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OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER 2021 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER 2021 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER 2021 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{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER 2021 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., Feb. 3, 2022\n\n\n\nOXFORD, Mich., Feb. 3, 2022 /PRNewswire/ -- Oxford Bank Corporation (\"the Company\") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (\"the Bank\"), today announced increased operating results for the fourth quarter ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended December 31, 2021, were $1,697,000, or $0.75 per weighted average share compared to $2,257,000, or $0.98 per weighted average share for the same period one year ago. Year-to-date consolidated earnings were $10,555,000 or $4.63 per weighted average share for the twelve months ended December 31, 2021 compared to $7,001,000 or $3.05 per weighted average share for the twelve months ended December 31, 2020. CEO David P. Lamb commented \"Net income in the fourth quarter continued to benefit from the loan forgiveness process which accelerates the amortization of the SBA's Payroll Protection Program (\"PPP\") fees into interest income. This was offset by a provision for loan losses of $400,000 in the fourth quarter to fully reserve for a problem loan. Management will continue to review and analyze appropriate level of reserves but based upon the ongoing positive trends we have seen and see today; we anticipate our provision expense will continue at lower levels in the coming quarters.\"\nTotal Assets of the Company increased to $750.9 million as of December 31, 2021 from $699.1 million at December 31, 2020.  As of December 31, 2021, the SBA has ...