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Oak Ridge Financial Services, Inc. Announces Third Quarter 2024 Results and Quarterly Cash Dividend of $0.12 Per Share

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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 ha riportato i risultati del terzo trimestre 2024 con un utile per azione di $0.54, in aumento rispetto a $0.46 nel Q2 ma in calo rispetto a $0.55 nel Q3 2023. L'azienda ha annunciato un dividendo trimestrale di $0.12 per azione, in crescita del 20% rispetto all'anno precedente. Le metriche chiave includono un margine di interesse netto del 3.81%, crediti esigibili di $505.5 milioni (in aumento dell'11.1% annualizzato) e depositi totali di $510.5 milioni (in aumento del 4.7% annualizzato). I beni non performanti sono aumentati a $2.9 milioni, principalmente a causa di quattro prestiti SBA, con $1.8 milioni garantiti dalla SBA. Il rapporto di leva della Community Bank era pari all'11.1%.

Oak Ridge Financial Services informó sobre los resultados del tercer trimestre de 2024, con ganancias por acción de $0.54, un aumento desde $0.46 en el Q2, pero una caída desde $0.55 en el Q3 de 2023. La compañía anunció un dividendo trimestral de $0.12 por acción, un incremento del 20% en comparación con el año anterior. Las métricas clave incluyen un margen de interés neto del 3.81%, préstamos por cobrar de $505.5 millones (un aumento del 11.1% anualizado) y depósitos totales de $510.5 millones (un aumento del 4.7% anualizado). Los activos no rentables aumentaron a $2.9 millones, principalmente debido a cuatro préstamos SBA, con $1.8 millones garantizados por la SBA. El índice de apalancamiento del banco comunitario fue del 11.1%.

오크 릿지 금융 서비스는 2024년 3분기 결과를 보고했으며, 주당 순이익은 $0.54로, 2분기의 $0.46에서 증가했으나 2023년 3분기의 $0.55에서 감소했습니다. 회사는 주당 $0.12의 분기 배당금을 발표했으며, 이는 전년 대비 20% 증가한 수치입니다. 주요 지표로는 3.81%의 순이자 마진, $505.5 백만의 대출금(연환산 11.1% 증가), 그리고 $510.5 백만의 총 예금(연환산 4.7% 증가)이 있습니다. 비수익 자산은 SBA 대출 4건으로 인해 $2.9 백만으로 증가했으며, 그 중 $1.8 백만은 SBA에 의해 보증되었습니다. 은행의 커뮤니티 뱅크 레버리지 비율은 11.1%였습니다.

Oak Ridge Financial Services a annoncé les résultats du troisième trimestre 2024, avec un bénéfice par action de 0,54 $, en hausse par rapport à 0,46 $ au T2 mais en baisse par rapport à 0,55 $ au T3 2023. L'entreprise a annoncé un dividende trimestriel de 0,12 $ par action, en hausse de 20 % par rapport à l'année précédente. Les indicateurs clés comprennent une marge d'intérêt nette de 3,81 %, des créances sur prêts de 505,5 millions de dollars (augmentation annualisée de 11,1 %) et des dépôts totaux de 510,5 millions de dollars (augmentation annualisée de 4,7 %). Les actifs non performants ont augmenté à 2,9 millions de dollars, principalement en raison de quatre prêts SBA, dont 1,8 million de dollars étaient garantis par la SBA. Le ratio de levier de la Banque communautaire était de 11,1 %.

Oak Ridge Financial Services berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Gewinn pro Aktie von $0.54, was einen Anstieg von $0.46 im Q2, aber einen Rückgang von $0.55 im Q3 2023 darstellt. Das Unternehmen gab eine vierteljährliche Dividende von $0.12 pro Aktie bekannt, was einem Anstieg von 20% im Jahresvergleich entspricht. Zu den wichtigsten Kennzahlen gehören eine Nettozinsmarge von 3.81%, Forderungen aus Darlehen von $505.5 Millionen (jährlich um 11.1% gestiegen) und Gesamteinlagen von $510.5 Millionen (jährlich um 4.7% gestiegen). Die notleidenden Vermögen stiegen auf $2.9 Millionen, hauptsächlich aufgrund von vier SBA-Darlehen, von denen $1.8 Millionen von der SBA garantiert wurden. Die Leverage-Quote der Community Bank lag bei 11.1%.

Positive
  • Earnings per share increased from $0.46 to $0.54 quarter-over-quarter
  • Quarterly dividend increased 20% year-over-year
  • Loans receivable grew 11.1% annualized to $505.5 million
  • Total deposits increased 4.7% annualized to $510.5 million
  • Net interest income increased from $5.6M to $6.0M year-over-year
Negative
  • Earnings per share decreased from $0.55 to $0.54 year-over-year
  • Nonperforming assets increased significantly to $2.9M from $542,000 in previous quarter
  • Net interest margin declined from 3.83% to 3.81% year-over-year
  • No gains from SBA loan sales in Q3 2024 compared to $147,000 in Q3 2023
  • Higher provision for credit losses at $261,000 vs $137,000 year-over-year

OAK RIDGE, N.C., Oct. 31, 2024 (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 third quarter of 2024.

Third Quarter 2024 Highlights

  • Earnings per share of $0.54, compared to $0.46 for the prior quarter and $0.55 for the third quarter of 2023.
  • Return on equity of 9.56%, compared to 8.57% for the prior quarter and 10.63% for the third quarter of 2023.
  • Dividends declared per common share of $0.12, unchanged from the prior quarter and up 20% from the third quarter of 2023.
  • Tangible book value per common share of $22.78 as of quarter end, compared to $21.95 at the end of the prior quarter, and $20.26 at the end of the comparable period in 2023.
  • Net interest margin of 3.81%, unchanged from the prior quarter and 3.83% for the third quarter of 2023.
  • Efficiency ratio of 67.9%, compared to 70.0% for the prior quarter and 68.7% for the comparable period in 2023.
  • Loans receivable of $505.5 million at quarter end, up 11.1% (annualized) from $466.8 million as of the prior year end, and up 11.2% from $454.5 million at the comparable quarter end in 2023.
  • Nonperforming assets to total assets of 0.45% at quarter end, compared to 0.08% as of the prior quarter end and 0.08% at the comparable quarter end in 2023.
  • Nonperforming assets were $2.9 million at quarter end, compared to $542,000 as of the prior quarter end and $412,000 at the comparable quarter end in 2023. $2.2 million of the total $2.4 million increase in nonperforming assets from the prior quarter end to the current quarter end were due to the guaranteed and nonguaranteed balances of four Small Business Administration (“SBA”) 7(a) loans moving to nonaccrual status during the third quarter of 2024. The balance of nonperforming loans guaranteed by the SBA was $1.8 million at quarter end, with no balances as of the prior quarter end and the comparable quarter end in 2023.
  • Securities available-for-sale and held-to maturity of $102.4 million at quarter end, down 9.8% (annualized) from $110.6 million as of the prior year end, and down 5.9% from $108.9 million at the comparable quarter end in 2023.
  • Total deposits of $510.5 million at quarter end, up 4.7% (annualized) from $493.1 million as of the prior year end, and up 6.5% from $477.9 million at the comparable quarter end in 2023.
  • Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $70.2 million at quarter end, up 27.6% (annualized) from $58.2 million as of the prior year end, and up 3.0% from $68.2 million at the comparable quarter end in 2023.
  • Total stockholders’ equity of $62.9 million at quarter end, up 7.3% (annualized) from $58.3 million as of the prior quarter end, and up 6.9% from $55.3 million at the comparable quarter end in 2023. At September 30, 2024, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.1%, down slightly from 11.2% at 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 capital regulations if it has a leverage ratio greater than 9.0%.

Tom Wayne, Chief Executive Officer, announced, "While our earnings per share in the third quarter of 2024 decreased compared to the comparable 2023 period, they increased from the previous quarter. We had double-digit annualized loan growth from the 2023-year end and the comparable quarter end in 2023, funded by a mix of deposits and borrowings. Despite a rise in nonperforming assets of $2.4 million from the previous quarter, $2.3 million and $1.8 million of this increase pertains to the total and guaranteed balances, respectively, of four SBA loans which are also secured by real estate and personal guarantees. Our net interest margin remained stable and strong in the current quarter, with our capital and liquidity positions remaining solid at quarter end. Oak Ridge is dedicated to fostering and expanding comprehensive client relationships, offering long-term core deposit and lending solutions, alongside various products and services tailored to our clients' financial goals. We are immensely proud of our team and grateful for their dedication to serving our clients and ensuring the Bank's safe and sound management."

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. Between September 30, 2024, and October 30, 2024, the Company repurchased a total of 16,700 shares for $321,000.

A quarterly cash dividend of $0.12 per share of common stock is payable on December 3, 2024, to stockholders of record as of the close of business on November 15, 2024, which represents the 24th consecutive quarterly dividend paid by the Company. “We are pleased to pay another quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

For the three months ended September 30, 2024, and 2023, net interest income was $6.0 million and $5.6 million, respectively. For the three months ended September 30, 2024, the annualized net interest margin was 3.81% compared to 3.83% for the third quarter of 2023, a decrease of two basis points. For the nine months ended September 30, 2024, and 2023, net interest income was $17.5 million and $16.4 million, respectively. For the nine months ended September 30, 2024, the annualized net interest margin was 3.80% compared to 3.88% in the same period in 2023, a decrease of eight basis points.

For the three months ended September 30, 2024, the Company recorded a provision for credit losses of $261,000, compared to a provision for credit losses of $137,000 in the third quarter of 2023. For the nine months ended September 30, 2024, the Company recorded a provision for credit losses of $848,000, compared to a provision for credit losses of $295,000 for the same period in 2023. The allowance for credit losses as a percentage of total loans was 1.06% at September 30, 2024, compared to 1.05% at December 31, 2023. Nonperforming assets represented 0.45% of total assets on September 30, 2024, compared to 0.07% on December 31, 2023. The recorded balances of nonperforming loans were $2.9 million on September 30, 2024, compared to $418,000 on December 31, 2023. The increase in nonperforming loans from December 31, 2023, was primarily attributable to four SBA 7(a) loans totaling $2.3 million moving to nonaccrual status during the third quarter of 2024, of which $1.8 million is guaranteed by the SBA.

Noninterest income totaled $924,000 for the three months ended September 30, 2024, compared to $1.1 million for the third quarter of 2023. There were increases and decreases in components of noninterest income from the third quarter of 2023 to the comparable quarter of 2024, with the following category significantly contributing to the overall net decrease: there were no gains on sale(s) of SBA loans during the third quarter of 2024, compared to gains of $147,000 in the third quarter of 2023. The Company retained all its third quarter 2024 originations of SBA loans for balance sheet management purposes, while selling the guaranteed portion for most SBA loans originated in the third quarter of 2023.

Noninterest income totaled $2.5 million for the nine months ended September 30, 2024, compared to $3.0 million for the comparable period in 2023. There were increases and decreases in components of noninterest income from the first nine months of 2023 to the comparable period 2024, with the following category significantly contributing to the overall net decrease: There were no gains on sale(s) of SBA loans during the first nine months of 2024, compared to gains of $475,000 in the comparable period in 2023. The Company retained all its 2024 originations of SBA loans for balance sheet management purposes, while selling the guaranteed portion for most SBA loans originated in the first nine months of 2023.

Noninterest expense totaled $4.7 million for the three months ended September 30, 2024, compared to $4.6 million for the comparable period in 2023. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following category significantly contributing to the overall net increase: Salaries were $2.3 million for the three months ended September 30, 2024, compared to $2.2 million for the comparable period in 2023. The increase in salaries is mostly due to annual merit increases to employees effective April 1, 2024. Occupancy expenses were $658,000 for the three months ended September 30, 2024, compared to $250,000 in the comparable period in 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in 2024 compared to 2023. Equipment expense was $143,000 for the three months ended September 30, 2024, compared to $208,000 in the comparable period in 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in 2024 compared to 2023. Professional and advertising expenses were $332,000 for the three months ended September 30, 2024, compared to $379,000 in the comparable period in 2023. The decrease in professional and advertising expenses is mostly due to decreases in information technology contracted services in 2024 compared to 2023. Telecommunications expense was $71,000 for the three months ended September 30, 2024, compared to $135,000 in the comparable period in 2023. The decrease in telecommunications expense is mostly due to the reduction in unnecessary or redundant telecommunications expenses.

Noninterest expense totaled $13.7 million and $13.6 million for the nine months ended September 30, 2024, and 2023, respectively. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following categories significantly contributing to the overall net increase of $31,000: Equipment expense was $461,000 for the nine months ended September 30, 2024, compared to $658,000 in the comparable period in 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in 2024 compared to 2023. Occupancy expenses were $1.0 million for the nine months ended September 30, 2024, compared to $819,000 in the comparable period in 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in 2024 compared to 2023. Data and items processing expense was $1.7 million for the nine months ended September 30, 2024, compared to $1.5 million in the comparable period in 2023. The increase in data and items processing expense is mostly due to higher software licensing fees from our core processing vendor. Professional and advertising expenses were $951,000 for the nine months ended September 30, 2024, compared to $1.1 million in the comparable period in 2023. The decrease in professional and advertising expenses is mostly due to decreases in information technology contracted services in 2024 compared to 2023. Telecommunications expense was $213,000 for the nine months ended September 30, 2024, compared to $390,000 in the comparable period in 2023. The decrease in telecommunications expense is mostly due to the reduction in unnecessary or redundant telecommunications expenses.

Many communities in western North Carolina suffered significant damage from Hurricane Helene. Currently, it appears that our customers, who are predominantly located in the Piedmont Triad area of North Carolina, have been largely unaffected. The Bank made monetary donations to two organizations and our employees have donated critical supplies to support hurricane Helene relief efforts in western North Carolina.

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)      
 September 30,December 31,September 30,
     
  2024  2023  2023    
ASSETS(unaudited)(audited)(unaudited)   
Cash and due from banks$ 10,522 $7,792 $9,182    
Interest-bearing deposits with banks 11,308  12,633  15,294    
Total cash and cash equivalents 21,830  20,425  24,476    
Securities available-for-sale 83,769  91,849  90,148    
Securities held-to-maturity, net of allowance for credit losses 18,668  18,706  18,720    
Restricted stock, at cost 4,006  2,404  2,828    
Loans receivable 505,521  466,796  454,521    
Allowance for credit losses (5,354) (4,920) (4,808)   
Net loans receivable 500,167  461,876  449,713    
Property and equipment, net 8,827  8,366  8,523    
Accrued interest receivable 3,098  2,580  2,427    
Bank owned life insurance 6,244  6,178  6,155    
Right-of-use assets – operating leases 2,242  2,466  2,537    
Other assets 4,614  4,544  5,735    
Total assets$ 653,465 $ 619,394 $ 611,262    
LIABILITIES      
Noninterest-bearing deposits$ 114,152 $99,702 $106,981    
Interest-bearing deposits 396,346  393,442  370,881    
Total deposits 510,498  493,144  477,862    
Short-term borrowings 52,000  40,000  50,000    
Long-term borrowings -  -  -    
Junior subordinated notes – trust preferred securities 8,248  8,248  8,248    
Subordinated debentures, net of discount 9,973  9,943  9,933    
Lease liabilities – operating leases 2,242  2,466  2,537    
Accrued interest payable 1,021  1,154  1,094    
Other liabilities 6,580  6,092  6,235    
Total liabilities 590,562  561,047  555,909    
STOCKHOLDERS' EQUITY      
Common stock 27,100  26,736  26,603    
Retained earnings 36,575  33,364  32,161    
Net unrealized loss on debt securities, net of tax (412) (1,580) (3,827)   
Net unrealized gain (loss) on hedging derivative instruments, net of tax (360) (173) 416    
Total accumulated other comprehensive loss (772) (1,753) (3,411)   
Total stockholders’ equity 62,903  58,347  55,353    
Total liabilities and stockholders’ equity$ 653,465 $ 619,394 $ 611,262    
Common shares outstanding 2,761,870  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 (UNAUDITED)     
(Dollars in thousands, except share data)      
 Three Months EndedNine months ended 
 September 30,June 30,September 30,September 30,September 30, 
  2024  2024  2023  2024  2023  
Interest and dividend income:      
Loans and fees on loans$ 7,971 $7,663 $6,455 $ 22,865 $18,151  
Interest on deposits in banks 275  244  207  670  663  
Restricted stock dividends 67  64  42  177  141  
Interest on investment securities 1,402  1,453  1,515  4,299  3,722  
Total interest and dividend income 9,715  9,424  8,219  28,011  22,677  
Interest expense      
Deposits 2,758  2,460  1,678  7,568  4,074  
Short-term and long-term debt 961  1,130  915  2,991  2,230  
Total interest expense 3,719  3,590  2,593  10,559  6,304  
Net interest income 5,996  5,834  5,626  17,452  16,373  
Provision for (recovery of) credit losses 261  322  137  848  295  
Net interest income after provision for credit losses 5,735  5,512  5,489  16,604  16,078  
Noninterest income:      
Service charges on deposit accounts 231  198  162  602  459  
Gain (loss) on sale of securities -  -  -  -  77  
Brokerage commissions on mortgage loans -  -  9  -  43  
Insurance commissions 169  125  135  428  341  
Gain on sale of Small Business Administration loans -  -  147  -  475  
Debit and credit card interchange income 292  309  333  889  924  
Income from Small Business Investment Company 111  22  135  211  186  
Income earned on bank owned life insurance 23  22  21  67  60  
Other Service Charges and Fees 98  87  108  283  428  
Total noninterest income 924  763  1,050  2,480  2,993  
Noninterest expenses:      
Salaries 2,287  2,311  2,174  6,764  6,666  
Employee Benefits 310  302  335  924  908  
Occupancy 358  351  250  1,004  819  
Equipment 143  155  208  461  658  
Data and Item Processing 607  526  527  1,653  1,465  
Professional & Advertising 332  305  379  951  1,082  
Stationary and Supplies 32  45  26  109  94  
Telecommunications 71  63  135  213  390  
FDIC Assessment 118  111  102  343  308  
Other expense 438  448  452  1,271  1,162  
Total noninterest expenses 4,696  4,617  4,588  13,693  13,552  
Income before income taxes 1,963  1,658  1,951  5,391  5,519  
Income tax expense 460  382  456  1,245  1,255  
Net income and income available to common shareholders$ 1,503 $ 1,276 $ 1,495 $ 4,146 $ 4,264  
Basic income per common share$ 0.54 $ 0.46 $ 0.55 $ 1.50 $ 1.56  
Diluted income per common share$ 0.54 $ 0.46 $ 0.55 $ 1.50 $ 1.56  
Basic weighted average shares outstanding 2,761,870  2,761,870  2,732,720  2,755,806  2,726,535  
Diluted weighted average shares outstanding 2,761,870  2,761,870  2,732,720  2,755,806  2,726,535  
       
OAK RIDGE FINANCIAL SERVICES, INC.      
Selected Financial Data      
 As of or For The Three Months Ended,    
 September 30,June 30,March 31,December 31,September 30, 
  2024  2024  2024  2023  2023  
Return on average common stockholders' equity1 9.56% 8.57% 9.31% 10.44% 10.63% 
Tangible book value per share$22.78 $21.95 $21.56 $21.35 $20.26  
Return on average assets1 0.91% 0.80% 0.88% 0.95% 0.98% 
Net interest margin1 3.81% 3.81% 3.79% 3.79% 3.83% 
Efficiency ratio 67.9% 70.0% 68.3% 65.2% 68.7% 
Nonperforming assets to total assets 0.45% 0.08% 0.06% 0.07% 0.07% 
Allowance for credit losses to total loans 1.06% 1.06% 1.03% 1.05% 1.06% 
1Annualized      
       

Contact: Skylar Mearing, Marketing Director
Phone: 336.662.4840


FAQ

What was Oak Ridge Financial Services (BKOR) earnings per share in Q3 2024?

Oak Ridge Financial Services reported earnings per share of $0.54 in Q3 2024, compared to $0.46 in Q2 2024 and $0.55 in Q3 2023.

What is BKOR's quarterly dividend payment for Q3 2024?

BKOR declared a quarterly cash dividend of $0.12 per share, payable on December 3, 2024, to stockholders of record as of November 15, 2024.

What was BKOR's loan growth in Q3 2024?

BKOR's loans receivable grew to $505.5 million, representing an 11.1% annualized increase from $466.8 million at the prior year end.

How much were BKOR's nonperforming assets in Q3 2024?

Nonperforming assets were $2.9 million at Q3 2024 end, up from $542,000 in the previous quarter, primarily due to four SBA loans.

OAK RIDGE FINCL SVCS INC

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Oak Ridge