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Oxford Bank Corporation Announces Third Quarter 2021 Operating Results
Oxford Bank Corporation Announces Third Quarter 2021 Operating Results.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOxford Bank Corporation Announces Third 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; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n\n\n\n\n\n\nOxford Bank Corporation Announces Third Quarter 2021 Operating Results\nPR Newswire\nOXFORD, Mich., Oct. 20, 2021\n\n\n\nOXFORD, Mich., Oct. 20, 2021 /PRNewswire/ -- Oxford Bank Corporation (\"the Company\") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (\"the Bank\"), today announced increased operating results for the third quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended September 30, 2021, were $2,496,000, or $1.10 per weighted average share compared to $1,621,000, or $0.70 per weighted average share for the same period one year ago.  Year-to-date consolidated earnings were $8,858,000 or $3.87 per weighted average share for the nine months ended September 30, 2021 compared to $4,750,000 or $2.07 per weighted average share for the nine months ended September 30, 2020. CEO David P. Lamb commented \"Net income in the third quarter continued to benefit from the loan forgiveness process which accelerates the amortization of the SBA's Payroll Protection Program (\"PPP\") fees which are recognized as interest income.  The stabilizing and opening of the economy allowed the Bank to discontinue the provision to the loan loss reserves (ALLL) in the second quarter. 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 $729.4 million as of September 30, 2021 from $691.1 million at December 31, 2020 and from $723.8 million at September 30, 2020. ...