Business
OXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTH 2023 OPERATING RESULTS
OXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTH 2023 OPERATING RESULTS.
About this update from Oxford Bank Corporation
[{"type":"text","content":"\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER AND NINE 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\n\n\n\n\n\nOXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTH 2023 OPERATING RESULTS\nPR Newswire\nOXFORD, Mich., Nov. 1, 2023\n\n\n\nOXFORD, Mich., Nov. 1, 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 third quarter ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nThe Company's quarterly consolidated earnings for the three months ended September 30, 2023, were $3.15 million, or $1.28 per weighted average share, compared to $2.60 million, or $1.07 per weighted average share for the same period one year ago.  2023 earnings, on a year-to-date basis, of $9.70 million also increased compared to 2022 net income of $5.44 million for the same period.  President and CEO, David Lamb, commented \"We remain pleased with the Company's earnings through the first three quarters of 2023.  Given the structure of our balance sheet, interest rate increases have allowed us to expand our margins and take advantage of our strong core deposit portfolio as a funding source.  Our commercial finance business has seen controlled growth and is developing as we had planned.  Further, steady activity within the traditional commercial lending products has helped maintain balanced loan growth to strengthen earnings.\"\nTotal Assets of the Company were $794.34 million as of September 30, 2023, compared to $782.87 million at September 30, 2022. \"Given the continued resilience of the deposit portfolio, we have been able to increase loan balances while maintaining a solid liquidity position.  While the balance sheet has not grown considerably, we have successfully deployed a portion of our liquidity into high quality loans at market interest rates.  The Company's conservative investment and cash management strategy has minimized negative impact of rising interest rates on our investment por...