report logo
map image

Corporate Profile

Oconee State Bank is a community-oriented commercial bank, headquartered in Oconee County, Georgia, with two full-service financial centers in Oconee County, one full-service financial center in Gwinnett County, and one full-service financial center in Athens/Clarke County.


Monday, June 6, 2022 – 5pm

Oconee State Bank

Corporate Headquarters

41 N. Main Street

Watkinsville, Georgia 30677


James R. McLemore

Executive Vice President & Chief Financial Officer

Oconee Financial Corporation

PO Box 205

Watkinsville, Georgia 30677


Broadridge Corporate Issuer


PO Box 1342

Brentwood, NY 11717



Mauldin & Jenkins, LLC

Certified Public Accountants

200 Galleria Parkway, S.E.

Suite 1700

Atlanta, Georgia 30339


41 N. Main Street

PO Box 205

Watkinsville, Georgia 30677

Telephone: (706) 769-6611

President’s Letter: A Note from Neil

president's image

As you will see throughout your 2021 Annual Report, we are pleased to share that Oconee State Bank exceeded our strategic goals last year. In doing so, we have continued to strengthen our foundation and position ourselves for continued growth, which will enable us to achieve our ultimate goal of becoming Georgia’s Most Remarkable Community Bank.

In order to chart our course to achieve this goal, our team embraces that we must cultivate a remarkable team, foster a remarkable culture, execute a remarkable strategy, in order to continue to produce remarkable value for all stakeholders. When asked recently, “what are the keys to building a stronger bank,” I responded with three essential elements.

Ignite an Unstoppable CultureEvery organization has a culture, but not every organization is intently focused on igniting a culture that is remarkable. Here at Oconee State Bank, we strive to create an environment where what is written on the walls (our vision, mission, and values) is lived in the halls. When the passion, strengths, and talents of our team members align with those of our organization, this is when the magic happens. My friend, Glen Jackson, Co-Founder of Jackson Spalding, says “every company should ensure their culture has 5 F’s.” Fun – a place where team members enjoy working. Fascination – a place where team members are fascinated by the organization’s mission and strategy for growth. Financial – a place where all stakeholders achieve financial success. Future – a place where team members believe in the company’s future and know they are positively impacted by its growth. Freedom – a place where team members hold each other accountable, while having the autonomy to serve with prudence and excellence. At Oconee State Bank, our team is dedicated to igniting an unstoppable culture, understanding that a remarkable team member experience translates to an equally remarkable experience for our customers, shareholders, industry partners, and the communities we serve.

Grow LeadersJohn Maxwell said, “Everything rises and falls on leadership.” Any successful organization has learned how to effectively grow and develop their leaders. Our priority is to pour our time, talent, and resources into cultivating, not only our current leadership team, but our future leaders as well. We are fortunate to have, and continue to seek, leaders who are passionate about their professional and personal development; leaders who are authentic and genuinely care about our team; leaders who are competent and highly skilled in their role; leaders with a strong work ethic who set high standards for themselves, their peers, and relentlessly pursue excellence; leaders who communicate exceptionally well; and leaders with a high degree of emotional intelligence. The cornerstone of any organization lies in the strength of its leaders. At Oconee State Bank, we agree with Mr. Maxwell and understand that leadership development is a key component of our strategic growth.



Execute with ExcellenceOne important trait of any successful company is the ability to effectively execute a strong strategy. My friend David Salyers, former Vice President of Marketing for Chick-Fil-A, says that “80% of what we do is the same as every other bank. Executing with excellence is doing the 80% really well, while identifying how to differentiate ourselves by doing the additional 20% radically different.” Oconee State Bank is fanatical about inspiring raving fans, by creating remarkable experiences that significantly mark the lives of others.

At OSB, we envision producing an environment where our customers and communities are served by a team, whose passion and purpose is to consistently offer remarkable service and value to others. As we move forward in 2022, with a focus on continued growth and collaboration, I am confident, with your support, we will continue to be essential to the lives, businesses, and communities we serve.

Financial Highlights

Notes from our CFO, Jim McLemore

CFO's image

2021 Results

Earnings, Dividends, Book Value, and Stock Value

Oconee State Bank and Oconee Financial Corporation's results for 2021 reflect a significant improvement over 2020 and reflect the dedication and quality work of our team. Despite historically low net interest margins, we are pleased to report 2021 net income of $3.0 million versus $1.9 million in 2020. On a pre-tax basis, 2021 includes PPP fee income of $2.2 million vs $1.0 million of PPP fee income recognized in 2020. Oconee State Bank provided $56 million in PPP funding to 638 customers in 2020 and another $18 million in funding to 232 customers in 2021. As of 12/31/21, the Bank has received $70 million from the U.S. Small Business Administration for loans forgiven. These PPP loans provided cash flow assistance to businesses who were affected by economic conditions as a result of COVID-19. Oconee Financial Corporation paid a dividend of $0.65 per share in April of 2021, an increase of 8 percent over the prior year dividend. Our book value per share increased from $42.56 to $43.88, an increase of 3 percent. We are pleased to report that the Board of Directors voted to increase the 2022 annual dividend to $0.70 per share, an increase of 8 percent. This dividend increase mirrors our growth and overall financial strength. Oconee Financial Corporation's stock, which trades on the OTCQX under the ticker symbol “OSBK,” increased from $36.25 per share at year-end 2020 to $44.00 per share at year-end 2021. This represents an increase of 21 percent

Balance Sheet

The Bank experienced another year of strong growth in 2021. Total Assets grew $77 million, or 15 percent. This strong asset growth was driven by growth in deposits of $75 million, or 17%. Like much of the banking industry, a significant amount of our growth was due to the strong inflow of funds from government stimulus money, as well as the higher savings rates of consumers and businesses. Low cost demand deposits grew over $41 million. In 2021, we continued to focus heavily on expanding the deposit relationship of our existing and prospective customers to ensure the Oconee State Bank is their primary financial institution.

Lending and Credit Quality

Total loans decreased $26 million or 7%. However, excluding the effect of loan paydowns from Paycheck Protection Program (PPP) forgiveness payments during 2021, loans increased $25.2 million, or 9.2%. Our owner-occupied commercial real estate portfolio, which represents one of the safer segments of our loan portfolio, continued to grow in 2021. Past dues remained extremely low and were only 0.11% of loan balances at 12/31/21. We were able to reduce the amount of our loan loss provision with $456,000 booked in 2021, compared to $1.25 million for 2020. 2020's loan loss provision reflected potential risks from the COVID-19 virus. For 2021, our loan recoveries, net of loan charge offs were only $29,000.

Digital Highlights

eBanking Services

Mobile Deposit


Items processed




Bill Payments Processed


Number of payments


Business Services

Processed through Remote Deposit Capture (RDC)$199,665,810

Items processed through RDC157,871

Savings through usage of RDC$97,880

Processed through ACH Origination$190,163,335

Revenue generated from various business services$39,547

Revenue generated from service charges on
commercial accounts$30,104

Asset Quality Highlights

12/31/2021 Loan Portfolio Composition

In 2021, the Bank continued to assist small businesses through an additional $18 Million of 2021 SBA Paycheck Protection Program (PPP) Loans and guiding them through $70 Million in loan forgiveness. Excluding these PPP loan efforts, the Bank continued to grow its targeted Owner Occupied Commercial Real Estate Portfolio to 38% of the Total Loan Portfolio. Additionally, the Bank continues to demonstrate a well-balanced and diversified loan portfolio mix with 27% of the portfolio in Non-Owner Occupied Commercial Real Estate, and 16% of the portfolio in 1 to 4 Family Housing loans.

loan portfolio composition
Historical loan portfolio totals

Historical Chart

In 2021, the Bank reflected $25.2 Million (9.2%) in loan portfolio growth, excluding SBA PPP loans, with the primary growth areas being Owner Occupied Commercial Real Estate of $13.9 Million (13.7%), Non-Owner Occupied Commercial Real Estate of $14.5 Million (14.5%), and Multifamily Housing of $11.4 Million. Over the five year history shown, the Bank has grown the loan portfolio by 105% or a Compound Annual Growth Rate of 15.4%. Additionally, during these five years, the Bank’s focus on growing small business relationships by focusing on Owner Occupied Commercial Real Estate, has resulted in this portion of the loan portfolio growing by 138.7% or a Compound Annual Growth Rate of 19%.

Market Teams

Oconee Market Team

“As a team, we have grown leaps and bounds over the last year. We have successfully managed a loan portfolio of nearly $108 million, generating $32 million in new loan production for the year. Together we helped the bank navigate round two of Paycheck Protection Plan loans of $18 million, and $71 million in forgiveness. We are proud to say that the OC Market Retail team exceeded budget and we continue to add new team members that hold true to our mission and values. We are looking forward to a great upcoming year.” – Hal Jackson, Oconee Market President
Oconee marketing team image
Gwinnett marketing team image

Gwinnett Market Team

“The Gwinnett Team had a great 2021 with many accomplishments. We moved into our new permanent location in Duluth, Georgia. The new space will be our home for many years to come that provides the needed room to expand the team and offer a great place for our clients to visit. The Gwinnett Team worked extremely hard in 2021 and their efforts rewarded the bank with a profit and successfully exceeding the budget. We have added new team members and together have put forth continued efforts to increase awareness of the OSB brand. I would like to offer a special thank you to all of our shareholders, without you, this would not be possible. The Gwinnett Team is up to the challenge and we look forward to reporting our successes in 2022.”– Joe Godfrey, Gwinnett Market President

Athens Market Team

“In 2021, we became a full service depository location while hitting internal milestones for asset growth and cash management services. We eclipsed $100 million in loans outstanding and had banner deposit growth. Additionally, we most recently added an ATM in front of our office. We are poised for an amazing 2022!”– Chad Thomason and Phillip Edwards, Athens Market Presidents
Athens marketing team image
Makon marketing team image

Macon Market Team

“Oconee State Bank is excited to bring a new team to the Central Georgia community. Our goal is to intentionally grow remarkable talent while building a strong customer base throughout Central Georgia. We are diligently searching for a strategic location in Macon that will best serve our community. Exciting times ahead!”– Robby Redmond, Macon Market President


Small Business Administration

Our SBA team has many years of experience in the area of guaranteed government lending. We are committed to helping mark the lives of those wanting to build, expand, or recover. Supporting small businesses in a way that we have longed to do, is now possible with the expansion of the Small Business Administration team.

mortgage image people talking

Oconee State Financial Services

The Oconee State Financial Services team is dedicated to helping clients in all aspects and facets of their financial lives. The decisions that you make today will put you on track towards the right course for the future. With services including Wealth Management, Business Retirement Plans, Risk Management, and Financial Planning, now our customers have even more support when creating their financial plans with the expansion and experience of the OSFS team.

Remarkable Mortgage

Remarkable Mortgage leaves a lasting impression on the customers we serve, bringing confidence and simplicity to home financing. The Remarkable Mortgage team offers top-notch customer service and customized loan solutions, with an innovative and progressive approach to mortgage loans. Powered by Oconee State Bank, Remarkable Mortgage will serve customers with the personalized service of a hometown bank, and the sophistication of the most cutting edge technology and infrastructure.


president's image

Neil Stevens

President, Chief Executive Officer

cfo's image

Jim McLemore

Executive Vice President, Chief Financial Officer

Executive Vice President, Chief Financial Officer

Philip Bernadi

Executive Vice President, Chief Banking Officer

Executive Vice President, Chief Administration Officer

Cristi Donahue

Executive Vice President, Chief Administrative Officer

Executive Vice President, Chief Credit Officer

Tom Wilson

Executive Vice President, Chief Credit Officer


Board of Directors


Retired, Georgia Department of Natural Resources - Bob has served as a director since 1991. His business experience, together with his historical knowledge of the corporation, makes Bob an integral member of the Board of Directors.


President, Powell Home Builders, Inc. - Tony has a degree in Landscape Architecture from the University of Georgia and graduated high school from Oconee County High School. He is President and founder of Powell Home Builders, Inc., a custom home building company.


Partner & Manager of Jackson Spalding – Athens - Brian has more than 25 years of strategic communications experience, the past 22 at Jackson Spalding, Georgia’s leading independent marketing communications agency. Brian also serves as the Mayor of Watkinsville, GA.


Director of Financial Reporting & Assurance Services, Trinity Accounting Group - PC Toby received his Bachelor of Business Administration from the University of Georgia in 1998 and is a member of the Georgia Society of CPA’s, the AICPA, and the National Association of Certified Valuation Analysts (NACVA). Toby is an alumnus of L.E.A.D. Athens and is active in the Athens area community. He currently serves on the Board of Directors for Extra Special People and the Athens Pregnancy Center.


General Partner/Treasurer of Hardigree Properties & currently serves as the County Clerk for the Oconee County Government - Holly has strong ties in Oconee County. She is a graduate of UGA’s Terry College of Business, where she earned a BBA in Risk Management. She proudly serves in many capacities in the local community, most notably with Oconee County 4-H Club and Watkinsville First Baptist Church.


Cardiologist, Piedmont Heart Institute, Athens - Jonathan received his undergraduate degree from Harvard College. He earned his medical degree from Emory University School of Medicine in 2001. He completed his internal medicine residency at Johns Hopkins Hospital in 2004 and cardiovascular fellowship training at Hopkins and Emory.


Board Vice Chair, Owner, Hale’s Dairy - Albert brings a balanced perspective to the Board of Directors. His demonstrated business experience, leadership skills, and management skills make him an excellent addition to our team.


Board Chair, President & Chief Executive Officer, Wells & Co. Realtors, Inc. - Virginia graduated from UGA’s Terry College of Business in 1982 with a degree in Banking and Finance, and she is proud to have been in the real estate business for more than 40 years.


President & Chief Executive Officer, Oconee State Bank - Neil brings more than 30 years of broad based banking experience to the team. Over the years, his main focus has been to lead financial institutions to levels of accelerated performance by placing a high emphasis on building a remarkable culture within the organization.


Chief Executive Officer, Extra Special People, Inc. - Laura obtained both her Bachelor’s degree in Collaborative Special Education and her Master’s degree in Adapted Curriculum Classic Autism at the University of Georgia. She is an alumna of L.E.A.D Athens and Leadership Georgia and has served as a Board Member for United Way, while also serving as a member of North Oconee Rotary, Oconee Civitan, and the Junior League of Athens.

Community Advisory Committees

Oconee State Bank’s Community Advisory Committees serve as ambassadors of Oconee State Bank, our eyes and ears in the communities we serve, to offer valuable feedback to continually enhance our operations. Each committee is comprised of a diverse group of individuals and businesses from the surrounding Oconee, Athens-Clarke, Gwinnett County communities, and now moving into the Macon community. These committees and individuals serve as a liaison between the local community and the bank.

Athens / Oconee

  • Andy Thoms

    CEO & Co-Founder, See. Spark. Go.

  • Davis Knox

    CEO & Co-Founder, Fire & Flavor

  • Donald Hansford

    Attorney at Law, Donald W. Hansford, PC

  • Elmer Stancil

    Senior Managing Director, Dentons

  • Robert Griffith

    President, Golden Pantry

  • Lenn Chandler

    Retired Vice President, Georgia Power

  • Dan Elder

    President, Oconee Well Drillers

  • Delena Brockmann

    Director, Piedmont Athens-Oconee Campus

  • Dutch Guest

    Vice President, LAD Truck Lines, Inc.

  • Kevin Daniel

    Pastor, Bethel Baptist Church

  • Tiffany Carter



  • Greg Cantrell

    Broker/Owner, Living Stone Properties

  • Rob Coatsworth

    CEO, CTR Partners, Inc.

  • Matt Hyatt

    President & CEO, Rocket IT

  • Lee Merritt

    Partner, Merritt Properties, Inc.

  • Russell Reece

    Atlanta Managing Partner, Hancock Askew & Co.

  • Marlon Allen

    Partner, RAMP Marketing LLC

Gwinnett Community Advisors

Gwinnett community advisors

Athens/Oconee Community Advisors

Athens Community Advisors


Founded in 1984 by H. Mell Wells, Oconee State Bank’s Junior Board of Directors is comprised of high school students throughout Oconee County. The students listed below have been nominated by teachers and selected by their schools to serve as the 2021-2022 Junior Directors. The combined academic and extracurricular achievements of this year’s Board is unmatched. These students are making a difference and marking lives, in their own right, in their corner of the world. At Oconee State Bank, we are proud to fulfill our commitment to serving our local school systems through community education initiatives, and working directly with aspiring young leaders is an honor for our team. Going forward, in 2022 and beyond, our vision is to expand the Junior Board program across all markets we serve, creating remarkable education experiences for more student populations than ever before.

Garrett KennedyAthens Academy

Madeline WickerAthens Academy

Becca ClowerNorth Oconee High School

Cole DavidsonNorth Oconee High School

Yerahm HongNorth Oconee High School

Camden HowellNorth Oconee High School

Justin WellsNorth Oconee High School

Conagher WheelerNorth Oconee High School

Jackson WhiteNorth Oconee High School

Nick WileyNorth Oconee High School

Abbie ChenOconee County High School

Daniel ElderOconee County High School

Will FullerOconee County High School

Landon HagwoodOconee County High School

Maggie MichaelOconee County High School

Drew MitchellOconee County High School

Rylee Ann RoysterOconee County High School

Mark SmithWestminster Christian Academy

Owen WeatherlyWestminster Christian Academy

Junior Board Image


85 Team Members

670 Years of combined service

4 Financial Centers

4 Markets



Our Vision

What are we trying to accomplish?To be essential to the lives, businesses, and communities we serve.

Our Mission

How will we accomplish our vision?Create remarkable experiences that significantly mark the lives of others.

Our Values

What is most important to us as we strive to accomplish our vision?We value . . . SUCCESS


The privilege and responsibility of wisely shepherding our resources


Believing the best in, Expecting the best from, Seeking the best for, and Telling the best about each other


A culture of teamwork


Partnering with our communities through local ownership, involvement and decision-making


Exceptional performance with a long-term perspective


Consistently creating remarkable experiences for our customers


Empowering our team members to deliver solutions


the remarkable foundation banner
the remarkable foundation

Since 1960, Oconee State Bank has been proud and thankful to partner with countless local charities, giving back to the same organizations who are making an impact in the communities we are blessed to serve as a community bank. In 2020, in recognition of our 60th Anniversary commemorative celebrations, we proudly formed a charitable foundation coined The Remarkable Foundation!

The mission of The Remarkable Foundation is to provide financial assistance to nonprofit organizations for the implementation of services and programs that enhance and mark the quality of life for all people in the communities served by Oconee State Bank.

Customers, community members, local organizations, and beyond have an opportunity to link arms and partner with the established and reputable giving history of OSB, through the foundation, thus increasing our giving impact in every community we serve.