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OXFORD BANK CORPORATION ANNOUNCES SIX MONTH AND SECOND QUARTER 2024 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES SIX MONTH AND SECOND QUARTER 2024 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES SIX MONTH AND SECOND QUARTER 2024 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 SIX MONTH AND SECOND QUARTER 2024 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., Aug. 7, 2024\n\n\n\nOXFORD, Mich., Aug. 7, 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 second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended June 30, 2024, were $2.26 million, or $.92 per weighted average share, compared to $3.12 million, or $1.29 per weighted average share for the same period one year ago.  Year-to-date earnings for the first half of 2024 were $5.54 million or $2.25 per share compared to $6.55 million or $2.70 per share in 2023.  President and CEO, David Lamb, commented \"While we are still pleased with our 1.28% ROAA and overall net income results through two quarters, we have seen a decrease in earnings year-over-year and quarter-over-quarter.  During the second quarter, the Bank experienced an outsized allowance for credit losses expense (\"ACL\") of roughly $500 thousand.  Half of this expense was positive in nature due to solid loan growth.  The other portion was mainly the result of an isolated charge-off in the leasing joint venture that is part of our Commercial Finance division.  We believe that we could recover some of the charge-off but will take a significant amount of time.  The quarter also saw increased interest expense as a result of funding costs.  We expect that the outsized ACL expense will normalize in the third quarter and that interest expense associated with some short-term wholesale funding will temper some by yearend.  This should result in more normalized earnings going forward assuming there are no further unexpected economic headwinds.\nTotal Assets of the Company were $821.23 million as of June 30, 2024, c...