Oak Ridge Financial Services Announces First Quarter 2011 Results

Oak Ridge Financial Services

, parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, reported financial results for the first quarter of 2011. Quarterly net income of $193,000, compared to $639,000 in the same period in 2010. Contributing to the decrease were increases in provision for loan losses and noninterest expense, and a decrease in noninterest income. Positively contributing to net income in 2011 relative to 2010 were increases in net interest income and a reduction in income tax expense. Quarterly net income available to common shareholders of $30,000, compared to $484,000 in the same period in 2010. Allowance for loan losses of 1.74% of total loans as of March 31, 2011, compared to 1.71% as of December 31, 2010.