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24.07.2018 17:30:28

Oak Ridge Financial Services, Inc. Announces Second Quarter 2018 Earnings

OAK RIDGE, N.C., July 24, 2018 (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 second quarter of 2018.Second Quarter 2018 HighlightsNet income available to common stockholders of $908,000 for the three months ended June 30, 2018, up $143,000, or 18.7%, from $765,000 for the same period in 2017 Basic and diluted earnings per share of $0.38 for the three months ended June 30, 2018, up $0.06 cents, or 18.8%, from $0.32 for the same period in 2017Annualized return on average common stockholders' equity of 11.42% for the three months ended June 30, 2018, compared to 10.82% for the same period in 2017Period end loans of $352.7 million, up 4.6% (9.3% annualized) from December 31, 2017Period end deposits of $368.4 million, up 1.8% (3.7% annualized) from December 31, 2017Period end noninterest-bearing deposits of $57.7 million, up 10.3% (20.7% annualized) from December 31, 2017Nonperforming assets of $2.8 million, unchanged from December 31, 2017Tom Wayne, President and Chief Financial Officer, reported, "We are very pleased with our return on average stockholders' equity during the second quarter of 2018, and the year over year growth in our pretax net income, after tax net income and earnings per share. The Company experienced strong loan and noninterest-bearing deposit growth in the second quarter of 2018 and our net interest margin increased seven basis points from the first quarter of 2018. I am very pleased with our overall performance in the first half of 2018 and thank our stockholders, our dedicated employees, our Board of Directors, and our clients for their continued support."The Bank's capital ratios remain strong and exceed all minimum regulatory requirements at June 30, 2018. As of June 30, 2018, stockholders' equity was 7.4% of total assets, compared to 7.2% as of December 31, 2017. Book value per common share was $13.54 as of June 30, 2018, compared to $12.28 as of June 30, 2017.With respect to the consolidated statement of operations for the three months ended June 30, 2018, net interest income was $3.9 million, which was an increase from $3.6 million during the same period in 2017. For the three months ended June 30, 2018, the net interest margin was 3.90% compared to 3.91% for the same period in 2017, a decrease of one basis point. For the six months ended June 30, 2018, net interest income was $7.7 million, an increase of $0.8 million from $6.9 million during the same period in 2017. The net interest margin was 3.86% for the six months ended June 30, 2018, compared to 3.76% for the same period in 2017, an increase of 10 basis points.The Company recorded a provision for loan loss of $66,000 for the three months ended June 30, 2018, compared with a negative provision of $85,000 for the same period in 2017. For the six months ended June 30, 2018 the Company recorded a provision for loan loss of $66,000 compared with a negative provision of $20,000 for the same period in 2017.  The allowance for loan losses as a percentage of total loans was 1.01% at June 30, 2018 compared to 1.04% at December 31, 2017. The need to supplement the allowance for loan losses in 2018 was reduced by improvement in various quantitative and qualitative factors used in the determination of the allowance. Nonperforming assets represented 0.63% of total assets at June 30, 2018, unchanged from December 31, 2017.Noninterest income totaled $694,000 for the three months ended June 30, 2018, compared with $698,000 for the same period in 2017, a decrease of $4,000 or 0.6%. The biggest contributor to the decrease was the absence of any gains on sale of SBA loans during the three months ended June 30, 2018, compared to $61,000 during the same period in 2017. Noninterest income totaled $1.6 million for the six months ended June 30, 2018, compared with $1.3 million for the same period in 2017, an increase of $365,000 or 28.4%. The biggest contributor to the increase was a gain on sale of SBA loans of $305,000 during the six months ended June 30, 2018, compared to $61,000 during the same period in 2017.Noninterest expense totaled $3.5 million in the three months ended June 30, 2018, an increase of $197,000, or 6.0%, from the same period in 2017. Two expense categories primarily contributed to the overall increase in noninterest expense. Salaries increased due to higher incentive payments in 2018 compared to 2017 and salary merit increases that took effect on January 1, 2018. Also, employee benefits increased due to lower post-retirement benefit costs in 2017 compared to 2018. Noninterest expense totaled $7.1 million in the six months ended June 30, 2018, an increase of $751,000, or 11.9%, from 2017. Several expense categories contributed to the overall increase in noninterest expense. Salaries increased due to higher incentive payments in 2018 compared to 2017, salary merit increases that took effect on January 1, 2018, and commissions related to the gain on sale of SBA loans in 2018. Employee benefits increased due to lower post-retirement benefit costs in 2017 compared to 2018. Also, other expenses increased due to higher check and debit card losses in 2018 compared to 2017, as well as higher expenses in 2018 related to the gain on sale of SBA loans.The enactment of the new federal tax law, signed in late December 2017, positively affected net income for the Company for the current quarter. The law reduces the corporate tax rate to 35% to 21%.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 that delivers personal attention and convenience for every client. Bank of Oak Ridge has been named Best Bank in the Triad six years in a row, a 2017 Top Workplace, one of the Triad's Healthiest Employers, and was the 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 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 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, 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 SheetsJune 30, 2018 (unaudited) and December 31, 2017 (audited)(Dollars in thousands)   2018  2017Assets     Cash and due from banks$   8,812  $   8,673Interest-bearing deposits with banks    12,549      18,497Federal Funds sold    -      2,298Total cash and cash equivalents    21,361      29,468Securities available-for-sale    42,255      43,375Securities held-to-maturity (fair values of $1,145 in 2018 and $1,257 in 2017)    991      1,108Federal Home Loan Bank Stock, at cost    917      1,133Loans, net of allowance for loan losses of $3,614 in 2018 and $3,538 in 2017  352,653    337,105Property and equipment, net    9,062      8,631Foreclosed assets    -      4Accrued interest receivable    1,513      1,388Bank owned life insurance    5,685      5,635Other assets    4,808      2,865Total assets$ 439,245  $ 430,712      Liabilities and Stockholders' Equity  Full story available on Benzinga.com
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