Loading
Home
Personal
Business
Resources
Careers

News Room

press-releases

Press Releases

 

2016

 

2015

2014

2013

2012

 

November 17, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA. – On November 15th, 2016 Exchange Bank declared a quarterly cash dividend of $0.75 per share on common stock outstanding to shareholders of record at the close of business on November 25th, 2016. The dividend is payable December 9th, 2016. The cash dividend was increased by $0.05 per share or 7% above the previous quarterly dividend of $0.70 per share.

Exchange Bank President and CEO, Gary Hartwick, stated, “The decision by the Board of Directors to increase the dividend was a result of the Banks’ strong earnings and Boards’ confidence in the sustainability of the Bank’s financial performance as we look forward”.

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

October 19, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Third Quarter Earnings Increase 5%

Today Exchange Bank announced results for the third quarter of 2016 with a profit after tax of $5.4 million, compared to $5.1 million in the third quarter of 2015. This represents an increase of $257 thousand or a 5% increase compared to the same period a year ago. “The increase in earnings for the third quarter is a significant accomplishment in this low rate environment that is posing a challenge to the entire banking industry. The meaningful increases we have witnessed during this past year in both loan and deposit volumes, are a result of the hard work and dedication of our employees, as well as the continued loyalty of our clients and support from the communities we serve,” stated Gary Hartwick, President and CEO.  The Bank singled out strong loan activity and the continued expansion of the Bank’s Trust and Investment Management business as key contributors to the success in financial results.

The core earnings of the Bank are driven primarily by continued growth in loans which were funded by growth in deposits. Loan growth of $140 million or 11.3% during the 12 month period ending September 30, 2016 was funded by deposit growth of $127 million or 7.2%.This asset growth led to an increase in net interest income of approximately $900 thousand during the third quarter of 2016, a 5.3% increase over the similar quarter in 2015.

During the nine-months ending September 30, 2016, the Bank achieved net earnings of $16.05 million, compared to $15.9MM during the similar nine-month period in 2015. During the nine-months ending September 30, 2016 the Bank’s core earnings as measured by net interest income increased $3.3 million over the similar nine-month period in 2015, an increase of 6.6%. Net earnings for the Bank rose by $144 thousand or approximately 1% year-over-year as this increase in net interest income was largely offset by the decline in the recapture of provision for loan loss which fell from $3.2 million for the nine-months ending September 30, 2015 to $900 thousand during the similar nine-month period ending September 30, 2016.

Exchange Bank paid a quarterly cash dividend of $0.70 per share on common stock outstanding to shareholders on September 16, 2016. 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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top


August 23, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend – 8.23.16

Santa Rosa, CA. On August 16, 2016 Exchange Bank declared a quarterly cash dividend of $0.70 per share on common stock outstanding to shareholders of record at the close of business on September 2, 2016. The dividend is payable September 16, 2016. The cash dividend while unchanged from the prior quarter at $.70 per share, has increased from $.55 per share during the similar quarter ending September 30, 2015, an increase of approximately 27%.

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top


July 22, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Second Quarter Earnings – 7.22.16 

Santa Rosa, CA. Today, Exchange Bank announced results for the second quarter of 2016 with a profit after tax of $5.46 million, compared to $5.63 million in the second quarter of 2015. This represents a decrease of $173 thousand or a 3% decline compared to the same period a year ago. “The decline in earnings for the second quarter does not tell the true story of strength in core earnings. Absent a decline in non-recurring income in the form of reversal of provision for loan loss, which fell from $2.5 million in the second quarter of 2015 to a recovery of $400 thousand during the second quarter of 2016, core earnings would have demonstrated continued improvement”, stated Gary Hartwick, President and CEO. As a result of the significant improvement in our credit quality and the recovery of loans previously charged off, $2.5 million in provision for loan losses was reversed during the second quarter of 2015 compared to a recovery of loans previously charged off of just $400 thousand during the second quarter of 2016. The Bank’s level of reserves to support future loan losses remains robust in comparison to industry standards and is supported by the Bank’s strong asset quality.

The core earnings of the Bank, absent the non-recurring elements of income and expense, are driven primarily by continued growth in loans which were funded by growth in deposits. Loan growth of $113 million or 9.3% during the 12 months ending June 30, 2016 was funded by deposit growth of $105 million or 6.1%.This asset growth led to an increase in net interest income of approximately $800 thousand during the second quarter of 2016, a 4.7% increase over the similar quarter in 2015.

During the six-months ending June 30, 2016, the Bank achieved net earnings of $10.66 million, compared to $10.77MM during the similar six-month period in 2015. During the six-months ending June 30, 2016 the Bank’s core earnings as measured by net interest income increased $2.1 million over the similar six-month period in 2015, an increase of 6.3%. Earnings were generally flat year-over-year as this increase in net interest income was offset by the decline in the recapture of provision for loan loss which fell from $2.9 million for the six-months ending June 30, 2015 to $900 thousand during the similar six month period ending June 30, 2016.

“Given the headwinds created by a slowing global economy and Treasury yields that have fallen recently to all-time lows, we are pleased with the results of the Bank. The ability to fund the credit needs of the communities we serve with net loan growth of $113 million is both the result of the dedication and hard work of our employees as well as the confidence the community places in Exchange Bank”, stated Mr. Hartwick. “The challenges of operating in this historically low interest rate environment will be a difficult hurdle to overcome as we attempt to continue growing the Bank’s earnings in future periods”, said Greg Jahn Executive Vice President and CFO.

Exchange Bank paid a quarterly cash dividend of $0.70 per share on common stock outstanding to shareholders on June 17, 2016. 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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top


May 19, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend – 5.19.16 

On February 18, 2016 Exchange Bank declared a quarterly cash dividend of $0.70 per share on common stock outstanding to shareholders of record at the close of business on June 03, 2016. The dividend is payable June 17, 2016. The cash dividend was increased $0.05 per share or 7.7% above the previous quarterly dividend of $0.65 per share.

Exchange Bank President and CEO, Gary Hartwick, stated, “The Board’s action was based upon the continuation of solid financial results of the Bank and the Board’s outlook that future financial performance will continue to support this healthy level of dividend on a sustainable basis. Our success is a result of the support of our clients and community, as well as the work of our dedicated employees.”

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top


April 21, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces First Quarter Earnings – 4.21.16

Today Exchange Bank announced results for the first quarter of 2016 with a profit after tax of $5.21 million, compared to $5.13 million in the first quarter of 2015. This represents an increase of $77 thousand or 1.5% over the same period a year ago.

The strength in earnings was driven primarily by continued growth in loans and deposits, leading to an increase in net interest income of approximately $1.3 million during the first quarter of 2016, an 8% increase over the similar quarter in 2015. Loans grew by approximately $60 million over the 12 months ending March 31, 2016, an increase of 5%. Deposits increased by approximately $140 million over totals reported as of March 31, 2015, an increase of 8.5%. “The Bank remains committed to funding the growth of our community by meeting the needs of small business and consumers, as our local economy continues to move forward in a relatively positive manner despite the turbulence of the global economy and uncertainties presented by future Fed policy as well as the future political landscape”, stated Gary Hartwick, President and CEO.

During the first quarter of 2016, $500 thousand of provision for loan loss reserves was taken back into income due to the recovery of loans that had been previously charged off. This compares to a recapture into the provision for loan losses of $400 thousand for the similar quarter ending March 31, 2015. The Bank did not make any provision for losses on loans during the first quarter of 2016 or 2015. The Bank’s level of reserves to support future loan losses remains strong in comparison to industry standards and is further supported by reductions in problem assets and the ongoing decline in net loan charge-offs.

The Bank’s gains in net interest income and recapture of provision for loan loss were largely offset by declines in non-interest income resulting primarily from a reduction in gains on sale of Small Business Administration (SBA) loans. “While this was another solid quarter of financial performance, given the headwinds to the Bank’s net interest margin as a result of the recent decline in interest rates, and uncertainty of future loan loss recoveries, it may be difficult to achieve this level of performance in future periods”, said Greg Jahn Vice President and CFO.

Exchange Bank paid a quarterly cash dividend of $0.65 per share on common stock outstanding to shareholders on March 18, 2016. 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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top


February 22, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares $0.65 Quarterly Cash Dividend

On February 18, 2016 Exchange Bank declared a quarterly cash dividend of $0.65 per share on common stock outstanding to shareholders of record at the close of business on March 4, 2016. The dividend is payable March 18, 2016. The cash dividend was increased $0.05 per share or 8% above the previous quarterly dividend of $0.60 per share.

Exchange Bank President and CEO, Gary Hartwick, stated that “We are grateful for the support of the community whose patronage continues to provide robust deposit and loan growth, the primary drivers of the Bank’s core earnings. The decision to increase the dividend represents the Boards’ confidence in the Bank to continue this trend of sound financial performance.

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

January 29, 2016

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Fourth Quarter and Year Ending 2015 Earnings

Exchange Bank reported net income of $5.1 million in the fourth quarter of 2015, compared to $4.6 million for the same period in 2014, an increase of 12.5%. Net income for the year ending December 31, 2015, totaled $21.0 million, compared to $17.7 million a year ago, an increase of 18.6%. “2015 proved to be another year of significant improvement in the financial results and overall condition of the Bank”, stated Gary Hartwick, President and CEO.

This year’s profitability was influenced by a number of nonrecurring events, which impacted both revenue and expense. As a result of the significant improvement in the Bank’s credit quality, demonstrated by the $3.4 million in net recoveries of loans previously charged off, $3.2 million in provision for loan losses was reversed during the year. The Bank’s level of reserves available to support potential future loan losses remains strong in comparison to industry peers and is supported by the continued improvement in asset quality. The difference between nonrecurring income as a result of the reversal of provision for loan loss, after tax, provided a positive effect of approximately $2.0 million to the Bank’s net earnings for the year. Normalized core earnings for the Bank after removing all nonrecurring events would have been approximately $19.0 million, an increase of 7% over the $17.7 million earned for the year ending 2014. “We are proud of the Bank’s continued level of profitability, notwithstanding the impact the unusual level of positive, nonrecurring events had on our earnings. However, due to the recent economic headwinds and the continued pressure on our net interest margin, it will be difficult to replicate the level of earnings achieved in 2015”, stated Greg Jahn, Executive Vice President and CFO.

The core earnings of the Bank were driven primarily by continued growth in loans and investments, which were funded by a ten percent growth in deposits. This asset growth led to an increase in net interest income of approximately $3.7 million for the year ending December 31, 2015, a 9% increase over the similar year ending December 31, 2014. The Bank continued to witness meaningful growth in both loans and deposits during the 12 months ending December 31, 2015. Loans grew by approximately $57 million and investment securities by $58 million, funded by growth in deposits of approximately $170 million over totals reported as of December 31, 2014. Net loan growth of $58 million belies the true level of financing provided to the community in the form of consumer and business lending. Strong, new loan production for the year totaling in excess of $300 million was impacted by significant loan payoffs from our existing customer base reflecting the improvement in the financial condition of our borrowers and the local economy. The Bank’s credit quality remains strong with non-accrual loans declining to 0.35% of total loans at December 31, 2015, from 0.94% of total loans a year ago. As a result of the significant improvement in asset quality, and net loan recoveries, the Bank did not make any provision for loan losses in 2015, while maintaining a strong ratio of loan loss reserves to total loans of 2.96%. “The Bank is grateful for the confidence our community has demonstrated in the Bank by its patronage and we intend to reward that confidence by continuing to invest our resources in the financing needs of consumers and small business, which fuel the economic prosperity of the communities we serve”, stated Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $0.60 per share on common stock outstanding to shareholders on December 11, 2015. Total dividends paid to Exchange Bank common shareholders during 2015 were $3.77 million and represented an increase of approximately 42% above total dividends of $2.66 million paid to common shareholders during 2014. The Doyle Trust, which funds the Doyle Scholarships at the Santa Rosa Junior College, receives 51% of all cash dividends paid by the Bank.

# # #

About Exchange Bank – Exchange Bank is headquartered in Santa Rosa and has $1.9 billion in assets. Founded in 1890, Exchange Bank provides a wide range of personal, commercial and Trust and Investment services with 18 branches and three commercial and SBA lending offices in Roseville, San Jose and Lafayette, California.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

November 19, 2015

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares $0.60 Quarterly Cash Dividend

On November 17, 2015, Exchange Bank declared a quarterly cash dividend of $0.60 per share on common stock outstanding to shareholders of record at the close of business on November 27, 2015. The dividend is payable December 11, 2015. The cash dividend of $0.60 per share represents an increase of $.05 over the previous quarterly dividend paid on September 18, 2015. However, over the past year the dividend has increased by 33%, rising from $0.45 per share per quarter in December of 2014 to the current dividend rate of $0.60 per share per quarter.

Exchange Bank President and CEO, Gary Hartwick, stated that “the dividend payout of $0.60 per share per quarter or $2.40 annually, approved by the Board of Directors, is a strong message from the Board, indicating the Board’s confidence in the Bank and the Bank’s ability to continue the trend of delivering a strong and sustainable level of core earnings.”

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

October 22, 2015

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Third Quarter Earning

Today Exchange Bank announced results for the third quarter of 2015 with a net profit after tax of $5.14 million, compared to $4.56 million in the third quarter of 2014. This represents an increase of $582 thousand or 13% over the same period a year ago. “The 2015 third quarter earnings for the most part reflect core earnings – that is earnings that are materially free of non‑recurring events. Core earnings represent the expansion of the Bank’s net interest income as well as a focus on controlling operating expenses”, said Greg Jahn, Executive Vice President and CFO. The Bank’s earnings are tied to the continued economic expansion of the communities in which we serve. The growth in net interest income is a result of loan growth of approximately $73 million over the similar period in 2014 funded by deposit growth, which is up approximately $180 million or 11% over the previous 12-months. “Growth in deposits is an indication of the confidence our customers have in Exchange Bank and we remain grateful for the support of our community”, stated Gary Hartwick, President and CEO.

The singular element of non‑recurring revenue during the quarter was a recapture of $300 thousand of provision for loan loss. “The reversal of provision for loan loss during the third quarter was the result of the continued improvement in the credit quality of the Bank’s loan portfolio and the recovery of loans that had been previously charged off” said Mr. Jahn. The Bank’s level of reserves to support future loan losses remains strong in comparison to industry standards and is supported by the continued improvement in asset quality. The recapture of provision for loan loss of $300K during the third quarter of 2015 was for the most part offset by additional expenses to more conservatively reflect the value of long‑term employee benefit plans. The decline in operating expenses of approximately $500 thousand for the quarter ending September 30, 2015, compared to the similar quarter ending 2014, was a result of lower incentive and employee benefit accruals recorded in 2015.  

 “The Bank is proud to be a partner in the economic growth and vitality of the communities we serve and we will continue to be responsive to the financing needs of the consumers and small businesses necessary to continue moving economic growth forward”, stated Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $0.55 per share on common stock outstanding to shareholders on September 18, 2015. 51% of the cash dividend goes to the Doyle Trust, which funds the Doyle Scholarships at the Santa Rosa Junior College.

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 – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

September 17, 2015

Contact: Sally Traughber
707.521.5189

Jenna Brackett Joins Exchange Bank as AVP, SBA Business Development Officer

Jenna is responsible for providing SBA 504 and 7(a) loans to small-and medium-sized businesses in Roseville and the greater Sacramento area.

Jenna has over 10 years of banking experience. She was a Vice President, serving in multiple roles for Wells Fargo and JPMorgan Chase Bank, NA. Most recently, she covered 7 states as a National Account Executive in Business Development for Alliant Credit Union. Jenna is an active member of the Sacramento community and currently resides in Citrus Heights, CA.

Return to Top

 

September 14, 2015

Contact: Howard Daulton
707.524.3067

Sequoia Pacific Mortgage Company

Exchange Bank is pleased to announce that Dennis Harter, President and Founder of Sequoia Pacific Mortgage Company, Inc. and his team of mortgage professionals will join Exchange Bank’s Residential Mortgage group effective October 5, 2015. Mr. Harter will assume the role of VP-Residential Mortgage Manager overseeing Sales, Processing and Operations for the existing Exchange Bank Residential Mortgage department. As noted by Gary Hartwick, President and CEO, Exchange Bank, “We feel very fortunate to have Dennis join Exchange Bank. This is a wonderful opportunity for Exchange Bank to welcome Dennis and his staff to our team of professionals. Dennis is an individual of exceptional professionalism within the Sonoma County mortgage industry in addition to all of the contributions he has made to the community at large. We are looking forward to adding his expertise and solid reputation to our growing mortgage business.”

Joining Mr. Harter in the move to Exchange Bank is Lori Mauchley as Residential Real Estate Operations Manager, Tracy Kline, Mortgage Representative and Keri Simpson Janes, Administrative Assistant. Dennis and his team bring with them years of expertise in real estate lending including Government Lending programs such as FHA, VA and the Home Equity Conversion Mortgage (Reverse Mortgage). The addition of these products to the Bank’s current loan programs will meet the real estate lending needs of Exchange Bank’s customers.

“I share the values that have made Exchange Bank the number one Community Bank in Sonoma County and an industry model for excellence in consumer experience,” said Mr. Harter. “I am honored to be joining this long-standing financial institution. I hope to leverage my 29 years of experience in the local mortgage industry to further expand on the growth and success of the Residential Mortgage group at Exchange Bank.”

Return to Top

 

September 14, 2015

Contact: Sally Traughber
707.521.5189

Exchange Bank Donates $10,000 to the American Red Cross

Exchange Bank announced today that it will donate $10,000 to the American Red Cross to support relief efforts as wildfires sweep through Lake County. The donation will be distributed to organizations that will help make the greatest progress in stopping the fire and supporting those who are directly impacted by it.

“Many of our customers and employees have been directly affected by the fire and we extend our appreciation to the brave men and women firefighters who are fighting it.” said Gary Hartwick, President and CEO of Exchange Bank.

Return to Top

 

September 10, 2015

Contact: Sally Traughber
707.521.5189

Tim O’Connor Joins Exchange Bank as a Vice President and Branch Manager

In this role, Tim is responsible for the overall operations, customer service, performance and profitability of the branch, as well as community outreach activities. Tim has more than 10 years of banking experience and joins Exchange Bank most recently from Chase Bank in Petaluma, where he was Branch Manager. Tim will be based at Exchange Bank’s, Branch of the Future in Windsor. The branch is located at 8700 Lakewood Drive – Windsor, CA 95492.

Return to Top

 

August 19, 2015

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares $0.55 Quarterly Cash Dividend

On August 18, 2015, Exchange Bank declared a quarterly cash dividend of $0.55 per share on common stock outstanding to shareholders of record at the close of business on September 4, 2015. The dividend is payable September 18, 2015. The cash dividend of $0.55 per share is unchanged from the previous quarterly dividend paid on June 19, 2015. However, over the past year the dividend has increased by 38%, rising from $0.40 per share per quarter in September of 2014 to the current dividend rate of $0.55 per share per quarter.

Exchange Bank President and CEO, Gary Hartwick, stated that “the dividend payout of $0.55 per share per quarter or $2.20 annually, approved by the Board of Directors, continues to demonstrate the Board’s confidence in the operating results of the Bank and the Bank’s ability to continue the trend of delivering a strong and sustainable level of core earnings.”

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

July 30, 2015

Contact: Sally Traughber
707.521.5189

Ann Hudson to Head Exchange Bank’s Retail Banking Group

Exchange Bank, a community Bank since 1890, has named Ann Hudson to head its Retail Banking Group. Hudson was promoted to Senior Vice President and is the newest addition to the executive team.

Hudson will lead Exchange Bank’s sales and business development efforts. With 1.9 billion in assets, Exchange Bank consists of 19 retail branches, commercial lending offices and a full service Trust and Investment department. Hudson joined Exchange Bank in 2014 as Vice President and Director of our Learning and Development department.

Prior to Exchange Bank, Hudson held a variety of positions at other financial institutions, most recently at Chase and Washington Mutual Bank. Hudson has over 20 years of experience in retail banking, mortgage and consumer lending, product sales, marketing, sales leadership and talent development.

Return to Top

 

July 22, 2015

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Second Quarter Earnings

Today Exchange Bank announced results for the second quarter of 2015 with a profit after tax of $5.63 million, compared to $4.54 million in the second quarter of 2014. This represents an increase of $1.09 million or 24% over the same period a year ago. “Our earnings for the second quarter were strong as the underlying core earnings of the Bank reflect the continued improvement in Sonoma County’s economy”, stated Gary Hartwick, President and CEO.

This quarter’s profitability was influenced by a number of nonrecurring events which impacted both revenue and expense. As a result of the significant improvement in our credit quality and the recovery of loans previously charged off, $2.5 million in provision for loan losses was reversed during the second quarter. The Bank’s level of reserves to support future loan losses remains strong in comparison to industry standards and is supported by the continued improvement in asset quality. Offsetting this unexpected revenue, the Bank recognized a number of nonrecurring expenses totaling approximately $1.3MM relating to retirement benefits and the reduction of outstanding debt, which over the longer-term should both strengthen the balance sheet and increase the Bank’s earnings potential. The difference between nonrecurring income and expense of $1.2MM is reduced by approximately $.5MM after the effect of income taxes, providing a net positive adjustment of approximately $.7MM to the Bank’s net earnings for the quarter. Normalized core earnings for the bank after removing all nonrecurring events would have been approximately $4.9MM, an increase of approximately 6% over the $4.54MM earned in the second quarter of 2014. “We are proud of the Bank’s continued level of profitability, notwithstanding the impact on the Bank’s second quarter earnings of several large nonrecurring events”, stated Mr. Hartwick.

The core earnings of the Bank, absent the non-recurring elements of income and expense, are driven primarily by continued growth in loans and investments which were funded by a ten percent growth in deposits. This asset growth led to an increase in net interest income of approximately $1.5 million during the second quarter of 2015, a 9% increase over the similar quarter in 2014. The Bank continued to witness meaningful growth in both loans and deposits during the 12 months ending June 30, 2015. Loans grew by approximately $41 million and investment securities by $69 million, funded by growth in deposits of approximately $153 million over totals reported as of June 30, 2014. “The Bank is grateful for the confidence our community has demonstrated in the Bank by its patronage and we intend to reward that confidence by continuing to invest our resources in the financing needs of consumers and small business which fuel the economic prosperity of the communities we serve”, stated Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $0.55 per share on common stock outstanding to shareholders on June 19, 2015. 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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

June 15, 2015

Contact: Sally Traughber
707.521.5189

Bill Sullivan Has Joined Exchange Bank’s Trust and Investment Group

Exchange Bank is pleased to announce that Bill Sullivan has joined its Trust and Investment Group as a Vice President and Investment Officer.  Bill has more than 30 years of portfolio management and fee-only fiduciary investment management experience with Bank of Marin and Charles Schwab & Co.  Bill will work with the Exchange Bank’s trust and investment management agency clients to provide portfolio goal setting, risk management, and asset allocation for the accumulation, preservation, and distribution of their wealth. Bill is a long time resident of Petaluma and has a history of community involvement in Sonoma County.  Bill joins a team of twenty individuals in the Trust and Investment Management Group who are responsible for over 1,200 accounts and $1 billion in assets under administration.

Return to Top

 

September 17, 2015

Contact: Sally Traughber
707.521.5189

Craig Bainbridge Joins Exchange Bank as SVP, Product and Delivery Manger

Bainbridge will oversee the Marketing, Product and Electronic delivery channels for the bank.

Return to Top

 

May 21, 2015

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

On May 19, 2015 Exchange Bank declared a quarterly cash dividend of $0.55 per share on common stock outstanding to shareholders of record at the close of business on June 5, 2015. The dividend is payable June 19, 2015. The cash dividend was increased $0.05 per share or 9% since the last quarterly cash dividend.

Exchange Bank President and CEO, Gary Hartwick, stated that “the dividend increase to $.55 per share per quarter or $2.20 annually, approved by the Board of Directors, reflected the Board’s confidence in the sustainability of the Bank’s strong earnings stream.

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

Wednesday, May 6, 2015

Contact: Sally Traughber
707.521.5189

On Wednesday, May 6, 2015, Exchange Bank was proud to present a check for $111,193.84 to the United Way of the Wine Country.

On hand for Wednesday’s check presentation was Exchange Bank’s President and CEO, Gary Hartwick, Beth Ryan, Vice President, Retail Banking, and a group of Exchange Bank employees. The check was presented to United Way representatives Mike Kallhoff, President and CEO, and Mary Bigelow, Resource Development Officer.

The monies donated were through the generosity of Exchange Bank employees coupled with a corporate gift during the Bank’s annual United Way fundraiser campaign. Exchange Bank has been donating to United Way for over 25 years.

“Giving back to our community is part of our culture,” said Gary Hartwick, President and CEO. In addition to the United Way, Exchange Bank gives well over $500,000.00 annually to local non-profits within the communities we live and serve.

Return to Top

 

April 29, 2015

Contact: Sally Traughber
707.521.5189

Exchange Bank Celebrates 125th Anniversary of the Bank’s Founding

Founded in 1890 as a community bank, Exchange Bank will celebrate the 125-year anniversary of the founding of the Bank on May 1, 2015.

“The 125-year anniversary of the founding of the Bank is quite a milestone,” said Bill Schrader, chairman of the board of directors for Exchange Bank. “Throughout our 125 year history, the Bank has endured and survived the great depression, numerous wars, and most recently, the economic downfall of 2008. Along the way, this Bank has truly been influential in developing this special community with its steady contribution of its time, talent and treasury. More than anything, it is a true testament to the great men and women who have been a part of this organization before us and those with us today. I believe we are proudly upholding the same core values our founders, Manville and Frank Doyle, instilled in us125 years ago. That is, keeping this Bank independent, a leader of positive economic change, and a passionate provider of support to our neighbors, and local organizations in need.”

Exchange Bank was founded 125 years ago in Santa Rosa, California. The legacy began with its founder, Manville Doyle and his son, Frank Doyle. Manville served as president until his death in 1916, upon which Frank Doyle took over the presidency until his death in 1948. Frank Doyle, a true visionary, was instrumental in procuring financing and support for the building of the Golden Gate Bridge. Known as the “Father of the Golden Bridge”, Frank Doyle was honored for his efforts by being the first person to cross the span, upon its opening in 1937, in a private vehicle.
Frank and his wife Polly Doyle placed their shares of Exchange Bank common stock, a controlling interest of 50.4%, into a perpetual trust and the dividends fund the Frank P. Doyle and Polly O’Meara Doyle Scholarship fund for assistance to worthy young men and women attending Santa Rosa Junior College. The Doyle Trust has proven to be one of the most remarkable planned gifts in the history of American community colleges and has provided over 120,000 SRJC students with scholarships, totaling $80 million dollars.
Exchange Bank is a full-service financial institution offering the same sophisticated range of products and services found in large financial institutions, including a comprehensive trust and investment services division. Since its founding in 1890, the Bank has grown from a single branch into an institution with over $1.8 billion in assets, 18 offices across Sonoma County, and commercial lending offices in Roseville, Lafayette and San Jose, CA.

“The success of Exchange Bank is rooted in our community. As we celebrate and reflect on the past 125 years, our legacy and commitment to the community resides in assisting our customers with their financial needs – whether financing a new home, planning for the future, or helping local businesses and organizations. As community bankers, we will continue this mission by offering comprehensive financial services to individuals and businesses. Our legacy of a strong commitment to the community continues to be an important part of our business philosophy. We do this with an emphasis on making this a better place to live and work,” said Gary Hartwick, President and Chief Executive Officer.

We want to celebrate this milestone with all our customers and the communities we serve. In celebration of the anniversary, Exchange Bank customers are invited to stop by any Exchange Bank branch for anniversary cake on May 1st.

Exchange Bank’s employees strive every day to fulfill the Bank’s motto, “Invested in you”.

Return to Top

 

February 19, 2015

Contact: Greg Jahn, SVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

On February 18, 2015 Exchange Bank declared a quarterly cash dividend of $0.50 per share on common stock outstanding to shareholders of record at the close of business on March 6, 2015. The dividend is payable March 20, 2015. The cash dividend was increased $0.05 per share or 11% since the last quarterly cash dividend.

Exchange Bank President and CEO, Gary Hartwick, stated that “the dividend increase to $.50 per share per quarter or $2.00 annually, approved by the Board of Directors, reflected the Board’s confidence in the sustainability of the Bank’s strong earnings stream.

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.

# # #

About Exchange Bank – Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County.

Visit www.exchangebank.com for more information about Exchange Bank.

Return to Top

 

February 10, 2015

Contact: Brad Hunter,
707.524.3392

Exchange Bank Announces Earnings for 2014

Exchange Bank reported net income of $17.7 million for the year ending December 31, 2014, which compares to $15.7 million for the year ending December 31, 2013, an increase of 12.74%. The Bank reported net income of $4.54 million for the fourth quarter of 2014, compared to $4.29 million for the same period in 2013, an increase of 5.8%. “2014 proved to be another year of significant improvement in the financial results and overall condition of the Bank,” states Gary Hartwick, President and Chief Executive Officer of Exchange Bank.

The Bank continues to have excellent growth in both loans and deposits. Total gross loans increased $91 million, or 8%, to $1.222 billion as of December 31, 2014. Deposits totaled $1.668 billion at December 31, 2014, an increase of $91 million, a 6% increase over year-end 2013.

“We are proud of the financial performance achieved by the Bank in 2014 given the continued headwind of an extraordinarily low interest rate environment. The Bank’s core earnings continue to show solid improvement as a result of an increase in net interest income driven by our loan growth”, states Hartwick.

For the year ending December 31, 2014, net interest income totaled $63.5 million, compared to $59.5 million in the prior year, an increase of 6.7%. The increase in net interest income is directly attributable to the increase in the Bank’s loan portfolio.

The Bank’s credit quality significantly improved during 2014. Non-accrual loans decreased to $12.0 million, or 1.0% of total loans at December 31, 2014, from $29.7 million, or 2.63% of total loans at December 31, 2013. As a result of the significant improvement in asset quality, and zero net loan losses, the Bank did not make any provision for loan losses in 2014, while maintaining a relatively high ratio of loan loss reserves to total loans of 3.08%.

The Bank’s margin expanded in 2014 despite the impact of a continued low interest rate environment. “Contributing to this expansion in margin has been the redeployment of very liquid and low yielding investments into higher yielding loans,” states Greg Jahn, Chief Financial Officer of Exchange Bank.

Exchange Bank paid a quarterly cash dividend of $0.45 per share on common stock outstanding to shareholders on December 12, 2014. Fifty-one percent of the cash dividend goes to the Doyle Trust, which funds the Doyle Scholarship 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.

Return to Top

 

November 19, 2014

Contact: Greg Jahn, SVP, Chief Financial Officer
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.

Return to Top

 

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.

Return to Top

 

August 20, 2014

Contact: Greg Jahn, SVP, Chief Financial Officer
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.

Return to Top

 

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.

Return to Top

 

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:

  • May 7th, 2014
  • 10am – Ribbon Cutting
  • 2416 Montgomery Drive, Santa Rosa, CA 95405

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 


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.

Return to Top

 

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.

Return to Top

 

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.

Return to Top

 

October 12, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Brad Abel has joined Exchange Bank as Vice President, SBA Business and Commercial Lending. Brad Abel is based in our new San Jose Office and will focus on and serve the financial needs of the Development and Business Communities throughout the South Bay.

Brad joins the bank with over 24 years of experience in the area of SBA and Commercial Banking.

Brad can be reached at 925.482.7195.

Return to Top

 

May 14, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

John Meislahn, Vice President at Exchange Bank has been promoted to Manager of the newly formed Sales and Business Development Department. John will oversee the Business Development officers and the Home Mortgage Real Estate agents for Exchange Bank. He has been with the Bank for 15 years most recently as the Manager of the Santa Rosa Main Office.

John can be reached at meislahnj@exchangebank.com

Return to Top

 

May 3, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Exchange Bank is proud to announce that Terry Flynn, VP, Real Estate Loan Officer has joined Exchange Bank in the Roseville Commercial lending office.

An experienced Banker with over 25 years of lending experience, most recently at River City Bank.

Flynn a Sacramento native, graduated from California State University Sacramento. He is an active member in the community being involved with the “Run to Feed the Hungry – Sacramento Food Bank”, and member of the finance committees of Christian Brothers High School Board and St. Francis High School Board.

Return to Top

 

March 30, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Eugene Patterson has been named Manager of Exchange Bank’s Larkfield Branch. Eugene has been with Exchange Bank for 9 years and most recently managed the Coddingtown Branch.

Eugene sits on the Santa Rosa Chamber Events Committee and donates time to Yulupa Elementary School.

Return to Top

 

March 30, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Exchange Bank is pleased to announce that Gus Wolter has been appointed the position of Business Development Officer for Northern Sonoma County. Gus has been with the Bank for 15 years and was most recently Manager of the Windsor Branch.

Gus belongs to numerous organizations in the community; including Rotary International and the Cloverdale City Council.

Return to Top

 

March 30, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Exchange Bank is pleased to announce that Kelly Dibblee has been named Manager of both the Bennett Valley and St. Francis Branches. She has been with Exchange Bank for 25 years.

Kelly is a Schools Plus Board Member.

Return to Top

 

March 30, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Jim Curry, Vice President and Manager of Exchange Bank’s Rohnert Park Branch, has also been appointed Manager of the Cotati Branch.

Jim is a Board Member of the Education Foundation of Cotati-Rohnert Park.

Return to Top

 

March 29, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Laura Buhrer has been named Manager of Exchange Bank’s Windsor Branch. Laura has been with the Bank for 4 years and previously held the position of Branch Manager of the Larkfield Branch.

Laura is involved with Rotary and sits on the board of directors for the Mark West Area Chamber of Commerce.

Return to Top

 

March 28, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Exchange Bank is pleased to announce that Lynda Adams has been appointed Manager of both the Coddingtown and College Branches. Adams, most recently was the St. Francis Branch Manager. She has 38 years of banking and lending experience.

Lynda has served as a Board Member/Director for The Children’s Cancer Community for the past 5 years. She is also a volunteer and supporter of the American Cancer Society’s Relay for Life events in Sonoma County.

Return to Top

 

March 15, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Becki Elster has been promoted to Vice President and Manager of the Sonoma Branch at Exchange Bank. Elster has over 23 years experience in the Banking industry, with an emphasis in Commercial Lending. She joined Exchange Bank in 2010 as VP, Business Services Manager.

Elster is a graduate of California Bankers Association Commercial Lending School. As a long-time resident she has participates in numerous non-profit and local organizations.

She resides in Glen Ellen, with her family.

Return to Top

 

March 15, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

John Matli has been named Manager of the Santa Rosa Main Branch. John has been with the Exchange Bank for 9 years and previously held the position of Branch Manager of the Sonoma Branch.

John can be reached at matlij@exchangebank.com

Return to Top

 

February 29, 2012
Contact: Sally J. Traughber, 707.521.5189

FOR IMMEDIATE RELEASE

Rich Carlson has joined Exchange Bank as Vice President and SBA Business Development Officer. Rich will serve the Bay Area from his Lafayette office. Rich has been originating commercial real estate loans for both SBA and conventional borrowers for the past 26 years. During this time he has represented such lenders as Foothill Capital, Bank of America, Lehman Brothers, Temecula Valley Bank, and CIT.

Rich is a past President and member of the Bay Area Mortgage Association and is a member of the Investment Marketing Forum and 680 Commercial Exchange Group. Rich can be reached at 925.482.7195.

Return to Top