Code)

Registrant’s telephone  number, including area code:  (706) 769 -6611

Securities registered  pursuant to Section 12(b) of the Act:  None

Name of exchange on  which registered:  None

Securities registered  pursuant to Section 12(g) of the Act:  Common Stock, $2.00 par value per  share.

                 Check whether the Registrant (1) has filed all reports required to be filed by  Section 13 or 15(d) of the Securities Exchange Act of 1934 during the  preceding 12 months (or for such shorter period that the Registrant was  required to file such reports), and (2) has been subject to such filing  requirements for the past 90 days.

                                                 Yes  x        No   ̈

                 Check if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K  is not contained herein and will not be contained, to the best of registrant’s  knowledge, in definitive proxy or information statements incorporated by  reference in Part III of this Form 10-KSB or any amendment to this Form  10-KSB.   x

                 State issuer’ s revenues for its most recent fiscal year.  $17,818,731

                 Transitional Small Business Disclosure format.   Yes   ̈       No x

                 State the aggregate market value of the voting stock held by non-affiliates  (which for purposes hereof are all holders other than executive officers and  directors): As of March 19, 2002: 899,885 shares of common stock $2.00 par  value (the “Common Stock”), with an aggregate value of $44,994,250 (based  on approximate market value of $50.00/share) (the last sale price known to the  Registrant for the Common Stock for which there is no established trading  market).

                 State the number of shares outstanding of each of the issuer’s classes of  Common Stock as of the latest practicable date. As of March 19, 2002, there  were issued and outstanding 899,855 shares of Common Stock, par value $2.00  per share.

Documents  Incorporated by Reference

                 Portions of the registrant’s definitive Proxy Statement for the 2002 annual  meeting of shareholders are incorporated by reference into Part III.

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**PART  I**

**ITEM  1.                 DESCRIPTION OF BUSINESS.**

**General**

                 Oconee Financial Corporation (“Oconee”), a registered bank holding  company, was incorporated under the laws of Georgia in 1998 and commenced  operations by acquiring 100% of the outstanding shares of Oconee State Bank  (the “Bank”) effective January 1, 1999.  All of Oconee’s activities  are currently conducted by its wholly owned subsidiary, the Bank, which was  incorporated as a bank under the laws of Georgia in 1959.  At December  31, 2001, Oconee had approximately 608 holders of record of Common Stock, its  only class of equity securities.

                 At December 31, 2001, the Bank’s total assets were $212,524,000, compared to  $181,925,000 at year-end 2000.  Over the past 5 years, total assets of  the Bank have grown by $104,018,000, representing an increase of 95.9%.

**Services**

                 The Bank is a community oriented, full-service commercial bank, located in  Oconee and Clarke Counties, Georgia with three full-service banking offices,  one limited-service loan production office and five automated teller machines  (ATMs).  The Bank places an emphasis on retail banking, and offers such  customary banking services as consumer and commercial checking accounts, NOW  accounts, money market accounts, savings accounts, certificates of deposits,  individual retirement accounts, safe deposit facilities, and money transfers.  The Bank finances commercial and consumer transactions, makes secured and  unsecured loans, offers lines of credit, VISA and MasterCard accounts, and  provides a variety of other banking services.

**Markets**

                 The primary market for the Bank is Oconee County, Georgia.  The Bank’s  secondary market is defined as those counties contiguous to Oconee County,  which include Clarke, Greene, Morgan, Walton, Barrow, and Oglethorpe, as well  as Madison County, which is not contiguous to Oconee County, but is a part of  the Athens Standard Metropolitan Statistical Area.

**Deposits**

The Bank offers a full  range of depository accounts and services to both consumers and  businesses.  At December 31, 2001, the Bank’s deposit base totaled  $179,728,000 and consisted of the following types of accounts:

|                                                                                                             | Amount                           | Percentage                                                               |
|------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------------------------------------------------------------------------|
|                                                                                                                  |                                                 |                                                                          |
| Non-interest        bearing demand deposits                                                                      | $         22,041,000                       |             12.3%                     |
| Interest-bearing        NOW accounts                                                                             |          33,623,000                        |             18.7%                     |
| Money market        deposit accounts                                                                             |          20,046,000                        |             11.1%                     |
| Savings deposits                                                                                                 |          17,256,000                        |                9.6%    |
| Time deposits        less than $100,000                                                                          |          59,788,000                        |              33.3%               |
| Time deposits of        $100,000 or more                                                                         |          17,074,000                        |                9.5%    |
| Individual        Retirement Accounts                                                                            |              9,900,000 |                5.5%    |
|                                                                                                             |                                            |                                                                     |
|                                                                                                                  |                                                 |                                                                          |
|                        Total Deposits | $179,728,000                                    |            100.0%                          |
|                                                                                                                  |                                                 |                                                                          |

Management of the Bank  is of the opinion that its time deposits of $100,000 or more are customer  relationship-oriented and represent a reasonably stable source of funds.

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**Loans**

The Bank makes both  secured and unsecured loans to individuals and businesses.  At December  31, 2001, the Bank’s loan portfolio totaled $151,287,000, consisting of the  following categories of loans:

|                                                  | Amount                                       | Percentage                            |
|-------------------------------------------------------|------------------------------------------------------------------|---------------------------------------|
|                                                       |                                                                  |                                       |
|                                                  |                                                             |                                  |
| Loans secured by        real estate                   | $119,489,000                                           |          79.0%    |
| Agricultural        production & loans to farmers | $              919,000   | 0.6%                        |
| Commercial and        industrial loans                | $         16,869,000                              | 11.2%                       |
| Credit cards and        related plans                 | $              935,000   | 0.6%                        |
| Consumer loans        (excluding credit cards)        | $         11,608,000                              | 7.6%                        |
| All other loans                                       | $           1,681,000                   | 1.1%                        |
| LESS:         Unearned income                    | $            (214,000)                  | (0.1%)                                |
|                                                       |                                                                  |                                       |
| Total Loans Net        of Unearned Income             | $151,287,000                                           | 100.0%                      |
|                                                       |                                                                  |                                       |

 The following table  shows the amounts and growth for loans, deposits, capital, and total assets at  December 31, for the years ended 1996-2001 (dollar amounts are in millions):

|         | 2001   | 2000           | 1999          | 1998          | 1997          | 1996          | 5-Year        Growth           |
|--------------|--------|----------------|---------------|---------------|---------------|---------------|--------------------------------|
|         |   |           |          |          |          |          |                           |
| Loans        | $151.3 | $        123.3 | $        93.3 | $        76.8 | $        72.3 | $        68.8 | $         82.5            |
| Deposits     | 179.7  | 150.5          | 136.5         | 116.1         | 104.6         | 97.0          | $         82.7            |
| Capital      | 16.8   | 15.1           | 13.0          | 12.5          | 11.2          | 10.0          | $           6.8 |
| Total Assets | 212.5  | 181.9          | 152.1         | 130.7         | 117.5         | 108.5         | $104.0                         |

                 As of December 31, 2001, the Bank had concentrations of loans to the housing  industry and to the hotel and motel industry.  Loans secured by real  estate totaled $119,489,000, which represented 79.0% of the Bank’s loan  portfolio at December 31, 2001.  At year-end 2001, total outstanding  balances and commitments for development and construction loans were  $55,777,000, which represented 36.9% of the Bank’s total loans and 336.7% of  the Bank’s Tier 1 equity capital.  The Bank’s established guideline  for this concentration is to be in a range of 375% - 425% of Tier 1 equity  capital.  Low interest rates and the desirability of living in Oconee  County have fueled demand for new housing and therefore new subdivisions in  the area.  Georgia Highway 316, the Watkinsville by-pass, and the  re-routing of Highway 441 will continue to encourage further housing growth,  resulting in the Bank’s continued concentration of loans to this  industry.  At year-end 2001, total outstanding balances and commitments  for hotel and motel loans were $28,260,000, which represented 18.7% of the  Bank’s total loans and 170.6% of the Bank’s Tier 1 equity capital.   The Bank’s established guideline for this concentration is to be in a range  of 100%-200% of Tier 1 equity capital.  The demand for hotel and motel  loans has slowed due to the slowing economy, and the Bank does not anticipate  any additional loan growth in this area.

**Lending Policy**

                 The current lending policy of the Bank is to offer consumer, real estate, and  commercial credit services to individuals and entities that meet the Bank’s  credit standards.  The Bank provides each lending officer with written  guidelines for lending activities.  Lending authority is delegated by the  Board of Directors of the Bank to loan officers, each of whom is limited in  the amount of secured and unsecured loans which he can make to a single  borrower or a related group of borrowers. 

                 The Board of Directors of the Bank is responsible for approving and monitoring  the loan policy, providing guidance and counsel to all lending personnel and  approving all extensions of credit over $250,000.

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**Loan Review and  Non-Performing Assets**

                 The Bank reviews its loan portfolio to determine deficiencies and corrective  action to be taken.  Senior lending officers conduct periodic reviews of  borrowers with total direct and indirect indebtedness of $250,000 or more and  conduct ongoing review of all past due loans.  Past due loans are  reviewed at least weekly by lending officers, and a summary report is reviewed  monthly by the Board of Directors of the Bank.  The Board of Directors of  the Bank reviews all loans over $250,000, whether current or past due, at  least once annually.  In addition, the Bank maintains internal  classifications of potential problem loans.  The Bank also utilizes an  independent external loan review specialist to review all outstanding debt  from customers exceeding $250,000.

                 Past due loans are typically charged off when they reach a past due status of  90 days or more.  Exceptions to this involve loans involving customers  who have begun bankruptcy proceedings, as well as loans on which the Bank has  begun foreclosure or other steps of collection, under which circumstances the  loans are placed in nonaccrual status.

**Investment Policy**

                 The Bank’s investment policy provides guidelines for determining permissible  investments in the investment portfolio, credit criteria and quality ratings,  the desired mix among those investments, and preferred maturity distribution  of the portfolio.  The Bank has five objectives concerning its investment  portfolio which address asset/liability management, profitability, liquidity,  pledging, and local community support.  The Bank’s President/CEO and  Executive Vice President/CFO are authorized to buy and sell securities  according to the criteria set forth in the investment policy.  Individual  transactions, portfolio composition, and performance are reviewed by the Bank’s  Investment and Asset/Liability Management Committee and the full Board of  Directors of the Bank on a monthly basis.  The investment policy is  reviewed annually by the Bank’s Board of Directors.

                 In general, the Bank’s investment policy is to place securities in the  Available for Sale portfolio.  As of December 31, 2001, investment  securities totaled $36,194,231.

                 The primary risks in the Bank’s securities portfolio consist of two types:

|   | (1)  | Credit risk,        or the risk of default of the issuer.         Treasury and Agency securities comprised 57.7% of the portfolio;        therefore the credit risk is primarily limited to the risk of default of        the U.S. Government and its agencies.  State, County, and Municipal        bonds represent 40.9% of the portfolio with the credit risk limited to        the risk of default of the issuing municipality.  Trust-preferred        securities comprised 1.4% of the portfolio with the credit risk being        the risk of default of the issuer of the trust-preferred security.   
 

(2)

Interest rate        risk, or the risk of adverse movements in interest rates on the value of        the portfolio.  In general, a rise        in interest rates will cause the value of the Bank’s securities        portfolio to decline.  The longer the maturity of an individual        security, the greater the effect of change in interest rate on its        value.  The Bank measures its interest rate risk exposure by        analyzing its rate sensitivity GAP position.  The Bank’s GAP        position is reviewed monthly by the Investment and Asset/Liability        Management Committee and the Board of Directors.   See “Management’s        Discussion and Analysis of Financial Condition and Plan of Operation for        the Years Ended December 31, 2001 and 2000 – Asset/Liability and        Interest Rate Sensitivity Management.”

**Competition**

                 The Bank competes in Oconee County with five other commercial banks.   With three full-service and one limited banking office within Oconee County,  the Bank is the market leader in Oconee County in terms of assets, deposit  size, facility locations, and market coverage.

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The Bank also competes  in Athens-Clarke County.  There are twelve other commercial banks in  Athens-Clarke County, four of which have offices in Oconee County.  As of  June 30, 2001, the twelve other banks located in Athens-Clarke County held  deposits totaling $1,215,684,000.  The Bank’s physical presence in  Athens-Clarke County is limited to the loan production office, an in-store  branch in the East Athens Wal-Mart Supercenter, and two ATM’s, located in  Jimbo’s Convenience Store and Quick Stop Convenience Store.

The following table  shows deposits by financial institution along with market share in Oconee  County for the period ended June 30, 2001 (Dollar amounts are in thousands):

 

Total        Deposits

Market        Share

Athens First Bank        & Trust Company

$  65,160

         24.4%

Bank of America,        N.A.

$  10,286

           3.8%

First American        Bank & Trust Company

$           8,200

           3.1%

North Georgia        Bank

$  19,433

           7.3%

Oconee State Bank

$159,663

         59.7%

SunTrust Bank,        N.A.

$             4,633

             1.7%

Total Deposits

$267,375

100.0%

                 In addition to the Bank’s competition in Oconee County and Athens-Clarke  County, the Bank competes with commercial banks, thrifts, and various other  financial institutions and brokerage firms located in Northeast Georgia  counties outside its primary and secondary market areas.  To a lesser  extent, the Bank also competes for deposits and loans with credit unions and  for loans with insurance companies, small loan or finance companies, and  certain governmental agencies.  To the extent that banks must maintain  non-interest earning reserves against deposits, they may be at a competitive  disadvantage when compared with other financial service organizations that are  not required to maintain reserves against substantially equivalent sources of  funds. 

                 Further, the increased income competition from investment bankers and brokers  and other financial service organizations may have a significant impact upon  the competitive environment in which the Bank operates.

                 Set forth below are certain ratios of the Bank for the years indicated: 

 

2001*  *

              2000  

              1999  

Net income to:

 

 

 

                         Average equity capital accounts

14.50%

             17.46%

               6.66%

                         Average daily total deposits

1.46%

               1.76%

               1.83%

Ratio of          average daily loans to average daily deposits

86.81%

             80.31%

             72.06%

The business of the  Bank is not materially seasonal.  Construction and development lending  are strongest in Spring and Summer.  Building slows somewhat in Fall and  Winter, but not to the degree that there is an appreciable impact upon the  Bank’s Balance Sheet or Statement of Earnings.

**Forward Looking  Statements**

                 Information provided by Oconee or statements made by our directors, officers  or employees may constitute “forward-looking” statements under the Private  Securities Litigation Reform Act of 1995 and are subject to numerous risks and  uncertainties.  Any statements made in this Annual Report on Form 10-KSB  including any statements incorporated by reference, which are not statements  of historical fact, are forward-looking statements.  These  forward-looking statements and other forward-looking statements made by us or  our representatives are based on a number of assumptions and involve a number  of risks and uncertainties, and, accordingly, actual results could differ  materially.  Factors that could cause actual results to differ from  results discussed in forward-looking statements include, but are not limited  to: economic conditions (both generally and in the markets where Oconee  operates); competition from other providers of financial services offered by  Oconee; government regulations and legislation; changes in interest rates;  material unforeseen changes in the financial stability and liquidity of  Oconee’s 

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 credit customers, all of which are difficult to predict and which  may be beyond the control of Oconee.  Oconee undertakes no obligation to  revise forward-looking statements to reflect events or changes after the date  of this discussion or to reflect the occurrence of unanticipated events.

**Supervision and  Regulation**

**                 General.**  Oconee is a registered bank  holding company subject to regulation by the Board of Governors of the Federal  Reserve System (the “Federal Reserve”) under the Bank Holding Company Act  of 1956, as amended (the “Act”).  Oconee is required to file  financial information with the Federal Reserve periodically and is subject to  periodic examination by the Federal Reserve.

                 The Act requires every bank holding company to obtain the prior approval of  the Federal Reserve before (i) it acquires direct or indirect ownership or  control of more than 5% of the voting shares of any bank that it does not  already control; (ii) it or any of its subsidiaries, other than a bank,  acquires all or substantially all of the assets of a bank; and (iii) it merges  or consolidates with any other bank holding company.  In addition, a bank  holding company is generally prohibited from engaging in, or acquiring, direct  or indirect control of the voting shares of any company engaged in non-banking  activities.  This prohibition does not apply to activities found by the  Federal Reserve, by order or regulation, to be so closely related to banking  or managing or controlling banks as to be a proper incident thereto.   Some of the activities that the Federal Reserve has determined by regulation  or order to be closely related to banking are:  making or servicing loans  and certain types of leases; performing certain data processing services;  acting as fiduciary or investment or financial advisor; providing discount  brokerage services; underwriting bank eligible securities; underwriting debt  and equity securities on a limited basis through separately capitalized  subsidiaries; and making investments in corporations or projects designed  primarily to promote community welfare.

                 Bank holding companies whose banking subsidiaries are all well capitalized and  well managed may also apply to become a financial holding company.   Financial holding companies have the authority to engage in activities, which  are “financial in nature,” that are not permitted for other bank holding  companies.  Some of the activities that the Act considers are financial  in nature are:

 

(a)

lending,        exchanging, transferring, investing for others, or safeguarding money or        securities;

 

(b)

insuring,        guaranteeing, or indemnifying against loss, harm, damage, illness,        disability, or death, or providing and issuing annuities, and acting as        principal, agent, or broker with respect thereto;

 

(c)

providing        financial, investment, or economic advisory services, including advising        an investment company;

 

(d)

issuing or        selling instruments representing interests in pools of assets        permissible for a bank to hold directly; and

 

(e)

underwriting,        dealing in, or making a market in securities.

Oconee has no immediate  plans to register as a financial holding company.

                 Oconee must also register with the Georgia Department of Banking and Finance  (the “GDBF”) and file periodic information with the GDBF.  As part of  such registration, the GDBF requires information with respect to the financial  condition, operations, management, and intercompany relationships of Oconee  and the Bank and related matters.  The GDBF may also require such other  information as is necessary to keep itself informed as to whether the  provisions of Georgia law and the regulations and orders issued thereunder by  the GDBF have been complied with, and the GDBF may examine Oconee and the  Bank.

                 Oconee is an “affiliate” of the Bank under the Federal Reserve Act, which  imposes certain restrictions on (i) loans by the Bank to Oconee, (ii)  investments in the stock or securities of Oconee by the Bank, (iii) the Bank’s  taking the stock or securities of an “affiliate” as collateral for loans  by the Bank to a borrower, and (iv) the purchase of assets from Oconee by the  Bank.  Further, a bank holding company and its subsidiaries are  prohibited from engaging 

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 in certain tie-in arrangements in connection with any  extension of credit, lease or sale of property or furnishing of services.

                 The Bank is regularly examined by the Federal Deposit Insurance Corporation  (the “FDIC”).  The Bank, a state banking association organized under  Georgia law, is subject to the supervision of, and is regularly examined by,  the GDBF.  Both the FDIC and the GDBF must grant prior approval of any  merger, consolidation or other corporation reorganization involving the  Bank.  A bank can be held liable for any loss incurred by, or reasonably  expected to be incurred by, the FDIC in connection with the default of a  commonly controlled institution.

**                 Payment of Dividends.**  Oconee is a legal  entity separate and distinct from the Bank.  Most of the revenues of  Oconee result from dividends paid to it by the Bank.  There are statutory  and regulatory requirements applicable to the payment of dividends by the  Bank, as well as by Oconee to its shareholders.

                 The Bank is a state chartered bank regulated by the GDBF and the FDIC.   Under the regulations of the GDBF, dividends may not be declared out of the  retained earnings of a state bank without first obtaining the written  permission of the GDBF unless such bank meets all the following requirements:

 

(a)

total classified        assets as of the most recent examination of the bank do not exceed 80%        of equity capital (as defined by regulation);

 

(b)

the aggregate        amount of dividends declared or anticipated to be declared in the        calendar year does not exceed 50% of the net profits after taxes but        before dividends for the previous calendar year; and

 

(c)

the ratio of        equity capital to adjusted assets is not less than 6%.

                 The payment of dividends by Oconee and the Bank may also be affected or  limited by other factors, such as the requirement to maintain adequate capital  above regulatory guidelines.  In addition, if, in the opinion of the  applicable regulatory authority, a bank under its jurisdiction is engaged in  or is about to engage in an unsafe or unsound practice (which, depending upon  the financial condition of the bank, could include the payment of dividends),  such authority may require, after notice and hearing, that such bank cease and  desist from such practice.  The FDIC has issued a policy statement  providing that insured banks should generally only pay dividends out of  current operating earnings.  In addition to the formal statutes and  regulations, regulatory authorities consider the adequacy of the Bank’s  total capital in relation to its assets, deposits and other such items.   Capital adequacy considerations could further limit the availability of  dividends to the Bank.  At December 31, 2001, net assets available from  the Bank to pay dividends without prior approval from regulatory authorities  totaled $1,216,000.  For 2001, Oconee’s cash dividend payout to  stockholders was 37.6% of net income.

**                 Monetary Policy.**  The results of  operations of the Bank are affected by credit policies of monetary  authorities, particularly the Federal Reserve.  The instruments of  monetary policy employed by the Federal Reserve include open market operations  in U.S. government securities, changes in the discount rate on bank borrowings  and changes in reserve requirements against bank deposits.  In view of  changing conditions in the national economy and in the money markets, as well  as the effect of actions by monetary and fiscal authorities, including the  Federal Reserve, no prediction can be made as to possible future changes in  interest rates, deposit levels, loan demand or the business and earnings of  the Bank.

**                 Capital Adequacy.**  The Federal Reserve and  the FDIC have implemented substantially identical risk-based rules for  assessing bank and bank holding company capital adequacy.  These  regulations establish minimum capital standards in relation to assets and  off-balance sheet exposures as adjusted for credit risk.  Banks and bank  holding companies are required to have (1) a minimum level of total capital to  risk-weighted assets of eight percent (8%); (2) a minimum Tier One Capital to  risk-weighted assets of four percent (4%); and (3) a minimum stockholders’  equity to risk-weighted assets of three percent (3%).  In addition, the  Federal Reserve and the FDIC have established a minimum three percent (3%)  leverage ratio of Tier One Capital to total assets (4% for all but the most highly  rated banks and bank holding companies).  “Tier One Capital” generally  consists of common equity not including unrecognized gains and losses on  securities, minority interests in equity accounts of consolidated

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subsidiaries  and certain perpetual preferred stock less certain intangibles.  The Federal Reserve and the FDIC use the leverage ratio in tandem with the  risk-based ratio to assess the capital adequacy of banks and bank holding  companies.  The FDIC, the Office of the Comptroller of the Currency (the  “OCC”) and the Federal Reserve have amended, effective January 1, 1997,  the capital adequacy standards to provide for the consideration of interest  rate risk in the overall determination of a bank’s capital ratio, requiring  banks with greater interest rate risk to maintain adequate capital for the  risk.  The revised standards have not had a significant effect on Oconee’s  capital requirements.

                 In addition, effective December 19, 1992, a new Section 38 to the Federal  Deposit Insurance Act implemented the prompt corrective action provisions that  Congress enacted as a part of the Federal Deposit Insurance Corporation  Improvement Act of 1991 (the “1991 Act”).  The “prompt corrective  action” provisions set forth five regulatory zones in which all banks are  placed largely based on their capital positions.  Regulators are  permitted to take increasingly harsh action as a bank’s financial condition  declines.  Regulators are also empowered to place in receivership or  require the sale of a bank to another depository institution when a bank’s  tangible equity to total assets ratio reaches 2%.  Better-capitalized institutions are  generally subject to less onerous regulation and supervision than banks with  lesser amounts of capital.

                 The FDIC has adopted regulations implementing the prompt corrective action  provisions of the 1991 Act, which place financial institutions in the  following five categories based upon capitalization ratios: (1) a “well  capitalized” institution has a total risk-based capital ratio of at least  10%, a Tier One risk-based ratio of at least 6% and a leverage ratio of at  least 5%; (2) an “adequately capitalized” institution has a total  risk-based capital ratio of at least 8%, a Tier One risk-based ratio of at  least 4% and a leverage ratio of at least 4%; (3) an “undercapitalized”  institution has a total risk-based capital ratio of under 8%, a Tier One  risk-based ratio of under 4% or a leverage ratio of under 4%; (4) a “significantly  undercapitalized” institution has a total risk-based capital ratio of under  6%, a Tier One risk-based ratio of under 3% or a leverage ratio of under 3%;  and (5) a “critically undercapitalized” institution has a leverage ratio  of 2% or less.  Institutions in any of the three undercapitalized  categories would be prohibited from declaring dividends or making capital  distributions.  The FDIC regulations also establish procedures for “downgrading”  an institution to a lower capital category based on supervisory factors other  than capital.  Under the FDIC’s regulations, the Bank was a “well  capitalized” institution at December 31, 2000 and December 31, 2001.

 

 

 

 

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                 Set forth below are pertinent capital ratios for the Bank as of December 31,  2001 and 2000:

 
 
The Bank

 

 

 

 

 

2001 

 

2000

 

 

Tier One Capital        to                               Risk Weighted                               Assets

 

10.6%

 

11.4%

 

 

Total Capital to                               Risk Weighted                               Assets

 

11.8%

 

12.7%

 

 

Leverage Ratio        (Tier One                               Capital to Average Total                               Assets)

 

8.0%

 

8.6%

 

 

**Recent Legislative  and Regulatory Action.**   On November 12,  1999, President Clinton signed the Gramm-Leach-Bliley Act, a very significant  piece of legislation intended to modernize the financial services  industry.  The bill repeals the anti-affiliation provisions of the 1933  Glass- Steagall Act to allow for the merger of banking and securities  organizations and permits banking organizations to engage in insurance  activities including insurance underwriting.  The bill also allows bank  holding companies to engage in financial activities that are “financial in  nature or complementary to a financial activity.”  The act lists the  expanded areas that are financial in nature and includes insurance and  securities underwriting and merchant banking among others.  The bill  also:

 

(a)

prohibits        non-financial entities from acquiring or establishing a thrift while        grandfathering existing thrifts owned by non-financial entities; 

 

(b)

establishes state        regulators as the appropriate functional regulators for insurance        activities but provides that state regulators cannot “prevent or        significantly interfere” with affiliations between banks and insurance        firms;

 

(c)

contains        provisions designed to protect consumer privacy.  The bill requires        financial institutions to disclose their policy for collecting and        protecting confidential information and allows consumers to “opt out”        of information sharing except with unaffiliated third parties who market        the institutions’ own products and services or pursuant to joint        agreements between two or more financial institutions; and

 

(d)

provides for        functional regulation of a bank’s securities activities by the        Securities and Exchange Commission.

**Economic  Conditions**

                 Economic growth in the Bank’s primary service area is expected to remain  steady.  The counties in the Bank’s market area are expected to  continue to receive revenues from their traditional sources of trade, finance,  insurance, real estate development and sales, manufacturing and the service  industry.  Both employment and population growth are projected to  increase steadily in Oconee and Athens-Clarke Counties.

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**Employees**

                 At December 31, 2001, the Bank had 65 full-time employees and 29 part-time  employees. The Bank is not a party to any collective bargaining agreement, and  the Bank believes that its employee relations are good.

**ITEM  2.                 DESCRIPTION OF PROPERTIES.**

                 The Bank operates four full-service banking offices, one limited service  banking office and two support services spaces as follows:

                 (1)           Main Office                                 35 North Main Street                                   Watkinsville, Georgia 30677 

                 (2)           Bogart Branch                                 U.S. Highway 78                                   Bogart, Georgia 30622

                 (3)           Friendship Branch                                 8811 Macon Highway                                   Athens, Georgia 30606

                 (4)           Mortgage Department/Operations Annex                                 (Limited Service/Support Offices for Main Office)                                   Condominium Units 10, 12, 14, 16, 18 and 20                                   Durham Street                                   Watkinsville, Georgia 30677

                 (5)           Athens Loan Center                                   (Limited Service Loan Production Office)                                   500 North Milledge Avenue                                   Athens, Georgia 30605

                 (6)           East Athens Wal-Mart Supercenter                                 (In-Store Full Service Branch)                                   4375 Lexington Road                                   Athens, Georgia 30605

                 The executive offices and the main office of Oconee and the Bank are located  in a 6,500 square-foot facility at 35 North Main Street in Watkinsville,  Georgia with three drive-thru windows and a walk-up ATM.

                 The Bogart Branch is located at the intersection of U.S. Highway 78 and Mars  Hill Road in Bogart, Georgia.  This 5,250 square-foot facility has 2  drive-thru windows and a drive-thru ATM.

                 The Friendship Branch is an 800 square-foot facility at 8811 Macon Highway,  Athens, Georgia.  This branch has three drive-thru windows and serves the  Friendship community.  Although it has an Athens address, this branch is  located within Oconee County.

                 The Bank owns five office condominium units adjacent to and behind its main  office in Watkinsville.  The units are numbered 10, 12, 14, 16, & 18  on Durham Street in Watkinsville, Georgia.  Each unit contains 1,180  square feet on the ground floor and 450 square feet on the second floor, for a  total of 1,630 square feet per unit or 8,150 square feet for all units  owned.  Unit 10 houses the Bank’s mortgage loan department, Units 12,  14, and 16 are connected by interior hallways and house proof, bookkeeping,  supplies, human resources, and training functions.  Unit 18 is occupied  by the Bank’s loan operations department.

-10-
            
                 All of the properties referenced previously are owned by Oconee or the  Bank. 

                 In September 2001, the Bank renewed a lease agreement with Hardigree  Properties, LLLP to lease office condominium unit #20 on Durham Street in  Watkinsville, Georgia for $885.00 per month.  This unit is next to other  office condominiums owned by the Bank.  The lease is for two years with  an option to renew at the end of two years.  Unit 20 houses accounting  and audit personnel and allows needed space for expansion.  In addition,  two parking lots adjacent to the main office are leased which provide  additional parking for employees. 

                 The Athens Loan Center is located at 500 North Milledge Avenue in Athens,  Georgia.  The Loan Center is a 2,000 square foot building that houses one  commercial loan officer and one mortgage loan originator, along with their  support staff.  The Loan Center is leased by the Bank from Henry G.  Utley.  The lease was renewed in July of 2001 and has a term of two years  at a monthly rate of $2,100.00 per month. 

                 The Bank leases space in the Wal-Mart Supercenter Store No. 2811 located at  4375 Lexington Road in Athens, Georgia.  This branch is located in a 695  square foot leased space inside the store.  The space is leased from  Wal-Mart Stores East, Inc.  The lease was entered into in January of 2000  and is for five years.

The Bank also owns 2.3  acres of land located on Daniels Bridge Road, 1331st G.M.D., Oconee County,  Georgia for future branch expansion. 

                 Management of Oconee and the Bank believe that all of its properties are  adequately covered by insurance.

 

**ITEM 3.            LEGAL  PROCEEDINGS.**

                 Neither Oconee nor the Bank is a party to, nor are any of their properties the  subject of, any material legal proceeding other than ordinary routine  litigation incidental to Oconee’s and the Bank’s business.

**ITEM  4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

**               **No matters were submitted to a vote of the  security holders of Oconee during the fourth quarter of the fiscal year  covered by the report.

**PART  II**

**ITEM  5.            MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.**

**Stock Split**

                 On April 16, 2001, the Board of Directors of the Company declared a 5 for 1  stock split payable to shareholders of record on May 8, 2001.  All share  and per share amounts set forth in this Form 10-KSB have been changed to  reflect the stock split as if it had occurred on December 31, 1998.

**Markets For  Capital Stock**

                 Oconee Stock is not traded on any established public trading market.   Management is aware of 14 trades of Oconee Stock in 2001, aggregating 1,340  shares in blocks ranging from 3 to 875 shares at prices ranging from $34.00 to  $45.00 per share.  Management is aware of 13 trades of Oconee Stock in  2000, aggregating 1,610 shares in blocks ranging from 10 to 300 shares at  prices ranging from $28.80 to $33.80 per share.
     
-11-
            
**Holders**

                 As of December 31, 2001, there were 608 holders of record of common stock.

**Dividends**

**               **In 2001 and 2000, Oconee declared cash  dividends of $1.00 per share and $1.10 per share respectively, payable to  shareholders of record on December 31 of each year.  Oconee intends to  continue paying cash dividends on an annual basis.  Cash dividends for  2001 represented a payment of 37.6% of net income for the year compared to  40.1% for 2000.  The amount and frequency of dividends is determined by  Oconee’s Board of Directors in light of earnings, capital requirements and  the financial condition of the Bank.  See “Supervision and Regulation  – Payment of Dividends.” 

 

 

**ITEM  6.        MANAGEMENT’S DISCUSSION AND  ANALYSIS OF FINANCIAL CONDITION AND                         PLAN OF OPERATION FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000.**

                  This analysis of Oconee has been prepared to provide insight into the  financial condition of the Company, and addresses the factors which have  affected the Company’s results of operations.  The Company’s  financial statements and accompanying notes which follow are an integral part  of this review and should be read in conjunction with it.

**Selected Financial  Information**

 

 

**2001  **

**2000  **

**1999  **

**1998  **

**1997  **

 

**(Amounts        in thousands)**

 

Net interest        income

$

8,022

7,887

6,371

5,765

5,443

Other operating        income

$

1,922

1,377

1,288

1,252

1,055

Provision for        loan losses

$

300

387

116

61

166

Net income

$

2,393

2,467

2,203

2,032

1,705

Net        income per common share

$

2.66

2.74

2.45

2.26

1.89

Total assets

$

212,524

181,925

152,139

130,652

117,482

Cash dividends        declared per common share

$

1.00

1.10

1.00

.80

.66

 

**Financial Condition  – 2001 vs. 2000**.  During 2001, average  total assets increased $35,799,000 (22%) over 2000.  Average deposits  increased $24,320,000 (17%) in 2001 over 2000.  Average loans increased  $30,198,000 (27%) in 2001 over 2000.

-12-
            
                 Year-end balances at December 31, 2001 and 2000 show increases in total assets  of $30,599,000 (17%) from 2000 to 2001.  Total deposits increased  $29,191,000 (19%) from 2000 to 2001 while total gross loans increased  $27,946,000 (23%) during 2001.  Time deposits increased $1,476,000 (2%)  from 2000 to 2001 while all other deposit accounts increased $27,714,000  (42%) from 2000 to 2001.  Although the overall national economy slowed  during 2001, the local economy remained strong.  Construction of new  homes in the area continued to increase, as did developments of new  subdivisions.  This strong local economy continued to supply the demand  for loans and other services offered by the Bank.  These loan increases  were primarily funded by increases in deposits during 2001.   Non-performing assets at December 31, 2001 were $988,000compared to $255,000  at December 31, 2000.  The majority of the increase is attributable to an  increase in nonaccrual loans.  The increase in nonaccrual loans was  primarily due to the business failure of a customer with outstanding balances  of $318,000 which was pending the sale of a large tract of land to fund  repayment, a customer’s default on a mobile home loan totaling $92,000 which  was pending foreclosure proceedings, and six customers with total outstanding  balances of $158,000 who were pending bankruptcy proceedings.  There were  no related party loans which were considered non-performing at December 31,  2001.

             The Bank was most recently examined for safety and  soundness by its primary regulatory authority in May of 2001.  There were  no recommendations by the regulatory authority that, in management’s  opinion, will have material effects on the Bank’s liquidity, capital  resources, or operations.  

**Results of  Operations – 2001 vs. 2000. **The Company’s  earnings depend to a large degree on net interest income, which is the  difference between the interest income received from its earning assets (such  as loans, investment securities, federal funds sold, etc.) and the interest  expense which is paid on deposit liabilities.

Net interest income in  2001, which was $8,022,000, increased by $135,000, or 2%, over 2000.  The  increase is primarily attributable to the increase in interest and fees on  loans offset by increases in interest expense on time deposits.  Net  yield on average interest earning assets (4.27% in 2001 and 5.14% in 2000)  decreased approximately 0.87% in 2001 from 2000.  This decrease was  attributable to a 0.80% decrease in the net interest rate spread from 2000 to  2001, primarily caused by a decrease in the prime lending rate of 4.50%.

The provision for loan  losses in 2001 was $300,000 compared to $387,000 in 2000.  The decrease  in the provision for loan losses was attributable to the Bank’s internal  calculation to determine the adequacy of its loan loss reserve.  The  provision for loan losses continues to reflect management’s estimate of  potential loan losses inherent in the portfolio and the creation of an  allowance for loan losses to absorb such losses.  The allowance  for loan losses represented approximately 1.2% of total loans outstanding at  December 31, 2001 compared to 1.5% at December 31, 2000.  Net charge-offs  for 2001 were $296,000 compared to $48,000 during 2000.  This increase is  primarily due to two significant charge-offs totaling approximately  $258,000.  A dedicated loan review function is utilized by the Company  which is supplemented by the use of an outside loan review specialist.   All loans $250,000 or more are reviewed annually and placed into various loan  grading categories which assist management in developing lists of potential  problem loans.  These loans are regularly monitored by the loan review  process to ensure early identification of repayment problems so that adequate  allowances can be made through the provision for loan losses.  Management  believes that these levels of allowance are appropriate based upon the Company’s  loan portfolio and current economic conditions.

Other income in 2001 of  $1,992,000 increased from 2000 by $614,000 or 45% due primarily to an increase  in fee income on mortgage loans held for sale of $292,000 or 60% along with an  increase of $119,000 or 15% in service charges on deposit accounts.  The  increase in fee income on mortgage loans is primarily due to strong demand for  refinancing of existing mortgage loans due to low interest rates, as well as  strong demand for mortgage loans on newly constructed homes in the Bank’s  market area. The increase in service charges on deposit accounts is due  primarily to growth in the number of the Bank’s deposit accounts.   Other expenses in 2001 of $6,315,000 increased by $969,000 or 18% over  2000.  The increase in other expenses is primarily attributable to an  increase in salaries and employee benefits expense of $658,000 or 21%.   This increase is due to the hiring of a new commercial lender, increased  salaries earned by the Bank’s commission-based mortgage loan originator, and  merit increases for existing employees.  Also, other operating expenses  increased by $185,000 or 13%.

-13

 
            
Income taxes expressed  as a percentage of earnings before income taxes remained unchanged from 2000  at 30%.

**Results of  Operations – 2000 vs. 1999. **The Company’s  earnings depend to a large degree on net interest income, which is the  difference between the interest income received from its earning assets (such  as loans, investment securities, federal funds sold, etc.) and the interest  expense which is paid on deposit liabilities.

Net interest income in  2000, which was $7,887,000, increased by $1,516,000, or 24%, over 1999.   The increase is primarily attributable to the increase in interest and fees on  loans offset by increases in interest expense on time deposits.  Net  yield on average interest earning assets (5.14% in 2000 and 4.99% in 1999)  increased approximately 0.15% in 2000 from 1999.  This increase was  attributable to a 0.10% increase in the net interest rate spread from 1999 to  2000.   

The provision for loan  losses in 2000 was $387,000 compared to $116,000 in 1999.  The increase  in the provision for loan losses was attributable to growth in the loan  portfolio and increases in non-performing assets.  The provision for loan  losses continues to reflect management’s estimate of potential loan losses  inherent in the portfolio and the creation of an allowance for loan losses to  absorb such losses.  The allowance for loan losses represented  approximately 1.5% of total loans outstanding at December 31, 2000 compared to  1.6% at December 31, 1999.  Net charge-offs for 2000 were $48,000  compared to $74,000 during 1999.  A dedicated loan review function is  utilized by the Company which is supplemented by the use of an outside loan  review specialist.  All loans $250,000 or more are reviewed annually and  placed into various loan grading categories which assist in developing lists  of potential problem loans.  These loans are regularly monitored by the  loan review process to ensure early identification of repayment problems so  that adequate allowances can be made through the provision for loan  losses.  Management believes that these levels of allowance are  appropriate based upon the Company’s loan portfolio and current economic  conditions.

Other income in 2000 of  $1,377,000 increased from 1999 by $89,000 or 7% due primarily to an increase of  $116,000 or 17% in service charges on deposit accounts and an increase of  $161,000 in commission income on mortgage loans.  The increase in service  charges on deposit accounts is due primarily to an increase in fees that the  Bank charged during 2000.  These increases were offset by losses on sales  of investment securities totaling $162,000, resulting from the sales of  securities to fund loan growth.  Other expenses in 2000 of $5,346,000  increased by $840,000 or 19% over 1999 levels.  The increase in other  expenses is attributable to an increase in salaries and employee benefits  expense of $542,000 or 20%.  This increase is due to the Bank opening a  new branch in January 2000, experiencing the first full year of salariesexpense  at the Loan Production Office, which opened in July 1999, as well as merit  increases for existing employees.  In addition, occupancy expense  increased by$184,000 or 34% primarily due to increased rent and depreciation  expense associated with the opening of the Wal-Mart branch.  Also, other  operating expenses increased by $114,000 or 9%.

Income taxes expressed  as a percentage of earnings before income taxes increased from 27% in 1999 to  30% in 2000.  This increase relates to a lower amount of tax-free  interest income from state, county and municipal investment securities as  compared to 1999.

**Transactions with  Related Parties. **The Company conducts  transactions with directors and executive officers, including companies in  which they have beneficial interest, in the normal course of business.   It is the policy of the Company that loan transactions with directors and  officers be made on substantially the same terms as those prevailing at the  time made for comparable loans to other persons.  At December 31, 2001,  the Company had loans outstanding to related parties of $4,073,000 and  deposits of related parties were $9,316,000.

**Investments. **The  investment portfolio consists of debt securities which provide the Company  with a source of liquidity and a long-term, relatively stable source of  income.  Additionally, the investment portfolio provides a balance to  interest rate and credit risk in other categories of the balance sheet while  providing a vehicle for the investment of available funds, furnishing  liquidity, and supplying securities to pledge as required collateral for  certain deposits.

-14-
       
 

**Liquidity. **The  Company must maintain, on a daily basis, sufficient funds to cover the  withdrawals from depositors’ accounts and to supply new borrowers with  funds.  To meet these obligations, the Company keeps cash on hand,  maintains account balances with its correspondent banks, and purchases and  sells federal funds and other short-term investments.  Asset and  liability maturities are monitored in an attempt to match these to meet  liquidity needs.  It is the policy of the Company to monitor its  liquidity to meet regulatory requirements and their local funding  requirements.

The Company monitors  its liquidity position on a monthly basis.  The primary tool used in this  analysis is an internal calculation of a liquidity ratio.  This ratio is  arrived at by dividing the Company’s short-term and marketable assets,  including cash, federal funds sold, and unpledged investment securities, by  the sum of the Company’s deposit liabilities and securities sold under  agreement to repurchase.  At December 31, 2001, the Company’s liquidity  ratio was 17.9%.

The Company maintains  relationships with correspondent banks that can provide funds to it on short  notice, if needed.  Presently, the Company has arrangements with  correspondent banks for short term unsecured advances up to $5,600,000.   Additional liquidity is provided to the Company through FHLB advances up to  $16,086,000, of which $13,300,000 was outstanding at December 31, 2001.

Cash and cash  equivalents decreased $8,145,000 to a total of $13,938,000 at year-end 2001 as  cash used by operating activities and investing activities outpaced amounts  provided by financing activities.  Cash outflows from operations totaled  $1,829,000 in 2001, while inflows from financing activities totaled  $28,010,000, most of which were net deposit increases during 2001 of  $29,190,000, offset by cash dividends paid during 2001 of $990,000.

Investing activities  used $34,325,000 of cash and cash equivalents, principally composed of net  advances of loans to customers of $28,242,000 during 2001 and purchases of  investment securities of $19,944,000, offset by proceeds from the calls and  maturities of investment securities totaling $14,274,000.

**Contractual  Obligations and Commitments. **The Company  has contractual obligations to make future payments pursuant to its agreement  with the Federal Home Loan Bank (“FHLB”) and is party to certain  off-balance sheet arrangements

At December 31, 2001, the Company had one advance from the FHLB outstanding in  the amount of $13,300,000 which matures in August 2003 and calls for interest  to be paid quarterly at a fixed rate of 6.34%.

The Company is party to financial instruments with  off-balance sheet risk in the normal course of business to meet the financing  needs of its customers.  These financial instruments include commitments  to extend credit, standby letters of credit and financial guarantees.   Those instruments involve, to varying degrees, elements of credit risk in  excess of the amount recognized on the balance sheet.  The contract  amounts of those instruments reflect the extent of involvement the Company has  in particular classes of financial instruments.  At December 31, 2001,  the contractual amounts of the Company’s commitments to extend credit and  standby letters of credit were $22,000,000 and $715,000, respectively.  

                 Commitments to extend credit are agreements to lend to a customer as long as  there is no violation of any condition established in the contract.   Commitments generally have fixed expiration dates and because they may expire  without being drawn upon, the total commitment amount of $22,000,000 does not  necessarily represent future cash requirements.  Standby letters of  credit and financial guarantees written are conditional commitments issued by  the Company to guarantee the performance of a customer to a third party.

**Capital Resources.**   The Company continues to maintain adequate capital ratios.  The following  tables present the Company’s regulatory capital position at December 31,  2001

-15-
            
 

Risk-Based        Capital Ratios        Actual        as of December 31, 2001

 

 

Tier 1 Capital

 10.6%

Tier 1 Capital        minimum requirement

          4.0%

Excess

          6.6%

 

 

Total Capital

11.8%

Total Capital        minimum requirement

  8.0%

Excess

  3.8%

 

 

 

Leverage        Ratio As of December 31, 2001

 

 

Tier 1 Capital to        average total assets

 8.0%

Minimum leverage        requirement

 3.0%

Excess

 5.0%

For a more complete  discussion of the actual and required ratios of the Company, see note 11 to  the consolidated financial statements and “Supervision and Regulation –  Capital Adequacy.”

**Asset/Liability and  Interest Rate Sensitivity Management. **It  is the Company’s objective to manage assets and liabilities to provide a  satisfactory, consistent level of profitability within the framework of  established cash, loan, investment, borrowing and capital policies.   Certain officers are charged with the responsibility for monitoring policies  and procedures that are designed to ensure acceptable composition of the  asset/liability mix.  It is the overall philosophy of management to  support asset growth primarily through growth of core deposits, which include  deposits of all categories made by local individuals, partnerships and  corporations.  The objective of the policy is to control interest  sensitive assets and liabilities so as to minimize the impact of substantial  movements in interest rates on earnings.

The asset/liability mix  is monitored on a regular basis.  A report reflecting the interest  sensitive assets and interest sensitive liabilities is prepared and presented  to the Board of Directors of the Bank on a monthly basis.

The absolute level and  volatility of interest rates can have a significant impact on Oconee’s  profitability.  The objective of interest rate risk management is to  identify and manage the sensitivity of net interest income to changing  interest rates, in order to achieve Oconee’s overall financial goals.   Based on economic conditions,asset quality and  various other considerations, management establishes tolerance ranges for  interest rate sensitivity and manages within these ranges.

Oconee uses income  simulation modeling as a tool in measuring interest rate risk and managing  interest rate sensitivity.  Simulation modeling considers not only the  impact of changing market rates of interest on future net interest income, but  also other potential causes of variability.

Interest rate sensitivity is a function of the repricing characteristics of  Oconee’s portfolio of assets and liabilities.  These repricing  characteristics are the time frames within which the interest earning assets  and liabilities are subject to change in interest rates either at replacement,  repricing or maturity during the life of the instruments.  Interest rate  sensitivity management focuses on the maturity structures of assets and  liabilities and their repricing characteristics during periods of change in  market interest rates.  Interest rate sensitivity is measured as the  difference between the volumes of assets and liabilities in Oconee’s current  portfolio that are subject to repricing at various time horizons:   immediate; one to three months; four to twelve months; one to five years; over  five years, and on a cumulative basis.  The differences are known as  interest rate sensitivity gap.

One method to measure a  bank’s interest rate exposure is through its repricing gap.  The gap is  calculated by citing all liabilities that reprice or taking all assets that  reprice or mature within a given time frame and subtracting

 

-16-
            
all liabilities that  reprice or mature within that time frame.  The difference between these  two amounts is called the “gap”, the amount of either liabilities or  assets that will reprice without a corresponding asset or liability repricing.

A negative gap (more  liabilities repricing than assets) generally indicates that the bank’s net  interest income will decrease if interest rates rise and will increase if  interest rates fall.  A positive gap generally indicates that the bank’s  net interest income will decrease if rates fall and will increase if rates  rise.

Oconee also measures  its short-term exposure to interest rate risk by simulating the impact to net  interest income under several rate change levels.  Interest-earning  assets and interest-bearing liabilities are rate shocked to stress test the  impact to the Bank’s net interest income and margin.  The rate shock  levels span three 100 basis point increments up and down from current interest  rates.

The following table  summarizes the amounts of interest-earning assets and interest-bearing  liabilities outstanding at December 31, 2001 that are expected to mature,  prepay or reprice in each of the future time periods shown.  Except as  stated below, the amount of assets or liabilities that mature or reprice  during a particular period was determined in accordance with the contractual  terms of the asset or liability.  Adjustable rate loans are included in  the period in which interest rates are next scheduled to adjust rather than in  the period in which they are due, and fixed rate loans and mortgage-backed  securities are included in the periods in which they are anticipated to be  repaid based on scheduled maturities.  The Company’s savings accounts  and interest-bearing demand accounts (NOW and money market deposit accounts),  which are generally subject to immediate withdrawal, are included in the “Three  Months or Less” category, although historical experience has proven these  deposits to be more stable over the course of a year.

   

 

At          December 31, 2001Maturing          or Repricing in          (dollars in thousands)
 
              Three            Months               or Less     
          Four          Months          to                 12            Months
            1 to 5            Years 
            Over 5             Years   
            Total   
Interest-earning          assets:

 

 

 

 

 

Investment          securities

$                          201   

1,568             

3,041  

32,029  

36,839  

Federal funds          sold

6,363   

–      

–    

–    

6,363  

Loans

37,027   

53,317   

63,804  

2,666  

156,814  

Total          interest-bearing assets

$              43,591   

54,885   

66,845  

34,695  

200,016  

Interest-bearing          liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Savings and          demand

$            70,925   

–      

–    

–    

70,925  

Time deposits

21,976   

48,016   

16,761  

8  

86,761  

Federal Home          Loan Bank advances

–   

–               

13,300  

–    

13,300  

Repurchase          agreements

645   

–      

–              

–    

645  

 

 

 

 

 

 

Total          interest-bearing liabilities

$               93,546   

48,016   

30,061  

8  

171,631  

Interest          sensitive difference per period

$             (49,955)  

6,869   

36,784  

34,687  

28,385             

 
     
-17-
            
 

Cumulative          interest sensitivity difference

$  (49,955)  

(43,086)  

(6,302)

28,385 

 

 

Cumulative          difference to total assets

(23.5%)   

(20.3%)   

(3.0%)

13.4%

             

  

 At December 31, 2001  the difference between the Company’s liabilities and assets repricing or  maturing within one year was $49,955,000.  Due to an excess of  liabilities repricing or maturing within one year, a rise in interest rates  would cause the Company’s net interest income to decline.

Certain shortcomings  are inherent in the method of analysis presented in the foregoing table.   For example, although certain assets and liabilities may have similar  maturities or periods to repricing, they may react in different degrees or at  different points in time to changes in market interest rates.   Additionally, certain assets, such as adjustable-rate mortgages, have features  that restrict changes in interest rates, both on a short-term basis and over  the life of the asset.  Changes in interest rates, prepayment rates,  early withdrawal levels and the ability of borrowers to service their debt,  among other factors, may change significantly from the assumptions made in the  table.

**Inflation. **Inflation  impacts the growth in total assets in the banking industry and causes a need  to increase equity capital at higher than normal rates to meet capital  adequacy requirements. The Company copes with the effects of inflation through  the management of its interest rate sensitivity gap position, by periodically  reviewing and adjusting its pricing of services to consider current costs, and  through managing its level of net earnings relative to its dividend payout  policy.

 

  

 

**SELECTED STATISTICAL  INFORMATION**

                 The following section presents statistical information for the Company which  supplements the financial data discussed elsewhere herein.

**Index to Selected  Statistical Information**

Table 1 Average  Balances and Interest Rates  Table 2 Volume-Rate  Analysis  Table 3 Investment  Portfolio  Table 4 Loan Portfolio  Table 5 Allowance for  Loan Losses  Table 6 Deposits  Table 7 Selected Ratios

                 Average balances contained in the following selected statistical information  generally represent average daily balances for all periods.

 

-18-
            
**TABLE 1  Average Balance  Sheets and Interest Rates**** **

The table below shows  the year-to-date average balance for each category of interest earning assets  and interest-bearing liabilities for the indicated periods and the average  rate of interest earned or paid thereon.

For          the Years Ended December 31,

 

2001

2000

1999

 

 

 

 

 

 

 

 

 

 

 

 

Average               Balance    

                 Interest

Yield/            Rate  

Average               Balance    

            Interest   

Yield/            Rate

Average               Balance    

            Interest   

Yield/             Rate  

 

Assets:

 

 

 

 

 

 

 

 

 

Interest earning        assets:

 

 

 

 

 

 

 

 

 

Interest earning        deposits

24,110 

1,876

7.78%

76,230 

          5,206

 6.83%

–  

–  

–  

Investment        securities: 

 

 

 

 

 

 

 

 

Taxable

19,641,673 

1,314,972

6.69%

19,706,949 

1,356,630

6.88%

18,573,453 

1,163,116

6.26%

Non-taxable

14,492,273 

713,717

4.92%

14,562,470 

752,648

5.17%

16,219,209 

808,336

4.98%

Other Investment               Securities

1,061,320 

72,383

6.82%

589,074 

39,426

6.69%

483,033 

40,103

8.30%

Federal funds        sold

10,042,855 

452,596

4.51%

6,325,574 

404,551

6.40%

5,561,260 

294,214

5.28%

Loans (including              loan fees)

142,468,808 

13,271,683

9.32%

112,270,626 

11,518,428

10.26%

86,926,333 

8,379,754

9.65%

Total        interest-                            earning assets

187,731,039 

15,827,227

8.43%

153,530,923 

14,076,889

9.17%

127,763,288 

10,685,523

8.36%

Allowance for        loan losses

(1,719,390)

 

 

(1,596,322)

 

 

(1,424,606)

 

 

Cash and due from        banks

4,900,305 

 

 

4,332,515 

 

 

5,324,326 

 

 

Other assets

5,657,522 

 

 

4,503,858 

 

 

3,705,307 

 

 

Total assets

196,569,476 

 

 

160,770,974 

 

 

135,368,315 

 

 

Liabilities and        stockholders’            equity: 

 

 

 

 

 

 

 

 

Interest-bearing        liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Interest-bearing                  demand

41,854,844 

1,142,991

2.73%

35,981,339 

1,180,610

3.28%

35,025,775 

1,045,860

2.99%

Savings

11,542,884 

284,883

2.47%

9,579,717 

195,484

2.04%

9,606,416 

192,028

2.00%

Time

89,971,607 

5,485,151

6.10%

74,724,850 

4,435,334

5.94%

57,723,166 

3,041,875

5.27%

Federal        Funds Purchased

–  

 –  

–  

442,514 

29,310

6.62%

136,877 

5,295

3.87%

Federal        Home Loan Bank Advances

13,300,000 

854,931

6.43%

4,715,027 

303,995

6.45%

 

 

 

Securities sold        under repurchase agreements

1,109,622 

37,078

3.34%

1,161,681 

45,593

3.92%

779,715 

29,207

3.75%

Total interest                 bearing liabilities

157,778,957 

7,805,034

4.95%

126,605,128 

6,190,326

4.89%

103,271,949 

4,314,265

4.18%

Non-interest        bearing deposits

20,749,925 

 

 

19,513,375 

 

 

18,275,259 

 

 

Other liabilities

1,540,769 

 

 

523,064 

 

 

599,312 

 

 

Total liabilities

180,069,651 

 

 

146,641,567 

 

 

122,146,520 

 

 

Stockholders’        equity

16,499,825 

 

 

14,129,407 

 

 

13,221,795 

 

 

Total        liabilities                and stockholders’                equity

196,569,476 

 

 

$160,770,974 

 

 

$135,368,315 

 

 

Excess        of interest- bearing assets over interest-bearing liabilities

29,952,082 

 

 

26,925,795 

 

 

24,491,339 

 

 

Ratio of        interest-earning assets to interest-bearing        liabilities

 

118.98%

 

 

 

121.27%

 

 

 

 

123.72%

 

 

 

Net interest        income

 

8,022,193

 

 

7,886,563

 

 

6,371,258

 

Net interest        spread

 

 

3.48%

 

 

4.28%

 

 

4.18%

Net interest        yield on interest earning assets

 

 

4.27%

 

 

5.14%

 

 

4.99%

Non-accrual loans and  the interest income which was recorded on these loans, if any, are included in  the yield calculation for loans in all periods reported.  Tax-exempt  income is not calculated on a tax-equivalent basis.  Loan fees of  $742,921, $637,275, and $433,240 are included in the yields for 2001, 2000,  and 1999, respectively.  Yield information does not give effect to  changes in fair value that are reflected as a component of stockholders’  equity.

-19-
          
**Table 2  Volume-Rate Analysis** 

The following tables  show a summary of the changes in interest income and interest expense  resulting from changes in volume and changes in rates for each major category  of interest earning assets and interest-bearing liabilities for 2001 over 2000  and 2000 over 1999.

 

**2001        over 2000                                Increase (decrease) due to changes in:         **

 

**Volume   **

**Rate     **

**Total     **

Interest income        on:

 

 

 

Investment        securities

 

 

 

Interest-earning        deposits

(3,330)

–   

(3,330)

Taxable

11,419 

(53,077)

(41,658)

Non-taxable

(3,360)

(35,571)

(38,931)

Other investment        securities

32,205 

752 

32,957 

Federal funds        sold

167,852 

(119,807)

48,045 

Loans (including        loan fees)

             2,668,376 

            (915,121)

          1,753,255 

 

  

 

 

 

Total interest        earning assets

              2,873,162 

 (1,122,824)

         1,750,338 

 

Interest expense        on:

 

 

 

Deposits:

 

 

 

Interest bearing        demand

255,264 

(292,883)

(37,619)

Savings

48,312 

41,087 

89,399 

Time

948,956 

100,861

1,049,817 

Securities        sold under repurchase agreements

(960)

(7,555)

 (8,515)

Federal        Funds purchased

(29,310)

–          

(29,310)

Federal        Home Loan Bank                Advances

               550,936 

                  –   

           550,936 

 
    
Total        interest bearing liabilities

            1,773,198 

           (158,490)

 1,614,708 

 

 
Note:
  Rate/volume variances were allocated between rate variances and volume  variances using a weighted average allocation method.
               

-20-
            
**Table 2  Volume-Rate Analysis  (continued)** 

 

**2000        over 1999                                Increase (decrease) due to changes in:         **

 

**Volume   **

**Rate    **

**Total     **

Interest income        on:

 

 

 

Investment        securities

 

 

 

Interest-earning        deposits

5,206 

–           

5,206 

Taxable

114,313 

79,201 

193,514 

Non-taxable

(85,627)

29,939 

(55,688)

Other investment        securities

(7,731)

7,054 

(677)

Federal funds        sold

48,822 

61,515 

110,337 

Loans (including        loan fees)

2,598,431 

540,243 

3,138,674 

 

Total interest        earning assets

2,673,414 

717,952 

                    3,391,366 

 

Interest expense        on:

 

 

 

Deposits:

 

 

 

Interest bearing        demand

68,505 

66,245 

134,750 

Savings

(544)

4,000 

3,456 

Time

1,050,886 

342,573 

1,393,459 

Securities        sold under repurchase agreements

8,027 

8,359 

16,386 

Federal funds        purchased

20,244 

3,771

24,015 

Federal        Home Loan        Bank Advances

303,995 

–           

303,995 

 

Total        interest bearing liabilities

        1,451,113 

424,948 

1,876,061 

 

 
Note:  
  Rate/volume variances were allocated between rate variances and volume  variances using a weighted average allocation method.
              

 

 

-21-
            
**Table 3  Investment Portfolio**

The following table  presents the carrying value of investments by category at December 31, 2000,  1999, and 1998:

 

2001

2000

1999

**Available for        sale**

 

 

 

State, county and        municipal

$        14,789,848

$        12,738,644

$16,113,705

United States        treasuries and agencies

            8,322,957

            9,448,516

           8,248,061

Mortgage-backed

          12,581,426

            7,870,038

         12,895,247

Trust preferred        securities

                 500,000

–

–

Totals

$          36,194,231

$          30,057,198

$          37,257,013

The following table  presents the maturities of all investment securities at carrying value and the  weighted average yields for each range of maturities presented.

Maturities        at        December 31, 2001

            Government                  Agencies       
Mortgage-           Backed              Securities   
State,          County                 and                     Municipal      
Trust                  Preferred              Securities   
Weighted          Average          Yields
Within 1 year

$                       –    

$                  –                  

           702,607

$              –             

6.80%

After 1 through 5        years

         1,547,813

                     –

 1,379,134

–

5.37%

After 5 through        10 years

         5,087,011

               352,229

1,804,491

–

6.55%

After 10 years

           1,688,133

             12,229,197

10,903,616

            500,000

6.66%

 

Totals

$          8,322,957

$           12,581,426

$14,789,848

$          500,000

 

 

Mortgage backed  securities are included in the maturities categories in which they are  anticipated to be repaid based on scheduled maturities.
     
 

 

 

 

-22-
            
**Table 4  Loan Portfolio**

The following table  presents loans by type at the end of the last 5 years.

 

2001     

2000     

1999    

1998    

1997    
      
Commercial,        financial and         agricultural

        $   18,154,481 

$          16,487,028 

        $ 12,714,342 

        $  11,332,765 

$          10,570,994 

Real        estate - construction

45,386,203 

 29,663,443

          28,310,935

              16,925,962 

              13,824,372 

Real        estate - mortgage

74,130,798 

64,214,266 

         40,222,371 

              38,942,845 

              38,748,388 

Consumer

13,615,861 

12,976,318 

           12,082,629 

                  9,578,312 

                  9,129,134 

 

151,287,343 

 123,341,055 

         93,330,277 

              76,779,884 

              72,272,888 

Less:         Allowance for loan  losses

(1,812,041)

             (1,807,671)

            (1,469,126)

(1,427,420)

(1,362,530)
      
Loans,        net

$149,475,302 

$121,533,384 

$          91,861,151 

$  75,352,464 

$           70,910,358 

At December 31, 2001,  maturities of loans in the indicated classifications were as follows:

 

Maturity

Commercial,          Financial and Agricultural

Real          Estate Construction

Total

Within 1 year

$             7,880,431

$             35,127,203

$         43,007,634

1 to 5 years

                   10,045,758

                     10,259,000

           20,304,758

Over 5 years

                            228,292

                   –

                  228,292

Totals

$                  18,154,481

$            45,386,203

$         63,540,684

As of December 31,  2001, the interest terms of loans in the indicated classifications for the  indicated maturity ranges are as follows:

 

Fixed               Interest             Rates      

Variable                Interest                Rates         

 Total        

Commercial,        financial and agricultural

 

 

 

1 to 5 years

$  7,880,431  

$          2,165,327   

$ 10,045,758

Over 5 years

$           196,088   

$               32,204   

$             228,292

 

 

 

 

Real estate        construction

 

 

 

1 to 5 years

–    

$ 10,259,000   

$ 10,259,000

Over 5 years

–    

–     

–    

 

-23-
            
**Table 4  Loan Portfolio  (continued)**

The following  summarizes past-due and non-accrual loans, other real estate and repossessions  and income that would have been reported on non-accrual loans as of December  31, 2001, 2000, 1999, 1998, and 1997:

 

         December        31,  

 

2001

2000

1999

1998

1997

 

 

 

 

 

 

$ 43,690

$         37,265

$ 53,398

$ 40,000

$ 40,000

Accruing        loans 90 days or more past due

33,675

586

 –   

530

–  

Non-accrual loans

910,822

217,919

25,010

30,571

4,000

Interest on        non-accrual loans which would have been reported

30,800

7,200

200

1,500

200

Interest        recognized on non-accrual loans prior to reclassification of loans

 57,000

10,000

2,000

1,000

500

A loan is placed on  non-accrual status when, in management’s judgment, the collection of  interest appears doubtful.  As a result of management’s ongoing review  of the loan portfolio, loans are classified as non-accrual generally when they  are past due in principal and interest for more than 90 days or it is  otherwise not reasonable to expect collection of principal and interest under  the original terms.  Exceptions are allowed for 90 day past due loans  when such loans are well secured and in process of collection.   Generally, payments received on non-accrual loans are applied directly to  principal.

 

 

 

 

 

 

 

 

 

-24-
            
**Table 5  Allowance for Loan  Losses**

The following table  summarizes information concerning the allowance for loan losses:

 

2001   

2000   

1999   

1998   

1997   

 

(Amounts        are presented in thousands)

Balance        at beginning of year

$1,808  

$1,469  

$1,427  

$1,363  

$1,202  

Charges-offs:

 

 

 

   

   

Commerce,        financial and agricultural

275  

69  

29  

18  

4  

Installment

107  

29  

74  

74  

30  

Total        charge-offs

382  

98  

103  

92  

34  

Recoveries:

 

 

 

   

   

Commerce,        financial and agricultural

70  

31  

17  

73  

4  

Installment

16  

19  

12  

23  

25  

Total        recoveries

86  

50  

29  

96  

29  

Net        charge-offs (recoveries)

296  

48  

74  

(4)

5  

Provisions        charged to operations

300  

387  

116  

60  

166  

Balance        at end of year

$1,812  

$1,808  

$1,469  

$1,427  

$1,363  

Ratios        of net charge-offs (recoveries) during the                period to average loans        outstanding during                the period

               .21%

.04%

.09%

(.01%)

 

.01%

The Company has a  dedicated loan review function.  All loans $250,000 or more are reviewed  annually and placed into various loan grading categories which assist in  developing lists of potential problem loans.  These loans are regularly  monitored by the loan review function to ensure early identification of  deterioration.  The formal allowance for loan loss adequacy test is  performed at each calendar quarter end.  Specific amounts of loss are  estimated on problem loans and historical loss percentages are applied to the  balance of the portfolio using certain portfolio stratifications.   Additionally, the evaluation takes into consideration such factors as changes  in the nature and volume of the loan portfolio, current economic conditions,  regulatory examination results, and the existence of loan concentrations.

On all loans past due  120 days, it is the policy of the Company to charge off those loans whose  collectability is sufficiently questionable that it can no longer justify  showing the loans as an asset on its balance sheet.  To determine if a  loan should be charged off, all possible sources of repayment are analyzed,  including: (1) the potential future cash flow, (2) the value of the Company’s  collateral, and (3) the strength of co-makers or guarantors of the loan in  question.  When these sources do not add up to a reasonable probability  that the loan can be collected, the loan is then charged off.  Loans are  charged off by crediting the appropriate loan category and debiting the  reserve for loan losses account.

The officer of account  initiates the charge-off procedure by submitting a request for charge-off form  to the Directors Loan Committee.  After the concurrence of the Directors  Loan Committee and CEO approval, the loan is charged off.  All principal  is charged to the reserve for loan losses.  Any accrued but unpaid  interest is charged against current years earnings.  All future payments  received on the loan are credited to the reserve for loan losses account.

 

 

 

-25-
            
 

As mentioned  previously, at December 31, 2001, the Company had loan concentrations in the  housing industry and in the hotel and motel industry.  The Company  monitors these concentrations on a monthly basis to ensure that they do not  exceed established internal guidelines.  The primary risk relating to the  concentration in the housing industry is a downturn in the economy which would  adversely effect construction of new homes and developments of new housing  communities.  Although the overall economy slowed somewhat during 2001,  the Company’s housing lending was not materially effected.  This is  primarily due to a strong local economy, which is attributable to the Company’s  proximity to the University of Georgia, which provides significant economic  stimuli to the area.  The Company’s primary risk relating to the hotel  and motel industry is a slowdown in the travel and tourism industry.   This industry slowed significantly during the fourth quarter of 2001 as a  result of the September 11 terrorist attacks.  The Company has  established a maximum dollar amount of hotel and motel loans that it is  willing to fund as a result of this slowdown.  Management of the Company  is confident that all of the Company’s hotel and motel loans are adequately  collateralized in the unforeseen event that cash flows from operations of the  hotels and motels are not sufficient to meet the terms of repayment outlined  in the loan agreements.
     
 

 

 

 

 

 

 

 

-26-
            
**Table 6  Deposits**

The average balance of  the deposits and the average rates paid on such deposits are summarized for  the periods indicated in the following table.

 

              December        31,

 

2001

2000

1999

 

Deposits:

 

 

 

 

 

 

Non-interest        bearing demand

$         20,749,925

–

$         19,513,375

–

$ 18,275,259

–

Interest bearing        demand

           41,854,844

 2.73%

           35,981,339

3.28%

          35,025,775

2.99%

Savings

           11,542,884

 2.47%

             9,579,717

2.04%

            9,606,416

2.00%

Time

             89,971,607

 6.10%

             74,724,850

5.94%

            57,723,166

5.27%

 

 

 

 

 

 

 

 

$164,119,260

 

$139,799,281

 

$120,630,616

 

 

Maturities of time  certificates of deposit of $100,000 or more outstanding at December 31, 2001  are summarized as follows:

Within 3 months

$         5,177,374

After 3 through 6        months

  5,870,380

After 6 through        12 months

          6,366,577

After 12 months

           1,206,483

 

$18,620,814

 

**Table 7  Selected Ratios**

The following table  sets out certain ratios of the Company for the years indicated.

 

2001  

2000  

1999  

Net income to:

 

 

 

Average        stockholders’ equity

                 14.50%

17.46%

16.66%

Average assets

                   1.22%

          1.53%

1.63%

Dividends to net        income

                 37.61%

40.13%

40.85%

Average equity to        average assets

                    8.39%

         8.79%

9.77%

 

**ITEM  7.           FINANCIAL STATEMENTS.**

                 The financial statements and the report of independent accountants are  included in this report beginning at page F-1 of this Form 10-KSB.

**ITEM  8.           CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL                             DISCLOSURE.**

**               **During the Bank’s two most recent fiscal years,  the Bank did not change accountants and had no disagreement with its  accountants on any matters of accounting principles or practices or financial  statement disclosure.

** **

-27-
          
**PART  III**

**ITEM  9. **
**DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH  SECTION 16(a) OF THE EXCHANGE ACT.**
**               **The information contained under the headings  “Information About Nominees For Directors and  Executive Officers,”  and “Compliance with Section 16(a)” in the definitive Proxy Statement to  be used in connection with the solicitation of proxies for the Company’s  annual meeting of shareholders to be held on May 6, 2002 to be filed with the  Securities and Exchange Commission (“SEC”), is incorporated herein by  reference.

**ITEM  10.            EXECUTIVE COMPENSATION.**

**               **The information contained under the heading  “Executive Compensation” in the definitive Proxy Statement to be  used in connection with the solicitation of proxies for the Bank’s annual  meeting of shareholders to be held on May 6, 2002, to be filed with the SEC,  is incorporated herein by reference.

**ITEM  11.            SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.**

**               **The information contained under the heading  “Beneficial Ownership of Securities and Voting Rights” in the  definitive Proxy Statement to be used in connection with the solicitation of  proxies for the Company ’s annual meeting of shareholders to be held on May 6,  2002, to be filed with the SEC, is incorporated herein by reference.

**ITEM  12.            CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.**

**               **The information contained under the heading  “Certain Relationships and Related Transaction” in the definitive  Proxy Statement to be used in connection with the solicitation of proxies for  all the Company’s annual meeting of shareholders to be held on May 6, 2002,  to be filed with the SEC, is incorporated herein by reference.

**ITEM  13.            EXHIBITS, LIST AND REPORTS ON FORM 8-K.**

**               **(a)**          Financial Statements.**

                               The following financial statements and notes thereto of the Registrant are  located beginning at page F-1 of this Form 10-KSB pursuant to Item 7 of this  Report:

1.         Report of Independent  Certified Public Accountants  2.        Balance Sheets  - December 31, 2001 and 2000  3.        Statements of  Earnings              For  the Years Ended December 31, 2001, 2000, and 1999  4.        Statements of Changes  in Stockholders Equity             For  the Years Ended December 31, 2001, 2000, and 1999  5.        Statements of Cash  Flows              For  the Years Ended December 31, 2001, 2000, and 1999  6.        Notes to Financial  Statements

 The following exhibits  are required to be filed with this Report on 10-KSB by Item 601 of Regulation  S-B.
3.1  Articles of Incorporation of Oconee Financial Corporation, dated August 27,  1998 (included as Exhibit 3.1 to the Bank’s 10-KSB filed with the SEC on  March 30, 1999 and incorporated hereby reference). 3.2  Amended and Restated Bylaws of Oconee Financial Corporation, dated May 7,  2001.4. 
See Exhibits 3.1 and 3.2 for provisions of the Articles of Incorporation and  Bylaws which define the rights of the holders of Common Stock of the Bank.

        

-28-
            4.1   Form of Common Stock Certificate (included as Exhibit 4.1 to the Bank’s  10-KSB filed with the SEC on March 30, 1999 and incorporated hereby  reference).10.1  Oconee State Bank Officers’ Cash Incentive Plan.21. Subsidiaries of Oconee Financial Corporation         (included as Exhibit 21 to  the Bank’s 10-KSB filed with the SEC on March 30, 1999 and incorporated  hereby reference).24.     Power of Attorney (included herein on signature page).
                    (b)         **Reports on Form 8-K.**

**                               **The Bank did not file any reports on Form 8-k  during the fourth quarter of 2001.

** **

 

 

 

 

 

 

 

-29-
       
 

  

**OCONEE FINANCIAL  CORPORATION**

** **

**Consolidated  Financial Statements**

**December 31, 2001,  2000 and 1999**

**(with Independent  Accountants’ Report thereon)**

 

 

 

 

 

 

 

 

 
            
**REPORT OF  INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS**

 

To the Board of Directors and  Stockholders  Oconee Financial Corporation:

 

We have audited the accompanying  consolidated balance sheets of Oconee Financial Corporation and subsidiary as  of December 31, 2001 and 2000, and the related consolidated statements of  earnings, comprehensive income, changes in stockholders’ equity and cash  flows for each of the three years in the period ended December 31, 2001. These  financial statements are the responsibility of the Company’s management. Our  responsibility is to express an opinion on these financial statements based on  our audits.

We conducted our audits in accordance  with auditing standards generally accepted in the United States of America.  Those standards require that we plan and perform the audit to obtain  reasonable assurance about whether the financial statements are free of  material misstatement. An audit includes examining, on a test basis, evidence  supporting the amounts and disclosures in the financial statements. An audit  also includes assessing the accounting principles used and significant  estimates made by management, as well as evaluating the overall financial  statement presentation. We believe that our audits provide a reasonable basis  for our opinion.

In our opinion, the consolidated  financial statements referred to above present fairly, in all material  respects, the financial position of Oconee Financial Corporation and  subsidiary as of December 31, 2001 and 2000, and the results of their  operations and their cash flows for each of the three years in the period  ended December 31, 2001, in conformity with accounting principles generally  accepted in the United States of America.

          /s/ Porter Keadle Moore, LLP

Atlanta, Georgia  February 8, 2002
     
F-1
            
**OCONEE FINANCIAL  CORPORATION**

**Consolidated  Balance Sheets**

**December 31, 2001  and 2000**

 Assets

 

                     2001

                   2000

 

 

 

Cash and due from banks,        including reserve

 

 

    requirements        of $2,269,000 and $1,111,000

$            8,051,077

4,992,978

Interest-bearing deposits with        banks

–    

100,000

Federal funds sold

           5,887,000

  16,990,000

 

                               Cash and cash equivalents

13,938,077

22,082,978

Investment securities

36,194,231

30,057,198

Other investments

765,429

765,429

Mortgage loans held for sale

6,902,766

2,278,613

Loans, net

149,475,302

121,533,384

Premises and equipment, net

2,253,136

2,218,729

Accrued interest receivable and        other assets

           2,995,063

           2,988,828

 

 

 

 

 

$ 212,524,004

181,925,159

 

 

 

 

                                                               Liabilities and Stockholders’ Equity

 

 

Deposits:

 

 

    Demand

$          22,041,622

20,064,661

           Interest-bearing demand

53,669,317

37,189,965

    Savings

17,256,006

7,997,824

    Time

  86,761,307

  85,285,167

 

 

 

 

                               Total deposits

179,728,252

150,537,617

 

 

 

Securities sold under        repurchase agreements

645,016

836,087

Federal Home Loan Bank advances

13,300,000

13,300,000

Accrued interest payable and        other liabilities

           2,057,315

           2,196,120

 

 

 

 

                               Total liabilities

195,730,583

166,869,824

 

 

 

 

Stockholders’ equity:

 

 

    Common        stock, par value $2, authorized 1,500,000 shares,

 

 

               issued and outstanding 899,885 shares

1,799,770

1,799,770

    Additional        paid-in capital

4,246,832

4,246,832

    Retained        earnings

10,671,321

9,178,677

    Accumulated        other comprehensive income (loss)

                75,498

             (169,944)

 

 

 

 

                               Total stockholders’ equity 

  16,793,421

  15,055,335

 

 

 

 

 

$ 212,524,004

181,925,159

 

  See accompanying notes to  consolidated financial statements.

F-2
            
**OCONEE FINANCIAL  CORPORATION**

**Consolidated  Statements of Earnings**

**For the Years Ended  December 31, 2001, 2000 and 1999**

 

2001

2000

1999

Interest income:

 

 

 

    Interest and        fees on loans

$ 13,271,683

11,518,428

 8,379,754

    Interest on        federal funds sold

452,596

404,551

294,214

    Interest and        dividends on securities:

 

 

 

               U. S. Treasuries

–    

12,256

116,719

               U. S. Government agencies

1,314,972

1,344,374

1,046,094

               State, county and municipal

713,717

            752,648

            808,336

               Other

72,383

39,426

40,103

    Interest on        interest bearing deposits

                1,876

                5,206

                   303

 

 

 

 

 

                               Total interest income

15,827,227

14,076,889

10,685,523

 

 

 

 

 

Interest expense:

 

 

 

           Interest-bearing demand deposits

1,142,992

1,180,610

1,045,860

    Savings        deposits

284,883

195,484

192,028

    Time        deposits

5,485,150

4,435,334

3,041,875

    Federal Home        Loan Bank advances

854,931

303,995

–    

    Other

              37,078

              74,903

              34,502

 

 

 

 

 

                               Total interest expense

  7,805,034

  6,190,326

  4,314,265

 

 

 

 

                               Net interest income

8,022,193

7,886,563

6,371,258

 

 

 

 

Provision for loan losses

            300,000

            386,600

            116,000

 

 

 

 

 

                               Net interest income after provision for loan losses

  7,722,193

  7,500,563

  6,255,258

 

 

 

 

 

Other income:

 

 

 

    Service        charges

899,088

780,368

664,279

    Gain (loss)        on sale of securities

–    

(161,867)

9,171

    Mortgage        banking income

779,960

487,938

327,162

           Miscellaneous

            312,456

            270,782

            287,546

 

 

 

 

 

                               Total other income

  1,991,504

  1,377,221

  1,288,158

 

 

 

 

 

Other expenses:

 

 

 

    Salaries and        employee benefits

3,863,829

3,205,107

2,663,419

           Occupancy   

853,498

727,866

543,808

    Other        operating

  1,598,127

  1,413,242

  1,299,133

 

 

 

 

 

                               Total other expenses

  6,315,454

  5,346,215

  4,506,360

 

 

 

 

 

                               Earnings before income taxes

3,398,243

3,530,969

3,037,056

 

 

 

 

Income tax expense

  1,005,714

  1,064,187

            833,729

 

 

 

 

 

                               Net earnings

$          2,392,529

  2,466,782

  2,203,327

 

 

 

 

 

                               Net earnings per share

$                   2.66

                  2.74  

                  2.45

 

 

 

 

 

                               Weighted average shares outstanding

            899,885

             899,885

            899,990

 

 See accompanying notes to  consolidated financial statements.

F-3
            
**OCONEE FINANCIAL  CORPORATION**

**Consolidated  Statements of Comprehensive Income**

**For the Years Ended  December 31, 2001, 2000 and 1999**

 

 

2001

2000

1999

 

 

 

 

Net earnings

$ 2,392,529

2,466,782

2,203,327

 

Other comprehensive income        (loss), net of income taxes:

 

 

   Unrealized gains        on securities available for sale:

 

 

 

            Holding gains (losses) arising during period,

 

 

 

               net of tax of $150,176, $285,057 and ($477,457)

245,442

465,884

(780,332)

            Reclassification adjustment for losses (gains) included in net

 

 

 

               earnings, net of tax of $0, $61,445 and ($3,481)

                   –    

          100,422

            (5,690)

 

 

 

 

 

                           Total other comprehensive income (loss)

          245,442

           566,306

  (786,022)

 

 

 

 

 

Comprehensive income

$ 2,637,971

3,033,088

1,417,305

 

 

 

 

 

 

 

See accompanying notes to  consolidated financial statements.

F-4
            
**OCONEE FINANCIAL  CORPORATION**

** Consolidated  Statements of Changes in Stockholders’ Equity**

**For the Years Ended  December 31, 2001, 2000 and 1999**

 

Common               Stock            

Additional        Paid-In           Capital    

RetainedEarnings

Accumulated        Other        Comprehensive Income (Loss)

           Total

 

 

 

 

 

 

Balance, December 31, 1998

$ 1,800,000 

4,250,000 

6,398,412 

            49,772

12,498,184 

    

 

 

 

 

 

January 1, 1999 conversion of            1 share of Oconee State Bank            stock for 1 share of Oconee            Financial Corporation stock

–    

–    

–    

   –

–    

 

 

 

 

 

 

Purchase and retirement of        common             stock

(60)

(840)

–    

   –

(900)

 

 

 

 

 

 

Cash dividends declared             ($1.00) per share

–    

–    

(899,970)

   –

(899,970)

 

 

 

 

 

 

Change in net unrealized gain        (loss)             on investment securities available             for sale, net of tax

–    

–    

–    

 (786,022)

(786,022)

 

 

 

 

 

 

Net earnings

                   –    

–    

2,203,327 

   –

2,203,327 

 

 

 

 

 

 

Balance, December 31, 1999

1,799,940 

4,249,160 

7,701,769 

(736,250)

13,014,619 

 

 

 

 

 

 

Purchase and retirement of        common            stock

(170)

(2,328)

–    

   –

(2,498)

 

 

 

 

 

 

Cash dividends declared            ($1.10) per share

–    

–    

(989,874)

   –

(989,874)

 

 

 

 

 

 

Change in net unrealized gain        (loss)            on investment securities available            for sale, net of tax

–    

–    

–    

566,306

566,306 

 

 

 

 

 

 

Net earnings

–    

–    

2,466,782 

   –

2,466,782 

 

 

 

 

 

 

Balance, December 31, 2000

1,799,770 

4,246,832 

9,178,677 

(169,944)

15,055,335 

 

 

 

 

 

 

Cash dividends declared            ($1.00) per share

–    

–    

(899,885)

   –

(899,885)

 

 

 

 

 

 

Change in net unrealized gain        (loss)            on investment securities available            for sale, net of tax

–    

–    

 
 245,442

245,442 

 

 

 

 

 

 

Net earnings

–    

–    

2,392,529 

   –

2,392,529 

 

 

 

 

 

 

Balance, December 31, 2001

$ 1,799,770 

4,246,832 

10,671,321 

          75,498

16,793,421 

 See accompanying notes to  consolidated financial statements.

F-5
            
**OCONEE FINANCIAL  CORPORATION**

**Consolidated  Statements of Cash Flows**

**For the Years Ended  December 31, 2001, 2000 and 1999**

 

2001 

2000 

1999 

Cash flows from operating        activities:

 

 

 

    Net earnings

$ 2,392,529 

2,466,782 

2,203,327 

    Adjustments        to reconcile net earnings to net

 

 

 

               Cash provided (used) by operating activities:

 

 

 

                   Depreciation, amortization and accretion

307,402 

306,446 

248,192 

                   Provision for loan losses

300,000 

386,600 

116,000 

                   Provision for deferred taxes

(340)

(120,110)

(24,203)

                   Loss (gain) on sale of investment securities

–    

161,867 

(9,171)

                   Gain on sale of premises and equipment

–    

(1,500)

–    

                   Change in:

 

 

 

                       Accrued interest receivable and other assets

(109,877)

(311,353)

(312,256)

                       Accrued interest payable and other liabilities

(95,011)

375,384 

75,020 

                       Mortgage loans held for sale

(4,624,153)

(411,223)

(32,090)

 

 

 

 

 

                                   Net cash provided (used) by operating activities

(1,829,450)

2,852,893 

2,264,819 

 

Cash flows from investing        activities:

 

 

 

    Purchase of        other investments

–    

(272,800)

(39,800)

    Purchase of        investment securities available for sale

(19,943,661)

(2,950,769)

(10,236,926)

    Purchase of        investment securities held to maturity

–    

–    

(1,854,069)

    Proceeds        from calls and maturities of investment securities

 

 

 

               available for sale

14,274,230 

2,077,390 

4,788,162 

    Proceeds        from calls and maturities of investment securities

 

 

 

               held to maturity

–    

–    

500,000 

    Proceeds        from sales of investment securities available

 

 

 

               for sale

–    

8,847,572 

3,130,054 

    Proceeds        from sales of investment securities

 

 

 

               held to maturity

–    

–    

505,000 

    Net change        in loans

(28,241,918)

(30,058,833)

(16,624,687)

    Purchases of        premises and equipment

(413,792)

(922,619)

(367,136)

    Proceeds        from sales of premises and equipment

–    

1,500 

–    

    Proceeds        from sales of other real estate

–    

2,736 

–    

 

 

 

 

 

                                   Net cash used by investing activities

(34,325,141)

(23,275,823)

(20,199,402)

 

Cash flows from financing        activities:

 

 

 

    Net change        in deposits

29,190,635 

14,010,408 

20,407,021 

    Net change        in securities sold under repurchase agreements

(191,071)

(29,821)

307,739 

    Net change        in Federal Home Loan Bank advances

–    

13,300,000 

–    

    Dividends        paid

(989,874)

(899,970)

(720,000)

    Purchase and        retirement of stock

–    

(2,498) 

(900)

 

 

 

 

                                   Net cash provided by financing activities

28,009,690 

26,378,119 

19,993,860 

 

Net increase (decrease) in cash        and cash equivalents

(8,144,901)

5,955,189 

2,059,277 

 

 

 

 

Cash and cash equivalents at        beginning of year

22,082,978 

16,127,789 

14,068,512 

 

 

 

 

 

Cash and cash equivalents at        end of year

$        13,938,077 

22,082,978 

16,127,789 

 
     
F-6
            
**OCONEE FINANCIAL  CORPORATION**

**Consolidated  Statements of Cash Flows, continued**

**For the Years Ended  December 31, 2001, 2000 and 1999**

 

 

2001 

2000 

1999 

 

 

 

 

Supplemental disclosures of        cash flow information:

 

 

 

    Cash paid        during the year for:

 

 

 

               Interest

$ 7,908,814 

5,941,998 

4,175,389 

               Income taxes

$ 1,044,000 

869,000 

629,000 

 

 

 

 

    Noncash        investing and financing activities:

 

 

 

               Change in net unrealized loss on investment

 

 

 

                   securities available for sale, net of tax

$            245,442 

566,306 

786,022 

               Change in dividends payable

$            (89,989)

89,904 

179,970 

               Transfer of investment securities held to maturity to

 

 

 

                   available for sale

$                   –    

–    

16,159,794 

               Transfer of loans to other real estate

$             73,164 

–    

–    

               Financed sale of other real estate

$             73,164 

–    

–    

 

 

 

 

 

 

 

See accompanying notes to  consolidated financial statements.

F-7
            
**OCONEE FINANCIAL  CORPORATION**

** Notes to  Consolidated Financial Statements**

**(1)      Summary of Significant Accounting Policies**

Organization Oconee Financial Corporation (“OFC”) received regulatory approval to  operate as a bank holding company on October 13, 1998, and began operations  effective January 1, 1999. OFC is primarily regulated by the Federal Reserve  Bank, and serves as the one-bank holding company for Oconee State Bank.

Oconee  State Bank (the “Bank”) commenced business in 1960 upon receipt of its  banking charter from the Georgia Department of Banking and Finance (the “DBF”).  The Bank is primarily regulated by the DBF and the Federal Deposit Insurance  Corporation and undergoes periodic examinations by these regulatory agencies.  The Bank provides a full range of commercial and consumer banking services  primarily in Oconee and Clarke counties in Georgia.

Principles  of ConsolidationThe consolidated financial statements include the financial statements of  Oconee Financial Corporation and its wholly owned subsidiary, Oconee State  Bank (collectively called the “Company”). All significant intercompany  balances and transactions have been eliminated in consolidation.

Basis  of PresentationThe accounting principles followed by the Company, and the methods of  applying these principles, conform with generally accepted accounting  principles (“GAAP”) and with general practices in the banking industry. In  preparing the financial statements in conformity with GAAP, management is  required to make estimates and assumptions that affect the reported amounts in  the financial statements. Actual results could differ significantly from these  estimates. Material estimates common to the banking industry that are  particularly susceptible to significant change in the near term include, but  are not limited to, the determination of the allowance for loan losses and  valuation of real estate acquired in connection with or in lieu of foreclosure  on loans.

Cash  and Cash EquivalentsFor purposes of reporting cash flows, cash and cash equivalents include  cash and due from banks, interest-bearing deposits with banks and federal  funds sold.

Investment  SecuritiesThe Company classifies its securities in one of three categories: trading,  available for sale, or held to maturity. At December 31, 2001 and 2000, all  investment securities were classified as available for sale.

Available  for sale securities are recorded at fair value. Unrealized holding gains and  losses, net of the related tax effect, on securities available for sale are  excluded from earnings and are reported as a separate component of  stockholders’ equity until realized.

A  decline in the market value of any available for sale or held to maturity  security below cost that is deemed other than temporary is charged to earnings  and establishes a new cost basis for the security.

Premiums  and discounts are amortized or accreted over the life of the related security  as an adjustment to the yield. Realized gains and losses for securities  classified as available for sale and held to maturity are included in earnings  and are derived using the specific identification method for determining the  cost of securities sold.

 

 

F-8
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

**(1)      Summary of Significant Accounting Policies, continued**

Other  InvestmentsOther investments include Federal Home Loan Bank stock and other equity  securities with no readily determinable fair value. These investment  securities are carried at cost.

Mortgage  Loans Held for SaleMortgage loans held for sale are carried at the lower of aggregate cost or  market value. At December 31, 2001 and 2000, the cost of mortgage loans held  for sale approximates the market value.

Loans  and Allowance for Loan LossesLoans are stated at the principal amount outstanding, net of the allowance  for loan losses. Interest on loans is calculated by using the simple interest  method on daily balances of the principal amount outstanding.

Impaired  loans are measured based on the present value of expected future cash flows,  discounted at the loan’s effective interest rate, or at the loan’s  observable market price, or the fair value of the collateral if the loan is  collateral dependent. A loan is impaired when, based on current information  and events, it is probable that all amounts due according to the contractual  terms of the loan will not be collected.

Accrual  of interest is discontinued on a loan when management believes, after  considering economic conditions and collection efforts, that the borrower’s  financial condition is such that collection of interest is doubtful. Interest  previously accrued but not collected is reversed against current period  earnings when such loans are placed on non-accrual status.

The  allowance for loan losses is established through a provision for loan losses  charged to earnings. Loans are charged against the allowance for loan losses  when management believes that the collectibility of the principal is unlikely.  The allowance represents an amount which, in management’s judgment, will be  adequate to absorb probable losses on existing loans that may become  uncollectible.

Management’s  judgment in determining the adequacy of the allowance is based on evaluations  of the collectibility of loans. These evaluations take into consideration such  factors as changes in the nature and volume of the loan portfolio, current  economic conditions that may affect the borrower’s ability to pay, overall  portfolio quality and review of specific problem loans. In determining the  adequacy of the allowance for loan losses, management uses a loan grading  system that rates loans in seven different categories. Grades four through  seven are assigned allocations of loss based on standard regulatory loss  percentages. All other loans are assigned loss allocations based on historical  credit loss percentages. The combination of these results are compared  quarterly to the recorded allowance for loan losses. Management uses an  external loan review program to challenge and corroborate the internal grading  system and provide additional analysis in determining the adequacy of the  allowance and the future provisions for estimated loan losses.

While  management uses available information to recognize losses on loans, future  additions to the allowance may be necessary based on changes in economic  conditions. In addition, various regulatory agencies, as an integral part of  their examination process, periodically review the Company’s allowance for  loan losses. Such agencies may require the Company to recognize additions to  the allowance based on judgments different than those of management.

Premises  and EquipmentPremises and equipment are stated at cost less accumulated depreciation.  Depreciation is computed primarily using the straight-line method over the  estimated useful lives of the assets. When assets are retired or otherwise  disposed of, the cost and related accumulated depreciation are removed from  the accounts, and any gain or loss is reflected in earnings for the period.  The cost of maintenance and repairs which do not improve or extend the useful  life of the respective asset is charged to income as incurred, whereas  significant renewals and improvements are capitalized. The range of estimated  useful lives for premises and equipment are generally as follows:
Buildings          and improvements 5          – 40 yearsFurniture          and equipment 3          – 10 years
             F-9
            
 **OCONEE  FINANCIAL CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

**(1)    Summary of  Significant Accounting Policies, continued**

Securities  Sold Under Repurchase AgreementsSecurities sold under repurchase agreements are treated as financing  activities, and are carried at the amounts at which the securities will be  repurchased as specified in the respective agreements.

Income  TaxesDeferred tax assets and liabilities are recognized for the future tax  consequences attributable to differences between the financial statement  carrying amounts of existing assets and liabilities and their respective tax  bases. Additionally, the recognition of future tax benefits, such as net  operating loss carryforwards, is required to the extent that realization of  such benefits is more likely than not. Deferred tax assets and liabilities are  measured using enacted tax rates expected to apply to taxable income in the  years in which the assets and liabilities are expected to be recovered or  settled. The effect on deferred tax assets and liabilities of a change in tax  rates is recognized in income tax expense in the period that includes the  enactment date.

In  the event the future tax consequences of differences between the financial  reporting bases and the tax bases of the Company’s assets and liabilities  result in deferred tax assets, an evaluation of the probability of being able  to realize the future benefits indicated by such assets is required. A  valuation allowance is provided for the portion of the deferred tax asset when  it is more likely than not that some portion or all of the deferred tax asset  will not be realized. In assessing the realizability of the deferred tax  assets, management considers the scheduled reversals of deferred tax  liabilities, projected future taxable income, and tax planning strategies.

Profit  Sharing PlanThe Company has a contributory profit sharing plan which is available to  substantially all employees subject to certain age and service requirements.  Contributions to the plan are determined annually by the Board of Directors.  The total contribution by the Company for 2001, 2000 and 1999 was  approximately $241,800, $180,900 and $127,100, respectively.

Mortgage  Banking IncomeMortgage banking income represents net gains from the sale of mortgage  loans and fees received from borrowers and loan investors related to the Bank’s  origination of single-family residential mortgage loans.

Net  Earnings Per Common ShareEarnings per common share are based on the weighted  average number of common shares outstanding during the period while the  effects of potential common shares outstanding during the period are included  in diluted earnings per share. The Company had no potential common shares  outstanding during 2001, 2000 and 1999.

In  April, 2001, the Company declared a 5 for 1 stock split. All previously  reported per share amounts have been restated to reflect the stock split.

ReclassificationReclassifications of certain amounts in the 2000 and 1999 financial  statements have been made to conform with the financial statement presentation  for 2001. The reclassifications have no effect on net earnings or shareholders’  equity as previously reported.

Derivative  Instruments and Hedging ActivitiesEffective July 1, 1999, the Company adopted  Statement of Financial Accounting Standards No. 133, “Accounting for  Derivative Instruments and Hedging Activities” (“SFAS No. 133”), which  establishes accounting and reporting standards for hedging activities and for  derivative instruments including derivative instruments embedded in other  contracts. It requires the fair value recognition of derivatives as assets or  liabilities in the financial statements. At the date of initial application,  an entity may transfer any held to maturity security into the available for  sale or trading categories without calling into question the entity’s intent  to hold other securities to maturity in the future. In 1999, the Company  transferred all held to maturity investment securities to available for sale  under this provision of SFAS No. 133. The held to maturity securities had  amortized costs of approximately $16,160,000 and net unrealized loss of  approximately $41,000. The result of the transfer was to decrease stockholders’  equity by approximately $22,000, which represented the net of tax effect of  the unrealized losses associated with the held to maturity investments  transferred.

F-10
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

(**2)    Corporate  Reorganization**

Effective  January 1, 1999, the Bank completed the process of converting to the holding  company form of operation. Oconee Financial Corporation has become the parent  of the Bank. OFC is a Georgia, one-bank holding company, headquartered in  Watkinsville, Georgia.

The  Bank’s shareholders approved the holding company reorganization on December  15, 1998. Regulatory approval was received on October 13, 1998. The holding  company conversion was completed successfully on January 1, 1999. As a result  of the conversion, each share of Bank $10 par value common stock was converted  into one share of OFC $10 par value stock. OFC is the sole shareholder of the  Bank.

**(3)    Investment  Securities**

Investment  securities available for sale at December 31, 2001 and 2000 are as follows:

 

December 31,        2001

 

 Amortized                Cost     

Gross           Unrealized             Gains   

Gross            Unrealized            Losses  

Estimated         Fair                      Value    

 
     
Government agencies

$    8,155,141

171,916

4,100

8,322,957

State, county and municipal

14,765,014

202,840

178,006

14,789,848

Mortgage-backed securities

12,652,384

20,763

91,721

12,581,426

Trust preferred securities

500,000

–    

–    

500,000

 
     
Total

$  36,072,539

395,519

273,827

36,194,231
     
 

December 31,        2000

 

Amortized               Cost     

Gross           Unrealized             Gains   

Gross            Unrealized            Losses  

Estimated         Fair                      Value    

 
     
Government agencies

$           9,543,711

34,544

129,739

9,448,516

State, county and municipal

12,739,772

128,240

129,368

12,738,644

Mortgage-backed securities

8,047,641

–    

177,603

7,870,038

 
     
Total

$   30,331,124

162,784

436,710

30,057,198

The  amortized cost and fair value of investment securities available for sale at  December 31, 2001, by contractual maturity, are shown below. Expected  maturities will differ from contractual maturities because borrowers have the  right to call or prepay obligations with or without call or prepayment  penalties.

 

            Amortized                  Cost             

Estimated             Fair Value  
   
Due within one year

$                695,012

702,607

Due from one to five years

2,841,063

2,926,947

Due from five to ten years

6,787,334

6,891,502

Due after ten years

13,096,746

13,091,749

Mortgage-backed securities

12,652,384

12,581,426

 

 

 

 

$           36,072,539

36,194,231

Proceeds  from sales of securities available for sale during 2000 were $8,847,572. Gross  gains of $2,861 and gross losses of $164,728 were realized on 2000 sales.  Proceeds from sales of securities available for sale during 1999 were  $3,130,054. Gross gains of $7,895 and gross losses of $7,546 were realized on  1999 sales. There were no sales of securities during 2001.

F-11
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

**(3)     Investment  Securities, continued**

During  1999, the Company determined that a municipal bond classified as held to  maturity was deemed an unacceptable investment security for banks by the DBF.  The bond was sold during 1999 for $505,000. A gain of $8,822 was realized on  the sale.

Securities  with a carrying value of approximately $22,419,000 and $16,817,000 at December  31, 2001 and 2000, respectively, were pledged to secure public deposits and  for other purposes as required by law.

**(4)     Loans**

Major  classifications of loans at December 31, 2001 and 2000 are summarized as  follows:

 

 

 

2001

2000

 

 

 

 

 

 

Commercial, financial          and           agricultural 

$     18,154,481

16,487,028

 

Real estate – mortgage

 

74,130,798

64,214,266

 

Real estate – construction

 

45,386,203

29,663,443

 

Consumer

 

           13,615,861

           12,976,318

 

 

 

 

 

 

 

 

 

                   Total loans

 

151,287,343

123,341,055

 

Less allowance for loan          losses

 

             1,812,041

            1,807,671

 

 

 

 

   

 

 

 

 

                   Total net loans

 
$    149,475,302

121,533,384

 

 

 

 

   

 

 

 

The  Bank grants loans and extensions of credit primarily to individuals and a  variety of firms and corporations located in certain Georgia counties  including Oconee and Clarke. Although the Bank has a diversified loan  portfolio, a substantial portion of the loan portfolio is collateralized by  improved and unimproved real estate and is dependent upon the real estate  market.

At  December 31, 2001 and 2000, the recorded investment in loans that were  considered to be impaired under SFAS No. 114 was approximately $911,000 and  $218,000, respectively. The related allowance for loan losses on these loans  was approximately $137,000 and $33,000 at December 31, 2001 and 2000,  respectively. The average recorded investment in impaired loans for the twelve  months ended December 31, 2001 and 2000 was approximately $449,000 and  $117,000, respectively. For the years ended December 31, 2001, 2000 and 1999,  the Company recognized approximately $57,000, $10,000 and $2,000,  respectively, of interest income on impaired loans.

Changes  in the allowance for loan losses were as follows:

 

 

2001

2000

1999

 

 

 

 

 

 

Balance at beginning of year

$ 1,807,671

1,469,126

1,427,420

 

Amounts charged off

(381,521)

(97,676)

(102,981)

 

Recoveries on amounts        previously charged off

85,891

49,621

28,687

 

Provision for loan losses

          300,000

          386,600

          116,000

 

 

 

 

 

 

 

 

Balance at end of year

$ 1,812,041

1,807,671

1,469,126

** **

F-12
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

** (5)      Premises and Equipment**

 Major  classifications of premises and equipment are summarized as follows:

 

 

2001   

2000   

 

 

 

 

 

Land

$           459,929

 459,929

 

Buildings and improvements

1,853,636

1,796,481

 

Furniture and equipment

2,678,584

2,321,947

 

 

 

 

4,992,149

4,578,357

 

Less accumulated depreciation

2,739,013

2,359,628

 

 

 

 

$ 2,253,136

2,218,729

 

 

Depreciation  expense was $379,385, $329,780 and $235,802 for the years ended December 31,  2001, 2000 and 1999, respectively.

**(6)      Deposits**

The  aggregate amounts of certificates of deposit, each with a minimum denomination  of $100,000, were approximately $18,621,000 and $24,143,000 at December 31,  2001 and 2000, respectively.

At  December 31, 2001, the scheduled maturities of certificates of deposits are as  follows:

 

2002

$ 70,001,789

 

 

2003

14,747,799

 

 

2004

876,790

 

 

2005

791,820

 

 

2006 and thereafter

              343,109

 

 

 

 

 

 

 

 

 

 

$ 86,761,307

 

 

 

 

At  December 31, 2001, the Bank had one customer with deposits of approximately  $12,200,000.

**(7)     Income  Taxes**

The  components of income tax expense in the statements of earnings are as follows:

 

2001      

2000     

1999    

 

 

 

 

Current

$ 1,006,054 

1,184,297 

857,932 

Deferred

(340)

(120,110)

(24,203)

 

 

 

 

 

Total income tax expense

$ 1,005,714 

1,064,187 

833,729 

The  differences between income tax expense and the amount computed by applying the  statutory federal income tax rate to earnings before income taxes are as  follows:

 

 

2001     

2000     

1999     
     
 

Pretax income at statutory        rates                                                        

$ 1,155,403 

1,200,529 

1,032,599 

 

Add (deduct):

 

 

 

 

Tax exempt interest income

(231,880)

(258,405)

(279,293)

 

Non-deductible interest expense

40,424 

38,178 

34,719 

 

State taxes, net of federal        effect

42,590 

78,896 

69,836 

 

Other

(823)

4,989 

(24,132)

 

 

$ 1,005,714 

1,064,187 

833,729 

F-13
            
**OCONEE FINANCIAL  CORPORATION**

** Notes to  Consolidated Financial Statements, continued**

**(7)     Income  Taxes, continued**

The  following summarizes the sources and expected tax consequences of future  taxable deductions (income) which comprise the net deferred tax asset. The net  deferred tax asset is a component of other assets at December 31, 2001 and  2000.

 

 

2001

2000

 

Deferred income tax assets:

 

 

 

Allowance        for loan losses

$  601,649

599,990

 

Other        real estate

25,952

25,952

 

Unrealized        losses on investment securities available for sale

–    

103,982

 

Other

  13,155

           7,544

 

 

 

Total        gross deferred income tax assets

640,756

737,468

 

 

 

Deferred income tax        liabilities:

 

 

 

              Premises and equipment

  54,366

47,436

 

              Unrealized gains on investment securities available for sale

  46,194

                 –    

 

 

 

Total        gross deferred income tax liabilities

100,560

  47,436

 

 

 

Net deferred income tax asset

$  540,196

690,032

**(8)      Federal Home Loan Bank Advances**

The  Bank has an agreement with the Federal Home Loan Bank (“FHLB”) whereby the  FHLB agreed to provide the Bank credit facilities under an Agreement for  Advances and Security Agreement. Any amounts advanced by the FHLB are secured  under a blanket floating lien on all of the Bank’s 1–4 family first  mortgage loans. The Bank may draw advances up to 75% of the outstanding  balance of these loans based on the agreement with the FHLB. At December 31,  2001 and 2000, the Bank had one advance outstanding in the amount of  $13,300,000, which matures in August 2003, and calls for interest to be paid  quarterly at a fixed rate of 6.34%.

**(9)      Related Party Transactions**

The  Company conducts transactions with directors and executive officers, including  companies in which they have beneficial interests, in the normal course of  business. It is the policy of the Company that loan transactions with  directors and officers be made on substantially the same terms as those  prevailing at the time made for comparable loans to other persons. The  following is a summary of activity for related party loans for 2001:

 

Beginning balance

 

$ 4,011,000 

 

New loans

 

5,487,000 

 

Repayments

 

(5,425,000)
   
 

 

 

 

 

Ending balance

 

$ 4,073,000 
   
Deposits  with related parties totaled approximately $9,316,000 and $5,710,000 as of  December 31, 2001 and 2000, respectively.

**(10)   Commitments**

The  Company is a party to financial instruments with off-balance-sheet risk in the  normal course of business to meet the financing needs of its customers. These  financial instruments include commitments to extend credit, standby letters of  credit and financial guarantees. Those instruments involve, to varying  degrees, elements of credit risk in excess of the amount recognized in the  balance sheet. The contract amounts of those instruments reflect the extent of  involvement the Bank has in particular classes of financial instruments.

The  exposure to credit loss in the event of nonperformance by the other party to  the financial instrument for commitments to extend credit and standby letters  of credit and financial guarantees written is represented by the contractual  amount of those instruments. The Company uses the same credit policies in  making commitments and conditional obligations as it does for on-balance-sheet  instruments.

F-14
            
**OCONEE FINANCIAL  CORPORATION**

** Notes to  Consolidated Financial Statements, continued**

**(10)   Commitments,  continued**

 In  most cases, the Company does require collateral or other security to support  financial instruments with credit risk.

 

 

          Contractual Amount

 

 

2001     

2000     

 

Financial instruments whose        contract

 

 

 

    amounts        represent credit risk:

 

 

 

               Commitments to extend        credit                                                                      

$ 22,002,000

25,237,000

 

               Standby letters of credit and

 

 

 

                   financial guarantees        written                                                                     

$             715,000

736,000

Commitments  to extend credit are agreements to lend to a customer as long as there is no  violation of any condition established in the contract. Commitments generally  have fixed expiration dates or other termination clauses and may require  payment of a fee. Since many of the commitments may expire without being drawn  upon, the total commitment amounts do not necessarily represent future cash  requirements. The Company evaluates each customer’s creditworthiness on a  case-by-case basis. The amount of collateral obtained, if deemed necessary by  the Bank, upon extension of credit is based on management’s credit  evaluation. Collateral held varies but may include unimproved and improved  real estate, certificates of deposit, or personal property.

Standby  letters of credit and financial guarantees written are conditional commitments  issued by the Company to guarantee the performance of a customer to a third  party. Those guarantees are primarily issued to businesses in the Company’s  delineated trade area. The credit risk involved in issuing letters of credit  is essentially the same as that involved in extending loan facilities to  customers. The Company holds real estate, equipment, automobiles and customer  deposits as collateral supporting those commitments for which collateral is  deemed necessary.

The  Company sells participations in certain types of loans in order to comply with  legal lending limits. Pursuant to certain of the participation agreements, the  participating institutions are to receive 100% of their investment prior to  the Company, regardless of repayment, default, foreclosure or liquidation. At  December 31, 2001, the Company had participations sold outstanding of  $1,057,000 and commitments to sell $2,886,000 under these agreements.

**(11)   Regulatory  Matters**

The  Company is subject to various regulatory capital requirements administered by  the federal banking agencies. Failure to meet minimum capital requirements can  initiate certain mandatory and possibly additional discretionary actions by  regulators that, if undertaken, could have a direct material effect on the  Company’s financial statements. Under capital adequacy guidelines and the  regulatory framework for prompt corrective action, the Bank must meet specific  capital guidelines that involve quantitative measures of the assets,  liabilities and certain off-balance-sheet items as calculated under regulatory  accounting practices. The capital amounts and classification are also subject  to qualitative judgments by the regulators about components, risk weightings,  and other factors.

Quantitative  measures established by regulation to ensure capital adequacy require the Bank  to maintain minimum amounts and ratios (set forth in the table below) of total  and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as  defined), and of Tier 1 capital (as defined) to average assets (as defined).  Management believes, as of December 31, 2001, that the Bank meets all capital  adequacy requirements to which it is subject.

As  of December 31, 2001, the most recent notification from the FDIC categorized  the Bank as well capitalized under the regulatory framework for prompt  corrective action. To be categorized as well capitalized, the Bank must  maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage  ratios as set forth in the table. There are no conditions or events since that  notification that management believes have changed the institution’s  category.
     
F-15
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

**(11)   Regulatory  Matters, continued**

The  capital ratios for the Company are essentially the same as those of the Bank.  Therefore, only the Bank’s capital ratios are presented in the following  table (in thousands):

                        Actual                   
For Capital          Adequacy Purposes
To Be Well        Capitalized Under        Prompt Corrective   Action        Provisions    

 

Amount

 Ratio 

Amount

 Ratio 

Amount

 Ratio 

**As of December 31, 2001:**       Total        Capital                   (to        Risk-Weighted Assets)
$        18,380
11.8%
$ 12,519
8.0%
$ 15,649
10.0%
       Tier        1 Capital                   (to        Risk-Weighted Assets)

$ 16,568

 10.6%

$          6,259
4.0%

$          9,389

6.0%

             Tier 1 Capital                    (to        Average Assets)

$ 16,568

8.0%

$          8,275

4.0%

$ 10,344

5.0%

**As of December 31, 2000**              Total Capital                    (to        Risk-Weighted Assets)

$ 16,682

12.7%

$ 10,535

8.0%

$ 13,169

10.0%

               Tier 1 Capital                    (to        Risk-Weighted Assets)

$ 15,036

11.4%

$  5,268

4.0%

$          7,901

6.0%

               Tier 1 Capital                    (to        Average Assets)

$ 15,036

8.6%

$  7,015

4.0%

$          8,769

5.0%

**(12)   Stockholders’  Equity**

On  April 16, 2001, the Board of Directors of the Company declared a 5 for 1 stock  split payable to stockholders of record on May 8, 2001. All share and per  share amount have been changed to reflect the stock split as if it had  occurred on December 31, 1998.

Dividends  paid by the Bank are the primary source of funds available to the Company for  payment of dividends to its shareholders and for other working capital needs.  Banking regulations limit the amount of dividends that may be paid without  prior approval of the regulatory authorities. These restrictions are based on  the level of regulatory classified assets, the prior year’s net earnings,  and the ratio of equity capital to total assets.  Approximately  $1,216,000 is available for payment of dividends from the Bank to the Company  in 2002.

**(13)   Fair Value of  Financial Instruments**

The  Company is required to disclose fair value information about financial  instruments, whether or not recognized on the face of the balance sheet, for  which it is practicable to estimate that value. The assumptions used in the  estimation of the fair value of the Company’s financial instruments are  detailed below. Where quoted prices are not available, fair values are based  on estimates using discounted cash flows and other valuation techniques. The  use of discounted cash flows can be significantly affected by the assumptions  used, including the discount rate and estimates of future cash flows. The  following disclosures should not be considered a surrogate of the liquidation  value of the Company, but rather a good faith estimate of the increase or  decrease in value of financial instruments held by the Company since purchase,  origination, or issuance.

Cash  and Cash EquivalentsFor cash, due from banks, interest bearing deposits with banks and federal  funds sold, the carrying amount is a reasonable estimate of fair value.

Investment  SecuritiesFair values for investment securities are based on quoted market prices.

Other  InvestmentsThe carrying amount of other investments approximates fair value.

F-16
            
**OCONEE FINANCIAL  CORPORATION**

** Notes to  Consolidated Financial Statements, continued**

**(13)   Fair Value of  Financial Instruments, continued**

Loans  and Mortgage Loans Held for SaleThe fair value of fixed rate loans is estimated by discounting the future  cash flows using the current rates at which similar loans would be made to  borrowers with similar credit ratings. For variable rate loans, the carrying  amount is a reasonable estimate of fair value.

Deposits  and Securities Sold Under Repurchase AgreementsThe fair value of demand deposits, interest-bearing demand deposits,  savings, and securities sold under repurchase agreements is the amount payable  on demand at the reporting date. The fair value of fixed maturity certificates  of deposit is estimated by discounting the future cash flows using the rates  currently offered for deposits of similar remaining maturities.

FHLB  AdvancesThe fair value of FHLB advances is estimated based upon discounted future  cash flows using a discount rate comparable to the current market rate for  such borrowings.

Commitments  to Extend Credit and Standby Letters of CreditBecause commitments to extend  credit and standby letters of credit are made using variable rates, the  contract value is a reasonable estimate of fair value.

LimitationsFair value estimates are made at a specific point in time, based on  relevant market information and information about the financial instrument.  These estimates do not reflect any premium or discount that could result from  offering for sale at one time the Company’s entire holdings of a particular  financial instrument. Because no market exists for a significant portion of  the Company’s financial instruments, fair value estimates are based on many  judgments. These estimates are subjective in nature and involve uncertainties  and matters of significant judgment and therefore cannot be determined with  precision. Changes in assumptions could significantly affect the estimates.

Fair  value estimates are based on existing on and off-balance sheet financial  instruments without attempting to estimate the value of anticipated future  business and the value of assets and liabilities that are not considered  financial instruments. Significant assets and liabilities that are not  considered financial instruments include the deferred income taxes and  premises and equipment. In addition, the tax ramifications related to the  realization of the unrealized gains and losses can have a significant effect  on fair value estimates and have not been considered in the estimates.

The  carrying amount and estimated fair values of the Company’s financial  instruments at December 31, 2001 and 2000 are as follows:

 

         2001

                 2000

 

 

CarryingAmount

EstimatedFair Value

CarryingAmount

EstimatedFair Value

 

*                       (In thousands)*

*                  (In thousands)*

Assets:

 

 

 

 

    Cash and          cash equivalents

$            13,938
13,938

22,083

22,083

    Investment          securities available for sale

$            36,194

36,194

30,057

30,057

   Loans and          mortgage loans held for sale

$ 156,378

157,948

123,812

122,497

    Other          investments

$                 765

765

765

765

Liabilities:

 

 

 

 

    Deposits          and securities sold under

 

 

 

 

                repurchase agreement

$ 180,373

182,072

151,374

151,507

    FHLB          Advances

$            13,300

13,758

13,300

13,503

Unrecognized financial          instruments:

 

 

 

 

             Commitments to extend credit

$            22,002

22,002

25,237

25,237

    Standby          letters of credit

$                 715

715

736

736

F-17
            
**OCONEE FINANCIAL  CORPORATION**

**Notes to  Consolidated Financial Statements, continued**

**(14)   Other  Operating Expenses**

Components  of other operating expenses which are greater than 1% of interest income and  other income are as follows:

 

2001

2000

1999

Postage expense

$ 104,181

138,217

130,        345

** (15)   Oconee  Financial Corporation (Parent Company Only) Financial Information**

Balance  Sheets        December 31, 2001 and  2000             

Assets      

 

2001      

                    2000

 

 

 

Cash

$          1,050,161

1,174,375

Investment in subsidiary

16,643,625

14,866,161

Other assets

               5,029

                7,544

 

 

$ 17,698,815

16,048,080

 

                   Liabilities        and Stockholders’ Equity

Other liabilities

$             905,394

992,745

Stockholders’ equity

16,793,421

15,055,335

 

 

$ 17,698,815

16,048,080

 

                 Statements of        Earnings

                      For the Years        Ended December 31, 2001, 2000 and 1999
    
 

2001

2000

1999

 

 

 

 

Dividends from subsidiary

$           899,885

1,122,878

1,015,947

 

 

 

 

Other expenses

            63,472

           22,533

            68,392
 
               Earnings before income taxes and equity in

 

 

 

                   undistributed earnings of subsidiary

836,413

1,100,345

947,555

 

 

 

 

Income tax benefit

            24,094

              8,554

            25,962
 
 

 

 

 

               Earnings before equity in undistributed earnings

 

 

 

                   of subsidiary

860,507

1,108,899

973,517

 

 

 

 

Equity in undistributed        earnings of subsidiary

1,532,022

1,357,883

1,229,810
 
 

 

 

 

               Net earnings

$ 2,392,529

2,466,782

2,203,327
 
F-18
                  
**OCONEE FINANCIAL    CORPORATION**

**Notes to    Consolidated Financial Statements, continued**

**(15)   Oconee    Financial Corporation (Parent Company Only) Financial Information, continued**

Statements of Cash    Flows

For the Years Ended    December 31, 2001, 2000 and 1999

 

2001  

2000  

1999  

Cash flows from operating          activities:

 

 

 

Net          earnings

$  2,392,529 

2,466,782 

2,203,327 

Adjustments          to reconcile net earnings

 

 

 

to          net cash provided by operating activities:

 

 

 

Equity          in undistributed earnings of subsidiary

(1,532,022)

(1,357,883)

(1,229,810)

Change          in:

 

 

 

Other          assets

2,515 

3,415 

(10,959)

Other          liabilities

2,638 

(6,430)

9,301 
    
Net          cash provided by operating activities

865,660 

1,105,884 

971,859 
    
Cash flows from financing          activities:

 

 

 

Dividends          paid

(989,874)

(899,970)

–    

Purchase          and retirement of common stock

–    

(2,498)

(900)
    
Net          cash used by financing activities

(989,874)

(902,468)

(900)
    
Change in cash

(124,214)

203,416 

970,959 
    
Cash at beginning of year

1,174,375 

970,959 

–    
    
Cash at end of year

$  1,050,161 

1,174,375 

970,959 

Supplemental disclosure of          cash flow information:

 

 

 

Noncash          investing activities:

 

 

 

Change          in unrealized gain (loss) on securities

 

 

 

available          for sale

$             245,442 

566,306 

786,022 

Change          in dividends payable

$             (89,989)

89,904 

899,970 

** **

 

F-19
                
**SIGNATURES**

** **

                 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange  Act of 1934, the Registrant has duly caused this Report on Form 10-KSB  to be signed on its behalf by the undersigned, thereunto duly authorized, in  the City of Watkinsville, State of Georgia, on the 27th of March, 2002.

** **

 

**OCONEE STATE        BANK**

 

**(Registrant)**

 

 

 

 

 

 By:             */s/ B. Amrey Harden*

 

 

                   B.        Amrey Harden

 

                  Title:  President

 

** **

**POWER OF ATTORNEY  AND SIGNATURES**

                 KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below  constitutes and appoints **B. Amrey Harden** or **Douglas D. Dickens**  and either of them (with full power in each to act alone), as true and lawful  attorneys-in-fact, with full power of substitution, for him and in  his name, place and stead, in any and all capacities, to sign any amendments  to this Report on Form 10-KSB and to file the same, with all exhibits  thereto and other documents in connection therewith, with the SEC, hereby  ratifying and confirming all that said attorney-in-fact, or their  substitute or substitutes, may lawfully do or cause to be done by virtue  thereof. 

                 Pursuant to the requirements of the Securities Act of 1934, this Report on  Form 10-KSB has been signed by the following persons in the capacities  indicated on the 27th day of March 2002.

 
****
**Signature**

**Title**

   */s/ G. Robert        Bishop*

 

Director

G. Robert Bishop

 

 

 

   */s/ Jimmy L.        Christopher*

 

Director

Jimmy L.        Christopher

 

 

 

   */s/ Douglas D.        Dickens*

 

Chairman of the        Board of Directors

Douglas D.        Dickens

 

 

 

   */s/ Walter T.        Evans, Sr.*

 

 Directors

Walter T. Evans,        Sr.

 

 

 

 *  /s/ John A.        Hale*

 

Vice Chairman of the        Board of Directors

John A. Hale

 

 

 

 *  /s/ B. Amrey        Harden*

 

President and        Chief Executive Officer, Director

B. Amrey Harden

 

 

 

   */s/ Donald        Jesweak*

 

Senior Vice        President and Senior Lending Officer

Donald L. Jesweak

 

 

 

 *  /s/ Henry C.        Maxey*

 

Director

Henry C. Maxey

 

 

 

 *  /s/ Carl R.        Nichols*

 

Director

Carl R. Nichols

 

 

 

 *  /s/ Ann        Breedlove Powers*

 

Director

Ann Breedlove        Powers

 

 

 

   */s/ Jerry K.        Wages*

 
Executive Vice        President and Chief Financial
Jerry K. Wages

Officer, Chief        Accounting Officer,  Corporate Secretary, and Director

 

 

   */s/ Virginia S.        Wells*

 

Director

Virginia S. Wells

 

 

 

 

 
            
**INDEX  TO EXHIBITS**

 

Exhibit   No.                            Description

 

3.2           Amended and Restated Bylaws, dated May 7,  2001.

10.1          Oconee State Bank Officers’ Cash Incentive Plan.

 

 

 

 

 

 

 

 

 
            
**Document Links**

**PART I**

**ITEM  1.      DESCRIPTION OF BUSINESS**

**ITEM  2.      DESCRIPTION OF PROPERTIES**

**ITEM 3.       LEGAL PROCEEDINGS**

**ITEM  4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY  HOLDERS**

**PART  II**

**ITEM  5.      MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER  MATTERS**

**ITEM  6.      MANAGEMENT'S DISCUSSION AND ANALYSIS**

**ITEM  7.      FINANCIAL STATEMENTS**

**ITEM  8.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**PART  III**

**ITEM  9.       COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE  ACT**

**ITEM  10.     EXECUTIVE COMPENSATION**

**ITEM  11.     CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

**ITEM  12.     CERTAIN RELATIONSHIPS AND RELATED  TRANSACTIONS**

**ITEM  13.      EXHIBITS, LIST AND REPORTS ON FORM 8-K**

**CONSOLIDATED  BALANCE SHEETS FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000**

**CONSOLIDATED  STATEMENTS OF EARNINGS FOR YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999**

**CONSOLIDATED  STATEMENTS OF STOCKHOLDERS’ EQUITY  FOR THE YEARS ENDED DECEMBER 31, 2001, 2000  AND 1999**

**CONSOLIDATED  STATEMENTS OF CASH FLOWS  FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999`**

**NOTES TO  CONSOLIDATED FINANCIAL STATEMENTS**

**SELECTED STATISTICAL  INFORMATION**

Table 1 Average  Balances and Interest Rates

Table 2 Volume-Rate  Analysis

  Table 3 Investment  Portfolio

Table 4 Loan  Portfolio

Table 5 Allowance for  Loan Losses

  Table 6 Deposits

  Table 7 Selected Ratios

**SIGNATURES** |
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