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Oak Ridge Financial Services, Inc. Announces Third Quarter 2022 Results and Quarterly Cash Dividend of $0.08 per share
Oak Ridge Financial Services, Inc. Announces Third Quarter 2022 Results and Quarterly Cash Dividend of $0.08 per share.
About this update from Oak Ridge Financial Services, Inc.
[{"type":"text","content":"\n OAK RIDGE, N.C., Oct. 31, 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 nine months ended September 30, 2022. Highlights as of and for the Three Months ended September 30, 2022 Basic and diluted earnings per share of $0.59 for the three months ended September 30, 2022, down 16 cents, or 21.3%, from the comparable 2021 period.Annualized return on average common stockholders’ equity of 12.35% for the three months ended September 30, 2022, compared to 16.40% for the same period in 2021.Tangible book value per common share of $18.67 as of September 30, 2022, down 0.3%, or $0.05, from $18.72 as of September 30, 2021.Through September 30, 2022, the Bank has recognized almost 100% of the unamortized fees and associated costs on $80.0 million of first and second round Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans.Period end total loans excluding PPP loans of $436.0 million, up 6.19% (8.27% annualized), or $26.3 million, from $410.6 million as of December 31, 2021.Period end total loans of $436.3 million, up 1.55% (2.07% annualized), or $26.3 million, from $429.7 million as of December 31, 2021.Period end allowance for loan losses of $4.9 million, up 31.6%, from $3.8 million on December 31, 2021.Nonperforming assets of $871,000, down 70.8% from $2.9 million on December 31, 2021.Period end deposits of $482.3 million, down 5.3%, or $26.2 million from $509.3 million as of December 31, 2021.Named 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 part of this prestigious list.Ranked #10 among all banks and #5 among North Carolina banks in SBA 7(a) loans approved by the SBA for the nine months ended September 30, 2022. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our continued strong financial performance in the third quarter of 2022 despite the reduction in the bank’s PPP income in 2022. Our ...