Business
Oak Ridge Financial Services, Inc. Announces 2021 Results and Quarterly Cash Dividend of $0.07 Per Share
Oak Ridge Financial Services, Inc. Announces 2021 Results and Quarterly Cash Dividend of $0.07 Per Share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the fourth quarter and full year of 2021, and a quarterly cash dividend of $0.07 per share. Fourth Quarter and Full Year 2021 Highlights Earnings per share of $2.91 for 2021, up $1.68, or 137%, from 2020; earnings per share of $0.74 for the three months ended December 31, 2021, up 36 cents, or 95%, from the same period in 2020;Return on average common stockholders’ equity of 15.70% for 2021, compared to 7.68% for 2020; return on average common stockholders’ equity of 14.78% for the three months ended December 31, 2021, compared to 9.17% for the same period in 2020;Negative loan loss provision for the year ended December 31, 2021 of $682,000, compared to a loan loss provision of $2.7 million for 2020; 2020 loan loss provision of $2.7 million predominantly related to the potential adverse economic impact of the COVID-19 pandemic;Tangible book value per common share of $19.20, up 13.9%, or $2.34, from $16.86 as of December 31, 2020.Through December 31, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 92% on the $50.1 million of first round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;In 2021, the Bank funded 418 second round PPP loans totaling $30.8 million, the associated fees and origination costs will be recognized as interest income and expense, respectively, over the life of the PPP loans;Through December 31, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 50% on the $30.8 million of second round of PPP loans;Period end loans of $429.7 million, down 4.6% from December 31, 2020. Period end loans, net of PPP loans, of $410.6 million, up 2.4% from December 31, 2020;Period end allowance for loan losses of $3.8 million, down 31.2%, from $5.5 million at December 31, 2020.Nonperforming assets of $3.0 million, down 14.3% from $3.5 million at December 31, 2020.Period end deposits of $509.3 million, up 11.7% from December 31, 2020. Period end noninterest-bearing deposits of $116.5 million, up 23.7% from Decemb...