Oxford Bank Corporation Announces First Quarter 2017 Operating Results
(April 26, 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 first quarter of 2017.
The Company’s quarterly consolidated earnings for the three months ended March 31, 2017 totaled $583,000, or $0.25 per weighted average share compared to $484,000, or $0.22 per weighted average share during the first quarter of 2016. The change, representing a 20% increase, is primarily the result of higher loan balances and improved yields on both loans and invested assets. Total interest income increased $685,000, or 24% to $3.5 million for the first three months of 2017 compared to the first three months of 2016.
Total Assets of the Company were $350.9 million as of March 31, 2017 compared to $328.0 million as of March 31, 2016, representing a 7% increase year-over-year. The Company had loans outstanding totaling $277 million at the end of March 2017 compared to $223 million a year earlier.
Deposit balances from customers increased 7% year-over-year and totaled $314.8 million as of March 31, 2017 compared to $294.2 million as of March 31, 2016.
The Company had total equity of $35.1 million as of March 31, 2017, representing book value per share of $15.33
, compared to total equity of $32.8 million, or $15.18 per share one year earlier. The subsidiary Bank’s Tier 1 capital totaled $31.6 million as of March 31, 2017, or 9.21% of average total assets
compared to $29.1 million or 9.04% of average total assets as of March 31, 2016.
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.
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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.
FOR IMMEDIATE RELEASE Contact: David P. Lamb President and CEO Phone: 248.628.2533 https://www.oxfordbank.com/about-us/oxford-bank-news.html