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Oak Ridge Financial Services Announces 2010 Results

Oak Ridge Financial Services, Inc. (Nasdaq:BKOR), parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, reported financial results for 2010.

Financial Highlights:
  • Annual net income of $732,000, compared to $674,000 in the same period in 2009. Contributing to this increase were increases in net interest margin and noninterest income, offset by increases in noninterest expense and income tax expense. Of the $2.0 million increase in noninterest expense, $900,000 of it was attributable to an Employee Stock Ownership Plan accrual.
  • Annual net income available to common shareholders of $105,000, compared to $132,000 in the same period in 2009.
  • Allowance for loan loss of 1.71% of total loans as of December 31, 2010, compared to 1.44% and 1.00% as of December 31, 2009 and 2008, respectively.
  • Noninterest income of $4.2 million, up 26.8% from noninterest income of $3.3 million for the same period in 2009.
  • Noninterest expense of $14.0 million, up 17.0% from noninterest expense of $12.0 million for the same period in 2009. Excluding the $900,000 ESOP contribution, noninterest expense increased 9.5% on a year over year basis.
  • Total loans increased 2.1% to $256.5 million from December 31, 2009 to December 31, 2010.
  • Noninterest bearing deposits increased 30.7% to $26.8 million from December 31, 2009 to December 31, 2010.

Oak Ridge Financial Services, Inc. announced net income for the year ended December 31, 2010 of $732,000, compared to net income of $674,000 for the prior year period. After subtracting dividends and accretion on preferred stock, net income available for common shareholders was $105,000 and $132,000 for the years ended December 31, 2010 and 2009. Net income per diluted share was $0.06 and $0.07 for the years ended December 31, 2010 and 2009, respectively. Earnings in the current period were positively impacted by an increased net interest margin and an increase in noninterest income. Negatively impacting net income was an increase in noninterest expense driven in part by a $900,000 ESOP accrual.

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