OXFORD BANK CORP - OXBC STOCK NEWS

Oxford Bank Corporation (OXBC) reported a strong fourth quarter for the period ending December 31, 2022, with net income of $3.342 million ($1.38 per share), up from $2.025 million ($0.90 per share) the previous year. Total assets rose to $792.6 million, while net loans increased to $445.3 million, driven by growth in commercial loans. Although full-year 2022 earnings declined to $8.820 million from $10.883 million in 2021, the bank's CEO noted the positive impact of rising interest rates and effective management. Asset quality remains stable, and total deposits grew to $703.0 million. Shareholders' equity increased to $69.7 million, reflecting a solid financial position.

Oxford Bank Corporation (OTC: OXBC) reported consolidated earnings of $2.632 million for Q3 2022, reflecting an increase from $2.496 million in Q3 2021. Year-to-date earnings stood at $5.478 million, down from $8.852 million in 2021. Total assets rose to $782.9 million, up from $729.4 million YoY. Deposits increased to $698.1 million, while net loans decreased to $405.4 million, largely due to a drop in SBA loans. The company's total shareholders' equity reached $65.9 million, with a book value of $27.19 per share.

Oxford Bank Corporation (OTC: OXBC) reported second quarter 2022 earnings of $1.787 million, or $0.74 per share, down from $3.279 million, or $1.44 per share, a year earlier. However, earnings improved from the first quarter of 2022, which were $1.059 million, or $0.46 per share. Total assets rose to $807.4 million, up from $723.8 million a year ago. Net loans decreased to $421.8 million from $521.7 million year-over-year but increased from $387.7 million in Q1 2022. Deposits reached $724.0 million, up from $647.8 million a year prior. Shareholders' equity increased to $64.9 million, reflecting a book value per share of $26.93.

Oxford Bank Corporation announced the retirement of Chief Financial Officer Richard K. Miller, effective in 2023. Jesse A. Deering, previously at Mackinac Financial Corporation, has been appointed as the new CFO. The transition plan aims to ensure leadership continuity and robust financial systems development. Miller, who has played a crucial role in the company's financial infrastructure since 2017, will assist during the transition. Deering brings 20 years of banking experience, crucial for future growth, particularly in mergers and acquisitions.

Oxford Bank Corporation (OTC: OXBC) reported Q1 2022 earnings of $1.06 million ($0.46 per share), down from $3.09 million ($1.34 per share) year-over-year. The decline was attributed to $1.4 million in reduced PPP revenue and startup costs related to new initiatives. Total assets rose to $786.4 million, while net loans decreased 49% to $387.7 million due to PPP forgiveness. However, non-PPP lending increased by $20 million. Total deposits grew to $703.7 million. The company anticipates improved earnings through commercial finance initiatives and a strong loan pipeline.

On April 4, 2022, Oxford Commercial Finance Corp. (OCF), a subsidiary of Oxford Bank, announced the acquisition of FSW Funding's assets, including their team. This deal adds approximately $25 million in high-yield factoring assets to OCF. Robyn Barrett, owner of FSW Funding, will join as SVP, managing the Working Capital Division. The transaction includes an asset acquisition and the assumption of certain liabilities, with approximately 31,000 shares issued as part of the consideration. This acquisition aims to enhance OCF's capabilities and strengthen its market position.

Oxford Bank Corporation (OTC: OXBC) reported fourth-quarter consolidated earnings of $1.7 million or $0.75 per share for the period ending December 31, 2021, down from $2.3 million or $0.98 per share a year prior. Total assets grew to $750.9 million, with total loans reducing to $416.6 million. Despite $284 million in PPP loan forgiveness, total deposits rose to $668.9 million. The Company expects earnings to decline in 2022 due to reduced PPP income and investment costs, though long-term growth is anticipated from a new commercial finance strategy.

Oxford Bank Corporation (OTC: OXBC) reported strong operating results for Q3 2021, with net earnings of $2.5 million ($1.10/share), up from $1.6 million ($0.70/share) a year prior. Year-to-date earnings reached $8.9 million ($3.87/share). The Bank's total assets increased to $729.4 million from $691.1 million at year-end 2020. Loans decreased to $459.4 million due to $248 million in forgiven PPP loans, while non-PPP loans rose 13.6%. Total deposits increased to $646.6 million. Shareholders' equity rose to $62.8 million ($27.60/share). The Bank anticipates lower provision expenses moving forward.

Oxford Bank Corporation (OTC - OXBC) has completed a private placement of $16 million in fixed-to-floating rate subordinated notes due 2031. The notes carry an initial interest rate of 3.25% per annum, resetting to the Three-Month Term SOFR plus 245 basis points starting October 1, 2026. Proceeds will support general corporate purposes, particularly investment in the bank. This issuance qualifies as Tier 2 capital for regulatory purposes, enhancing the bank's capital structure.