News Room 2013 Archive
Press Releases from 2013
- October 17th, 2013 – Exchange Bank Announces Third Quarter Earnings
- August 21st, 2013 – Exchange Bank Declares Increase to Quarterly Cash Dividend
- July 17th, 2013 – Exchange Bank Announces Second Quarter Earnings
- April 17th, 2013 – Exchange Bank Announces First Quarter Earnings
- February 27, 2013 – Sherrill Stockton Promotion
- February 21, 2013 – Hartwick Promotion
October 17th, 2013
Contact: Brad Hunter
(707) 524-3392
Exchange Bank Announces Third Quarter Earnings
Today Exchange Bank announced results for the third quarter of 2013 with a profit after tax of $4.41 million. The earnings represent an increase of $1.2 million over net income of $3.21 million recognized during the similar quarter ending September 30, 2012. Deposits increased by $114 million and loans increased by $37 million as of September 30, 2013 when compared to September 30, 2012. Year to date the Bank’s profit after tax is $11.4 million, a 27% increase over the $8.9 million recorded in 2012.
Measured improvement in loan quality as evidenced by less loan charge-offs and strong loan recoveries have contributed significantly to the Bank’s growth in earnings in 2013. The expense for the Bank’s loan loss provision declined from $2.1 million during the quarter ending September 30, 2012 to $250 thousand for the similar quarter ending September 30, 2013. The $1.8 million decline in the provision for loan loss reserve helped to offset a decline of $700 thousand in net interest income and increased expenses for post-retirement benefits. For the quarter the Bank benefited from some non-reoccurring insurance investment gains. This item contributed significantly to the $1.3 million increase in non-interest income.
Exchange Bank paid a quarterly cash dividend of $0.30 per share on common stock outstanding to shareholders on September 20, 2013. 51% of the 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.
August 21, 2013
Contact: Sally J. Traughber
(707) 521-5189
Exchange Bank Declares Increase to Quarterly Cash Dividend
On August 20, 2013 Exchange Bank declared a quarterly cash dividend of $0.30 per share on common stock outstanding to shareholders of record at the close of business on September 6, 2013. The dividend is payable September 20, 2013. The cash dividend was increased $0.05 per share or 20% since the last quarterly cash dividend.
51% 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.
July 17th, 2013
Contact: Brad Hunter
(707) 524-3392
For Immediate Release
Exchange Bank Announces Second Quarter Earnings
Today Exchange Bank announced results for the second quarter of 2013 with a profit after tax of $3.81 million. Net income after tax of $3.81 million in the second quarter of 2013 represents an increase of $968 thousand over net income of $2.84 million recognized during the similar quarter ending June 30, 2012. The improved earnings are a result of increased interest income from loan growth of $25 million and continued improvement in asset quality within the Bank’s Loan portfolio. Deposits increased by $88 million for the quarter when compared to the same quarter in 2012. Year to date the Bank’s profit after tax is $7.0 million, a 21% increase over the $5.8 million recorded in 2012.
The expense for the Bank’s loan loss provision declined from $2.5 million during the quarter ending June 30, 2012 to $800 thousand for the similar quarter ending June 30, 2013. The $1.7 million decline in the provision for loan loss reserve for the quarter is a reflection of steadily improving asset quality and locally improving economic conditions. Measured improvement in loan quality has contributed significantly to the Bank’s earnings in 2013. Year to date loan charge offs are less than $100,000. This compares very favorably to net loan charge offs of $1.6 million for the comparable period ending June 30, 2012. These results are attributed to solid credit management in achieving fair resolutions on some of our problem loans.
Exchange Bank paid a quarterly cash dividend of $0.25 per share on common stock outstanding to shareholders on June 21, 2013. 51% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
“We are pleased to report these stronger than expected results for the second quarter;” stated President and Chief Executive Officer William R. Schrader.” “We are grateful for the good work by our employees and appreciate the support from the community. We also remain mindful that our work is not yet finished, many of our customers are still struggling and there remain some uncertainties in the health of our local and national economy.”
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.
April 17th, 2013
Contact: Brad Hunter
(707) 524-3392
For Immediate Release
Exchange Bank Announces First Quarter Earnings
Today Exchange Bank announced results for the first quarter of 2013 with a profit after tax of $3.21 million. Net income after tax of $3.21 million in the first quarter of 2013 represents an increase of $265 thousand or 9% over net income of $2.94 million recognized during the similar quarter ending March 31, 2012. With soft demand for new loan growth and the existing loan portfolio decline of $30 million when compared to the first quarter of 2012, the Bank’s net interest income declined $1.85 million or 11%.
The decline in net interest income was more than offset by operating strengths in other core areas, expense control, and a decline in the provision for loan loss of $1.30 million. The provision for loan loss declined from $2.75 million during the quarter ending March 31, 2012 to $1.45 million for the similar quarter ending March 31.2013. The decline in the provision for loan loss reserve is a reflection of steadily improving asset quality within the Bank’s Loan portfolio.
Exchange Bank paid a quarterly cash dividend of $0.25 per share on common stock outstanding to shareholders on March 22, 2013. 51% of the 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.
February 27, 2013
Contact: Sally J. Traughber
(707) 521-5189
For Immediate Release
Sherrill Stockton
SVP, Small Business Administration at Exchange Bank was recently elected to the Executive Committee of the Board of Directors of the National Association of Government Guaranteed Lenders (NAGGL). She currently serves on the Board and is Chairperson of the Technical Issues Committee where she works closely with the membership and the Small Business Administration on policy and regulation issues and she is also an instructor for NAGGL membership.
February 21, 2013
Contact: Sally J. Traughber
(707) 521-5189
For Immediate Release
Gary Hartwick
Executive Vice President and Chief Credit Officer of Exchange Bank has been promoted EVP, Chief Operating Officer.
“Gary is a seasoned banker with over 37 years of experience, including top level executive responsibility in areas of credit, budgeting, asset and liability management and strategic planning. I have the highest respect for Gary and the contributions he has, and will continue to make to Exchange Bank.” said Bill Schrader, President and CEO.
Hartwick serves on the Board of Directors for the Volunteer Center of Sonoma County and the Wells Fargo Center.
He is a graduate of Pacific Coast Banking School and holds a B.S. Degree in Finance from California State University, Sacramento.
