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OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 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 FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., Jan. 26, 2023\n\n\n\nOXFORD, Mich., Jan. 26, 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 fourth quarter ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended December 31, 2022, were $3.342 million, or $1.38 per weighted average share, compared to $2.025 million, or $.90 per weighted average share for the same period one year ago. Fourth quarter 2022 earnings also increased, as expected, compared to third quarter 2022 net income of $2.632 million, or $1.09 per weighted average share. \nEarnings for 2022 were $8.820 million, or $3.69 per share, compared to $10.883 million, or $4.77 per share for the same period of 2021.  President and CEO, David Lamb, commented \"We are very pleased with our full year 2022 results.  Quarterly net income increased as the year progressed and was directly correlated to the execution of our strategic initiatives which were centered around maintaining our strong deposit franchise and growing a diversified lending business inclusive of Oxford Commercial Finance (\"OCF\") which houses our factoring and asset-based lending businesses. Increased interest rates continue to have a positive impact to earnings given the growth in our traditional commercial loan portfolio which consists of a well-bal...