Oak Ridge Financial Services, Inc. (Nasdaq:BKOR), parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, announced financial results today for the first quarter of 2010. For the first quarter, net income available to common shareholders totaled $484,000, or $0.27 per diluted common share, an increase of $492,000 compared to net loss available to common shareholders of $8,000, or $0.00 per diluted common share, for the first quarter of 2009. Net income in the first quarter of 2010 was benefited by an after-tax gain on the sale of investment securities of approximately $242,000.
Total assets as of March 31, 2010 were $349.1 million, an increase of 2.8% compared with $339.7 million as of March 31, 2009. Total loans on March 31, 2010 were $251.9 million, an increase of 0.9% from the $249.7 million reported as of March 31, 2009. Investment securities decreased $15.8 million, or 23.9%, when compared to the $65.9 million outstanding at March 31, 2009. Deposits increased 5.8% over the one year period, with noninterest-bearing demand deposits increasing $1.7 million and interest-bearing deposits increasing $14.8 million over the same one year period.
Oak Ridge Financial Services President, Ron Black, in commenting on the results, noted, “It is an exciting time to be working at a safe and sound community bank, and we were very pleased with our financial performance in the first quarter. Our bank has a great opportunity to gain great clients while appreciating the ones we already have. We continue to focus on providing extraordinary client service while streamlining our internal processes to assist us in delivering Banking As It Should Be. I am very proud of the great work the employees and the board of directors are doing each and every day to better position us for current and future opportunities.”
Mr. Black further commented, “While our nonperforming assets increased from December 2009 to March 2010, we still continue to be well below the industry in terms of overall asset quality. Additionally, all of our capital ratios increased during the past quarter and we remain well-capitalized. ”