Oak Ridge Financial Services Inc (OTCMKTS:BKOR) Stock In Focus After Earnings Update
Parent company of Bank of Oak Ridge Bank, Oak Ridge Financial Services Inc (OTCMKTS:BKOR) on May 2, 2023, announced unaudited financial results for three months of the current year. The company witnessed a surge of $0.02, or 25%, in its quarterly cash dividend to $0.10 per common share.
Trading Data
On Tuesday, BKOR stock lost 2.86% to $17.00 with more than 240 shares, compared to its average volume of 558 shares. The stock moved within a range of $17.00 – 17.07 after opening trading at $17.07.
Oak Ridge Financial Services, Inc. Announces First Quarter 2023 Results, Increase in Quarterly Cash Dividend to $0.10 Per Share
The company had annualized return on average common stockholders’ equity of 9.62% for quarter one of 2023, vis-à-vis 13.07% for the year-ago quarter. Its tangible book value per common share of $19.94 on March 31, 2023, was 7. % higher as compared to $18.63 in the previous year.
Oak Ridge Financial Services Inc Net interest margin was 3.91% in quarter one vis-à-vis 4.02% for the previous quarter. The company’s efficiency ratio was 71.60% for the quarter as compared to 69.64% for the prior quarter.
The firm’s total assets increased by $1.6 million to $590.9 million by March 31, 2023, from $589.3 million on December 31, 2022. Oak Ridge’s cash and cash equivalents reduced by $17.4 million, or 34.6%, to $32.9 million in December 2022. Its total net loans surged by $20.4 million, or 4.8% to $440.8 million on March 31, 2023, from $421.4 million on December 31, 2022.
Tom Wayne, Chief Executive Officer, and Chief Financial Officer said that Oak Ridge’s operating performance was robust considering the current economic conditions. Wayne added that despite continued increase in market interest rates, the net interest margin decreased by 9 basis points from year-end to 3.91% on March 31, 2023.
