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OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., Feb. 6, 2024\n\n\n\nOXFORD, Mich., Feb. 6, 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 fourth quarter ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended December 31, 2023, were $2.36 million, or $.96 per weighted average share, compared to $3.38 million, or $1.39 per weighted average share for the same period one year ago.  2023 earnings, on a year-to-date basis, of $12.06 million increased compared to 2022 net income of $8.82 million for the same period.  President and CEO, David Lamb, commented \"We are very happy with our overall 2023 financial performance and the significant earnings growth year-over-year.  Interest rate increases allowed us to expand our margins and leverage our strong and consistent core deposit portfolio as a funding source.  We put some excess cash to work funding high quality loans across our business lines while still maintaining a strong liquidity position.  Our commercial finance business saw controlled growth, and steady activity within the traditional commercial lending products has helped maintain balanced loan growth and net income.\"\nTotal Assets of the Company were $816.67 million as of December 31, 2023, compared to $792.65 million at December 31, 2022. \"While the balance sheet has not grown considerably, we have successfully deployed a port...