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Oak Ridge Financial reports 25% increase in net income
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Published: November 5, 2008
OAK RIDGE -- Oak Ridge Financial Services Inc. reported yesterday that its net income rose 25 percent to $375,000 in the third quarter compared with the third quarter of 2007.
Diluted earnings rose 4 cents to 21 cents a share.
Ron Black, the president of the bank, said that the net-income increase came primarily from "maintaining our record of sound asset quality and attracting low-cost business and checking-account deposits." The bank reported that it reduced its loan-loss provision by 33 percent in the quarter to $74,000.
Black said that the bank plans to apply for the U.S. Treasury capital-purchase program at the maximum amount of $8.5 million, or 3 percent of its risk-based assets.
Banks have until Nov. 14 to apply for a small piece of the $250 billion capital package, which is aimed at providing industry stability and spurring consolidation. As of yesterday, seven banks serving the Triad have been fully or preliminarily approved, and four others have applied.
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