OXFORD BANK CORPORATION ANNOUNCES SIX MONTH AND SECOND QUARTER 2024 OPERATING RESULTS [Yahoo! Finance]
OXFORD BANK CORP (OXBC)
Company Research
Source: Yahoo! Finance
Bank ("the Bank"), today announced operating results for the second quarter ended June 30, 2024 The Company's quarterly consolidated earnings for the three months ended June 30, 2024 , were $2.26 million , or per weighted average share, compared to $3.12 million , or per weighted average share for the same period one year ago. Year-to-date earnings for the first half of 2024 were $5.54 million or per share compared to $6.55 million or per share in 2023. President and CEO, David Lamb , commented "While we are still pleased with our 1.28% ROAA and overall net income results through two quarters, we have seen a decrease in earnings year-over-year and quarter-over-quarter. During the second quarter, the Bank experienced an outsized allowance for credit losses expense ("ACL") of roughly $500 thousand . Half of this expense was positive in nature due to solid loan growth. The other portion was mainly the result of an isolated charge-off in the leasing joint venture that is part of our Com
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