Exchange Bank Announces First Quarter 2024 Earnings
EXCHANGE BK SANTA ROSA (EXSR)
NASDAQ:AMEX Investor Relations:
exchangebank.com/shareholder-stock-information
Company Research
Source: Business Wire
SANTA ROSA, Calif.--(BUSINESS WIRE)--Exchange Bank (OTC: EXSR) today announced its unaudited financial results for the first quarter 2024, reporting net income after taxes of $4.9 million.HIGHLIGHTS:Loan balances have remained relatively constant since prior quarter, growing by $3.5 million from December 31, 2023. Since March 31, 2023, loan balances have increased by $68.3 million.Loan quality remains strong, nonaccrual loans totaled $4.7 million, or 0.29% of gross loans, as of March 31, 2024.The allowance for credit losses, which is based on estimating credit losses for the life of the loans in the portfolio, totaled $41.2 million, or 2.58% of total loans.First quarter net income after taxes was $4.9 million compared with $6.8 million for the previous quarter ending December 31, 2023.Deposits have decreased $29.3 million since the prior quarter and $109.8 million since March 31, 2023.The Bank’s on balance sheet liquidity (cash and equivalents, deposits held in other institutions,
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