Exchange Bank (OTC: EXSR) announced Friday a slight gain in net income for the third quarter ending Sept. 30 in comparison to the previous three months.
The Santa Rosa-based bank took in $7.98 million, up 1.66% from the $7.85 million reported for the quarter ending June 30.
In 2019, the bank racked up $9.35 million in net income for the third quarter.
But this year has been a challenge for banking results, including declines in net and non-interest incomes as well as provisions in loan losses.
Meanwhile, the bank’s net interest income, which reflects the difference between revenue generated by interest-bearing assets and the costs of servicing liabilities, declined by about $900,000 year over year, to $24 million.
Non-interest income, a measurement driven by bank and creditor fees, also dropped from the $6.2 million announced in last year’s third quarter to $5.22 million for this year’s.
Exchange Bank President and CEO Gary Hartwick summed up the tumultuous economy this year in a statement:
“During this challenging period in which all of our lives have been disrupted by the COVID-19 virus, and more recently the devastating, massive wildfires impacting our communities, we continue to support and provide much-needed assistance to our customers,” he said.
Further, Hartwick said in a statement that he was pleased with the bank’s continuing commitment to its strong credit quality in its lending practices.
Exchange Bank participated heavily in the U.S. Small Business Administration’s Paycheck Protection Program under the CARES Act issued by the U.S. Congress.
While modest or declining returns are seen in some areas, the level of deposits from its customers shows a dramatic increase of 16.5% in the 2020 third-quarter results. Those drops amount to $379 million, opposed to $260 million brought into the bank in the same quarter of 2019.
“As an organization, we are grateful to be in a position of strength in terms of capital and liquidity that will allow us to continue to meet the needs of our clients and community as we work through this turbulent period together,” Hartwick added.
Founded in 1890, Exchange Bank manages $3 billion in assets and services customers in 18 branches throughout Sonoma County.
Susan Wood covers law, cannabis, production, energy and agriculture as well as banking and finance. For 25 years, Susan has worked for a variety of publications including the North County Times in San Diego County, Tahoe Daily Tribune and Lake Tahoe News. She graduated from Fullerton College. Reach her at 530-545-8662 or susan.wood@busjrnl.com.
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October 31, 2020 at 03:26AM
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Santa Rosa's Exchange Bank posts 1.7% quarterly increase in earnings - North Bay Business Journal
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