OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER 2014 OPERATING RESULTS
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 of 2014.
The Company’s quarterly consolidated earnings for the three months ended June 30, 2014 totaled $400,000, or $0.35 per share, compared to $654,000, or $0.57 per share for the three months ended June 30, 2013. The Bank has maintained continuous profitability for the last 15 quarters. Earnings for the six months ended June 30, 2014 totaled $931,000, or $0.80 per share, compared to $1,154,000, or $1.00 per share during the first half of 2013. The decline in earnings for 2014 compared to 2013 is a result of efforts to accelerate the sale of Bank owned properties during the first half of the year.
The Bank’s Tier I capital totals $16,567,000 as of June 30, 2014, or 6.21% of average total assets compared to $14,986,000, or 5.73% as of June 30, 2013 and a low of $7,100,000, or 2.44% as of October of 2010. The Bank has continued to gradually build capital through earnings, operating efficiencies, and strategic balance sheet management. In addition, Management is currently pursuing alternative opportunities which it hopes will result in the fulfillment of its regulatory capital requirements by the end of 2014.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It 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 consumer and commercial lending center 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.
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.