When will Oak Ridge Financial Services report results for 2021?
What is Oak Ridge Financial Services?
(“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the three and six months ended June 30, 2021. Second Quarter 2021 Highlights Basic and diluted earnings per share of $0.65 for the three months ended June 30, 2021, up 20 cents, or 44.4%, from the comparable 2020 period;Annualized return on average common stockholders’
What is ROAE ranking?
(“Oak Ridge”; the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced that it has been named to American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts. The ranking is based on a company’s three-year average return on average equity (“ROAE”) through December 31, 2020. ROAE is widely used by investors to analyze business performance. The Company came in at 90, up 20 spots from last year. This is the fifth consecutive year the Company has been named to the prestigious list. “It is an incredible honor to be named to American Banker’s Top 200 Community Banks and Thrifts list for the fifth year in a row,” said Tom Wayne, Chief Executive Officer and Chief Financial Officer. “We are proud of the talented team of professionals who have contributed to the great success we have had in the communities we serve.” American Banker published the ranking as part of its May 2021 issue. About Oak Ridge Financial Services, Inc. Oak Ridge Financial Services, Inc. (OTCPink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge delivers personal attention and convenience for every client. Substantially all of the Bank’s employees are stockholders in Oak Ridge Financial Services, Inc. through their participation in the Bank’s Employee Stock Ownership Plan. We are proud of our many accolades and awards, including seven “Best Bank in the Triad” wins, “Triad’s Top Workplace” finalist, “Triad’s Healthiest Employer” winner and a 2016 Better Business Bureau “Torch Award” winner. We offer a complete range of banking services for individuals and businesses. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender. Banking Services | ATM Usage Worldwide | Mobile Banking | Online Billpay | Remote and Mobile Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth Management Visit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, High Point, Summerfield and Oak Ridge, North Carolina, or call 336.644.9944, or online at www.BankofOakRidge.com. Forward-looking InformationThis form 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 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 words like “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, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Federal Deposit Insurance Corporation. The Company undertakes no obligation to update any forward-looking statements. CONTACT: FOR IMMEDIATE RELEASE Contact: Thomas W. Wayne, CEO and CFO Phone: 336-644-9944
How much was the SBA gain in 2020?
The ranking is based on a company’s three-year average return on average equity (“ROAE”) through December 31, 2020. ROAE is widely used by investors to analyze business performance. The Company came in at 90, up 20 spots from last year.
How much was the SBA loan increase in 2020?
A $164,000 gain on sale of securities in the nine months ended September 30, 2019, and no such gain in 2020 partially offset the increase in gain on sale of SBA loans.Noninterest expense totaled $3.7 million in the three months ended September 30, 2020, an increase of $195,000, or 5.6%, from the same period in 2019.
What is the net interest margin for the nine months ended September 30, 2020?
The biggest contributor to the increase was a gain on sale of SBA loans (not PPP loans) of $202,000 in the third quarter of 2020 and $83,000 of gains in the comparable period in 2019. A $60,000 decrease in service charges on deposit accounts from 2019 to 2020 offset the increase in gain on sale of SBA loans.
Why did the allowance for loan losses increase in 2020?
The net interest margin was 3.55% for the nine months ended September 30, 2020, compared to 3.65% for the same period in 2019, a decrease of 10 basis points.The Company recorded a provision for loan losses of $617,000 for the three months ended September 30, 2020, compared with no provision for the same period in 2019.
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The Company increased the allowance for loan losses in 2020, largely due to increase in the qualitative factors in the Company’s allowance for loan loss model due to the deteriorating economic outlook related to COVID-19.
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Oak Ridge Financial Services Inc is the holding company. The company is an independent, full-service financial services firm providing private client and investment banking services to individual, institutional and corporate customers.
Does the privacy policy of this bank apply to the website you visit?
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Does Bank of Oak Ridge have a checking account?
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