Business
Exchange Bank Announces Second Quarter 2024 Earnings
Exchange Bank Announces Second Quarter 2024 Earnings.
About this update from Exchange Bank (santa Rosa, Ca)
[{"type":"text","content":"\nExchange Bank (OTC: EXSR) today announced its unaudited financial results for the second quarter 2024, reporting net income after taxes of $5.2 million.\n\n\nHIGHLIGHTS:\n\n\n\nSecond quarter net income after taxes was $5.2 million compared with $4.9 million for the previous quarter ending March 31, 2024.\n\n\n\nThe Bank’s on balance sheet liquidity (cash and equivalents, deposits held in other institutions, and unpledged available-for-sale securities) remains strong at $715.1 million or 21.6% of total assets as of June 30, 2024. In addition, the Bank has available borrowing capacity of $1.03 billion or 31.2% of total assets.\n\n\n\nLoan balances have remained relatively constant since prior quarter, growing by $1.6 million from March 31, 2024. Since June 30, 2023, loan balances have increased by $52.1 million or 3.4%.\n\n\n\nLoan quality remains strong, nonaccrual loans totaled $4.0 million, or 0.25% of gross loans, as of June 30, 2024.\n\n\n\nThe allowance for credit losses, which is based on estimating credit losses for the life of the loans in the portfolio, totaled $40.8 million, or 2.55% of total loans.\n\n\n\nThe Bank remains well-capitalized, and all regulatory capital ratios were well above minimum requirements with a total risk-based capital ratio of 19.11% on June 30, 2024.\n\n\n\nINCOME STATEMENT:\n\n\nSecond quarter 2024 net income after taxes was $5.2 million compared with a net loss of $2.1 million in the second quarter of 2023 and $4.9 million for the previous quarter ending March 31, 2024. On a year to date basis, net income for 2024 through June was $10.1 million compared to $7.1 million for the same period of 2023. In the second quarter of 2023, the Bank booked a one-time after-tax expenditure of $9.1 million in connection with voluntary, full and final termination of the Exchange Bank Pension Plan.\n\n\nThe Bank’s net interest income for the quarter ended June 30, 2024 was $20.3 million, a $2.5 million or 10.9% decrease from the three months ended June 30, 2023. Quarterly interest income increased from the prior quarter ended March 31, 2024 by $0.6 million which was offset by interest expense increases of $0.5 million.\n\n\nOn a year to date basis, net interest income through June 30, 2024 was $40.6 million compared to $47.6 million for the same period of 2023. The decrease in net interest incom...