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Oak Ridge Financial Services, Inc. Announces First Quarter 2023 Results, Increase in Quarterly Cash Dividend to $0.10 Per Share
Oak Ridge Financial Services, Inc. Announces First Quarter 2023 Results, Increase in Quarterly Cash Dividend to $0.10 Per Share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., May 02, 2023 (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 2023, and an increase of $0.02, or 25%, in its quarterly cash dividend to $0.10 per common share. First Quarter 2023 Performance Earnings per share of $0.47 for the first quarter of 2023, down 15 cents from the year-ago quarter.Annualized return on average common stockholders’ equity of 9.62% for the first quarter 2023, compared to 13.07% for the year-ago quarter.Tangible book value per common share of $19.94 as of March 31, 2023, up 7.0%, or $1.31, from $18.63 as of March 31, 2022.Net interest margin of 3.91% for first quarter of 2023, compared to 4.02% for the prior quarter and 4.07% for the year-ago quarter.Efficiency ratio of 71.60% for the first quarter of 2023, compared to 69.64% for the prior quarter and 65.10% for the year-ago quarter. Summary financial position at March 31, 2023, as compared to December 31, 2022 Total assets increased $1.6 million, or 0.3% (1.1% annualized), to $590.9 million at March 31, 2023, from $589.3 million at December 31, 2022.Cash and cash equivalents decreased $17.4 million, or 34.6%, to $32.9 million from $50.4 million at December 31, 2022.Total net loans increased $20.4 million, or 4.8% (19.6% annualized), to $440.8 million at March 31, 2023, from $421.4 million at December 31, 2022. Loans secured by owner-occupied nonfarm nonresidential properties (“Owner occupied CRE”) were $118.6 million and $111.2 million at March 31, 2023 and December 31, 2022, respectively.Loans secured by other nonfarm nonresidential properties (“Non-owner occupied CRE”) were $136.0 million and $130.7 million at March 31, 2023 and December 31, 2022, respectively. Total deposits increased $5.2 million, or 1.1% (4.4% annualized), to $486.2 million at March 31, 2023, from $481.0 million at December 31, 2022. Ratio of estimated uninsured deposits to total deposits of 20.1% at March 31, 2023, compared to 22.1% at December 31, 2022. Stockholders’ equity increased $1.9 million, or 3.5% (14.3% annualized), to $54.5 million at March 31, 2023, from $52.6 million at December 31, 2022. The Bank’s Co...