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OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX-MONTH 2022 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX-MONTH 2022 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX-MONTH 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\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX-MONTH 2022 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., July 27, 2022\n\n\n\nOXFORD, Mich., July 27, 2022 /PRNewswire/ --  Oxford Bank Corporation (\"the Company\") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (\"the Bank\"), today announced operating results for the second quarter ended June 30, 2022.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended June 30, 2022, were $1.787 million, or $0.74 per weighted average share, compared to $3.279 million, or $1.44 per weighted average share for the same period one year ago.  Second quarter 2022 earnings also increased, as expected, compared to first quarter net income of $1.059 million, or $.46 per weighted average share.  Earnings for the first two quarters of 2022 were $2.846 million, or $1.21 per share, compared to $6.362 million, or $2.77 per share for the same period of 2021.  President and CEO, David Lamb, commented \"While our year-over-year results continue to reflect the impact of our successful PPP activity in 2021, we remain very pleased with our more normalized results.  The earnings progression from the first to second quarter of 2022 reflects the continued focus on our core business and the positive impact of our investment in Oxford Commercial Finance (dba FSW Funding), the factoring business that we acquired in April.  Increased rates have also augmented interest income given our well-balanced mix of fixed and floating loans. We believe the diversity that we have built within our lending lines of business and our continued success in procuring low-cost core depository relationships will serve us well within the changing dynamics of the economy.\"\nTotal Assets of the Company increased to $807.4 million as of June 30, 2022, from $723.8 million at June 30, 2021 and $750.9 million at December 31, 2021. \"The increase in...