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Last $10.25 USD
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As of 8:10 PM 06/30/15 All times are local (Market data is delayed by at least 15 minutes).

oak ridge financial services (BKOR) Key Developments

Oak Ridge Financial Services and Bank of Oak Ridge Appoint Thomas Wayne as COO

Oak Ridge Financial Services, Inc. announced Thomas Wayne was named COO of the company and its unit, Bank of Oak Ridge. In addition, Brady Young, who serves as senior vice president and head of retail banking, will be under Wayne's direct reporting team. Wayne has been with the bank since 2000, and has served as executive vice president and CFO at Bank of Oak Ridge. He became a board member of the company and the bank in March 2014.

Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Oak Ridge Financial Services, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest and dividend income of $3,884 against 3,787 a year ago. Net interest income was $3,361 against $3,340 a year ago. The increase was primarily caused by higher interest income, which increased $97,000 or approximately 2.6% to $3.9 million for the first three months of 2015 as compared to the same time period of the prior year. Net interest income after provision for loan losses was $3,336 against $2,880 a year ago. Income before income taxes was $1,018 against $527 a year ago. Net income was $714 against $408 a year ago. Income available to common stockholders was $597 against $312 a year ago. Diluted income per common share was $0.27 against $0.16 a year ago. Return on average assets as at March 31, 2015 was 0.80% against 0.47% a year ago. Return on average common stockholders' equity as at March 31, 2015 was 10.96% against 6.57% a year ago.

Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014

Oak Ridge Financial Services, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. The company recorded quarterly net income for the fourth quarter of 2014 of $544,000 compared to net income of $462,000 for the fourth quarter of 2013, an increase of $82,000. Net income available to common shareholders for the fourth quarter of 2014 was $348,000 compared to income available to common shareholders of $285,000 for the fourth quarter of 2013, an increase of $63,000. Basic and diluted income per common share increased $0.02 to $0.17 for the fourth quarter of 2014 compared to diluted income per common share of $0.15 in the fourth quarter of 2013. Profitability as measured by the company's annualized return on average assets was 0.61% and 0.52% for the three months ended December 31, 2014 and 2013, respectively. The company produced net interest income of $3.4 million during the three months ended December 31, 2014, which was approximately the same as the net interest income for the same period in 2013. Return on average common shareholders' equity was 6.43% compared to 6.19% a year ago. Income before income taxes was $773,000 compared to $622,000 for the fourth quarter of 2013. The company recorded net income for the year ended December 31, 2014 of $2.1 million compared to net income of $1.3 million for 2013, an increase of $747,000. Net income available to common shareholders for the year ended December 31, 2014 was $1.4 million compared to income available to common shareholders of $610,000 for 2013, an increase of $818,000. Basic income per common share increased $0.39 to $0.72 for the year ended December 31, 2014 compared to basic income per common share of $0.33 in 2013. Diluted income per common share increased $0.38 to $0.71 for the year ended December 31, 2014 compared to diluted income per common share of $0.33 in 2013. For the year ended December 31, 2014 and 2013, the annualized return on average assets was 0.58% and 0.38%, respectively. The company produced net interest income of $13.6 million during the year ended December 31, 2014, which was $153,000 higher than the $13.4 million generated for the same time period of 2013. The increase was primarily caused by higher interest income, which increased $169,000 or approximately 1.1% to $15.4 million for the year ended December 31, 2014 as compared to the year ended December 31, 2013. Income before income taxes was $2,821,000 compared to $1,896,000 a year ago.

Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Oak Ridge Financial Services, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company recorded quarterly net income of $539,000 compared to net income of $445,000 for the third quarter of 2013, an increase of $94,000. Net income available to common shareholders for the third quarter of 2014 was $366,000 compared to income available to common shareholders of $268,000 for the third quarter of 2013, an increase of $98,000. Basic and diluted income per common share increased $0.03 to $0.18 for the third quarter of 2014 compared to diluted income per common share of $0.15 in the third quarter of 2013. Profitability as measured by the Company's annualized return on average assets was 0.60% and 0.54% for the three months ended September 30, 2014 and 2013, respectively. The company produced net interest income of $3.4 million during the third three months of 2014, which was lower than the $3.6 million generated for the same time period of 2013. Net interest income for the three months ended September 30, 2013 was higher primarily due to nonaccrual interest that was collected as a result of the resolution of a loan relationship. Income before income taxes was $0.755 million against $0.739 million a year ago. Return on average common shareholders' equity was 6.97% against 8.70% a year ago. For the nine months, the company recorded net income of $1.52 million compared to net income of $879,000 for the same period of 2013, an increase of $643,000. Net income available to common shareholders for the nine months ended September 30, 2014 was $1.08 million compared to income available to common shareholders of $346,000 for the same period of 2013, an increase of $734,000. Basic and diluted income per common share increased $0.36 to $0.55 for the nine months ended September 30, 2014 compared to basic and diluted income per common share of $0.19 in the same period of 2013. The annualized return on average assets was 0.57% and 0.35%, respectively. The company produced net interest income of $10.2 million during the nine months ended September 30, 2014, which was $104,000 higher than the $10.1 million generated for the same time period of 2013. The increase was primarily caused by higher interest income, which increased $146,000 or approximately 1.3% to $11.5 million for the nine months ended September 30, 2014 as compared to the same time period of the prior year. Income before income taxes was $2.047 million against $1.306 million a year ago. Return on average common shareholders' equity was 6.57% against 6.19% a year ago.

Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Half Year Ended June 30, 2014

Oak Ridge Financial Services, Inc. announced unaudited consolidated financial results for the second quarter and half year ended June 30, 2014. For the quarter, total interest and dividend income was $3,856,000 against $3,714,000 a year ago. Net interest income was $3,403,000 against $3,256,000 a year ago. Income before income taxes was $766,000 against $284,000 a year ago. Net income available to common stockholders was $402,000 or $0.21 per basic and diluted share against $41,000 or $0.02 per basic and diluted share a year ago. Annualized return on average assets was 0.65% and 0.25% for the three months ended June 30, 2014 and 2013, respectively. Return on average shareholders' equity was 8.70% against 6.57% for the quarter ended March 31, 2014. The net interest income increase was primarily caused by higher interest income, which increased $142,000 or approximately 3.8% to $3.9 million for the second three months of 2014 as compared to the same time period of the prior year. For the half year, total interest and dividend income was $7,642,000 against $7,354,000 a year ago. Net interest income was $6,742,000 against $6,441,000 a year ago. Income before income taxes was $1,292,000 against $567,000 a year ago. Net income available to common stockholders was $714,000 or $0.37 per basic and diluted share against $78,000 or $0.04 per basic and diluted share a year ago. For the six months ended June 30, 2014 and 2013, the annualized return on average assets was 0.56% and 0.25%, respectively. The net interest income increase was primarily caused by higher interest income, which increased $288,000 or approximately 3.9% to $7.6 million for the six months ended June 30, 2014 as compared to the same time period of the prior year.

 

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