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Oak Ridge Financial Services, Inc. Announces Second Quarter 2022 Results
Oak Ridge Financial Services, Inc. Announces Second Quarter 2022 Results.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., July 22, 2022 (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 three and six months ended June 30, 2022. June 30, 2022 Highlights Basic and diluted earnings per share of $0.63 for the three months ended June 30, 2022, down two cents, or 3.1%, from the comparable 2021 period;Annualized return on average common stockholders’ equity of 13.52% for the three months ended June 30, 2022, compared to 14.71% for the same period in 2021;Tangible book value per common share of $18.77 as of June 30, 2022, up 4.7%, or $0.84, from $17.93 as of June 30, 2021;Through June 30, 2022, have forgiven and recognized 94% of the unamortized fees and associated costs on the $80.0 million of first and second round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;Period end total loans of $432.4 million, up 0.64% (1.27% annualized), or $2.7 million, from $429.7 million as of December 31, 2021;Period end allowance for loan losses of $4.8 million, up 27.1%, from $3.8 million on December 31, 2021;Nonperforming assets of $884,000, down 69.5% from $2.9 million on December 31, 2021;Period end deposits of $535.5 million, up 5.1%, or $26.2 million from $509.3 million as of December 31, 2021; andNamed to American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts. The ranking is based on a company’s three-year average return on average equity (ROAE) through December 31, 2021. This is the sixth consecutive year the Company has been on the prestigious list. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our continued strong financial performance in the second quarter of 2022 given the reduction in the bank’s PPP income. Our team has shown great resilience and performance as we navigate the changing economic and social environment, with the Company producing greater than double digit return on equity for the last six consecutive quarters. Additionally, our nonperforming assets to total assets declined from 0.51% on December 31, 2021, to 0.14% on June 30, 2022.” A quarterly cash dividend of $0.0...