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Oak Ridge Financial reports third-quarter loss of $7,000
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Published: November 17, 2009
OAK RIDGE - Oak Ridge Financial Services Inc. said Friday that it had a loss of $7,000 in the third quarter compared with net income of $375,000 in the third quarter of 2008.
The bank reported a profit of $159,000. However, the profit was erased by two adjustments, including a payment of $98,000 in a preferred-stock dividend to the U.S. Treasury for its participation in the capital-purchase program.
The bank reported that its provision for loan losses jumped to $877,000 in the quarter compared with $74,000 in the same period a year ago.
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