Business
Oak Ridge Financial Services, Inc. Announces Third Quarter 2023 Results and Quarterly Cash Dividend of $0.10 Per Share
Oak Ridge Financial Services, Inc. Announces Third 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., Oct. 25, 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 third quarter of 2023 and a quarterly cash dividend of $0.10 per common share. Third Quarter 2023 Performance and Accomplishments Earnings per share of $0.55, compared to $0.54 in the linked quarter and $0.59 for the third quarter of 2022.Return on equity of 10.63%, compared to 10.84% in the linked quarter and 12.35% for the third quarter of 2022.Dividends declared per common share of $0.10, unchanged from the linked quarter and up from $0.08 for the third quarter of 2022.Tangible book value per common share of $20.26 as of period end, compared to $20.14 at the end of the linked quarter and $18.67 at the end of the third quarter of 2022.Net interest margin of 3.84%, compared to 3.89% in the linked quarter and 4.10% for the third quarter of 2022.Efficiency ratio of 68.72%, compared to 70.39% in the linked quarter and 66.76% for the third quarter of 2022.Nonperforming assets to total assets of 0.08% at quarter end, compared to 0.10% as of the linked quarter end and 0.15% as of the third quarter end of 2022. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “Oak Ridge’s operating performance in the third quarter was solid, especially considering the continued increase in market interest rates and concerns regarding the banking industry’s financial performance and safety and soundness. Asset quality was strong at the end of the quarter, our net interest margin was strong during the quarter, and our loans increased while 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 quarterly cash dividend of $0.10 per share of common stock is payable on December 4, 2023, to stockholders of record as of the close of business on November 17, 2023, whic...