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Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year 2023 Results and Quarterly Cash Dividend of $0.10 per share
Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year 2023 Results and Quarterly Cash Dividend of $0.10 per share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Feb. 02, 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 fourth quarter and full year of 2023, and a quarterly cash dividend of $0.10 per share. Fourth Quarter and Full Year 2023 Highlights Earnings per share of $2.10 for 2023, down $0.37, or 15.0%, from 2022; earnings per share of $0.54 for the three months ended December 31, 2023, down nine cents, or 14.3%, from the same period in 2022.Return on average common stockholders’ equity of 10.39% for 2023, compared to 12.95% for 2022; return on average common stockholders’ equity of 10.44% for the three months ended December 31, 2023, compared to 12.98% in 2022.Provision for credit losses for the year ended December 31, 2023, of $605,000 compared to recovery of credit losses of $41,000 in 2022; provision for credit losses for the three months ended December 31, 2023, of $357,000 compared to recovery of credit losses of $182,000 in 2022.Tangible book value per common share of $21.35, up 9.32%, or $1.85, from $19.48 at December 31, 2022.Total loans of $465.1 million at December 31, 2023, up 9.4% from $425.1 million at December 31, 2022.Available-for-sale (at fair value) and held-to-maturity (at cost) securities of $110.6 million at December 31, 2023, up 20.0% from $92.1 million at December 31, 2022.Deposits of $493.1 million at December 31, 2023, up 2.5% from December 31, 2022. Period end noninterest-bearing deposits of $99.7 million, down 17.1% from December 31, 2022. Period end interest-bearing deposits of $393.4 million, up 9.0% from December 31, 2022. Estimated uninsured deposits were $81.8 million or 16.3% of total deposits at December 31, 2023. Nonperforming assets of $461,000 at December 31, 2023, down 37.6% from $739,000 at December 31, 2022.Ranked #4 in 2023 Small Business Administration (SBA) 7(a) loan production in North Carolina.Recognized as one of American Banker’s Top 200 Publicly Traded Banks Under $2 Billion in Assets in the U.S. for the seventh consecutive year. The rankings were based on three-year return on average equity (ROAE) for 2020 to 2022. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “While 20...