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25.04.2017 20:57:40

Oak Ridge Financial Services, Inc. Announces First Quarter 2017 Earnings

OAK RIDGE, N.C., April 25, 2017 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. ("Oak Ridge"; the "Company") (OTC:BKOR), the parent company of Bank of Oak Ridge (the "Bank"), announced unaudited financial results for the first quarter of 2017 today.First Quarter 2017 HighlightsNet income available to common stockholders increased $187,000, or 42.0%, to $632,000 in 2017, compared to $445,000 in 2016  Basic and diluted earnings per share of $0.26 for the three months ended March 31, 2017, up 6 cents, or 30.0%, from $0.20 for the same period in 2016Return on average common stockholders' equity 9.21% for the three months ended March 31, 2017, compared to 6.99% for the same period in 2016Period end loans of $314.8 million, up 2.7% (11.0% annualized) from December 31, 2016Period end deposits of $328.3 million, down 0.4% (1.5% annualized) from December 31, 2016Period end noninterest-bearing deposits of $53.4 million, up 12.5% (50.7% annualized) from December 31, 2016Nonperforming assets of $3.4 million, down from $3.5 million at December 31, 2016Repurchase of 23,000 shares of common stock under the Company's repurchase plan implemented in late 2016Tom Wayne, President and Chief Financial Officer, reported, "I am very pleased with the Bank's performance in the first quarter of 2017. Our net income and net income available to common stockholders increased significantly from 2016 to 2017, and we saw strong growth on the asset and liability sides of the balance sheet. It was also nice to see our noninterest expense and our efficiency ratio decline year over year, since growth combined with expense management is a focus of ours for 2017. I am thankful to our dedicated employees, the Board of Directors, and our clients for their support."Bank of Oak Ridge's capital ratios remain strong and exceed all regulatory requirements at March 31, 2017. The Company's stockholders' equity was 7.0% of total assets as of March 31, 2017 and December 31, 2016. Tangible book value per common share was $11.77 as of March 31, 2017, compared to $11.37 as of December 31, 2016.Net interest income was $3.4 million for the three months ended March 31, 2017, which was a small increase from $3.3 million during the same period in 2016. Total interest and dividend income increased approximately $131 thousand from 2016 to 2017, with increases in loan interest and fees of $215 thousand offset by decreases in interest on investment securities of $96 thousand during the same period of time. The increase in loan interest and fees was mostly due to increases in loan balances from 2016 to 2017, while the decrease in interest on investment securities was due to a decline in both investment securities balances and investment securities book yields from 2016 to 2017. Total interest expense increased $95 thousand from 2016 to 2017, with the decrease in interest expense on deposits of $41 thousand offset by an increase in interest expense on short-term and long-term debt of $135 thousand. The increase in interest expense on short-term and long-term debt is mostly due to interest expense in 2017 on $5.6 million in subordinated debentures issued on June 29, 2016. These subordinated debentures were used to redeem $5.2 million in Series A Preferred Stock on June 30, 2016, so most of the increase in interest expense on short-term and long-term debt in 2017 was offset by the lack of preferred dividends during the same period of time. The subordinated debentures issued on June 29, 2016 have an interest rate of 7%, while the Series A preferred stock redeemed on June 30, 2016 had a dividend rate of 9%. Interest expense on the debentures is deductible while dividend payments on the Series A preferred stock were non-deductible.The Company recorded provision expense of $65,000 for 2017, compared $75,000 for 2016. The allowance for loan losses as a percentage of total loans was 1.19% at March 31, 2017 compared to 1.20% at December 31, 2016. Nonperforming assets ($3.3 million of nonperforming loans and $65,000 of other real estate owned) represented 0.85% of total assets at March 31, 2017, compared to 0.89% at December 31, 2016.Noninterest income totaled $585,000 in 2017, compared with $608,000 in 2016, a decrease of $23,000 or 3.8%. The biggest noninterest income category contributing to the decline was a decrease in service charges on deposit accounts of $30,000 from 2017 to 2016. Other smaller increases and decreases contributed to the overall net decrease.Noninterest expense totaled $3.0 million in 2017 and was relatively unchanged from $3.1 million in 2016.About Oak Ridge Financial Services, Inc.Oak Ridge Financial Services, Inc. (OTC:BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is an employee owned community bank with a mission to provide Banking as It Should Be® by delivering personal attention and convenience for every client. Bank of Oak Ridge has been named Best Bank in the Triad five years in a row, one of the Triad's Healthiest Employers and Top Workplaces, and winner of the Better Business Bureau's Torch award for ethics in 2016.  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 Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth ManagementVisit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, 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.Oak Ridge Financial Services, Inc. Consolidated Balance SheetsMarch 31, 2017 (unaudited) and December 31, 2016 (audited)(Dollars in thousands)      March 31, 2017  December 31, 2016  Assets     Cash and due from banks$8,037$7,718Interest-bearing deposits with banks  12,325 Full story available on Benzinga.com
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