Oxford Bank Corporation Announces Third Quarter 2017 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 and year-to-date period ending September 30, 2017.
The third quarter of 2017 has been an exciting time for Oxford Bank reported CEO David Lamb. “We completed an upgrade to our core system in August which will allow us to be more convenient for our customers and more productive internally. It will also allow us to offer more sophisticated treasury management products as we leverage our upgraded system in 2018.”
In September, we brought our 14th interactive teller machine on line at our Farmington Hills loan office, which after building modifications, will allow our customers to interact with our tellers remotely from 7:00 am to 8:00 pm on weekdays and 7:00 am to 5:00 pm on Saturdays.
Oxford Bank is also proud to be in the top ten SBA loan originators in the State of Michigan for the 12 months ending September 30, 2017. Our SBA expertise brings better solutions to our customers while creating significant fee income and gains on the sale from these loans
The Company’s quarterly consolidated earnings for the three months ended September 30, 2017 totaled $1,052,000, or $0.45 per weighted average share compared to $701,000, or $0.31 per weighted average share during the third quarter of 2016
. Earnings for the nine months ended September 30, 2017 totaled $2,023,000, or $0.88 per weighted average share, compared to $1,368,000, or $0.61 per weighted average share for the first nine months of 2016.
Total Assets of the Company were $374.3 million as of September 30, 2017 compared to $359.2 million as of September 30, 2016, representing a 4.2% increase year-over-year. The Company had loans outstanding totaling $284 million at the end of September 2017 compared to $248 million a year earlier
. Deposit balances from customers increased nearly 4% year-over-year and totaled nearly $336 million as of September 30, 2017 compared to $323 million as of September 30, 2016.
The Company had total stockholders’ equity of $36.6 million as of September 30, 2017, representing book value per share of $16.00
, compared to total stockholders’ equity of $34.2 million, or $15.14 per share one year earlier. The subsidiary Bank’s Tier 1 capital totaled $36.9 million as of September 30, 2017, or 10.04%
of average total assets compared to $30.2 million or 8.78% of average total assets as of September 30, 2016.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. It also manages business banking centers in Brighton, Farmington Hills, and 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. https://www.oxfordbank.com/about-us/oxford-bank-news.html