- Quarterly net income of $41,000, compared to $159,000 in the same period in 2009. The biggest contributor to the difference in net income between the two periods was a $350,000 Employee Stock Ownership Plan (“ESOP”) accrual in the quarter ended September 30, 2010
- Quarterly net loss available to common shareholders of $118,000, compared to a $7,000 quarterly net loss available to shareholders in the same period in 2009.
- Allowance for loan loss of 1.56% of total loans as of September 30, 2010, compared to 1.51% and 1.33% as of December 31, 2009 and September 30, 2009, respectively.
- Noninterest income of $1 million, up 17.9% from noninterest income of $850 thousand for the same period in 2009.
- Noninterest expense of $3.6 million, up 19.5% from noninterest expense of $3.0 million for the same period in 2009. Excluding the $350,000 ESOP contribution, noninterest expense increased 7.7% on a year over year basis.
- Total loans increased 1.4% to $254.9 million from December 31, 2009 to September 30, 2010.
- Noninterest bearing deposits increased 22.8% to $25.2 million from December 31, 2009 to September 30, 2010.
Oak Ridge Financial Services Announces Third Quarter 2010 Results
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