OXFORD BANK CORPORATION ANNOUNCES
THIRD QUARTER 2015 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 third quarter of 2015.
The Company’s quarterly consolidated earnings for the three months ended September 30, 2015 totaled $307,000, or $0.18 per weighted average share compared to $319,000, or $0.27 per weighted average share during the third quarter of 2014. The Company has maintained continuous profitability for the last 20 quarters. Earnings for the nine months ended September 30, 2015 totaled $1,312,000, or $0.86 per weighted average share, compared to $1,250,000, or $1.03 per weighted average share for the first nine months of 2014.
The Bank’s Tier 1 capital totals $23,696,000 as of September 30, 2015, or 7.62% of average total assets compared to $17,074,000, or 6.19% as of September 30, 2014. The Bank has continued to gradually build capital through earnings, operating efficiencies, and strategic balance sheet management. In addition, the Company has successfully raised capital through a Private Placement Memorandum which has provided capital totaling $4,208,800 through September 30, 2015. https://www.oxfordbank.com/about-us/press-releases