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Oak Ridge Financial Services, Inc. Announces Second Quarter 2014 Net Income

Stocks in this article: BKOR

OAK RIDGE, N.C., July 21, 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 second quarter of 2014 today.

The Company recorded quarterly net income for the second quarter of 2014 of $575,000 compared to net income of $219,000 for the second quarter of 2013, an increase of $356,000. Net income available to common shareholders for the second quarter of 2014 was $402,000 compared to income available to common shareholders of $41,000 for the second quarter of 2013, an increase of $361,000. Diluted income per common share increased $0.19 to $0.21 for the second quarter of 2014 compared to diluted income per common share of $0.02 in the second quarter of 2013.

The Company recorded quarterly net income for the six months ended June 30, 2014 of $983,000 compared to net income of $434,000 for the same period of 2013, an increase of $549,000. Net income available to common shareholders for the six months ended June 30, 2014 was $714,000 compared to income available to common shareholders of $78,000 for the same period of 2013, an increase of $636,000. Diluted income per common share increased $0.33 to $0.37 for the six months ended June 30, 2014 compared to diluted income per common share of $0.04 in the same period of 2013.

Ron Black, President and CEO of the Company and the Bank, commented, "During the second quarter, the Company continued to grow loans and deposits 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 second quarter of 2013 to $3.1 million in the second quarter of 2014, a decrease of $337,000 or 9.9%. The Bank's Employee Stock Ownership Plan was also able to purchase 113,493 shares of newly issued common stock of Oak Ridge Financial Services, Inc. near the end of June 2014, which added approximately $900,000 in new common equity to the Company's balance sheet. I am thankful for the support of our clients, shareholders, employees and Board of Directors as we improve the earnings of the Bank."

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