Exchange Bank (OTC: EXSR) on Wednesday reported net income for the second quarter of $8.22 million, up 4.7% from a year before.
The increase from $7.85 million in the same period in 2020 comes on the heels of a 1.6% year-over-year dip in first-quarter earnings. Last year’s results primarily were logged before the global pandemic gained steam.
Bank officials point to the COVID-19-spawned economic crisis as having influenced the Santa Rosa financial institution’s performance over the last year and a half.
Net interest income — which reflects the differential between revenue generated by interest-bearing assets and the costs of servicing liabilities — for the quarter ending June 30 went up slightly, 0.2%, to $23.2 million from $23.2 million a year before. In this year’s circumstances, the interest income was supported by the Paycheck Protection Program loans booked in 2020 and 2021.
Non-interest income, which is derived by fees, rose 25.5% to $5.95 million from $4.74 million in the second quarter of 2020.
Although the bank contends its loan portfolio remains strong, it incorporated a provision for loan losses amounting to $800,000 to compensate for factors influenced by an uncertain economic climate.
Deposits surged 15% year-over-year by $395 million, prompted mainly by business deposits relating to PPP loans channeled into accounts.
“The bank’s extraordinary efforts to assist our customers during this pandemic, especially with PPP loans, have had a significant effect on the size of asset mixture of our balance sheet,” President and CEO Troy Sanderson said in a statement.
Exchange Bank is a community bank founded in 1890 with assets now totaling $3.4 billion. It manages 17 retail branches in Sonoma County, a commercial branch in Roseville as well as trust and investment offices in its home base of Santa Rosa.
Susan Wood covers law, cannabis, production, biotech, energy, transportation, agriculture as well as banking and finance. For 25 years, Susan has worked for a variety of publications including the North County Times, now a part of the Union Tribune in San Diego County, along with the 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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August 05, 2021 at 08:10AM
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Santa Rosa's Exchange Bank reports Q2 earnings rise 4% - North Bay Business Journal
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