Exchange Bank (OTC: EXSR) ended the last quarter of 2021 with a 6.6% annual increase in net income, to $9.85 million, the Santa Rosa-based bank reported Thursday.
The improvement highlights a substantial year of growth and promise leading out of the pandemic. 2021 earnings totaled $36.41 million, up from $33.69 million for the prior year, according to the bank.
“We achieved these solid financial results again with a steady focus on our core mission — assisting our customers, especially our commercial customers — during very difficult times,” President and CEO Troy Sanderson said.
Bank executives have remained committed to helping these customers impacted by the COVID-19 crisis come out of the other end of the tunnel. Outstanding loan balances have dropped to $58 million from about $400 million, the report reads.
Exchange Bank helped secure 1,094 loans valued at $125 million to struggling small businesses in the community. This is in addition to $260 million in Paycheck Protection Program funding managed by the U.S. Small Business Administration.
The bank’s balance sheet for 2021 was bolstered by banner deposit growth. Those accounts went up year over year by about $400 million (over 14%) to $3.53 billion, it says.
“We started the year believing we’d have deposit decreases as companies started to kick back on again,” Sanderson said, referring to extraordinary loan activity versus operating as usual. “We actually ended up having growth.”
Non-interest income, which is derived by fees, also rose year over year to $23.65 million in 2021 versus 2020. For the quarter, the bank ended the year collecting about $1 million more by Dec. 31 with $6.74 million.
The Santa Rosa financial institution made up for a slight drop in net-interest income for both the quarter and the year. The bank balance sheet barometer, defined as the difference between revenue generated by interest-bearing assets and the costs of servicing liabilities, was down by about $2 million to $23 million for the last three months of 2021. It was $23.99 million in the third quarter of 2021.
The bank’s 2021 results were influenced by changing behavior by businesses and consumers, bank executives say. While treasury yields stayed historically low, the bank’s margin was absorbed in declines in yields on loans and investments.
With assets of $3.53 billion at quarter- and year-end, Exchange Bank is a community bank founded in 1890. It manages 18 retail branches in Sonoma County, a commercial branch in Roseville as well as trust and investment offices in its home base of Santa Rosa, along with those in Roseville and the Silicon Valley.
Susan Wood covers law, cannabis, production, tech, energy, transportation, agriculture as well as banking and finance. For 27 years, Susan has worked for a variety of publications including the North County Times, Tahoe Daily Tribune and Lake Tahoe News. Reach her at 530-545-8662 or susan.wood@busjrnl.com.
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February 19, 2022 at 01:34AM
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Sonoma County's Exchange Bank posts over 6% rise in Q4 earnings - North Bay Business Journal
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