Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.41 billion. Exchange Bank provides a wide range of personal, commercial, and trust and investment management services with 17 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 a 19-year winner of the North Bay Business Journal's Best Places to Work survey and a 13-time winner of the Best Bank of Sonoma County by the Press Democrat's Readers' Choice 2024 awards. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll and Best Local Bank by The Petaluma Argus Courier People's Choice Awards 2024. Exchange Bank is also a winner of the 2024 San Francisco Business Times Corporate Philanthropy award, and the Bohemian Magazine's Best of the North Bay 2024 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)
September 30, 2024
and 2023
(In Thousands)
Change % Change
ASSETS 2024 2023 24/23 24/23
--------------------- ----------- ----------- ---------- -----------
Cash and due from
banks $ 37,313 $ 35,189 $ 2,124 6.04%
Federal Reserve Bank 166,112 73,745 92,367 125.25%
--------- --------- -------- -------
Total Cash and
cash
equivalents 203,425 108,934 94,491 86.74%
--------- --------- -------- -------
Investments
Interest-earning
deposits in other
financial
institutions - 1,000 (1,000) -100.00%
Securities
available for
sale 1,431,151 1,457,684 (26,533) -1.82%
FHLB Stock 15,000 15,000 - 0.00%
Loans and leases
Real estate 1,262,875 1,229,458 33,417 2.72%
Consumer 147,268 141,802 5,466 3.85%
Commercial 192,440 219,849 (27,409) -12.47%
--------- --------- -------- -------
1,602,583 1,591,109 11,474 0.72%
Less allowance for
credit losses (41,014) (41,326) 312 -0.75%
--------- --------- -------- -------
Net loans and
leases 1,561,569 1,549,783 11,786 0.76%
--------- --------- -------- -------
Bank premises and
equipment 24,691 17,928 6,763 37.72%
Other assets 175,589 212,903 (37,314) -17.53%
--------- --------- -------- -------
Total Assets $3,411,425 $3,363,232 $ 48,193 1.43%
========= ========= ======== =======
LIABILITIES AND
STOCKHOLDERS'
EQUITY
--------------------- --------- --------- -------- -------
Deposits
Non-Interest Bearing
Demand $ 913,022 $1,022,106 $(109,084) -10.67%
Interest Bearing
Transaction 430,684 480,664 (49,980) -10.40%
Money market 540,248 506,755 33,493 6.61%
Savings 469,885 572,474 (102,589) -17.92%
Time 463,606 335,697 127,909 38.10%
--------- --------- -------- -------
Total Deposits 2,817,445 2,917,696 (100,251) -3.44%
Borrowings 245,000 175,000 70,000 40.00%
Other liabilities 55,083 67,065 (11,982) -17.87%
--------- --------- -------- -------
Total
liabilities 3,117,528 3,159,761 (42,233) -1.34%
--------- --------- -------- -------
Stockholders'
equity 293,897 203,471 90,426 44.44%
--------- --------- -------- -------
Total
Liabilities
and
Stockholder's
Equity $3,411,425 $3,363,232 $ 48,193 1.43%
========= ========= ======== =======
EXCHANGE BANK
and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
For the Period Ended September 30,
2024 and 2023
(In Thousands, except per share
amounts) Nine Months Ended
Nine Months
Quarter Ended Ended Change % Change
2024 2023 2024 2023 24/23 24/23
------------------- ------- ------- ------- ------- -------- -----------
Interest Income
Interest and fees
on loans $22,564 $20,911 $66,732 $60,574 $ 6,158 10.17%
Interest on
investments
securities 8,954 8,293 26,075 24,656 1,419 5.76%
------ ------ ------ ------ ------- -------
Total interest
income 31,518 29,204 92,807 85,230 7,577 8.89%
------ ------ ------ ------ ------- -------
Interest expense
Interest on
deposits 8,705 5,174 24,025 10,069 13,956 138.60%
Other interest
expense 2,871 2,491 8,195 6,050 2,145 35.45%
------ ------ ------ ------ ------- -------
Total interest
expense 11,576 7,665 32,220 16,119 16,101 99.89%
------ ------ ------ ------ ------- -------
Net interest
income 19,942 21,539 60,587 69,111 (8,524) -12.33%
------ ------ ------ ------ ------- -------
Provision (reversal
of) for credit
losses - - - - - 0.00%
------ ------ ------ ------ ------- -------
Net interest
income after
provision
for credit
losses 19,942 21,539 60,587 69,111 (8,524) -12.33%
------ ------ ------ ------ ------- -------
Non-interest
income 5,925 5,877 17,355 17,690 (335) -1.89%
Non interest expense
Salary and benefit
costs 10,677 10,240 32,212 30,670 1,542 5.03%
Other expenses 8,558 8,306 25,770 25,180 590 2.34%
------ ------ ------ ------ ------- -------
Total
non-interest
expense 19,235 18,546 57,982 55,850 2,132 3.82%
------ ------ ------ ------ ------- -------
Income before
income taxes 6,632 8,870 19,960 30,951 (10,991) -35.51%
Provision for income
taxes 1,687 2,527 4,913 8,477 (3,564) -42.04%
------ ------ ------ ------ ------- -------
Extraordinary Item - - - 9,052 (9,052) -100.00%
Net income $ 4,945 $ 6,343 $15,047 $13,422 $ 1,625 12.11%
====== ====== ====== ====== ======= =======
Basic earnings per
common share $ 2.88 $ 3.72 $ 8.78 $ 7.83 $ 0.95 12.11%
Dividends per share $ 1.30 $ 1.30 $ 3.90 $ 3.90 $ - 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/20241029024078/en/
CONTACT: Charlotte Radmilovic
SVP, Chief Financial Officer
Exchange Bank
(707) 521-3751
(END) Dow Jones Newswires
October 29, 2024 14:58 ET (18:58 GMT)
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