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OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2023 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2023 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2023 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\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2023 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., April 27, 2023\n\n\n\nOXFORD, Mich., April 27, 2023 /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, 2023.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended March 31, 2023, were $3.42 million, or $1.41 per weighted average share, compared to $1.06 million, or $.46 per weighted average share for the same period one year ago.  First quarter 2023 earnings also increased slightly, compared to fourth quarter 2022 net income of $3.34 million, or $1.38 per weighted average share.  President and CEO, David Lamb, commented \"We are very pleased with our first quarter results which are a direct result of our team's engagement and work ethic.  While earnings expansion remains a focus, building a balance sheet that produces consistent earnings quality and sustainable risk profile is, and has been, core to our mission to create value.  There is no question that the rising interest rate environment continues to have a positive impact on the Company's earnings because of our long-term strategy of focusing on diversification. This was tempered slightly with some increased interest expense attributable to our deposit accounts.  We also don't have wholesale funding, so a small increase in cost is, of course, outweighed by maintaining deposit relationships and liquidity.  Even with the recent turmoil within the industry, the team has retained and slightly increased bank deposits on a year-over-year and quarter-over-quarter basis.  This affirms our belief that we have a core deposit portfolio that is relationship based and sticky in nature.\"\nTotal Assets of the Company were $819.9 million as of March 31, 2023, compared to $78...