Oxford Bank : Q4 2020 Consolidated Balance Sheet (Unaudited)

Oxford Bank Corporation

Consolidated Balance Sheet (Unaudited) (Dollars in thousands except per share data)

			December
			2020			2019
Assets
Cash and due from banks	$	12,796		$	18,226
Interest bearing deposits in banks		37,417			67,679
Securities available-for-sale		91,228			66,799
Securities held-to-maturity		1,417			401
Loans		541,979			341,801
Less: Allowance for loan losses		(4,897)		(3,660)
Net loans		537,082			338,141
Premises and equipment, net		8,254			8,682
Other real estate owned		-			-
Accrued interest receivable and other assets		10,004			5,474
Total Assets	$	698,198		$	505,402
Liabilities
Deposits
Noninterest-bearing	$	141,738		$	75,447
Interest-bearing		446,165			380,586
Total deposits		587,903			456,033
Borrowings		50,571			-
Accrued interest payable, taxes and other liabilities		4,807			2,779
Total Liabilities		643,281			458,812
Shareholders' Equity
Common stock, no par value; 10,000,000 shares authorized;
2,313,582 and 2,287,378 shares issued and outstanding as of
December 30, 2020 and 2019 respectively		26,140			25,768
Retained Earnings		27,516			20,597
Accumulated other comprehensive income (loss), net of tax		1,261			225
Total Shareholders' Equity		54,917			46,590
Total Liabilities and Shareholders' Equity	$	698,198		$	505,402
Book value per share		$23.74			$20.37

Oxford Bank Corporation

Consolidated Statement of Income (Unaudited)

(Dollars in thousands except per share data)

			Quarter to Date					Year to Date
			December					December
			2020			2019					2020			2019
Interest Income
Loans, including fees		5,893			4,596					21,318			18,612
Debt securities
Taxable		274			325					1,220			1,263
Tax-exempt		10			5					33			23
Interest bearing balances at banks.		89			361					596			1,198
Total Interest Income		6,266			5,287					23,167			21,096
Interest Expense
Interest on deposits		343			619					1,712			2,691
Interest on borrowed funds		54			-					251			36
Total Interest Expense		397			619					1,963			2,727
Net Interest Income		5,869			4,668					21,204			18,369
Provision for loan losses		300			-					1,440			270
Net Interest Income After Provision for Loan Losses		5,569			4,668					19,764			18,099
Noninterest Income
Service charges - deposits		95			111					394			409
ATM fee income		167			138					588			548
Gain on sale of loans		405			448					938			1,725
Loan servicing income		138			149					468			446
Other		114			196					712			714
Total Noninterest Income		919			1,042					3,100			3,842
Noninterest Expense
Salaries and employee benefits		1,945			2,090					7,389			8,854
Occupancy and equipment		384			403					1,697			1,777
Data Processing		529			468					2,065			1,789
Other loan expense		78			115					366			302
Other		691			600					2,460			2,518
Total Noninterest Expense		3,627			3,676					13,977			15,240
Net Income Before Income Taxes		2,861			2,034					8,887			6,701
Income tax expense		604			431					1,886			1,424
Net Income	$	2,257	$	1,603	$	7,001	$	5,277
Earnings per Weighted Average Share - Basic	$	0.98	$	0.70	$	3.04	$	2.31

Oxford Bank Corporation

Consolidated Financial Summary and Selected Ratios (Unaudited)

(Dollars in thousands except per share data)

						Year to Date
			December			Change
			2020			2019					Amount		Percentage
Income Statement
Interest income	$	23,167		$	21,096			$	2,071		9.8%
Interest expense			1,963			2,727					(764)	(28.0%)
Net interest income			21,204			18,369					2,835		15.4%
Provision for loan loss			1,440			270					1,170		433.3%
Noninterest income			3,100			3,842					(742)	(19.3%)
Noninterest expense			13,977			15,240					(1,263)	(8.3%)
Income before income taxes			8,887			6,701					2,186		32.6%
Income tax expense			1,886			1,424					462		32.4%
Net Income	$	7,001		$	5,277			$	1,724		32.7%
Balance Sheet Data
Total assets			698,198			505,402					192,796		38.1%
Earning assets			672,041			476,680					195,361		41.0%
Total loans			541,979			341,801					200,178		58.6%
Allowance for loan loss			4,897			3,660					1,237		33.8%
Total deposits			587,903			456,033					131,870		28.9%
Other borrowings			50,571			-					50,571		0.0%
Shareholders' equity			54,917			46,590					8,327		17.9%
Asset Quality
Other real estate owned			-			-					-			n/a
Net charge-offs (recoveries)			205			(166)				371		-
Non-accrual loans			3,844			2,041					1,803		88.3%
Nonperforming assets			3,844			2,041					1,803		88.3%
Non-accrual loans / total loans			0.71%		0.60%				0.11%	18.8%
Allowance for loan loss / total loans			0.90%		1.07%				(0.17%)	(15.6%)
Allowance for loan loss / non-accrual loans			127.39%		179.32%				(51.93%)	(29.0%)
Performance Measurements
Net interest margin (tax equivalent)			3.30%		4.23%				(0.93%)	(22.0%)
Return on average assets (annualized)			1.03%		0.98%				0.05%	5.2%
Return on average equity (annualized)			13.72%		12.21%				1.51%	12.4%
Equity / Assets			7.87%		9.22%				(1.35%)	(14.7%)
Loans / Deposits			92.2%		75.0%				17.2%	23.0%
Book value per share	$	23.74		$	20.37			$	3.37		16.5%
Earnings per weighted average share - basic	$	3.04		$	2.31			$	0.74		31.9%
Weighted average shares outstanding			2,300,480			2,287,378					13,102		0.6%