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Oak Ridge Financial Services, Inc. Announces Second Quarter 2024 Results and Quarterly Cash Dividend of $0.12 Per Share
Oak Ridge Financial Services, Inc. Announces Second Quarter 2024 Results and 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., July 31, 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 second quarter of 2024. Second Quarter 2024 Highlights Earnings per share of $0.46, compared to $0.50 for the prior quarter and $0.54 for the second quarter of 2023.Return on equity of 8.57%, compared to 9.31% for the prior quarter and 10.83% for the second quarter of 2023.Dividends declared per common share of $0.12, unchanged from the prior quarter and up 20% from the second quarter of 2023.Tangible book value per common share of $21.95 as of period end, compared to $21.56 at the end of the prior quarter, and $20.15 at the end of the comparable period in 2023.Net interest margin of 3.81% compared to 3.79% for the prior quarter and 3.86% for the second quarter of 2023.Efficiency ratio of 70.0%, compared to 68.3% for the prior quarter and 70.1% for the comparable period in 2023.Loans receivable of $494.0 million at quarter end, up 11.7% (annualized) from $466.8 million as of the prior year end, and up 11.4% from $444.3 million at the comparable quarter end in 2023.Nonperforming assets to total assets of 0.16% at quarter end, compared to 0.06% as of the prior quarter end and 0.10% at the comparable quarter end in 2023.Securities available-for-sale and held-to maturity of $103.0 million at quarter end, down 13.7% (annualized) from $110.6 million as of the prior year end, and down 9.4% from $113.8 million at the comparable quarter end in 2023.Total deposits of $508.2 million at quarter end, up 6.1% (annualized) from $493.1 million as of the prior year end, up 6.5% from $476.9 million at the comparable quarter end in 2023.Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $70.2 million at quarter end, up 41.5% (annualized) from $58.2 million as of the prior year end, and down 3.1% from $72.5 million at the comparable quarter end in 2023.Total stockholders’ equity of $60.6 million at quarter end, up 7.8% (annualized) from $58.3 million as of the prior quarter end, and up 10.1% from $55.0 million at the comparable quarter end in 2023. At June 30, 2024, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.1%,...