OXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER 2019 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 ended September 30, 2019.
The Company’s quarterly consolidated earnings for the three months ended September 30, 2019 were $1,554,000, or $0.68 per weighted average share compared to $1,275,000, or $0.56 per weighted average share for the same period one year ago. Year-to-date earnings as of September 30 were $3,660,000 or $1.60 per share for 2019 vs $3,066,000 or $1.34 for 2018.
Total Assets of the Company grew to $476.9 million as of September 30, 2019 compared to $437.5 million as of September 30, 2018, representing a 9.0% increase year-over-year. The Company increased loans outstanding to $327.8 million at the end of September 2019 compared to $302.5 million a year earlier. Deposit balances from customers increased 8.1% year-over-year and totaled $428.9 million as of September 30, 2019 compared to $396.7 million as of September 30, 2018.
The Company’s total stockholders’ equity increased to $45.0 million as of September 30, 2019, representing book value per share of $19.67 compared to total stockholders’ equity of $39.1 million, or $17.08 per share one year earlier. The subsidiary Bank’s Tier 1 capital totaled $44.7 million as of September 30, 2019, or 12.47% of risk weighted assets compared to $38.9 million or 12.31% of risk weighted assets as of September 30, 2018.
“Our third quarter results were positively impacted by an 11.6% increase in net interest income, combined with increased SBA gains versus last quarter and last year’s third quarter,” President and CEO David Lamb noted. He further added “We have continued to see growing income from our interest rate protection products and serves an important part of our focus on increasing the value of our relationships with our business clients. Our strong deposit growth across all customer segments is a testament to our Personal Banking and Business Banking teams working together so well. Noninterest expense was higher due to increased IT and other infrastructure costs, but during the year, we have restructured several business units to lower salaries and operating costs. This has started to be reflected in our year-to-date salaries and employee benefits. The interest rate environment continues to be challenging but believe our balance sheet management the past several years positions us as well as possible.”
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, Owosso, 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