EXCHANGE BANK (SANTA ROSA, CA) Exchange Bank's Shari DeMaris Takes on New Role as Executive Vice President and Chief Operating Officer
Santa Rosa, CA - On June 21, 2023, Exchange Bank announced the transition of EVP and Chief Financial Officer Shari DeMaris to a new role as EVP, chief operating officer. Still reporting to Troy Sanderson, president and chief executive officer, DeMaris will manage the daily business operations of the Bank, working closely with department heads to implement company strategies and oversee daily operations.
Ms. DeMaris joined Exchange Bank in October 2020, serving as EVP, chief financial officer. Her impressive executive management skills and her contributions in that capacity make her an excellent fit for this new role.
Shari has over 25 years of technical accounting and financial leadership experience and is a licensed CPA with bachelor's degrees in both Accounting and Spanish from DePaul University and the University of Iowa, respectively.
Active in the community, Shari serves on the board of the Santa Rosa Symphony and was honored to receive the 2023 North Bay Business Journal's "Influential Women Award."
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.36 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank 2023 by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2023 and the Bohemian Magazine's Best of the North Bay 2023 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
June 21, 2023
Contact: Carolyn Cole-Schweizer, Marketing Services Manager
707.541.1250
Exchange Bank Announces Charlotte Radmilovic, Senior Vice President, Chief Financial Officer
Santa Rosa, CA - On June 21, 2023, Exchange Bank welcomed Charlotte Radmilovic, senior vice president and chief financial officer, reporting to Troy Sanderson, president and chief executive officer. Charlotte will work closely with all areas of the Bank, overseeing all financial activities and initiatives.
Charlotte is a seasoned financial professional with over 15 years of experience in the banking and financial industries. She most recently served as executive vice president, chief financial officer for Pacific Valley Bank in Monterey County. Prior to this, she was the director of finance for Summit Funding Inc. in Sacramento, chief accounting officer for Rabobank, N.A. in Roseville, and held other key roles in the industry.
Charlotte attended Saint Mary's College of California and holds a degree in Business Administration, Accountancy. She is passionate about community involvement and has served as a volunteer board member and held leadership roles for the Keaton's Child Cancer Alliance, Blue Line Arts, the Monterey State Historic Parks Association, the Arts Council for Monterey County, and the Hospice Giving Foundation.
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.36 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank 2023 by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2023 and the Bohemian Magazine's Best of the North Bay 2023 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
May 23, 2023
Contact: Shari DeMaris, EVP, Chief Financial Officer
707.524.3067
Exchange Bank Declares Second Quarter 2023 Cash Dividend
Santa Rosa, CA - (May 23, 2023) - On May 16, 2023, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.30 per share on common stock outstanding to shareholders of record at the close of business on June 2, 2023. The dividend is payable on June 16, 2023. The cash dividend is unchanged from the prior quarter.
50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
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FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.36 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2023 and the Bohemian Magazine's Best of the North Bay 2023 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
April 27, 2023
Contact: Shari DeMaris, EVP, Chief Financial Officer
707.524.3067
Exchange Bank Announces First Quarter 2023 Earnings
Santa Rosa, CA - Exchange Bank (OTC: EXSR) today announced results for the first quarter of 2023, reporting net income after taxes of $9.22 million, compared with $8.26 million for the same quarter of 2022, an increase of 11.57%.
The Bank's net interest income increased from $22.38 million during the three months ended March 31, 2022 to $24.75 million the same period in 2023, an increase of 10.57%. The increase in interest income is due in large part to a growth in core earning assets. The investment portfolio interest grew to $7.98 million which was a $2.47 million increase in 2023 compared to 2022. Interest earned on loans increased $3.48 million in 2023 to $19.28 million for the quarter due to repricing of variable rate loans. These positive changes were somewhat offset by a decrease in PPP loans fees of $1.14 million from 2022 to 2023 and an increase in funding costs.
Total funding costs for the first quarter of 2023 were $2.68 million vs. $401,000 for the first quarter of 2022. The Bank expects funding costs to remain elevated throughout 2023. The Bank's net interest margin increased from 3.01% in 2022 to 3.21% in 2023.
Non-interest income remained flat with $6.1 million in 2022 to $6.0 million in 2023. An OREO property sold in the first quarter of 2023 for a gain of $672,000. This was offset by a decrease of $605,000 in income generated by the Bank's Trust Department resulting from overall subdued market conditions.
Non-interest expenses increased 5.98% from 2021 to $18.12 million for 2023. The increase in non-interest expenses relates to several areas. Salary and benefit expenses increased $168,000 for 2023. Software and professional fees related to technology have increased $506,000 to $3.73 million for 2023.
The quality of the Bank's loan portfolio remains strong; the Bank did not take a provision for loan losses in 2022 nor 2023.
Total assets decreased to $3.36 billion as of March 31, 2023, down from $3.54 billion as of March 31, 2022. The Bank's cash position has normalized at $51 million which is down $257 million from March 31, 2022.
The investment portfolio was $1.594 billion as of March 31, 2023 vs. $1.61 billion one year before. The market value of the investment portfolio remains relatively unchanged since December 31, 2022 when it was $1.592 billion. The change in investments in the first quarter of 2023 is related to principal payments totaling $28.47 million and an improvement in the fair market value of securities of $31.18 million. Based on current rate conditions, the Bank expects natural portfolio paydowns of approximately $263 million through the end of 2024. We maintain our entire portfolio as available for sale, providing full transparency and management flexibility.
Gross loans have increased ending with $1.53 billion as of March 31, 2023. This represents loan growth of $38.88 million over March 31, 2022. The change in loans was composed of core loan growth of $69.83 million offset by a decrease of $30.95 million from forgiveness of PPP loans.
Deposits decreased $316.99 million, or 9.80%, in the 12 months ended March 31, 2023. Since December 31, 2022, deposits have decreased $147.15 million, or 4.80%, ending the quarter at $2.919 billion. While there has been some deposit outflow due to industry concerns in March 2023, the majority of deposit outflows have been related to the expected use of excess deposits, rate competition and normal business activities.
Non-interest bearing deposits made up 37.97% of total deposits as of March 31, 2023 compared to 38.22% as of March 31, 2022. In addition, we estimate that 68% of all deposits were fully insured by the FDIC as of March 31, 2023.
To offset the decrease in deposits, the Bank had borrowings of $155 million as of March 31, 2023.
It is probable that the Bank will continue to experience additional runoff of the excess deposits gathered in 2020 and 2021 due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. In addition, the competition for deposits has increased significantly over the month of March 2023. As noted above, with the increased competition for deposits, borrowing levels are likely to remain elevated along with overall funding costs.
The Bank's capital ratios remain well in excess of the regulatory minimums to be considered "well capitalized." As of March 31, 2023, the Bank reported a total risk-based capital ratio of 20.56%. The Bank's book equity decreased $38.93 million, or 14.42%, since March 31, 2022, to a total of $230.97 million. The unrealized losses have arisen due to the significant increase in interest rates since the end of 2021. The Bank has the intent and ability to hold the investments until maturity, expects full collection of the carrying amount of these securities, and does not expect to recognize the unrealized losses.
The Bank does not view the temporary nature of the unrealized losses to be a significant risk to its long-term capital position. The unrealized losses reduce the Bank's accumulated other comprehensive income, which the Bank has opted to exclude from its common equity tier 1 capital. Therefore, the Bank's regulatory capital is not impacted by the changes in the market value of the investment securities in the Bank's investment portfolio. The Bank's regulatory capital, as defined by the FDIC, was $362.67 million as of March 31, 2023, an increase of $29.86 million, or 8.97%, over the same period in 2022. Since December 31, 2022, regulatory capital has increased $6.99 million, or 1.96%.
On an ongoing basis, the Bank reviews its liquidity sources. As of March 31, 2023, the Bank has in excess of $1.7 billion in available liquidity. The Bank's liquidity position was supplemented in March 2023 by the new Federal Reserve Bank Term Funding Program. While the Bank had more than sufficient liquidity before the formation of the new program, the BTFP provides additional funding flexibility to the Bank. The Bank's available liquidity sources account for 59% of total deposits and 184% of estimated uninsured deposits as of March 31, 2023.
50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
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FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.36 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2022 and the Bohemian Magazine's Best of the North Bay 2022 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
February 27, 2023
Contact: Shari DeMaris, EVP, Chief Financial Officer
707.524.3067
Exchange Bank Declares First Quarter 2023 Cash Dividend
Santa Rosa, CA - (February 27, 2023) - On February 22, 2023, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.30 per share on common stock outstanding to shareholders of record at the close of business on March 6, 2023. The dividend is payable March 17, 2023. The cash dividend increased $0.05 from the prior quarter's dividend of $1.25 per share.
50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
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Forward looking information
The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.33 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2022 and the Bohemian Magazine's Best of the North Bay 2022 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
February 15, 2023
Exchange Bank Employees Deliver Community Support through Nonprofit Board Membership
Santa Rosa, CA - (February 15, 2023) - Exchange Bank (OTC: EXSR) is pleased to announce the appointment of four employees to Sonoma County-based nonprofit boards. Supporting the community is the cornerstone of Exchange Bank's culture, and employees donate thousands of hours a year in support of local charities and nonprofit organizations.
Shaun Vongphakham, vice president, branch manager of the St. Francis branch, joined the board of the Sonoma County Regional Parks Foundation, which sponsors park programs for under-served communities, seniors and youth, supports the development of environmental education programs, funds natural resources projects to restore habitats and protect wildlife, and provides financial support to develop new parks and trails.
Chad Barbieri, vice president, SBA business development officer, joined the board of TLC Child and Family Services, supporting vulnerable youth and families during their greatest time of need through comprehensive, quality foster care and adoption services, residentially-based services, special education services, transition age youth housing and counseling.
Stacey Powers, vice president, commercial relationship manager, has been appointed to the Sonoma County Fair and Exposition Board, representing District 2, which includes Petaluma, Penngrove and Cotati. Nominated by Supervisor David Rabbitt, Stacey's appointment was approved at the County of Sonoma Board of Supervisors' meeting on December 6, 2022.
Carolyn Cole-Schweizer, marketing services manager, joined the board of 6th Street Playhouse, which creates theatre and programs that engage, inspire and educate Sonoma County's diverse community through professional, quality productions and educational programs.
"Exchange Bank is an integral part of the local community, and giving our time and expertise to nonprofits is a big part of how we give back. We currently have 60 Exchange Bank employees who serve on nonprofit boards, and our employees as a whole volunteer with over 250 organizations," said Beth Ryan, Exchange Bank's community engagement officer.
February 7, 2023
Contact: Carolyn Cole-Schweizer, Marketing Services Manager
707.541.1250
Exchange Bank's Trust & Investment Management Expands into Marin County
Santa Rosa, CA - February 7, 2023 - Exchange Bank (OTC: EXSR) announces the expansion of their Trust and Investment Management services into Marin County. Their new office will be located near the Marin Civic Center at 3950 Civic Center Drive in San Rafael and will open this summer. Exchange Bank has been offering full-service Trust and Investment Management services for 60 years in Sonoma County and has one of the largest community bank trust departments in California with over $1.3 billion in assets under administration.
Emily Menjou, vice president, personal trust fiduciary manager, will initially head up the new office, bringing 20 years of experience in trust administration and estate settlement. Menjou is a recent recipient of the American Banking Association's Under 40 Wealth Management Award, which recognizes wealth management and fiduciary professionals who are committed to the highest standards of achievement at work and in their communities. Exchange Bank plans to expand the team with experienced local professionals in Marin County.
"We are excited to bring our community banking style of fiduciary services and investment management to Marin County," said Troy Sanderson, Exchange Bank, president and CEO. "We look forward to forging strong relationships with families and businesses in Marin County."
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.33 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2022 and the Bohemian Magazine's Best of the North Bay 2022 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
January 31, 2023
Contact: Shari DeMaris, EVP, Chief Financial Officer
707.524.3067
Exchange Bank Announces Fourth Quarter and Year Ending 2022 Earnings
Santa Rosa, CA - Exchange Bank (OTC: EXSR) today announced results for the fourth quarter and year ending 2022, reporting net income after taxes of $9.64 million in the fourth quarter of 2022, compared with $9.85 million for the same quarter of 2021, a decrease of 2.16%. The Bank achieved net income for the year of $37.48 million, compared to $36.41 million in 2021, an increase of 2.94%.
The Bank's net interest income increased from $93.55 million during the 12 months ended December 31, 2021 to $99.14 million the same period in 2022, an increase of 5.97%. The increase in interest income is due in large part to a growth in core earning assets and interest income earned on the Bank's investment portfolio. The investment portfolio interest grew to $29.77 million which was a $12.35 million increase in 2022 compared to 2021. In addition, interest earned on fed funds increased $1.22 million in 2022. These positive changes were offset by a decrease in PPP loans fees of $6.61 million from 2021 to 2022. The Bank's net interest margin increased from 2.87% in 2021 to 3.01% in 2022.
Non-interest income increased from $23.65 million in 2021 to $24.37 million in 2022. This improvement can be attributed to a life insurance benefit of $800,000 and an increase of $1.42 million in consumer and business-related usage fees including interchange fees and ATM network fees. These improvements were offset by a decrease of $776,000 in income generated by the Bank's Trust & Investment Management resulting from overall market conditions.
Non-interest expenses increased 13.57% from 2021 to $73.42 million for 2022. The increase in non-interest expenses relates to several areas. Salary and benefit expense increased $4.66 million for 2022 as compared to 2021. The Bank was able to fill open positions during 2022 and provided cost of living and annual pay adjustments for its employees. Software and professional fees related to technology have increased $2.50 million to $14.24 million for 2022. In 2021, the Bank utilized credits of $1.2 million from its core conversion to offset these expenses.
The quality of the Bank's loan portfolio remains strong; the Bank did not take a provision for loan losses in 2022. There was a provision for loan losses of $2 million in 2021.
Total assets decreased to $3.33 billion as of December 31, 2022, down from $3.54 billion at the end of 2021. The Bank's cash position has normalized at $48 million which is down $425 million from $473 million in 2021.
The investment portfolio was $1.58 billion as of December 31, 2022 vs. $1.41 billion one year before. Gross loans remained stable ending with $1.51 billion for both 2021 and 2022. Overall, loan balances decreased $199,000. The change in loans was composed of core loan growth of $57.48 million offset by a decrease of $57.68 million from forgiveness of PPP loans.
Deposits decreased 3.55% in 2022 to a total of $112.84 million, ending 2022 at $3.07 billion as compared to $3.18 billion as of December 31, 2021. The decrease in deposits has been spread among all account types with demand deposit accounts decreasing $62.18 million, money market accounts decreasing $28.23 million and certificates of deposit decreasing $21.80 million. Savings accounts balances have remained stable. It is possible the Bank could continue to experience an additional runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year.
The Bank's capital ratios remain well in excess of the regulatory minimums to be considered "well capitalized." As of December 31, 2022, the Bank reported total risk-based capital of 19.54%. The Bank's book equity decreased $117.2 million, or 36.71%, since December 31, 2021. This change in the Bank's book equity is due to the unrealized losses associated with the investment portfolio. The unrealized losses have arisen due to the significant increase in interest rates since the end of 2021. The Bank has the intent and ability to hold the investments until maturity, expects full collection of the carrying amount of these securities, and does not expect to recognize the losses. On an ongoing basis, the Bank reviews its liquidity sources. As of December 31, 2022, the Bank has in excess of $1 billion in available liquidity. The Bank does not view the temporary nature of the book unrealized losses to be a significant risk to its long-term capital position. The unrealized losses reduce the Bank's accumulated other comprehensive income, which the Bank has opted to exclude from its common equity tier 1 capital. Therefore, the Bank's regulatory capital is not impacted by the changes in the market value of the investment securities in the Bank's investment portfolio. The Bank's regulatory capital, as defined by the FDIC, was $355.7 million as of December 31, 2022, an increase of $29.08 million, or 8.90%, over the same period in 2021.
50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
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Forward looking information
The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.33 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal's Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll. The Petaluma Argus Courier People's Choice Awards named Exchange Bank Best Local Bank 2022 and the Bohemian Magazine's Best of the North Bay 2022 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com
Member FDIC - Equal Housing Lender - Equal Opportunity Employer
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Exchange Bank published this content on 21 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 June 2023 15:34:07 UTC.
