Business
Oak Ridge Financial Services, Inc. Announces First Quarter 2022 Results, Increase in Quarterly Cash Dividend to $0.08 Per Share
Oak Ridge Financial Services, Inc. Announces First Quarter 2022 Results, Increase in Quarterly Cash Dividend to $0.08 Per Share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., May 04, 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 first three months of 2022, and an increase in its quarterly cash dividend to $0.08. First Quarter 2022 Highlights Earnings per share of $0.62 for the three months ended March 31, 2022, down 15 cents from the comparable 2021 period.Annualized return on average common stockholders’ equity of 13.07% for the three months ended March 31, 2022, compared to 18.45% for the same period in 2021.Tangible book value per common share of $18.63 as of March 31, 2022, up 8.1%, or $1.39, from $17.24 as of March 31, 2021.Period end loans of $434.5 million, up 1.1% (4.5% annualized) from December 31, 2021.Period end allowance for loan losses of $3.9 million, up 3.6%, from $3.8 million on December 31, 2021.Nonperforming assets of $1.0 million, down 65.2% from $3.0 million on December 31, 2021.Period end deposits of $541.6 million, up 6.4% (26.0% annualized) from December 31, 2021.Through March 31, 2022, the Small Business Administration (“SBA”) forgave, and the Bank recognized remaining unamortized fees and associated costs of approximately 92% on the $80.0 million of first and second rounds of SBA Paycheck Protection Program (“PPP”) loans. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our continued strong financial performance in the first quarter of 2022 given the reduction in the bank’s income from 2021 to 2022 as our participation in the PPP program ends. Our team has shown great resilience and performance as we navigate the ever changing economic and social environment. In the first quarter of 2022, we experienced solid loan growth despite the reduction in PPP loans, and deposit growth was strong as well. Additionally, our nonperforming assets to total assets declined from 0.51% on December 31, 2021, to 0.16% on March 31, 2022.” The Company also announced a $0.01 increase in its quarterly cash dividend to $0.08 per share of common stock. The dividend is payable on June 9, 2022, to stockholders of record as of the close of business on May 24, 2022. “We are pleased to...