Business
Oak Ridge Financial Services, Inc. Announces Third Quarter 2021 Results
Oak Ridge Financial Services, Inc. Announces Third Quarter 2021 Results.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Oct. 26, 2021 (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 nine months ended September 30, 2021. Third Quarter 2021 Highlights Basic and diluted earnings per share of $0.75 for the three months ended September 30, 2021, up 42 cents, or 127.3%, from the comparable 2020 period;Annualized return on average common stockholders’ equity of 16.40% for the three months ended September 30, 2021, compared to 8.50% for the same period in 2020;Tangible book value per common share of $18.72 as of September 30, 2021, up 14.4%, or $2.36, from $16.36 as of September 30, 2020;Through September 30, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 90% on the $50.1 million of first round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;Through the nine months ending September 30, 2021, the Bank funded 418 Round 2 PPP loans totaling $30.8 million, the associated fees and origination costs will be recognized as interest income and expense, respectively, over the life of the PPP loans;Through September 30, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 27% on the $30.8 million of second round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;Period end loans of $441.5 million, down 2.02% (2.71% annualized), or $9.1 million from $450.6 million as of December 31, 2020;Period end allowance for loan losses of $4.2 million, down 22.6%, from $5.5 million on December 31, 2020;Nonperforming assets of $2.8 million, down 20% from $3.5 million on December 31, 2020;Period end deposits of $487.2 million, up 6.9%, or $31.5 million from $455.7 million as of December 31, 2020.Through the nine months ending September 30, 2021, the Bank has retired $8 million in short term borrowings and $5.6 million in subordinated debentures. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our continued strong performance in the third quarter of 2021. I am thankful to have our experienced team ...