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Oak Ridge Financial Services, Inc. reports developments as the OTC Pink holding company for Bank of Oak Ridge, a community bank serving the Triad with business and personal banking, digital banking, deposit accounts, lending, SBA, mortgage, insurance and wealth management services.
Company news centers on unaudited quarterly and annual results, cash dividend declarations and increases, net interest income and margin trends, funding costs, credit-loss provision, credit quality, service charges, mortgage banking income, SBA loan-sale activity, securities gains, and board and executive leadership changes.
Oak Ridge Financial Services (OTCPink: BKOR) reported significant growth in its third-quarter financial results for 2021. Basic earnings per share surged by 127.3% to $0.75 compared to 2020. The company achieved an annualized return on average equity of 16.40%. Tangible book value per share increased by 14.4% to $18.72. Loans decreased by 2.02% to $441.5 million, but deposits rose by 6.9% to $487.2 million. The Bank’s community bank leverage ratio improved to 10.09%. Additionally, a quarterly cash dividend of $0.07 will be paid on December 1, 2021.
Oak Ridge Financial Services (OTCPink: BKOR) announced the appointment of Robert Pompey, Jr. to its Board of Directors. Pompey, with significant experience in finance and education, currently serves as Chancellor for Business and Finance at North Carolina A&T State University. His addition is expected to enhance insights into the company's operations. Doug Boike, Board Chair, and Tom Wayne, CEO, expressed their enthusiasm for Pompey's contributions towards ensuring the organization’s prosperity for clients and shareholders.
Oak Ridge Financial Services (OTCPink: BKOR) reported second-quarter 2021 earnings with an EPS of $0.65, a 44.4% increase from 2020. The return on equity rose to 14.71%, and tangible book value increased by 12.2% to $17.93. Total loans decreased by 0.73% to $447.3 million, while deposits grew by 8.7% to $495.2 million. The company retired $8 million in short-term borrowings. Noninterest income fell 30.3% year-over-year, mainly due to the absence of SBA loan sales. A cash dividend of $0.07 per share will be paid on September 3, 2021.
Oak Ridge Financial Services (OTCPink: BKOR) has achieved a significant milestone, ranking 90th on American Banker magazine's Top 200 Publicly Traded Community Banks and Thrifts list, up 20 spots from the previous year. This recognition is based on the company's three-year average return on average equity (ROAE) through December 31, 2020. This marks the fifth consecutive year the company has been included in this prestigious list, highlighting its strong performance and commitment to the communities it serves.
Oak Ridge Financial Services, Inc. (OTCPink: BKOR) reported strong first-quarter 2021 results. Earnings per share reached a record $0.77, a significant rise of $0.70 year-over-year. The return on average common stockholders’ equity soared to 18.45%, compared to 1.68% in Q1 2020. The tangible book value per share increased by 13.3% to $17.24. Total loans increased by 2.8% to $463.0 million, while deposits climbed 8.1% to $492.6 million. A quarterly cash dividend was raised to $0.07, payable on June 10, 2021. These results highlight the company’s commitment to enhancing stockholder value amidst ongoing economic challenges.
Bank of Oak Ridge has announced the opening of a new branch on March 22, 2021, located at 2513 Eastchester Drive, High Point, expanding its footprint to five branches in the Triad. This state-of-the-art facility promises a blend of personal service and innovative banking technologies, including Interactive Teller Machines for client convenience and safety during the COVID-19 pandemic. CEO Tom Wayne emphasized the bank's commitment to the community, stating that decision-makers live and work locally, ensuring a personalized banking experience.
Oak Ridge Financial Services, Inc. (OTCPink: BKOR) announced its fourth quarter and full year 2020 financial results, reporting a cash dividend of $0.06 per share payable on March 1, 2021. For 2020, earnings per share decreased to $1.23, down 24% from 2019. The return on average common stockholders’ equity fell to 7.68%. The loan loss provision surged to $2.7 million due to COVID-19 impacts, with period-end loans increasing 15.8% to $450.6 million. Tangible book value rose 9.8% to $16.86. The company remains committed to enhancing stockholder value amidst ongoing challenges.