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OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX MONTH 2023 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX MONTH 2023 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX MONTH 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 SECOND QUARTER AND SIX MONTH 2023 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., July 26, 2023\n\n\n\nOXFORD, Mich., July 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 second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended June 30, 2023, were $3.12 million, or $1.29 per weighted average share, compared to $1.79 million, or $.74 per weighted average share for the same period one year ago. 2023 earnings, on a year-to-date basis, of $6.55 million also increased compared to 2022 net income of $2.85 million for the same period. President and CEO, David Lamb, commented \"We are very pleased with the Company's earnings trends including our second quarter results. We have seen a continuation of the positive momentum that started in the second half of 2022 where interest rate increases allowed us to expand our margins and take advantage of our strong core deposit portfolio as a funding source. Our commercial finance business continues to develop and steady growth of the traditional lending products has helped produce solid earnings quality which we expect to continue into the second half of 2023.\"\nTotal Assets of the Company were $815.2 million as of June 30, 2023, compared to $807.7 million at June 30, 2022. \"Given the continued strong deposit activity, we have been able to increase loan balances while maintaining a solid liquidity position. While the balance sheet has not grown...