Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 31, 2017 at 05:27 am IST
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Oak Ridge Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $4,032,000 against $3,809,000 a year ago. Net interest income was $3,377,000 against $3,298,000 a year ago. Income before income taxes was $860,000 against $827,000 a year ago. Net income available to common stockholders was $613,000 against $455,000 a year ago. Basic and diluted income per common share was $0.26 against $0.21 a year ago.
For the year, the company reported total interest and dividend income of $15,794,000 against $15,349,000 a year ago. Net interest income was $13,382,000 against $13,322,000 a year ago. Income before income taxes was $3,748,000 against $4,302,000 a year ago. Net income available to common stockholders was $2,395,000 against $2,499,000 a year ago. Diluted income per common share was $1.01 against $1.14 a year ago. The decline in earnings per share is mostly attributable to gains on sales of securities that were $424,000 higher in 2015 than in 2016. Return on average assets was 0.64% and 0.64% a year ago. Return on average common stockholder equity was 8.89% against 7.52% a year ago.
Oak Ridge Financial Services, Inc. is a bank holding company for Oak Ridge Financial Corporation (the Bank). The principal activity of the Company is ownership of the Bank. The Bank provides financial services through its branch network located in Guilford County, North Carolina. The Companyâs customers are principally located in Guilford County, North Carolina, and adjoining counties.