OAK RIDGE, N.C., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. ("Oak Ridge"; the "Company") (OTCQB:BKOR), the parent company of Bank of Oak Ridge (the "Bank"), announced unaudited financial results for the third quarter and first nine months of 2013 today.
The Company's net income for the third quarter of 2013 was $423,000 compared to net income of $59,000 for the third quarter of 2012, an increase of $364,000. Net income available to common shareholders was $245,000 for the third quarter of 2013, an increase of $354,000 compared to a net loss to common shareholders of $109,000 in the third quarter of 2012. Diluted income per common share increased $0.20 to $0.14 for the third quarter of 2013 compared to a diluted loss per common share of $0.06 in the third quarter of 2012.
The Company's net income for the nine months ended September 30, 2013 was $857,000 compared to a net loss of $608,000 for the same period in 2012, or an increase of $1.5 million. Net income available to common shareholders was $323,000 for the nine months ended September 30, 2013, or an increase of $1.4 million compared to a net loss to common shareholders of $1.1 million for the same period in 2012. Diluted income per common share increased $0.80 to $0.18 for the nine months ended September 30, 2013 compared to diluted loss per common share of $0.62 for the same period in 2012.Ron Black, President and CEO of the Company and the Bank, commented: "During the third quarter, the Company continued to focus on its basic core banking business while undertaking a number of initiatives to improve its operating efficiency. From our various initiatives to become more efficient, we reduced our noninterest expense from $3.4 million in the third quarter of 2012 to $3.0 million in the third quarter of 2013, a decrease of $418,000 or 12.2%. On a year-to-date basis, we reduced our noninterest expense from $10.8 million in the first nine months of 2013 to $9.8 million during the same period in 2012, a decrease of $977,000 or 9.1%. I am thankful for the support of our clients, shareholders, employees and Board of Directors while we improve the earnings of the Bank."
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