Bank of Oak Ridge (OTCMKTS:BKOR) is engaged in digital offerings, and managing financial well-being and is the longest-running employee-owned community bank in the Triad. The bank serves local businesses, community members, and non-profit organizations since 2000.
On Friday, BKOR stock ended flat at $18.60 with 1 share, compared to its average volume of 1491 shares. The stock moved within a range of $18.60 – 18.60 after opening trade at $18.60.
Oak Ridge Financial Services, Inc. Announces Second Quarter 2022 Results
Oak Ridge Financial Services Inc on July 23, 2022, announced unaudited financial results for three and six months ending June 30, 2022.
The firm witnessed basic and diluted earnings per share of $0.63 for three months ending June 30, 2022, which was 3.1% lower vis-à-vis 2021. The company’s annualized return on average common stockholders’ equity of 13.52%, which was lower than 14.71% for the same period in 2021. Oak Ridge Financial Services’ tangible book value per common share was $18.77, higher by 4.7% than the previous year. Its Non-performing assets of $884,000 were down by 69.5% from $2.9 million on December 31, 2021. The company was in ‘American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts’. Based on its three-year average return on equity, this is the sixth year in continuation that Oak Ridge has been featured on the list.
Tom Wayne, Chief Executive Officer, and Chief Financial Officer expressed delight in the robust financial performance in quarter two of the year. Wayne added that the team has demonstrated resilience and performance even as it navigated the changing social and economic environment. He added that the firm’s nonperforming assets to total assets declined from 0.51% on December 31, 2021, to 0.14% on June 30, 2022.
Wayne further stated that the company is paying another quarterly cash dividend to the stockholders and reflects the continuing commitment to enhancing stockholder value. The Bank’s Community Bank Leverage Ratio was 10.2%, which remains unchanged from the previous year while the stockholders’ equity is $50.7 million, down by 1.2% from $51.3 million in the previous year.
Oak Ridge witnessed loan losses of $107,000 for three months ending June 30, 2022. The Non-interest expense was $4.5 million in the three months ending June 30, 2022, a surge of $827,000, or 22.7%, from the same period in 2021. Other expenses increased to $197,000 as compared to the prior year period, due to high expenses of insurance, annual license, SBA lending, and appraisal fees.
Oak Ridge Financial Services, Inc. Ranked in Top 200 Publicly Traded Community Banks and Thrifts List by American Banker Magazine
Oak Ridge Financial Services Inc on June 7, 2022, announced being named in American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts for 2021. Based on the three-year average return on average equity, it is utilized by several investors for analyzing business performance. Oak Ridge’s three-year average ROAE for 2019-2021 was 11.76%.
Tom Wayne, Chief Executive Officer, and Chief Financial Officer said that it is an honor on being named on the American Banker’s Top 200 Community Banks and Thrifts list. Wayne said that he is proud of being part of a talented team who have made a huge contribution to the remarkable success of the communities being served.
BKOR stock is trading above the 20-Day and 50-Day Moving averages of $18.60 and $18.60 respectively. Moreover, the stock is trading in the neutral zone with RSI stands at 40.