expense                           31,297                     27,376              3,921      14.3 % 
                     ------------------------  -------------------------  -----------------  ---------- 
  Income before 
   income taxes                        13,477                     15,358            (1,881)    (12.2 %) 
    Income tax 
     expense                            2,769                      2,788               (19)     (0.7 %) 
    Net income 
     attributable 
     to 
     Noncontrolling 
     Interest                             750                        512                238      46.5 % 
                     ------------------------  -------------------------  -----------------  ---------- 
Net Income            $                 9,958       $             12,058   $        (1,862)    -15.44 % 
                     ========================  =========================  =================  ========== 
 
Balance Sheet Data 
------------------- 
  Total assets                        811,446                    816,666            (5,220)     (0.6 %) 
  Earning assets                      772,328                    690,529             81,799      11.8 % 
  Total loans                         613,484                    542,638             70,846      13.1 % 
  Allowance for 
   credit losses                        8,614                      6,084              2,530      41.6 % 
  Total deposits                      686,926                    705,928           (19,002)     (2.7 %) 
  Other borrowings                     15,779                     15,746                 33       0.2 % 
  Liability for 
   unfunded 
   commitments                            217                        349              (132)         n/a 
  Total equity                         97,969                     84,588             13,381      15.8 % 
 
Asset Quality 
------------------- 
  Other real estate 
  owned                                     -                          -                  -         n/a 
  Net charge-offs 
   (recoveries)                           786                      1,232              (446)    (36.2 %) 
  Non-accrual loans                     9,829                      9,785                 44       0.4 % 
  Nonperforming 
   assets                               9,829                      9,785                 44       0.4 % 
  Non-accrual loans 
   / total loans                       1.60 %                     1.80 %           (0.20 %)    (11.2 %) 
  Allowance for 
   loan credit loss 
   / total loans                       1.40 %                     1.12 %             0.28 %      25.2 % 
  Allowance for 
   loan credit loss 
   / non-accrual 
   loans                              87.64 %                    62.18 %            25.46 %      41.0 % 
 
Performance 
Measurements 
------------------- 
  Bank net interest 
   margin (TE)                         4.88 %                     4.89 %           (0.01 %)     (0.2 %) 
  Return on average 
   assets 
   (annualized)                        1.17 %                     1.46 %           (0.29 %)    (19.8 %) 
  Return on average 
   equity 
   (annualized)                       10.93 %                    15.68 %           (4.74 %)    (30.3 %) 
  Equity / Assets                     12.07 %                    10.36 %             1.72 %      16.6 % 
  Loans / Deposits                     89.3 %                     76.9 %             12.4 %      16.2 % 
  Book value per 
   share                               $38.98   $                  34.15   $           4.83      14.1 % 
  Earnings per 
   weighted average 
   share - basic     $                   4.05  $                    4.94  $          (0.89)    (18.1 %) 
  Weighted average 
   shares 
   outstanding                      2,460,238                  2,439,675             20,563       0.8 % 
 
 
Contact:   David P. Lamb, Chairman, President & CEO 
Phone:     (248) 628-2533 
Fax:       (248) 969-7230 
 

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SOURCE Oxford Bank Corporation

(END) Dow Jones Newswires

February 06, 2025 15:00 ET (20:00 GMT)