Oxford Bank Corporation Announces Third Quarter 2016 Operating Results
(Oct. 27, 2016) 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 and the nine months ended September 30, 2016.
The Company’s quarterly consolidated earnings for the three months ended September 30, 2016 totaled $609,000, or $0.31 per weighted average share compared to $307,000, or $0.18 per weighted average share during the third quarter of 2015.
Earnings for the nine months ended September 30, 2016 totaled $1,359,000, or $0.61 per weighted average share, compared to $1,312,000, or $0.86 per weighted average share for the first nine months of 2015.
The Bank’s Tier 1 capital totaled $30,021,000 as of September 30, 2016, or 8.73% of average total assets compared to $23,696,000, or 7.62% as of September 30, 2015. The Company has continued to gradually build capital through earnings, capital contributions, and strategic balance sheet management, with consolidated assets totaling just over $359 million at September 30, 2016 compared to $304 million one year earlier.