Business
Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year 2022 Results and Quarterly Cash Dividend of $0.08 per share
Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year 2022 Results and Quarterly Cash Dividend of $0.08 per share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Feb. 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 fourth quarter and full year of 2022, and a quarterly cash dividend of $0.08 per share. Fourth Quarter and Full Year 2022 Highlights Earnings per share of $2.47 for 2022, down $0.44, or 15.1%, from 2021; earnings per share of $0.63 for the three months ended December 31, 2022, down eleven cents, or 14.9%, from the same period in 2021.Return on average common stockholders’ equity of 12.95% for 2022, compared to 15.70% for 2021; return on average common stockholders’ equity of 12.98% for the three months ended December 31, 2022, compared to 15.70% for the same period in 2021.Recovery of loan losses for the years ended December 31, 2022 and 2021 of $41,000 and $682,000, respectively; recovery of loan losses for the three months ended December 31, 2022 and 2021 of $182,000 and $435,000, respectively.Tangible book value per common share of $19.48, up 1.50%, or 28 cents, from $19.20 as of December 31, 2021 despite a $5.2 million decrease in accumulated other comprehensive income (“AOCI”) from December 31, 2021 to December 31, 2022, which would have otherwise caused a decrease in book value per share during the same period of time. AOCI is part of total book value.Through December 31, 2022, the Bank has recognized almost 100% of the unamortized fees and associated costs on $80.0 million of first and second round Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans.Period end total loans of $436.0 million as of December 31, 2022, up 1.5% from total loans of $429.7 million as of December 31, 2021. Period end total loans (excluding PPP loans) of $436.0 million as of December 31, 2022, up 9.9% from total loans (excluding PPP loans) of $396.5 million as of December 31, 2021.Period end deposits of $481.0 million, down 5.6% from December 31, 2021. Period end noninterest-bearing deposits of $120.3 million, up 3.2% from December 31, 2021.Period end allowance for loan losses of $4.8 million, up 29.1%, from $3.8 million as of December 31, 2021.Nonperforming assets of $739,000, down 74.5% from $2.9 million as...