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August 4, 2021

Contact: Shari DeMaris, EVP, Chief Financial Officer
707.524.3067

Exchange Bank Announces Second Quarter 2021 Earnings

Santa Rosa, CA – On August 4, 2021, Exchange Bank announced results for the second quarter of 2021, reporting net income after taxes of $8.22 million, compared with $7.85 million for the same quarter in 2020, an increase of 4.71%.

The Bank’s net interest income increased slightly from $23.19 million during the three months ended June 30, 2020 to $23.24 million the same period in 2021. The 2021 interest income was supported by the PPP loans booked in both 2020 and 2021 and the fees associated with these loans. In the second quarter of 2021, the Bank recognized $1.52 million in PPP loan fees; there were no PPP loan fees recognized in the first six months of 2020. The Bank expects net interest margin to be a challenge for the remainder of 2021 and into the near future with the expectation that treasury yields will remain low.

The Bank’s results continue to be influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. Non-interest income increased from $4.74 million in the second quarter of 2020 to $5.95 million in the similar period in 2021. A highlight of the favorable non-interest income is Trust and Investment Management with an increase of $0.55 million over the second quarter of 2020 to $2.64 million for the three months ended June 30, 2021. In contrast to the overall increase in non-interest income, three areas are experiencing a downward trend: lower account service fees due to higher than normal compensating balances across both business and consumer deposit accounts; a decline in interchange fees as a result of dramatically reduced consumer spending; and lower SBA fee income due to diminished business activities during this period. These fee-based decreases are a continuing trend from 2020 which the Bank expects to continue for the remainder of 2021.

The quality of the Bank’s loan portfolio remains strong; however, due to the economic uncertainty that exists today, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling $0.8 million during the second quarter of 2021. The Bank did not take a provision for loan loss during the similar period in 2020.  

The previously discussed increases in revenue were supplemented by the Bank’s decreased operating expenses. The Bank had a decrease operating expenses during the three months ending June 30, 2021 by approximately $0.10 million or 0.06% in comparison to the three months ended June 30, 2020.    

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $395 million or 15%. This increase in deposits started during the second quarter of 2020, resulting from business deposits relating to the deposit of PPP loan funds received by Bank clients. The PPP loans issued in 2021 have added to the increase in deposits. Additional sources of the increase in deposits are the economic stimulus received by our customers and both business and consumer customers who chose to hold more liquid assets during this period of great uncertainty. The increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year.

Overall, the Bank’s balance sheet growth for the year-ending June 30, 2021 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.43 billion as of June 30, 2021 up from $3.04 billion in 2020, an increase of 13%. Gross loans decreased from $1.85 billion in 2020 to $1.68 billion in 2021. A significant portion of the decrease relates to PPP loans which had a balance of $264 million as of June 30, 2020 vs. $182 million as of June 30, 2021. The Bank’s investment portfolio increased $351 million during the twelve months ended June 30, 2021.

During the six months ending June 30, 2021, the Bank achieved net earnings of $16.71 million, compared to $16.48 million during the similar six-month period in 2020, an increase of $0.23 million or 1.38%. The change was driven by the same factors related to net interest income and non-interest income as described previously. Net interest income declined $0.58 million from $47.09 million for the six months ended June 30, 2020 to $46.51 million for the same period in 2021. $5.49 million of PPP loan fees are included in 2021 net interest income. During the six months ending June 30, 2021, the growth in the Bank’s Trust and Investment Management business, which was up approximately $1.01 million, helped offset declines in deposit fee and SBA income, compared to the similar six-month period in 2020.

The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of June 30, 2021, the Bank reported total risk-based capital of 19.68%.

“The Bank’s extraordinary efforts to assist our customers during this pandemic, especially with PPP loans, have had a significant effect on the size and asset mixture of our balance sheet,” said Troy Sanderson, president and CEO. “Through the management of liquidity and strong credit quality, we intend to remain a trusted resource for those same customers as we continue fighting our way through this pandemic together.”

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.4 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 17 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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June 16, 2021

Contact: Carolyn Cole-Schweizer, Corporate Communications Officer
707.541.1250

Exchange Bank Announces Thomas Sands, Vice President, Regional Sales Manager

Santa Rosa, CA – On June 16, 2021, Exchange Bank (OTC: EXSR) announces Thomas Sands as vice president, regional sales manager, responsible for overseeing Exchange Bank’s southern region.

Thomas comes to Exchange Bank with a strong background and hands-on credit experience from Wells Fargo where he enjoyed a 22-year career, most recently serving as regional bank president for Northern California (2017-2021). In this role, Thomas was responsible for a branch network that extended from Marin and Sonoma Counties up north to Humboldt County and east of Yolo County; a total of six districts, 50 branches, and more than 600 team members.

Thomas is a graduate of Sacramento State University and lives in Santa Rosa. His community involvement has included serving locally with the United Way of the Wine Country, American Red Cross, North Bay Wildfire Recovery, Sonoma County Advisory Board and Big Brothers and Sisters, and he has previously coached youth football and basketball.

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2020 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2020 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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May 21, 2021

Contact: Shari DeMaris, EVP, Chief Financial Officer
(707) 524.3067

Exchange Bank Declares Second Quarter 2021 Cash Dividend

Santa Rosa, CA – On May 18, 2021, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on June 4, 2021. The dividend is payable June 18, 2021. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

###

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

###

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2020 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2020 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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May 7, 2021

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
(707) 541.1250

Exchange Bank Announces Brian Rober, Senior Vice President, Chief Information Officer

Santa Rosa, CA – On May 7, 2021, Exchange Bank announced Brian Rober to Exchange Bank as senior vice president and chief information officer. In his role as head of Technical Services, Brian sets objectives and strategies for the IT department, selects and implements technology solutions to streamline internal operations and helps design and customize technological systems and platforms to improve customer experience.

Brian has over 20 years of experience in the technology and risk fields within the banking industry. He spent the last 10 years at FIS, overseeing a team of more than 100 IT professionals and managing the IT infrastructure and support for 150 community banks that outsourced all aspects of their IT. During his time with FIS, Brian drove the strategic opportunities around capital planning, disaster recovery, emerging technologies, automation efforts, client reporting, platform migrations, engineering, service desk and security posture for those clients. Before FIS, Brian worked for two different community banks in many different capacities.

Brian holds a bachelor’s degree in Business from Cal Poly, San Luis Obispo and is currently enrolled and working towards a master’s degree in Cybersecurity.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2020 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2020 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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May 6, 2021

Contact: Shari DeMaris, EVP, Chief Financial Officer
(707) 524.3067

Exchange Bank Announces First Quarter 2021 Earnings

Santa Rosa, CA – On May 6, 2021, Exchange Bank announced results for the first quarter of 2021, reporting net income after taxes of $8.49 million, compared with $8.63 million for the same quarter in 2020, a decrease of 1.60%. The decrease in earnings in the first quarter of 2021 can be directly attributed to declines in net interest income, non-interest income and the resumption of provisioning for loan losses.

“In response to the pandemic and the resulting societal and economic disruptions, the Bank began provisioning for loan losses in the third quarter of 2020 in a defensive posture,” said Troy Sanderson, president and CEO. “If not for the provision of $1.2 million in the first quarter of 2021, year-over-year first quarter income would actually be up 12.28%.”

The Bank’s net interest income declined slightly from $23.90 million during the three months ended March 31, 2020 to $23.27 million the same period in 2021. During a period of time when treasury yields remained anchored near historic lows, the Bank’s margin was negatively impacted by declines in yields on loans and investments that surpassed the Bank’s ability to affect a similar decline in interest expense through a lower cost of funds. The loss of interest income was somewhat offset by the PPP loans booked in both 2020 and 2021. As of March 31, 2021, the Bank had a total of $227 million in PPP loans. Other liquid investments increased approximately $226 million between March 31, 2020 and 2021. The Bank’s net interest margin decreased from 3.89% in 2020 to 3.08% in 2021. The Bank expects net interest margin challenges to continue into 2021 with the expectation that treasury yields will remain low.

The Bank’s results continue to be influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. Non-interest income declined from $5.87 million in the first quarter of 2020 to $5.41 million in the similar period in 2021. This decline can be attributed to three main factors: lower account service fees due to higher than normal compensating balances across both business and consumer deposit accounts; a decline in interchange fees as a result of dramatically reduced consumer spending; and lower SBA fee income due to diminished business activities during this period.

The previously discussed declines in revenue were somewhat offset by the Bank’s focus on controlling operating expenses. The Bank was successful in reducing operating expenses during the three months ending March 31, 2021 by approximately $2.07 million or 11.62% in comparison to the three months ended March 31, 2020. In 2020, the Bank had one-time expenses related to its core operating system conversion.

The quality of the Bank’s loan portfolio remains strong; however, due to the economic uncertainty that exists today, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling $1.2 million during the first quarter of 2021. The Bank did not take a provision for loan loss during the similar period in 2020.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $624 million or 27%. This increase in deposits started during the second quarter of 2020, resulting from business deposits relating to the deposit of PPP loan funds received by Bank clients. The PPP loans issued in 2021 have added to the increase in deposits. Additional sources of the increase in deposits are the economic stimulus received by our customers and both business and consumer customers who chose to hold more liquid assets during this period of great uncertainty. The increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year.

Overall, the Bank’s balance sheet growth for the year ending December 31, 2020 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.29 billion as of March 31, 2021 up from $2.64 billion in 2020, an increase of 24.76%. Gross loans increased from $1.59 billion in 2020 to $1.72 billion in 2021.

The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of March 31, 2021, the Bank reported total risk-based capital of 19.09%.

“The Bank again posted solid earnings in the first quarter of 2021 while maintaining strong capital, liquidity and credit quality,” said Mr. Sanderson. “As we look forward to the promise of post-pandemic days ahead, we continue to stand ready to serve as our community’s cornerstone financial institution, assisting our customers, friends and neighbors as only a locally-run and independent community bank can do.”

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College. ”

###

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

###

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2020 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2020 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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February 15, 2021

Contact: Shari DeMaris, EVP, Chief Financial Officer
(707) 524.3067

Exchange Bank Announces Fourth Quarter and Year Ending 2020 Earnings

Santa Rosa, CA – On February 15, 2021, Exchange Bank announced results for the fourth quarter and year ending 2020, reporting net income after taxes of $9.24 million in the fourth quarter of 2020, compared with $9.07 million for the same quarter in 2019, an increase of 1.87%. The Bank achieved net income for the year ended December 31, 2020 of $33.70 million.

“In a historically low interest rate environment, and in the midst of a significant economic disruption caused by the pandemic, the Bank posted solid operating results in 2020 by focusing on its core mission as a community bank—supporting our customers,” said Troy Sanderson, president and CEO.

The Bank continues to support its customers, providing payment deferrals to borrowers who have been negatively impacted by the COVID-19 virus. For a portion of 2020, the Bank also waived ATM and overdraft fees for their consumer and business customers. Exchange Bank expended tremendous internal resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, they were successful in providing loans to 1,780 small businesses in the community with loan balances totaling approximately $260 million. “I am extremely proud of our employees who worked tirelessly to secure this much needed financial support for our local small businesses through the PPP program,” said Sanderson. “Even more impressive, $22 million of these PPP loans were made to local nonprofit and charitable organizations, enabling them to continue to provide critical needed assistance to our community during these very difficult times.”

Exchange Bank’s net income for 2020 was $33.70 million, compared with $36.50 million in 2019. The decrease in earnings can be directly attributed to declines in net interest income, non-interest income and an increase in the provision for loan loss. The Bank’s 2020 results were heavily influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. The Bank’s net interest income declined slightly from $96.91 million during the 12 months ended December 31, 2019 to $96.38 million the same period in 2020. During a period of time when treasury yields remained anchored near historic lows, the Bank’s margin was negatively impacted by declines in yields on loans and investments that surpassed the Bank’s ability to affect a similar decline in interest expense through a lower cost of funds. As a result, the Bank experienced a decline of $531 thousand in net interest income for the 12 months ended December 31, 2020 compared with the similar period in 2019. The loss of interest income was somewhat offset by the increase in interest income as a result of the growth of $260 million in PPP loans and other liquid investments totaling approximately $180 million. The Bank’s net interest margin decreased from 3.89% in 2019 to 3.46% in 2020. The Bank expects net interest margin challenges to continue into 2021 with the expectation that treasury yields will remain low.

Non-interest income declined from $24.23 million in 2019 to $21.54 million in 2020. During 2020, the Bank witnessed significant declines in various elements of deposit service fee income that are directly associated with a weaker level of personal consumption and low interest rates, as well as a reduction in SBA revenue due to the lack of new business formation in the midst of this crisis.

The previously discussed declines in revenue were somewhat offset by the Bank’s focus on controlling operating expenses. Adjusting to an environment of generally slower business activity, the Bank was successful in reducing operating expenses during the 12 months ending December 31, 2020, by approximately $1.70 million or 2.41%. In addition, during 2020, the Bank had one-time expenses related to its core operating system conversion of approximately $2.3 million before taxes. Without such expenses, the Bank’s 2020 income would have been closer to its 2019 results.

The quality of the Bank’s loan portfolio remains strong; however, due to the economic uncertainty that exists today, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling $1.8 million during 2020. The Bank did not take a provision for loan loss during the similar period in 2019.

Overall, the Bank’s balance sheet growth for the year ending December 31, 2020 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.14 billion as of December 31, 2020 up from $2.67 billion in 2019, an increase of 17.43%. Gross loans increased from $1.58 billion in 2019 to $1.73 billion in 2020.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $424 million or 18%. This increase in deposits mainly occurred during the second quarter of 2020, resulting from business deposits totaling approximately $260 million relating to the deposit of PPP loan funds received by Bank clients. An additional source of deposits totaling $176 million came from both business and consumer customers who chose to hold more liquid assets during this period of great uncertainty. The increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. The effect of the 2021 PPP loan program on deposit and loan balances is uncertain at this time, but could have a material impact on the Bank’s results during the coming year. The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of December 31, 2020, the Bank reported total risk-based capital of 15.92%. “While 2020 was a financially successful year for Exchange Bank, it was also a year focused on a substantial investment in the continuity of our legacy,” said Mr. Sanderson. “Now, with two very large information technology upgrades implemented within the past two years, Exchange Bank is well-positioned to leverage these new capabilities to better support and serve our clients and community for many years to come.”

 

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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February 3, 2021

Contact:  Carolyn Cole-Schweizer, EVP, Corporate Communications & Social Media
(707) 541.1250

Exchange Bank Announces Shari DeMaris as Executive Vice President and Chief Financial Officer

Santa Rosa, CA –On February 3, 2021, Exchange Bank announced Shari DeMaris as executive vice president and chief financial officer. Ms. DeMaris joined Exchange Bank in October 2020, working with Greg Jahn, Exchange Bank’s EVP/CFO of 18 years, in anticipation of his retirement on January 15, 2021.

“Shari brings to this position an impressive set of executive management and financial skills,” said Troy Sanderson, president and chief executive officer. “Her abilities make her an excellent fit to round out our leadership team.”

An Iowa native, Shari brings over 23 years of technical accounting and financial leadership experience within financial institutions to her role as Exchange Bank’s EVP and chief financial officer. The foundation of her career was built in public accounting, first with Arthur Andersen and then McGladrey (now RSM). For the last 15 years, Shari has been with Hills Bank and Trust headquartered in Hills, Iowa. As their chief financial officer, she helped to grow the bank to its current $3.3 billion and led a 12-person finance and accounting team.

Shari is a licensed CPA with bachelor’s degrees in both Accounting and Spanish from DePaul University and the University of Iowa, respectively. Active in her community, Shari has served as chair and board member for both the Iowa City Area Development Group and the Chamber of Commerce, has been board chair for the Domestic Violence Intervention Program and was a mentor for the Youth Leadership Program.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville 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 a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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