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OXBC $8.85

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norweger1979   Thursday, 04/09/15 12:33:15 PM
Re: None
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OXBC $8.85

historical data overview
source: http://www.oxfordbank.com/ABOUTUS-annualreport2010.cfm

EPS
2005 $ 3.45
2006 $ 2.51
2007 $ (4.87)
2008 $ (17.47)
2009 $ (6.54)
2010 $ (2.22)
2011 $ 3.49
2012 $ 2.43
2013 $ 1.23
Sept 2014 $ 1.03

NPA
2005 $ 4,405,000
2006 $ 17,156,000
2007 $ 29,656,000
2008 $ 22,281,000
2009 $ 27,605,000
2010 $ 24,048,000
2011 $ 17,656,000
2012 $ 14,067,000
2013 $ 8,971,000
Sept 2014 $ 6,888,000

BV
2005 $ 37.20
2006 $ 38.98
2007 $ 32.62
2008 $ 15.42
2009 $ 11.52
2010 $ 6.06
2011 $ 9.56
2012 $ 11.98
2013 $ 13.22
Sept 2014 $ 14.01

also, 2013 annual report "letter to shareholders" notes, "the Bank also expects to be able to recapture the remaining portion of its Deferred Tax Asset (DTA) totaling approximately $6.3 million by Dec. 31, 2014, which will increase the book value per share of stock to over $20.00 per share.

as of Sept 2014 the outstanding shares increased by plus 56,250 to 1,212,940 total shares. The recent private offering raised total of $ 3,059,200 (depending on offering price it will increase the outstanding share count accordingly).

The Bank’s Tier 1 capital totals $21,692,000 as of March 31, 2015, or 8.02% of average total assets compared to a low of $7,100,000, or 2.44% as of October of 2010. As of Sept 2014 Tier 1 capital was $17.1 million.

Tier 1 capital increased by about $4.5 million from Sept2014 to March2015, which deducting $3,059,200 from the private placement proceeds leaves about $1.440,000 gap. Best case scenario that represents the net income for 2 qtrs (4th 2014 and 1st 2015) but I would suspect a tax credit to be expected, IMO.

Still OXBC has "earned" its way out of the financial crisis and the consent order should be lifted within the next 2-3 qtrs. The deposits are stable and total assets has stabilized as well.

Current market value represents about $5 or 35% discount to stated book value. The 2014 annual report should be posted shortly...

good luck


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