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OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2022 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2022 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2022 OPERATING RESULTS\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2022 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., April 27, 2022\n\n\n\nOXFORD, Mich., April 27, 2022 /PRNewswire/ -- Oxford Bank Corporation (\"the Company\") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (\"the Bank\"), today announced operating results for the first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended March 31, 2022, were $1,059,000, or $0.46 per weighted average share compared to $3,093,000, or $1.34 per weighted average share for the same period one year ago. CEO David Lamb commented, \"The reduction in first quarter earnings is not reflective of what we expect this year as will be better overall than extrapolating using these results. Comparative first quarter results were impacted by start-up expense in commercial finance business and new markets like Ann Arbor which both initiatives began contributing revenue in April. The bigger impact to earnings for the quarter ended March 2022 is PPP revenue was down a net $1.4 million year over year as well as continued margin compression.\"\nTotal Assets of the Company increased to $786.4 million as of March 31, 2022, from $750.9 million at December 31, 2021 and $757.0 million at March 31, 2021. \"The increase in assets clearly reflects both great work by our team and the excess liquidity in the market. To have total assets increase while net loans decreased by 49% (from PPP forgiveness) exemplifies the environmental anomalies especially given our non-PPP lending is ...