OAK RIDGE, N.C., April 23, 2014 (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 first quarter of 2014 today.
The Company's net income for the first quarter of 2014 was $408,000 compared to net income of $215,000 for the first quarter of 2013, an increase of $193,000. Net income available to common shareholders for the first quarter of 2014 was $312,000 compared to net income of $38,000 for the first quarter of 2013, an increase of $274,000. Diluted income per common share increased $0.14 to $0.16 for the first quarter of 2014 compared to diluted income per common share of $0.02 in the first quarter of 2013.
Ron Black, President and CEO of the Company and the Bank, commented, "During the first quarter, the Company continued to focus on enhancing its basic core banking business while also improving its operating efficiency. From our various initiatives to become more efficient, we reduced our noninterest expense from $3.4 million in the first quarter of 2013 to $3.1 million in the first quarter of 2014, a decrease of $294,000 or 9.5%. I am thankful for the support of our clients, shareholders, employees and Board of Directors while we improve the earnings of the Bank."Profitability as measured by the Company's annualized return on average assets was 0.47% and 0.26% for the three months ended March 31, 2014 and 2013, respectively. The Company produced net interest income of $3.3 million during the first three months of 2014, which was slightly higher than the $3.2 million generated for the same time period of 2013. The increase was primarily caused by higher interest income, which increased $146,000 or approximately 4.0% to $3.8 million for the first three months of 2014 as compared to the same time period of the prior year. Interest expense decreased slightly to $447,000 for the three months ended March 31, 2014 compared to $456,000 for the same period in 2013.