Business
Oak Ridge Financial Services, Inc. Announces Second Quarter 2023 Results and Quarterly Cash Dividend of $0.10 Per Share
Oak Ridge Financial Services, Inc. Announces Second Quarter 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., July 31, 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 the second quarter of 2023 and a quarterly cash dividend of $0.10 per common share. Second Quarter 2023 Performance and Accomplishments Earnings per share of $0.54, compared to $0.47 in the linked quarter and $0.63 for the second quarter of 2022.Return on equity of 10.84%, compared to 9.62% in the linked quarter and 13.52% for the second quarter of 2022.Dividends declared per common share of $0.10, unchanged from the linked quarter and up from $0.08 for the second quarter of 2022.Tangible book value per common share of $20.14 as of period end, compared to $19.94 at the end of the linked quarter and $18.77 at the end of the second quarter of 2022.Net interest margin of 3.89%, compared to 3.91% in the linked quarter and 3.66% for the second quarter of 2022.Efficiency ratio of 70.39%, compared to 71.60% in the linked quarter and 68.93% for the second quarter of 2022.American Banker’s Top 200 Publicly Traded Banks Under $2 Billion in Assets for 2022 for the eighth consecutive year.#4 out of 106 Small Business Administration (“SBA”) 7a lenders in SBA’s North Carolina District office of total year-to-date loan approvals through July 21, 2023. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “Oak Ridge’s operating performance in the second quarter was solid considering the current economic conditions and the liquidity concerns in the banking industry. Despite the continued increase in market interest rates and concern over bank failures, asset quality was strong at the end of the quarter, our net interest margin was strong during the quarter, and our loans increased and deposits decreased just slightly from year end. Capital and liquidity levels remain strong. Oak Ridge remains focused on its full client relationships including long-term core deposit and lending solutions and other products and services that meet our customers’ financial objectives. We are incredibly proud of our team and appreciate their efforts in serving our clients and managing the Bank in a safe and sound manner.” A quarte...