Business
Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year of 2024 Results, Quarterly Cash Dividend of $0.12 Per Share
Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year of 2024 Results, Quarterly Cash Dividend of $0.12 Per Share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Jan. 30, 2025 (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 2024, and a quarterly cash dividend of $0.12 per share. Full Year 2024 Highlights Earnings per share of $2.06 for 2024, compared to $2.10 for 2023.Return on equity of 9.27% for 2024, compared to 10.38% for 2023.Dividends declared per common share of $0.44 for 2024, compared to $0.30 for 2023.Tangible book value per common share of $23.02 as of year-end 2024, compared to $22.78 at the end of the prior quarter-end, and $21.36 as of year-end 2023.Net interest margin of 3.83% for 2024, compared to 3.86% for 2023.Efficiency ratio of 67.7% for 2024, compared to 68.8% for 2023.Loans receivable of $508.4 million as of December 31, 2024, up 6.9% (annualized) from $500.2 million as of the prior quarter-end, and up 10.2% from $461.9 million as of December 31, 2023.Nonperforming assets to total assets of 0.53% as of December 31, 2024, compared to 0.45% as of the prior quarter-end end and 0.07% as of December 31, 2023.Nonperforming assets were $3.5 million as of December 31, 2024, compared to $2.9 million as of the prior quarter-end end and $461,000 as of December 31, 2023. $2.8 million of the $3.0 million increase in nonperforming assets from the prior year end to the current year end were due to the guaranteed and nonguaranteed balances of six Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024. The balances as of December 31, 2024, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were $2.1 million and $700,000, respectively.Securities available-for-sale and held-to maturity of $104.4 million as of year-end 2024, up 7.5% (annualized) from $102.4 million as of the prior quarter-end, and down 5.6% from $110.6 million as of year-end 2023.Total deposits of $531.3 million at quarter-end end, up 16.2% (annualized) from $510.5 million as of the prior quarter-end, and up 7.7% from $493.1 million as of year-end 2023.Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $58.2 million at quarter-end end, dow...