Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year of 2024 Results, Quarterly Cash Dividend of $0.12 Per Share
Oak Ridge Financial Services (OTCPink: BKOR) announced its Q4 and full-year 2024 results, along with a quarterly dividend of $0.12 per share. The company reported earnings per share of $2.06 for 2024, slightly down from $2.10 in 2023, with a return on equity of 9.27%. Key highlights include:
- Loan growth of 10.2% to $508.4 million
- Deposit growth of 7.7% to $531.3 million
- Net interest margin of 3.83%
- Tangible book value increased to $23.02 per share
- Nonperforming assets rose to 0.53% of total assets
The company implemented a share repurchase program, buying back 25,100 shares for $321,000 in Q4 2024. The quarterly dividend of $0.12 per share will be paid on March 3, 2025, marking the 25th consecutive quarterly dividend.
Oak Ridge Financial Services (OTCPink: BKOR) ha annunciato i risultati del quarto trimestre e dell'intero anno 2024, insieme a un dividendo trimestrale di $0,12 per azione. L'azienda ha riportato utili per azione di $2,06 per il 2024, in lieve calo rispetto ai $2,10 del 2023, con un ritorno sul capitale proprio del 9,27%. I punti salienti includono:
- Crescita dei prestiti del 10,2% a $508,4 milioni
- Crescita dei depositi del 7,7% a $531,3 milioni
- Margine di interesse netto del 3,83%
- Valore contabile tangibile aumentato a $23,02 per azione
- Attività non performanti aumentate allo 0,53% delle attività totali
L'azienda ha implementato un programma di riacquisto azionario, riacquistando 25.100 azioni per $321.000 nel quarto trimestre del 2024. Il dividendo trimestrale di $0,12 per azione sarà pagato il 3 marzo 2025, segnando il 25° dividendo trimestrale consecutivo.
Oak Ridge Financial Services (OTCPink: BKOR) anunció sus resultados del cuarto trimestre y del año completo 2024, junto con un dividendo trimestral de $0.12 por acción. La compañía reportó ganancias por acción de $2.06 para 2024, ligeramente por debajo de $2.10 en 2023, con un retorno sobre el capital propio del 9.27%. Los puntos destacados incluyen:
- Crecimiento de préstamos del 10.2% a $508.4 millones
- Crecimiento de depósitos del 7.7% a $531.3 millones
- Margen de interés neto del 3.83%
- Valor contable tangible aumentado a $23.02 por acción
- Activos no rentables aumentaron al 0.53% de los activos totales
La compañía implementó un programa de recompra de acciones, comprando 25,100 acciones por $321,000 en el cuarto trimestre de 2024. El dividendo trimestral de $0.12 por acción se pagará el 3 de marzo de 2025, marcando el 25.º dividendo trimestral consecutivo.
오크 리지 파이낸셜 서비스 (OTCPink: BKOR)는 2024년 4분기 및 전체 연도 결과를 발표하며 주당 $0.12의 분기 배당금을 안내했습니다. 이 회사는 2024년 주당 순이익이 $2.06로 2023년의 $2.10보다 소폭 감소했으며, 자기 자본이익률은 9.27%로 보고했습니다. 주요 내용은 다음과 같습니다:
- 대출 성장률 10.2%, 5억 840만 달러
- 예금 성장률 7.7%, 5억 3천 130만 달러
- 순이자 마진 3.83%
- tangible book value가 주당 23.02달러로 증가
- 부실 자산이 총 자산의 0.53%로 증가
회사는 2024년 4분기에 25,100주의 자사주 매입 프로그램을 실시하여 321,000달러에 주식을 매입했습니다. 주당 $0.12의 분기 배당금은 2025년 3월 3일에 지급될 예정이며, 이는 25번째 연속 분기 배당금을 의미합니다.
Oak Ridge Financial Services (OTCPink: BKOR) a annoncé ses résultats du quatrième trimestre et de l'année 2024, ainsi qu'un dividende trimestriel de 0,12 $ par action. L'entreprise a rapporté un bénéfice par action de 2,06 $ pour 2024, légèrement en baisse par rapport à 2,10 $ en 2023, avec un rendement des capitaux propres de 9,27 %. Les points clés incluent :
- Croissance des prêts de 10,2 % à 508,4 millions de dollars
- Croissance des dépôts de 7,7 % à 531,3 millions de dollars
- Marge d'intérêt nette de 3,83 %
- Valeur comptable tangible augmentée à 23,02 $ par action
- Actifs non performants portés à 0,53 % des actifs totaux
L'entreprise a mis en œuvre un programme de rachat d'actions, rachetant 25 100 actions pour 321 000 $ au quatrième trimestre 2024. Le dividende trimestriel de 0,12 $ par action sera payé le 3 mars 2025, marquant ainsi le 25e dividende trimestriel consécutif.
Oak Ridge Financial Services (OTCPink: BKOR) hat die Ergebnisse des 4. Quartals und des gesamten Jahres 2024 bekannt gegeben, sowie eine vierteljährliche Dividende von $0,12 pro Aktie. Das Unternehmen berichtete von Gewinnen pro Aktie von $2,06 für 2024, was einem leichten Rückgang von $2,10 im Jahr 2023 entspricht, mit einer Eigenkapitalrendite von 9,27%. Zu den wichtigsten Highlights gehören:
- Kreditwachstum von 10,2% auf $508,4 Millionen
- Einlagenwachstum von 7,7% auf $531,3 Millionen
- Nettomargen von 3,83%
- Tangible Buchwert erhöhte sich auf $23,02 pro Aktie
- Problematische Vermögenswerte stiegen auf 0,53% der Gesamtassets
Das Unternehmen führte ein Aktienrückkaufprogramm durch und kaufte im 4. Quartal 2024 25.100 Aktien zum Preis von $321.000 zurück. Die vierteljährliche Dividende von $0,12 pro Aktie wird am 3. März 2025 ausgezahlt, was die 25. aufeinanderfolgende vierteljährliche Dividende markiert.
- Loan portfolio growth of 10.2% year-over-year to $508.4 million
- Deposit growth of 7.7% to $531.3 million
- Increased dividend payments from $0.30 to $0.44 per share annually
- Tangible book value per share growth from $21.36 to $23.02
- Improved efficiency ratio from 68.8% to 67.7%
- Strong capital position with CBLR at 11.04%
- Ranked #8 in North Carolina for SBA 7(a) loan production
- Decline in earnings per share from $2.10 to $2.06
- Decrease in ROE from 10.38% to 9.27%
- Increase in nonperforming assets from 0.07% to 0.53% of total assets
- Higher provision for credit losses of $1.4M compared to $727K in 2023
- Decline in noninterest income from $3.9M to $3.2M
OAK RIDGE, N.C., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the fourth quarter and full year of 2024, and a quarterly cash dividend of
Full Year 2024 Highlights
- Earnings per share of
$2.06 for 2024, compared to$2.10 for 2023. - Return on equity of
9.27% for 2024, compared to10.38% for 2023. - Dividends declared per common share of
$0.44 for 2024, compared to$0.30 for 2023. - Tangible book value per common share of
$23.02 as of year-end 2024, compared to$22.78 at the end of the prior quarter-end, and$21.36 as of year-end 2023. - Net interest margin of
3.83% for 2024, compared to3.86% for 2023. - Efficiency ratio of
67.7% for 2024, compared to68.8% for 2023. - Loans receivable of
$508.4 million as of December 31, 2024, up6.9% (annualized) from$500.2 million as of the prior quarter-end, and up10.2% from$461.9 million as of December 31, 2023. - Nonperforming assets to total assets of
0.53% as of December 31, 2024, compared to0.45% as of the prior quarter-end end and0.07% as of December 31, 2023. - Nonperforming assets were
$3.5 million as of December 31, 2024, compared to$2.9 million as of the prior quarter-end end and$461,000 as of December 31, 2023.$2.8 million of the$3.0 million increase in nonperforming assets from the prior year end to the current year end were due to the guaranteed and nonguaranteed balances of six Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024. The balances as of December 31, 2024, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were$2.1 million and$700,000 , respectively. - Securities available-for-sale and held-to maturity of
$104.4 million as of year-end 2024, up7.5% (annualized) from$102.4 million as of the prior quarter-end, and down5.6% from$110.6 million as of year-end 2023. - Total deposits of
$531.3 million at quarter-end end, up16.2% (annualized) from$510.5 million as of the prior quarter-end, and up7.7% from$493.1 million as of year-end 2023. - Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of
$58.2 million at quarter-end end, down67.96% (annualized) from$70.2 million as of the prior quarter-end, and unchanged from$58.2 million as of year-end 2023. - Total stockholders’ equity of
$63.0 million as of year-end 2024, up0.6% (annualized) from$62.9 million as of the prior quarter-end, and up8.0% from$58.3 million as of year-end 2023. At December 31, 2024, the Bank’s Community Bank Leverage Ratio (CBLR) was11.04% , down slightly from11.18% as of December 31, 2023. A bank or savings institution electing to use the CBLR will generally be considered well-capitalized and to have met the risk-based and leverage capital requirements of the applicable capital regulations if it has a leverage ratio greater than9.0% . - Ranked #8 in 2024 North Carolina Small Business Administration (SBA) 7(a) loan production.
- Recognized as one of American Banker’s Top 100 Publicly Traded Community Banks under
$2 billion in assets. The rankings were based on three-year return on average equity (ROAE), a key measure of shareholder return, for 2021 to 2023.
Tom Wayne, Chief Executive Officer, announced, "While our full-year earnings per share for 2024 decreased slightly to
A quarterly cash dividend of
The Company adopted and implemented a share repurchase program in the third quarter of 2024. There were no shares repurchased during the third quarter of 2024. During the fourth quarter of 2024, the Company repurchased a total of 25,100 shares for
For 2024 and 2023, net interest income was
For 2024, the Company recorded a provision for credit losses of
Noninterest income totaled
Noninterest income totaled
Noninterest expense totaled
Noninterest expense totaled
About Oak Ridge Financial Services, Inc., and Bank of Oak Ridge
At Bank of Oak Ridge, we pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.
Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.
Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner
Banking for Business & Personal | Mobile & Online Banking | Worldwide ATM | Debit, Credit + Rewards | Checking, Savings & Money Market | Loans + SBA | Mortgage | Insurance | Wealth Management
Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations
Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.
| OAK RIDGE FINANCIAL SERVICES, INC. | |||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
| (Dollars in thousands, except share data) | |||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||
| ASSETS | (unaudited) | (unaudited) | (audited) | ||||||||||||||||
| Cash and due from banks | $ | 8,075 | $ | 10,522 | $ | 7,792 | |||||||||||||
| Interest-bearing deposits with banks | 13,102 | 11,308 | 12,633 | ||||||||||||||||
| Total cash and cash equivalents | 21,177 | 21,830 | 20,425 | ||||||||||||||||
| Securities available-for-sale | 85,714 | 83,769 | 91,849 | ||||||||||||||||
| Securities held-to-maturity, net of allowance for credit losses | 18,662 | 18,668 | 18,706 | ||||||||||||||||
| Restricted stock, at cost | 3,439 | 4,006 | 2,404 | ||||||||||||||||
| Loans receivable | 514,292 | 505,521 | 466,796 | ||||||||||||||||
| Allowance for credit losses | (5,388 | ) | (5,354 | ) | (4,920 | ) | |||||||||||||
| Net loans receivable | 508,904 | 500,167 | 461,876 | ||||||||||||||||
| Property and equipment, net | 8,664 | 8,827 | 8,366 | ||||||||||||||||
| Accrued interest receivable | 3,135 | 3,098 | 2,580 | ||||||||||||||||
| Bank owned life insurance | 6,268 | 6,244 | 6,178 | ||||||||||||||||
| Right-of-use assets – operating leases | 2,166 | 2,242 | 2,466 | ||||||||||||||||
| Other assets | 5,553 | 4,613 | 4,544 | ||||||||||||||||
| Total assets | $ | 663,682 | $ | 653,464 | $ | 619,394 | |||||||||||||
| LIABILITIES | |||||||||||||||||||
| Noninterest-bearing deposits | $ | 119,851 | $ | 114,152 | $ | 99,702 | |||||||||||||
| Interest-bearing deposits | 411,464 | 396,346 | 393,442 | ||||||||||||||||
| Total deposits | 531,315 | 510,498 | 493,144 | ||||||||||||||||
| Federal Funds purchased | 1,725 | - | - | ||||||||||||||||
| Short-term borrowings | 18,000 | 52,000 | 40,000 | ||||||||||||||||
| Long-term borrowings | 22,000 | - | - | ||||||||||||||||
| Junior subordinated notes – trust preferred securities | 8,248 | 8,248 | 8,248 | ||||||||||||||||
| Subordinated debentures, net of discount | 9,983 | 9,973 | 9,943 | ||||||||||||||||
| Lease liabilities – operating leases | 2,166 | 2,242 | 2,466 | ||||||||||||||||
| Accrued interest payable | 709 | 1,021 | 1,154 | ||||||||||||||||
| Other liabilities | 6,546 | 6,579 | 6,091 | ||||||||||||||||
| Total liabilities | 600,692 | 590,561 | 561,046 | ||||||||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Common stock | 26,733 | 27,100 | 26,736 | ||||||||||||||||
| Retained earnings | 37,771 | 36,575 | 33,365 | ||||||||||||||||
| Net unrealized loss on debt securities, net of tax | (1,771 | ) | (412 | ) | (1,580 | ) | |||||||||||||
| Net unrealized gain (loss) on hedging derivative instruments, net of tax | 257 | (360 | ) | (173 | ) | ||||||||||||||
| Total accumulated other comprehensive loss | (1,514 | ) | (772 | ) | (1,753 | ) | |||||||||||||
| Total stockholders’ equity | 62,990 | 62,903 | 58,348 | ||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 663,682 | $ | 653,464 | $ | 619,394 | |||||||||||||
| Common shares outstanding | 2,736,770 | 2,732,720 | 2,732,020 | ||||||||||||||||
| Common shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||
| OAK RIDGE FINANCIAL SERVICES, INC. | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
| (Dollars in thousands, except share data) | |||||||||||||||||||
| Three Months Ended | For the year ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Interest and dividend income: | |||||||||||||||||||
| Loans and fees on loans | $ | 8,212 | $ | 7,971 | $ | 6,999 | $ | 31,076 | $ | 25,150 | |||||||||
| Interest on deposits in banks | 217 | 275 | 240 | 887 | 903 | ||||||||||||||
| Restricted stock dividends | 64 | 67 | 45 | 241 | 186 | ||||||||||||||
| Interest on investment securities | 1,279 | 1,402 | 1,493 | 5,578 | 5,215 | ||||||||||||||
| Total interest and dividend income | 9,772 | 9,715 | 8,777 | 37,782 | 31,454 | ||||||||||||||
| Interest expense | |||||||||||||||||||
| Deposits | 2,700 | 2,758 | 2,168 | 10,268 | 6,242 | ||||||||||||||
| Short-term and long-term debt | 786 | 961 | 925 | 3,777 | 3,155 | ||||||||||||||
| Total interest expense | 3,486 | 3,719 | 3,093 | 14,045 | 9,397 | ||||||||||||||
| Net interest income | 6,286 | 5,996 | 5,684 | 23,737 | 22,057 | ||||||||||||||
| Provision for credit losses | 514 | 261 | 432 | 1,361 | 727 | ||||||||||||||
| Net interest income after provision for credit losses | 5,772 | 5,735 | 5,252 | 22,376 | 21,330 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposit accounts | 234 | 231 | 169 | 836 | 628 | ||||||||||||||
| Gain on sale of securities | 19 | - | - | 19 | 77 | ||||||||||||||
| Brokerage commissions on mortgage loans | - | - | - | - | 43 | ||||||||||||||
| Insurance commissions | 125 | 169 | 121 | 553 | 462 | ||||||||||||||
| Gain on sale of Small Business Administration loans | - | - | - | - | 475 | ||||||||||||||
| Debit and credit card interchange income | 285 | 292 | 301 | 1,174 | 1,225 | ||||||||||||||
| Income from Small Business Investment Company investments | - | 111 | 209 | 211 | 395 | ||||||||||||||
| Income earned on bank owned life insurance | 23 | 23 | 23 | 90 | 82 | ||||||||||||||
| Other Service Charges and Fees | 98 | 98 | 95 | 380 | 524 | ||||||||||||||
| Total noninterest income | 784 | 924 | 918 | 3,263 | 3,911 | ||||||||||||||
| Noninterest expenses: | |||||||||||||||||||
| Salaries | 2,198 | 2,287 | 2,112 | 8,962 | 8,777 | ||||||||||||||
| Employee Benefits | 370 | 310 | 270 | 1,294 | 1,177 | ||||||||||||||
| Occupancy | 321 | 358 | 274 | 1,325 | 1,092 | ||||||||||||||
| Equipment | 134 | 143 | 214 | 595 | 872 | ||||||||||||||
| Data and Item Processing | 602 | 607 | 494 | 2,255 | 1,959 | ||||||||||||||
| Professional & Advertising | 298 | 332 | 295 | 1,249 | 1,377 | ||||||||||||||
| Stationary and Supplies | 21 | 32 | 36 | 131 | 129 | ||||||||||||||
| Telecommunications | 65 | 71 | 48 | 278 | 438 | ||||||||||||||
| FDIC Assessment | 118 | 118 | 110 | 460 | 418 | ||||||||||||||
| Other expense | 441 | 438 | 448 | 1,711 | 1,612 | ||||||||||||||
| Total noninterest expenses | 4,568 | 4,696 | 4,301 | 18,260 | 17,851 | ||||||||||||||
| Income before income taxes | 1,988 | 1,963 | 1,869 | 7,379 | 7,390 | ||||||||||||||
| Income tax expense | 461 | 460 | 392 | 1,706 | 1,648 | ||||||||||||||
| Net income and income available to common shareholders | $ | 1,527 | $ | 1,503 | $ | 1,477 | $ | 5,673 | $ | 5,742 | |||||||||
| Basic income per common share | $ | 0.56 | $ | 0.54 | $ | 0.54 | $ | 2.06 | $ | 2.10 | |||||||||
| Diluted income per common share | $ | 0.56 | $ | 0.54 | $ | 0.54 | $ | 2.06 | $ | 2.10 | |||||||||
| Basic weighted average shares outstanding | 2,744,609 | 2,761,870 | 2,732,720 | 2,752,991 | 2,728,094 | ||||||||||||||
| Diluted weighted average shares outstanding | 2,744,609 | 2,761,870 | 2,732,720 | 2,752,991 | 2,728,094 | ||||||||||||||
| OAK RIDGE FINANCIAL SERVICES, INC. | |||||||||||||||||||
| Selected Financial Data | |||||||||||||||||||
| As Of Or For The Three Months Ended, | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| Return on average common stockholders' equity1 | 9.63 | % | 9.56 | % | 8.57 | % | 9.31 | % | 10.44 | % | |||||||||
| Tangible book value per share | $ | 23.02 | $ | 22.78 | $ | 21.95 | $ | 21.56 | $ | 21.36 | |||||||||
| Return on average assets1 | 0.91 | % | 0.91 | % | 0.80 | % | 0.88 | % | 0.95 | % | |||||||||
| Net interest margin1 | 3.92 | % | 3.81 | % | 3.81 | % | 3.79 | % | 3.79 | % | |||||||||
| Efficiency ratio | 64.6 | % | 67.9 | % | 70.0 | % | 68.3 | % | 65.2 | % | |||||||||
| Nonperforming assets to total assets | 0.53 | % | 0.45 | % | 0.08 | % | 0.06 | % | 0.07 | % | |||||||||
| Allowance for credit losses to total loans | 1.05 | % | 1.06 | % | 1.06 | % | 1.03 | % | 1.05 | % | |||||||||
| 1Annualized | |||||||||||||||||||
Contact: Skylar Mearing, Marketing Director
Phone: 336.662.4840
FAQ
What is Oak Ridge Financial Services' (BKOR) dividend payment for Q4 2024?
How many shares did BKOR repurchase in Q4 2024?
What was BKOR's loan growth in 2024?
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