This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs