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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.

Narrative:

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.

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