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 Second Quarter 2011 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 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.

Narrative:

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • 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