Oxford Bank Cp Stock Price, News & Analysis

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.

Oxford Bank Corporation announced the immediate appointment of two executives, Michael Goik and Matthew Lowman, to its Board of Directors. Goik serves as President of Oxford Commercial Finance, while Lowman is Executive Vice President and Chief Risk Officer of Oxford Bank. Chairman and CEO David Lamb emphasized their expertise in lending and risk management, noting that their inclusion is intended to enhance governance and strategic direction as the organization grows. Both executives bring extensive experience in commercial banking, which is critical for the bank's operations.

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.