Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.31 billion. Exchange Bank provides a wide range of personal, commercial, and trust and investment management services with 16 retail branches in Sonoma County, a retail branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville, Marin County and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity, and teamwork. Exchange Bank is known for its people who care about their customers, their company, and the communities where they live and work. Exchange Bank is an 18-year winner of the North Bay Business Journal's Best Places to Work survey and the 2023 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2023 and the Bohemian Magazine's Best of the North Bay 2023 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC -- Equal Housing Lender -- Equal Opportunity Employer
EXCHANGE BANK
and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
June 30, 2024 and 2023
(In Thousands)
Change % Change
ASSETS 2024 2023 24/23 24/23
--------------------------- ----------- ----------- ---------- -----------
Cash and due from banks $ 34,423 $ 35,536 $ (1,113) -3.13%
Federal Reserve Bank 58,698 17,578 41,120 233.93%
--------- --------- -------- -------
Total Cash and
cash
equivalents 93,121 53,114 40,007 75.32%
--------- --------- -------- -------
Investments
Interest-earning
deposits in other
financial
institutions - 1,000 (1,000) -100.00%
Securities available
for sale 1,426,975 1,516,839 (89,864) -5.92%
FHLB Stock 15,000 15,000 - 0.00%
Loans and leases
Real estate 1,257,864 1,184,431 73,433 6.20%
Consumer 149,317 141,246 8,071 5.71%
Commercial 192,619 222,014 (29,395) -13.24%
--------- --------- -------- -------
1,599,800 1,547,691 52,109 3.37%
Less allowance for
credit losses (40,832) (43,038) 2,206 -5.13%
--------- --------- -------- -------
Net loans and
leases 1,558,968 1,504,653 54,315 3.61%
--------- --------- -------- -------
Bank premises and equipment 17,647 17,444 203 1.16%
Other assets 196,951 212,090 (15,139) -7.14%
--------- --------- -------- -------
Total Assets $3,308,662 $3,320,140 $ (11,478) -0.35%
========= ========= ======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------- -------
Deposits
Non-Interest Bearing
Demand $ 905,738 $1,036,086 $(130,348) -12.58%
Interest Bearing
Transaction 437,444 511,155 (73,711) -14.42%
Money market 535,317 399,340 135,977 34.05%
Savings 484,810 602,358 (117,548) -19.51%
Time 412,652 286,981 125,671 43.79%
--------- --------- -------- -------
Total Deposits 2,775,961 2,835,920 (59,959) -2.11%
Borrowings 225,000 207,000 18,000 8.70%
Other liabilities 50,618 57,202 (6,584) -11.51%
--------- --------- -------- -------
Total
liabilities 3,051,579 3,100,122 (48,543) -1.57%
--------- --------- -------- -------
Stockholders'
equity 257,083 220,018 37,065 16.85%
--------- --------- -------- -------
Total
Liabilities
and
Stockholder's
Equity $3,308,662 $3,320,140 $ (11,478) -0.35%
========= ========= ======== =======
EXCHANGE BANK
and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
For the Period Ended June 30,
2024 and 2023
(In Thousands, except
per share amounts) Six Months Ended
Quarter Ended Six Months Ended Change % Change
2024 2023 2024 2023 24/23 24/23
--------------------- ------- -------- ------- ------- -------- -----------
Interest Income
Interest and fees
on loans $22,325 $20,389 $44,168 $39,663 $ 4,505 11.36%
Interest on
investments
securities 8,624 8,214 17,123 16,362 761 4.65%
------ ------ ------ ------ ------ -------
Total interest
income 30,949 28,603 61,291 56,025 5,266 9.40%
------ ------ ------ ------ ------ -------
Interest expense
Interest on
deposits 7,927 3,405 15,318 4,895 10,423 212.93%
Other interest
expense 2,676 2,373 5,324 3,559 1,765 49.59%
------ ------ ------ ------ ------ -------
Total interest
expense 10,603 5,778 20,642 8,454 12,188 144.17%
------ ------ ------ ------ ------ -------
Net interest
income 20,346 22,825 40,649 47,571 (6,922) -14.55%
------ ------ ------ ------ ------ -------
Provision (reversal
of) for credit
losses - - - - - 0.00%
------ ------ ------ ------ ------ -------
Net interest
income after
provision for
credit
losses 20,346 22,825 40,649 47,571 (6,922) -14.55%
------ ------ ------ ------ ------ -------
Non-interest
income 5,721 5,787 11,428 11,812 (384) -3.25%
Non interest expense
Salary and benefit
costs 10,833 10,584 21,540 20,429 1,111 5.44%
Other expenses 8,319 8,597 17,210 16,874 336 1.99%
------ ------ ------ ------ ------ -------
Total
non-interest
expense 19,152 19,181 38,750 37,303 1,447 3.88%
------ ------ ------ ------ ------ -------
Income before
income taxes 6,915 9,431 13,327 22,080 (8,753) -39.64%
Provision for income
taxes 1,686 2,516 3,226 5,948 (2,722) -45.77%
------ ------ ------ ------ ------ -------
Extraordinary Item - 9,051 - 9,051 (9,051) -100.00%
Net income $ 5,229 $(2,136) $10,101 $ 7,081 $ 3,020 42.65%
====== ====== ====== ====== ====== =======
Basic earnings per
common share $ 3.05 $ (1.25) $ 5.89 $ 4.13 $ 1.76 42.65%
Dividends per share $ 1.30 $ 1.30 $ 2.60 $ 2.60 $ - 0.00%
---------------------- ------ ------ ------ ------ ------ -------
Earnings per share is computed by dividing net income, by the weighted
averaged number of shares outstanding during the year.
Total average shares outstanding for both 2024 and 2023 was 1,714,344
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725156490/en/
CONTACT: Charlotte Radmilovic
SVP, Chief Financial Officer
Exchange Bank
(707) 521-3751
(END) Dow Jones Newswires
July 25, 2024 20:57 ET (00:57 GMT)
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