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 second quarter of 2011.
Quarterly Financial Highlights:
- Quarterly net income of $77,000, compared to $15,000 in the same period in 2010. Contributing to the increase were increases in net interest income and reductions in noninterest expense and income tax expense. Offsetting the overall increase in net income was an increase in provision for loan losses and a decrease in noninterest income.
- Quarterly net loss available to common shareholders of $86,000, compared to $167,000 in the same period in 2010.
- Allowance for loan losses of 1.78% of total loans as of June 30, 2011, compared to 1.71% as of December 31, 2010.
- Net interest income of $3.5 million, up 8.5% from $3.2 million for the same period in 2010. The Company’s net interest margin increased to 4.28%, up from 4.04% in the same period in 2010.
- Noninterest income of $1.1 million, up 11.9% from $1.0 million for the same period in 2010. A primary factor contributing to the increase in noninterest income was a gain on sale of securities in the three months ended June 30, 2011 of $257,000. There were no gains on securities during the same period in 2010. Excluding the gain on sale of securities in 2011, noninterest income decreased 13.4% from 2010 to 2011.
- Noninterest expense of $3.3 million, down 4.2% from noninterest expense of $3.5 million for the same period in 2010.
- Total loans decreased 1.4% to $252.8 million from December 31, 2010 to June 30, 2011.
- Noninterest bearing deposits increased 15.6% to $31.0 million from December 31, 2010 to June 30, 2011.
Oak Ridge Financial Services, Inc. announced net income for the three months ended June 30, 2011 of $77,000, compared to net income of $15,000 for the prior year period. After subtracting dividends and accretion on preferred stock, net loss available for common shareholders was $86,000 and $167,000 for the three months ended June 30, 2011 and 2010, respectively. Net loss per diluted share was $0.05 and $0.09 for the three months ended June 30, 2011 and 2010, respectively.
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