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Oxford Bank Corporation Announces Second Quarter 2021 Operating Results
Oxford Bank Corporation Announces Second Quarter 2021 Operating Results.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOxford Bank Corporation Announces Second 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 Second Quarter 2021 Operating Results\nPR Newswire\nOXFORD, Mich., July 28, 2021\n\n\n\nOXFORD, Mich., July 28, 2021 /PRNewswire/ -- Oxford Bank Corporation (\"the Company\") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (\"the Bank\"), today announced record operating results for the second quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended June 30, 2021, were $3,274,000, or $1.44 per weighted average share compared to $1,753,000, or $0.77 per weighted average share for the same period one year ago.   Year-to-date consolidated earnings were $6,362,000 or $2.77 per weighted average share for the six months ended June 30, 2021 compared to $3,135,000 or $1.37 per weighted average share for the six months ended June 30, 2012. CEO David P. Lamb commented \"Net income in the second quarter continued to benefit from the loan forgiveness process which accelerates the amortization of the PPP fees which are recognized as interest income.  The stabilizing and opening of the economy has required the Bank to discontinue the provision to the loan loss reserves (ALLL) for the time being. 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 $723.8 million as of June 30, 2021 from $691.1 million at December 31, 2020 but were decreased from $751.2 mill...