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Exchange Bank Announces First Quarter Earnings


News provided by

Exchange Bank

Apr 16, 2015, 05:56 ET

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SANTA ROSA, Calif., April 16, 2015 /PRNewswire/ -- Today Exchange Bank (OTC:EXSR) announced results for the first quarter of 2015 with a profit after tax of $5.13 million, compared to $4.06 million in the first quarter of 2014. This represents an increase of $1.07 million or 26% 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 $1.1 million during the first quarter of 2015, a 7% increase over the similar quarter in 2014. The Bank continued to witness significant growth in both loans and deposits during the 12 months ending March 31, 2015. Loans grew by approximately $78 million and deposits increased by approximately $115 million over totals reported as of March 31, 2014, an increase of 7% in each category. "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 experience growing optimism," stated Gary Hartwick, President and CEO.

Contributing to the positive earnings for the first quarter was the continuation of the steadily improving asset quality of the Bank's loan portfolio. During the first quarter of 2015 loans which had been previously charged off were recovered, leading to a recapture, or taking back into income $400 thousand of provision for loan loss reserves. The Bank did not make any provision for losses on loans in the first quarter of 2014. 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. "While we are pleased with the unexpected positive impact to earnings from the improving credit quality of the Bank's loan portfolio, the Bank is equally pleased with the positive trend in core earnings, as measured by the increase in net interest income. This represents a sustainable source of future revenue," said Greg Jahn Vice President and CFO.

Exchange Bank paid a quarterly cash dividend of $0.50 per share on common stock outstanding to shareholders on March 21, 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.

EXCHANGE BANK






Condensed Consolidated Statements

(Unaudited)






March 31, 2015






CONDENSED STATEMENT OF CONDITION








2015


2014



in thousands

ASSETS










Cash and due from banks

$        119,415


$      113,710






Interest-bearing deposits in other




financial institutions

60,500


30,000






 Investment Securities available for sale

459,360


437,258






Total investment securities

459,360


437,258






Loans





Real estate


799,407


769,318

Consumer


96,389


85,768

Commercial


318,776


281,097








1,214,572


1,136,183

Less allowance for loan losses

37,526


37,551






Net loans


1,177,046


1,098,632






Bank premises and equipment

16,143


15,956

Other assets


68,301


72,279








$     1,900,765


$    1,767,835






LIABILITIES AND STOCKHOLDERS' EQUITY








Deposits





Non Interest Bearing Demand

$        627,085


$      559,236

Interest Bearing




Transaction

281,747


228,319

Money market

224,440


231,242

Savings


343,755


319,710

Time


219,687


243,502






Total Deposits

1,696,714


1,582,009






Other borrowings

22,000


24,000

Other liabilities


16,247


11,142






Total liabilities

1,734,961


1,617,151






Stockholders' equity

165,804


150,684








$     1,900,765


$    1,767,835

EXCHANGE BANK







Condensed Consolidated Statements

(Unaudited)

March 31, 2015







STATEMENT OF INCOME

(in thousands)









2015


2014




 Three months ended March 31, 







Interest Income





Interest and fees on loans


$   14,611


13,783

Interest on investments securities


2,378


2,213

Interest on cash equivalents


-


-







Total interest income


16,989


15,996







Interest expense





Interest on deposits


306


391

Other interest expense


179


204







Total interest expense


485


595







Net interest income


16,504


15,401







Provision (recapture) for losses on loans


(400)


-







Net interest income after





provision for losses on loans


16,904


15,401







Non interest income


5,601


5,201







Non interest expense





Salary and benefit costs


7,743


7,979

Other expenses


6,289


6,112










14,032


14,091







Income before income taxes


8,473


6,511







Provision for income taxes


3,339


2,448







Net income



$     5,134


4,063









 In dollars 




Basic/diluted earnings per common share1


$      2.99


$        2.29

Simple earnings per share2


$      2.99


$        2.37


1

Earnings per share is computed by dividing net income, less preferred stock dividends, by the weighted averaged number of shares outstanding during the year.

2

Simple earnings per share is computed by dividing net income by the weighted average of shares outstanding during the year.


Total average shares outstanding for both 2015 and 2014 was 1,714,344


The consolidated financial statements include the accounts of the Bank and its wholly owned subsidiaries. Certain intercompany accounts and transactions have been eliminated.


SOURCE Exchange Bank

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