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OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2024 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2024 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FIRST QUARTER 2024 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 2024 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., May 7, 2024\n\n\n\nOXFORD, Mich., May 7, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended March 31, 2024, were $3.28 million, or $1.34 per weighted average share, compared to $3.42 million, or $1.41 per weighted average share for the same period one year ago.  President and CEO, David Lamb, commented \"We are pleased to continue reporting consistent earnings this quarter given continued economic uncertainty. While the prolonged higher interest rate environment has impacted our interest expense, our liquidity and asset sensitive balance sheet has greatly offset this effect to date. Our lending businesses continue to originate well-structured loans while we maintain a strong liquidity position and credit metrics.  Both our commercial finance and conventional business banking team have reasonably strong pipelines, so we expect continued growth in those portfolios.\nTotal Assets of the Company were $883.21 million as of March 31, 2024, compared to $819.86 million at March 31, 2023. \"The balance sheet has grown considerably year-over-year with the main driver the continued execution of our strategy to put some excess liquidity towards funding commercial loans.  This has decreased our total cash and investments some, but the core of our deposit portfolio has remained resilient as our primary funding source.  The investment portfolio duration remains at roughly two years and will also provide consistent cash flow through 2024 given the ladder strategy executed when core deposits increased rapidly during the pandemic.  Given the composition of the investment portfo...