Oak Ridge Financial sees 43.3% profit increase in second quarter | Local

Oak Ridge Financial sees 43.3% profit increase in second quarter |  Local

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Diluted earnings were 65 cents a share, up from 45 cents a year ago. The provision offers a glimpse at how a bank expects its loan portfolio and revenue stream to perform as customers struggle to make monthly payments. It has a bottom-line effect on a bank’s profitability.

Loan revenue was up 29.4% to $5.12 million. Fee income fell by 30.3% to $659,000. The bank had a $261,000 gain in the second quarter of 2020 related to the sale of U.S. Small News Administration loans. The bank added $489,000 to its provision a year ago.

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