News Room 2014 Archive
Press Releases from 2014
- November 19, 2014 – Exchange Bank Declares Increase to Quarterly Cash Dividend – 11.19.14
- October 21, 2014 – Exchange Bank Announces Third Quarter Earnings – 10.21.14
- September 9th, 2014 – Exchange Bank’s Upgraded Windsor Branch: The Future of Banking?
- August 20, 2014 – Exchange Bank Declares Increase to Quarterly Cash Dividend – 8.20.14
- July 17, 2014 – Exchange Bank Announces Second Quarter Earnings
- May 2nd, 2014 – Reinking Branch Dedication
- April 17th, 2014 – Exchange Bank Announces First Quarter Earnings
- February 21st, 2014 – Exchange Bank Declares Increase to Quarterly Cash Dividend – 2.21.14
- January 30th, 2014 – Exchange Bank Announces Earnings for 2013
- January 21st, 2014 – Exchange Bank Names Two New Board Members
November 19, 2014
Contact: Greg Jahn, SVP,
(707) 524-3218
Exchange Bank Declares Increase to Quarterly Cash Dividend
On November 18, 2014 Exchange Bank declared a quarterly cash dividend of $0.45 per share on common stock outstanding to shareholders of record at the close of business on November 28, 2014. The dividend is payable December 12, 2014. The cash dividend was increased $0.05 per share or 12% since the last quarterly cash dividend.
Exchange Bank President and CEO, Gary Hartwick, stated that “the dividend increase to $.45 per share per quarter or $1.80 annually, approved by the Board of Directors, reflected the Board’s confidence in the sustainability of the Bank’s earnings and improving economic environment.
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.
October 21, 2014
Exchange Bank Announces Third Quarter Earnings
On August 19, 2014 Exchange Bank declared a quarterly cash dividend of $0.40 per share on common stock outstanding to shareholders of record at the close of business on September 5, 2014. The dividend is payable September 19, 2014. The cash dividend was increased $0.05 per share or 14% since the last quarterly cash dividend paid on June 18th 2014.
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.
August 20, 2014
Contact: Greg Jahn, SVP,
(707) 524-3218
Exchange Bank Declares Increase to Quarterly Cash Dividend
Exchange Bank reported net income of $4.56 million for the third quarter of 2014, compared to $4.4 million for the same period in 2013. This represents an increase of $146 thousand or 3%. The Bank’s net income for the nine months ending September 30, 2014, totaled $13.2 million, compared to $11.4 million in the same period a year ago, an increase of $1.7 million or 15%. “We are pleased with the level of profitability, and our strong performance was driven by new loan and deposit growth. I want to thank our loyal customers and dedicated employees,” states Gary Hartwick, President and Chief Executive Officer of Exchange Bank.
The Bank continues to have steady growth in both loans and deposits. Total gross loans increased $87.1 million, or 8%, over the similar quarter ending September 30, 2013, to $1.171 billion as of September 30, 2014. Deposits totaled $1.592 billion at September 30, 2014, an increase of $61 million, or 4% over the same quarter a year ago.
“The Bank’s core earnings continue to improve as demonstrated by an increase in net interest income, driven by the loan growth year over year”, states Hartwick.
For the nine months ending September 30, 2014, net interest income totaled $47.7 million, compared to $44.4 million in the prior year, an increase of $3.3 million or 7%. The increase in net interest income is directly attributable to the increase in the Bank’s loan portfolio.
Pre-tax income for the nine months ending September 30, 2014, totaled $21.4 million, an increase of $4.3million or 25% over the $17.1 million of pre-tax earnings for the similar period ending September 30, 2013.
The Bank’s credit quality continued to improve, as non-accrual loans declined from 2.63% of total assets as of December 31, 2013 to 1.13% of total loans at September 30, 2014. As a result of the steadily improving asset quality, the Bank did not make any provision for loan losses for the first nine months of 2014, while maintaining a relatively high ratio of loan loss reserves to total loans of $3.21%.
Exchange Bank paid a quarterly cash dividend of $0.40 per share on common stock outstanding to shareholders on September 19, 2014. Fifty-one percent 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.
July 17, 2014
Exchange Bank Announces Second Quarter Earnings
Exchange Bank reported net income of $4.5 million for the second quarter of 2014 compared to $3.8 million for the same period in 2013. This represents an increase of $732 thousand or 19%. The Bank’s net income for the first six months ending June 30, 2014 totaled $8.6 million compared to $7 million in the same period a year ago. “I am pleased with our operating results and grateful that our performance is due to our loyal customers and the exceptional work of our dedicated employees”, states Gary Hartwick, President and Chief Executive Officer of Exchange Bank.
The Bank continues to have steady growth in both loans and deposits. Total gross loans increased $111 million, or 10.5%, from the prior year quarter end to $1.172 billion as of June 30, 2014. Deposits totaled $1.576 billion at June 30, 2014, an increase of $90 million, or 6%, over a year ago.
“The Bank’s core earnings continue to improve as demonstrated by the increase in net interest income, driven by loan growth year over year of 10.5%”, states Hartwick.
For the six months ending June 30, 2014, net interest income totaled $31 million compared to $29.3 million in the prior year, an increase of $1.7 million or 6%. The increase from the same period a year ago is directly attributable to the increase in the Bank’s loan portfolio.
Net income before income taxes for the six months ending June 30, 2014 totaled $13.9 million compared to $10.8 million at June 30, 2013, an increase of $3.1 million or 29%.
Credit quality continued to improve with non accrual loans representing 1.75% of total loans at June 30, 2014, down from 2.63% at year end and 3.36% at June 30, 2013. As a result of the steadily improving asset quality, the Bank did not make any provision for loan losses for the first six months of 2014, while maintaining a relatively high ratio of loan loss reserves to total loans of 3.19%. The provision for loan losses was $2.25 million for the same period in 2013.
Exchange Bank paid a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders on June 20, 2014. Fifty one percent 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.
May 2nd, 2014
Contact: Sally Traughber
(707) 521-5189
Reinking Branch Dedication
On May 7th, Exchange Bank will officially dedicate and rename the Montgomery Village branch, the Reinking branch in honor of past Chairman of the Board, C. William (Bill) Reinking and his wife Mary Louise (M-L) Reinking.
Dedicating this building in honor of the Reinkings truly befits their 50- year contribution to Exchange Bank and the extraordinary contributions they have made to many non-profit organizations throughout Sonoma County.
The public is invited to attend the dedication:
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- May 7th, 2014
- 10am – Ribbon Cutting
- 2416 Montgomery Drive, Santa Rosa, CA 95405
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April 17th, 2014
Contact: Brad Hunter
(707) 524-3392
Exchange Bank Announces First Quarter Earnings
Today Exchange Bank announced results for the first quarter of 2014 with a profit after tax of $4.06 million, compared to $3.21 million in the first quarter of 2013. This represents an increase of $853 thousand or 26% over the same period a year ago.
The Bank had steady growth in both loans and deposits. Loans grew by $111 million and deposits increased by $107 million over the like period in 2013 or an increase of 11% and 7% respectively. “Growing the loan portfolio remains a key priority at the Bank, given our Loan to Deposit ratio of 72%”, stated Gary Hartwick, President and CEO.
As a result of strong loan growth and a rising interest rate environment, net interest income for the quarter expanded by $778 thousand to $15.4 million, an increase of 5% over the similar period ending March 31, 2013. The expansion of the Bank’s net interest margin and corresponding increase in net interest income represents the first significant year-over-year increase in several years and represents a return to the growth in the core earnings of the Bank.
The Bank did not make any provision for losses on loans in the first quarter of 2014. The provision for loan loss was $1.4 million in the first quarter of 2013. The decline in the loan loss provision is a reflection of steadily improving asset quality within the Bank’s Loan portfolio, and further supported by the ongoing decline in our net loan charge-offs.
Exchange Bank paid a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders on March 21, 2014. 51% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa RosaJunior 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 21, 2014
Contact: Sally J. Traughber
(707) 521-5189
Exchange Bank Declares Increase to Quarterly Cash Dividend
On February 19, 2014 Exchange Bank declared a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders of record at the close of business on March 7, 2014. The dividend is payable March 21, 2014. The cash dividend was increased $0.05 per share or 17% 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.
January 30th, 2014
Contact: Brad Hunter
(707) 524-3392
Exchange Bank Announces Earnings for 2013
Exchange Bank today announced earnings of $15.7 million for the year ended December 31, 2013, a 28% increase as compared to $12.2 million for the year ended December 31, 2012. The improvement in earnings was attributable to reduced loan loss provisioning of $6.6 million in 2013 compared to 2012 and $86 million in loan growth and $117 million in deposit growth in 2013.
Exchange Bank ended the year with $1.1 billion in loans and $1.6 billion in deposits, up 8.2 and 8.0 percent respectively, over the prior year end. “We are pleased with our growth, and view it as an endorsement of the relevance and importance of local community banking,” said Bill Reinking, Chairman of the Board, in a statement.
The Bank had a $2.5 million loan loss provision expense in 2013, compared to $9.1 million in 2012. “We have been able to significantly reduce our loan loss provision as our loan quality and loan charge off experience has improved” stated Bill Schrader, President and Chief Executive. Net loan charge offs for 2013 were $1.2 million compared to $5.3 million in 2012.
The Bank’s capital ratios and liquidity strengthened during the course of the year, and are well in excess of regulatory requirements. At year-end the Bank’s Total Risked Based Capital Ratio was 14.42%. With improvement in earnings, increased capital levels, and reductions in non-performing loans the Bank was able retire $16 million in preferred shares in 2013.
Exchange Bank paid a quarterly cash dividend of $0.30 per share on common stock outstanding to shareholders on December 13, 2013. Of the total cash dividends paid during the year, on common shares, 51% 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.
January 21, 2014
Contact: Brad Hunter
(707) 524-3392
Exchange Bank Names Two New Board Members
Steve Dutton, a fifth generation Sonoma County farmer and life-long resident of Sebastopol has been named as a new board member at Exchange Bank. Steve, in partnership with Dan Goldfield own the Dutton-Goldfield Winery, and he and his brother Joe operate and own the Dutton Ranch Corp. and Dutton Brothers Farming in which they farm over 1,200 acres of grapes and 200 acres of organic apples. Steve’s grandfather, Warren Dutton, Sr. had previously served as the vice chairman of the board at Exchange Bank. Steve’s uncle, George Dutton, was formerly a vice president and branch manager at Exchange Bank.
Steve also serves as a director for the Sonoma County Harvest Fair, the Sonoma County Farm Bureau, and the Sonoma County Farm Trails.
Bruce DeCrona, was also named to the Exchange Bank board. Bruce is well known to the Bank having served as CFO and COO for 15 years at Exchange Bank prior to his retirement in early 2013. Bruce had previously served as a long term board member at the Wells Fargo Center for the Performing Arts.
“I’m delighted that these two talented individuals are joining our Board. Steve brings new insights on how we can serve our community and Bruce brings us a vast knowledge about banking and about our bank in particular”, said Bill Reinking, Chairman of the Board.
