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Oak Ridge Financial Services, Inc. Announces First Quarter 2024 Results, 20% Increase in Quarterly Cash Dividend, and Stock Repurchase Program
Oak Ridge Financial Services, Inc. Announces First Quarter 2024 Results, 20% Increase in Quarterly Cash Dividend, and Stock Repurchase Program.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., April 30, 2024 (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 2024, an increase of $0.02, or 20%, in its quarterly cash dividend to $0.12 per common share, and approval of a stock repurchase program. First Quarter 2024 Highlights Earnings per share of $0.50, compared to $0.54 for the prior quarter and $0.47 for the first quarter of 2023.Return on equity of 9.31%, compared to 10.44% for the prior quarter and 9.61% for the first quarter of 2023.Dividends declared per common share of $0.12, up 20% from the prior quarter and the first quarter of 2023.Tangible book value per common share of $21.56 as of period end, compared to $21.35 at the end of the prior quarter, and $19.95 at the end of the first quarter of 2023.Net interest margin of 3.79% for the current and prior quarter, and 3.88% for the first quarter of 2023.Efficiency ratio of 68.3%, compared to 65.2% for the prior quarter and 71.2% for the first quarter of 2023.Loans receivable of $477.4 million at quarter end, up 9.2% (annualized) from $466.8 million as of the prior quarter end, up 6.8% from $446.8 million at the end of the first quarter of 2023.Nonperforming assets to total assets of 0.06% at quarter end, compared to 0.07% as of the prior quarter end and 0.04% at the end of the first quarter of 2023.Securities available-for-sale and held-to maturity of $107.8 million at quarter end, down 9.9% (annualized) from $110.6 million as of the prior quarter end, and up 20.9% from $89.2 million at the end of the first quarter of 2023.Total deposits of $496.9 million at quarter end, up 3.1% (annualized) from $493.1 million as of the prior quarter end, up 2.2% from $486.2 million at the end of the first quarter of 2023.Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $64.1 million at quarter end, up 41.5% (annualized) from $58.2 million as of the prior quarter end, and up 58.5% from $40.5 million at the end of the first quarter of 2023.Total stockholders’ equity of $59.6 million at quarter end, up 8.3% (annualized) from $58.3 million as of the prior quarter end, up 9.3% from $54.5 million at the end...