Oxford Bank Corporation
Consolidated Balance Sheet (Unaudited) (Dollars in thousands except per share data)
December 31, | |||||||
2021 | 2020 | ||||||
Assets | |||||||
Cash and due from banks | $ | 157,959 | $ | 36,085 | |||
Interest bearing deposits in banks | 12,889 | 14,128 | |||||
Securities available-for-sale | 137,482 | 91,228 | |||||
Securities held-to-maturity | 1,320 | 1,455 | |||||
Loans | 416,683 | 542,060 | |||||
Less: Allowance for loan losses | (5,474) | (4,897) | |||||
Net loans | 411,209 | 537,163 | |||||
Premises and equipment, net | 8,489 | 8,254 | |||||
Other real estate owned | - | - | |||||
Accrued interest receivable and other assets | 21,515 | 10,833 | |||||
Total Assets | $ | 750,863 | $ | 699,146 | |||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 162,948 | $ | 141,738 | |||
Interest-bearing | 505,914 | 446,165 | |||||
Total deposits | 668,862 | 587,903 | |||||
Borrowings | 15,680 | 51,021 | |||||
Accrued interest payable, taxes and other liabilities | 3,924 | 5,225 | |||||
Total Liabilities | 688,466 | 644,149 | |||||
Shareholders' Equity | |||||||
Common stock, no par value; 10,000,000 shares authorized; | |||||||
2,233,597 and 2,313,582 shares issued and outstanding as of | |||||||
September 30, 2021 and 2020 respectively | 24,247 | 26,140 | |||||
Retained Earnings | 38,151 | 27,596 | |||||
Accumulated other comprehensive income (loss), net of tax | (1) | 1,261 | |||||
Total Shareholders' Equity | 62,397 | 54,997 | |||||
Total Liabilities and Shareholders' Equity | $ | 750,863 | $ | 699,146 | |||
Book value per share | $27.94 | $23.77 |
Oxford Bank Corporation
Consolidated Statement of Income (Unaudited)
(Dollars in thousands except per share data)
Quarter to Date | Year to Date | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Interest Income | |||||||||||||||
Loans, including fees | 5,773 | 5,893 | 24,816 | 21,318 | |||||||||||
Debt securities | |||||||||||||||
Taxable | 277 | 274 | 1,052 | 1,220 | |||||||||||
Tax-exempt | 16 | 10 | 63 | 33 | |||||||||||
Interest bearing balances at banks. | 138 | 89 | 425 | 596 | |||||||||||
Total Interest Income | 6,204 | 6,266 | 26,356 | 23,167 | |||||||||||
Interest Expense | |||||||||||||||
Interest on deposits | 287 | 343 | 1,209 | 1,712 | |||||||||||
Interest on borrowed funds | 12 | 54 | 97 | 251 | |||||||||||
Total Interest Expense | 299 | 397 | 1,306 | 1,963 | |||||||||||
Net Interest Income | 5,905 | 5,869 | 25,050 | 21,204 | |||||||||||
Provision for loan losses | 400 | 300 | 550 | 1,440 | |||||||||||
Net Interest Income After Provision for Loan Losses | 5,505 | 5,569 | 24,500 | 19,764 | |||||||||||
Noninterest Income | |||||||||||||||
Service charges - deposits | 148 | 95 | 466 | 394 | |||||||||||
ATM fee income | 179 | 167 | 704 | 588 | |||||||||||
Gain on sale of loans | 152 | 405 | 1,531 | 938 | |||||||||||
Loan servicing income | 255 | 138 | 1,194 | 468 | |||||||||||
Other | 197 | 114 | 783 | 712 | |||||||||||
Total Noninterest Income | 931 | 919 | 4,678 | 3,100 | |||||||||||
Noninterest Expense | |||||||||||||||
Salaries and employee benefits | 2,151 | 1,945 | 8,074 | 7,389 | |||||||||||
Occupancy and equipment | 466 | 384 | 1,930 | 1,697 | |||||||||||
Data Processing | 593 | 529 | 2,353 | 2,065 | |||||||||||
Other loan expense | 15 | 78 | 123 | 366 | |||||||||||
Other | 965 | 691 | 3,211 | 2,460 | |||||||||||
Total Noninterest Expense | 4,190 | 3,627 | 15,691 | 13,977 | |||||||||||
Net Income Before Income Taxes | 2,246 | 2,861 | 13,487 | 8,887 | |||||||||||
Income tax expense | 549 | 604 | 2,932 | 1,886 | |||||||||||
Net Income | $ | 1,697 | $ | 2,257 | $ | 10,555 | $ | 7,001 | |||||||
Earnings per Weighted Average Share - Basic | $ | 0.75 | $ | 0.98 | $ | 4.63 | $ | 3.05 |
Oxford Bank Corporation
Consolidated Financial Summary and Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Year to Date | |||||||||||||
December 31, | Change | ||||||||||||
2021 | 2020 | Amount | Percentage | ||||||||||
Income Statement | |||||||||||||
Interest income | $ | 26,356 | $ | 23,167 | $ | 3,189 | 13.8% | ||||||
Interest expense | 1,306 | 1,963 | (657) | (33.5%) | |||||||||
Net interest income | 25,050 | 21,204 | 3,846 | 18.1% | |||||||||
Provision for loan loss | 550 | 1,440 | (890) | (61.8%) | |||||||||
Noninterest income | 4,678 | 3,100 | 1,578 | 50.9% | |||||||||
Noninterest expense | 15,691 | 13,977 | 1,714 | 12.3% | |||||||||
Income before income taxes | 13,487 | 8,887 | 4,600 | 51.8% | |||||||||
Income tax expense | 2,932 | 1,886 | 1,046 | 55.5% | |||||||||
Net Income | $ | 10,555 | $ | 7,001 | $ | 3,554 | 50.8% | ||||||
Balance Sheet Data | |||||||||||||
Total assets | 750,863 | 699,146 | 51,717 | 7.4% | |||||||||
Earning assets | 568,293 | 648,871 | (80,578) | (12.4%) | |||||||||
Total loans | 416,602 | 542,060 | (125,458) | (23.1%) | |||||||||
Allowance for loan loss | 5,474 | 4,897 | 577 | 11.8% | |||||||||
Total deposits | 668,862 | 587,903 | 80,959 | 13.8% | |||||||||
Other borrowings | 15,680 | 51,021 | (35,341) | (69.3%) | |||||||||
Shareholders' equity | 62,397 | 54,997 | 7,400 | 13.5% | |||||||||
Asset Quality | |||||||||||||
Other real estate owned | - | - | - | n/a | |||||||||
Net charge-offs (recoveries) | (27) | 205 | (232) | - | |||||||||
Non-accrual loans | 2,215 | 3,844 | (1,629) | (42.4%) | |||||||||
Nonperforming assets | 2,215 | 3,844 | (1,629) | (42.4%) | |||||||||
Non-accrual loans / total loans | 0.53% | 0.71% | (0.18%) | (25.0%) | |||||||||
Allowance for loan loss / total loans | 1.31% | 0.90% | 0.41% | 45.4% | |||||||||
Allowance for loan loss / non-accrual loans | 247.13% | 127.39% | 119.74% | 94.0% | |||||||||
Performance Measurements | |||||||||||||
Net interest margin (tax equivalent) | 3.65% | 3.34% | 0.31% | 9.3% | |||||||||
Return on average assets (annualized) | 1.43% | 1.00% | 0.43% | 43.1% | |||||||||
Return on average equity (annualized) | 17.58% | 12.69% | 4.89% | 38.5% | |||||||||
Equity / Assets | 8.31% | 7.87% | 0.44% | 5.6% | |||||||||
Loans / Deposits | 62.3% | 92.2% | (29.9%) | (32.4%) | |||||||||
Book value per share | $ | 27.94 | $ | 23.77 | $ | 4.16 | 17.5% | ||||||
Earnings per weighted average share - basic | $ | 4.63 | $ | 3.05 | $ | 1.58 | 51.9% | ||||||
Weighted average shares outstanding | 2,279,544 | 2,296,145 | (16,601) | (0.7%) | |||||||||
Supplementary Info ($ in 000's) | |||||||||||||
# SBA PPP loans originated in 2020 | 1,350 | ||||||||||||
# SBA PPP loans originated in 2021 | 591 | ||||||||||||
$ SBA PPP loans originated in 2020 | $ | 247,256 | |||||||||||
$ SBA PPP loans originated in 2021 | $ | 96,882 | |||||||||||
$ SBA PPP Loans outstanding at Dec 31, 2021 | $ | 61,630 | |||||||||||
Loans deferred during the pandemic | 253 | ||||||||||||
# loans remaining on deferral at Dec 31, 2021 | - |
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Disclaimer
Oxford Bank Corporation published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 22:07:06 UTC.