OXFORD BANK CORP - OXBC STOCK NEWS

Oxford Bank (OXBC) announced the immediate transition of its Chief Financial Officer. Jesse A. Deering has stepped down from his position as Executive Vice President and CFO, to be succeeded by Nathan A. Reason. The new CFO brings approximately 20 years of banking experience, including senior finance roles at Flagstar Bank and as CFO at Huron Community Bank. Reason, a licensed CPA with BS in accounting and MBA from the University of Mississippi, will serve as both Bank CFO and Company Treasurer, reporting to CEO David Lamb.

Oxford Bank (OTC: OXBC) has appointed Michael J. Tierney to the Oxford Bank Board of Directors, effective immediately. Tierney, described as an industry veteran, joins the board of the holding company for Oxford Bank. This strategic move aims to strengthen the company's leadership and potentially bring fresh perspectives to the organization. The appointment underscores Oxford Bank 's commitment to enhancing its governance structure with experienced professionals in the banking sector.

Oxford Bank (OTC: OXBC) reported Q2 2024 earnings of $2.26 million, or $0.92 per share, down from $3.12 million, or $1.29 per share, in Q2 2023. Year-to-date earnings for H1 2024 were $5.54 million or $2.25 per share, compared to $6.55 million or $2.70 per share in 2023. The company's total assets reached $821.23 million as of June 30, 2024. Net loans increased by 21% year-over-year to $588.59 million. Total deposits decreased to $693.98 million from $718.90 million a year ago. The bank's Net Interest Margin (NIM) improved to 5.06% for H1 2024, up from 4.98% in the same period of 2023.

Oxford Bank (OTC: OXBC), established in 1884 and the oldest commercial bank in Oakland County, Michigan, celebrates its 140th anniversary. The bank has endured historical economic challenges, including two world wars and the Great Depression. As of 2024, it has $816.666 million in deposits and a 36% increase in earnings since 2022. It operates seven branches and three customer experience centers in Michigan, offering advanced services like interactive teller machines and fraud prevention tools.

Recent expansions include the 2022 launch of Oxford Commercial Finance and the rebranding of wealth services to Oxford Wealth Management. The bank is also committed to community service, pledging 1400 volunteer hours to local non-profits in 2024. Celebratory events will be held throughout the year, including a historical exhibit and community celebrations.

Oxford Bank reported its first-quarter 2024 operating results, showing consolidated earnings of $3.28 million, or $1.34 per share, compared to $3.42 million, or $1.41 per share, the previous year. Total assets increased to $883.21 million, with net loans at $556.18 million. Despite economic uncertainty and impact from higher interest rates, the company maintained a strong liquidity position and credit metrics. Commercial finance and conventional business banking teams showed strong pipelines for continued growth. Total deposits reached $770.97 million, resulting in a Net Interest Margin of 5.12%.

Oxford Bank Corporation (OXBC) announced its operating results for the fourth quarter of 2023, reporting a consolidated earnings decrease of $2.36 million compared to the same period in 2022. The total assets increased to $816.67 million, and net loans grew by 21%. The company's total deposits slightly increased to $705.93 million, resulting in a Net Interest Margin of 4.92% for 2023. The Bank also saw a reduction in non-performing assets (NPAs) year-over-year, and its total shareholders' equity was $84.59 million, representing a book value per share of $34.45.

Oxford Bank Corporation reported consolidated earnings of $3.15 million for Q3 2023, compared to $2.60 million in Q3 2022. Year-to-date earnings for 2023 were $9.70 million, an increase from $5.44 million in 2022. Total assets as of September 30, 2023, were $794.34 million, compared to $782.87 million in 2022. Net loans increased by 29% to $521.67 million. Total deposits were $692.12 million. The Net Interest Margin for the first nine months of 2023 was 4.85%, compared to 3.66% in 2022. The Company's total shareholders' equity was $79.43 million, representing book value per share of $32.35.

Oxford Bank hosted a live session with FBI cyber security experts on March 21, 2023, during its Q1 Customer Appreciation Event in Oxford, Michigan. The event aimed to educate customers on emerging cyber threats and preventive strategies to enhance their online safety. CEO David Lamb emphasized the importance of cyber awareness for both businesses and consumers, aiming to protect sensitive data and privacy. The Bank also offers resources on its website about identifying and guarding against cyber threats, showcasing its commitment to customer security through advanced online banking protections.