Exchange Bank Announces Fourth Quarter and Year Ending 2023 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 fourth quarter and year ending 2023, reporting net income after taxes of $6.77 million in the fourth quarter of 2023 and $20.19 million for the year ended 2023.HIGHLIGHTS:In 2023, the Bank grew gross loan balances by $84.77 million or 5.61%.Loan quality remains strong, nonaccrual loans totaled $4.1 million, or 0.26% of gross loans, as of December 31, 2023.The allowance for credit losses, which is based on estimating credit losses for the life of the loans in the portfolio, totaled $41.27 million, or 2.59% of total loans.The Bank had year to date net income after taxes of $20.19 million, compared with $37.48 million for 2022. The decrease in income is partially related to a one-time charge of $9.10 million, net of taxes, related to the voluntary termination of the Exchange Bank Pension Plan in the second quarter of 2023. Additional decreases related to the increase
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