This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Oak Ridge Financial Services Announces First Quarter 2011 Results

Stocks in this article: BKOR

Oak Ridge Financial Services, Inc. (Nasdaq:BKOR), parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, reported financial results for the first quarter of 2011.

Financial Highlights:

  • Quarterly net income of $193,000, compared to $639,000 in the same period in 2010. Contributing to the decrease were increases in provision for loan losses and noninterest expense, and a decrease in noninterest income. Positively contributing to net income in 2011 relative to 2010 were increases in net interest income and a reduction in income tax expense.
  • Quarterly net income available to common shareholders of $30,000, compared to $484,000 in the same period in 2010.
  • Allowance for loan losses of 1.74% of total loans as of March 31, 2011, compared to 1.71% as of December 31, 2010.
  • Noninterest income of $820,000, down 31.4% from noninterest income of $1.2 million for the same period in 2010. A primary factor contributing to the decrease in noninterest income was a gain on sale of securities in 2010 of $386,000 where there were no such gains in 2011. Excluding the gain on sale of securities in 2010, noninterest income increased 1.4% from 2010 to 2011.
  • Noninterest expense of $3.5 million, up 9.2% from noninterest expense of $3.2 million for the same period in 2010.
  • Total loans decreased 0.2% to $256.0 million from December 31, 2010 to March 31, 2011.
  • Noninterest bearing deposits increased 8.4% to $29.0 million from December 31, 2010 to March 31, 2011.


Oak Ridge Financial Services, Inc. announced net income for the three months ended March 31, 2011 of $193,000, compared to net income of $639,000 for the prior year period. After subtracting dividends and accretion on preferred stock, net income available for common shareholders was $30,000 and $484,000 for the three months ended March 31, 2011 and 2010, respectively. Net income per diluted share was $0.02 and $0.27 for the three months ended March 31, 2011 and 2010, respectively.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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