Oxford Bank : Quarterly Reports/Consolidated Financials Q4 2021 (February 2, 2022)

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		-