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Bank of Oak Ridge is a community bank with locations in Greensboro, Summerfield, and Oak Ridge, NC, focusing on providing personal attention and convenience. They offer extended weekday and Saturday hours, remote deposits for businesses, and a full line of banking solutions, including checking accounts, savings accounts, mortgage services, lending options, insurance services, wealth management services, and more. As an FDIC member and equal housing lender, Bank of Oak Ridge continues to serve its clients with strong asset quality, net interest margin, and a commitment to shareholder value through quarterly cash dividends.
Oak Ridge Financial Services reported third quarter 2024 results with earnings per share of $0.54, up from $0.46 in Q2 but down from $0.55 in Q3 2023. The company announced a quarterly dividend of $0.12 per share, up 20% year-over-year. Key metrics include net interest margin of 3.81%, loans receivable of $505.5 million (up 11.1% annualized), and total deposits of $510.5 million (up 4.7% annualized). Nonperforming assets increased to $2.9 million, primarily due to four SBA loans, with $1.8 million guaranteed by the SBA. The Bank's Community Bank Leverage Ratio stood at 11.1%.
Oak Ridge Financial Services, Inc. (OTCPink: BKOR) announced its Q2 2024 results and a quarterly cash dividend of $0.12 per share. Key highlights include:
- Earnings per share of $0.46, down from $0.54 in Q2 2023
- Return on equity of 8.57%, down from 10.83% in Q2 2023
- Net interest margin of 3.81%, slightly down from 3.86% in Q2 2023
- Loans receivable up 11.4% year-over-year to $494.0 million
- Total deposits up 6.5% year-over-year to $508.2 million
- Nonperforming assets to total assets at 0.16%
The Bank's Community Bank Leverage Ratio was 11.1%, well above the 9.0% requirement. Despite slight declines in earnings and margins, the company achieved double-digit annualized loan growth and maintained strong asset quality.
Oak Ridge Financial Services, the parent company of Bank of Oak Ridge, announced the promotion of Kevin Reid to Chief Financial Officer (CFO) and Senior Vice President. Reid, who joined the Bank in May 2021 as Controller and Vice President, has over a decade of experience in accounting and auditing. Reid will also continue to serve as the Bank's Information Security Officer and a trustee for the Employee Stock Ownership Plan. CEO Thomas W. Wayne highlighted Reid's contributions to risk mitigation, financial reporting, and cybersecurity. Wayne, who has been CFO since the Bank's founding in 2000, will now focus exclusively on his duties as CEO.
Oak Ridge Financial Services, parent company of Bank of Oak Ridge, has been recognized in the American Banker's Top 100 Publicly Traded Community Banks under $2 billion in assets. This ranking is based on a three-year average return on average equity (ROAE) from 2021-2023, where Oak Ridge achieved a 13.25% ROAE. This marks Oak Ridge's first inclusion in the Top 100, after ranking #109 in 2022. The list was reduced to 100 from 200 banks this year due to industry consolidation. Oak Ridge has been a part of the Top 200 for seven consecutive years.
Oak Ridge Financial Services, Inc. announced a 20% increase in quarterly cash dividend to $0.12 per share, along with a stock repurchase program. The first quarter of 2024 saw earnings per share of $0.50, a ROE of 9.31%, and a tangible book value per share of $21.56. The company also reported a net interest margin of 3.79% and a loan growth of 9.2%. Total deposits increased to $496.9 million, while total stockholders' equity reached $59.6 million.
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