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Oak Ridge Financial Services Announces Third Quarter 2010 Results

Oak Ridge Financial Services, Inc. (Nasdaq:BKOR), parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, reports results for the third quarter of 2010.

Financial Highlights:
  • 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, Inc. announced net income for the three months ended September 30, 2010 of $41,000, compared to net income of $159,000 for the prior year period. After subtracting dividends and accretion on preferred stock, net loss available for common shareholders for the current period was $118,000 or $0.07 per diluted share, compared with a net loss available for common shareholders of $7,000 and diluted earnings per share of $0.00 for the quarter ended September 30, 2009. Earnings in the current period were positively impacted by an increased net interest margin, a slightly lower loan loss provision, and an increase in noninterest income. Negatively impacting net income was an increase in noninterest expense driven in part by a $350,000 ESOP accrual.

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