Oxford Bank Corp. (OXBC)

[norweger1979]

Oxford Bank Corporation Announces Second Quarter 2017 Operating Results

(August 1, 2017) Oxford, Michigan – Oxford Bank Corporation (“the Company”) (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (“the Bank”), today announced profitable operating results for the second quarter and year-todate period ending June 30, 2017.

The Company’s quarterly consolidated earnings for the three months ended June 30, 2017 totaled $417,000, or $0.18 per weighted average share compared to $181,000, or $0.08 per weighted average share during the second quarter of 2016. Earnings for the six months ended June 30, 2017 totaled $1,000,000, or $0.44 per weighted average share, compared to $667,000, or $0.30 per weighted average share for the first six months of 2016.

Total Assets of the Company were $359.3 million as of June 30, 2017 compared to $327.6 million as of June 30, 2016, representing a 9.7% increase year-over-year. The Company had loans outstanding totaling $271 million at the end of June 2017 compared to $240 million a year earlier. Deposit balances from customers increased nearly 10% year-over-year and totaled $322 million as of June 30, 2017 compared to $293 million as of June 30, 2016.

The Company had total stockholders’ equity of $35.6 million as of June 30, 2017, representing book value per share of $15.57, compared to total stockholders’ equity of $33.5 million, or $14.81 per share one year earlier. The subsidiary Bank’s Tier 1 capital totaled $32.8 million as of June 30, 2017, or 9.47% of average total assets compared to $29.2 million or 9.07% of average total assets as of June 30, 2016.

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. It also manages business banking centers in Brighton, Farmington Hills, and in downtown Oxford. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.
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Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation’s reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.
About Oxford Bank Oxford Bank is the oldest commercial bank in Oakland County and operates eight full-service offices in Clarkston, Davison, Dryden, Goodrich, Lake Orion, Oakland Township, Ortonville and Oxford. It also manages a Mortgage Center and Business Solutions Center both located in Oxford. The bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com. Member FDIC.
Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation’s reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.


https://www.oxfordbank.com/about-us/oxford-bank-news.html