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Exchange Bank Announces Third Quarter Earnings Increase 5%

Mittwoch, 19.10.2016 23:40 von

PR Newswire

SANTA ROSA, Calif., Oct. 19, 2016 /PRNewswire/ -- Today Exchange Bank (OTC: EXSR) announced results for the third quarter of 2016 with a profit after tax of $5.4 million, compared to $5.1 million in the third quarter of 2015. This represents an increase of $257 thousand or a 5% increase compared to the same period a year ago. "The increase in earnings for the third quarter is a significant accomplishment in this low rate environment that is posing a challenge to the entire banking industry. The meaningful increases we have witnessed during this past year in both loan and deposit volumes, are a result of the hard work and dedication of our employees, as well as the continued loyalty of our clients and support from the communities we serve," stated Gary Hartwick, President and CEO.  The Bank singled out strong loan activity and the continued expansion of the Bank's Trust and Investment Management business as key contributors to the success in financial results.

Exchange_Bank_Logo

The core earnings of the Bank are driven primarily by continued growth in loans which were funded by growth in deposits. Loan growth of $140 million or 11.3% during the 12 month period ending September 30, 2016 was funded by deposit growth of $127 million or 7.2%.This asset growth led to an increase in net interest income of approximately $900 thousand during the third quarter of 2016, a 5.3% increase over the similar quarter in 2015.

During the nine-months ending September 30, 2016, the Bank achieved net earnings of $16.05 million, compared to $15.9MM during the similar nine-month period in 2015. During the nine-months ending September 30, 2016 the Bank's core earnings as measured by net interest income increased $3.3 million over the similar nine-month period in 2015, an increase of 6.6%. Net earnings for the Bank rose by $144 thousand or approximately 1% year-over-year as this increase in net interest income was largely offset by the decline in the recapture of provision for loan loss which fell from $3.2 million for the nine-months ending September 30, 2015 to $900 thousand during the similar nine-month period ending September 30, 2016.

Exchange Bank paid a quarterly cash dividend of $0.70 per share on common stock outstanding to shareholders on September 16, 2016. 51% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company's control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward-looking statements are made.

EXCHANGE BANK

and Subsidiaries


 Consolidated Balance Sheet

(Unaudited)









September 30, 2016 and 2015








(In Thousands)














Change

% Change 

ASSETS


2016


2015


16/15

16/15









Cash and due from banks


$        31,249


$      27,453


3,796

13.83%

Fed Funds Sold


31,507


78,702


(47,195)

-59.97%

Total Cash and cash equivalents


62,756


106,155


(43,399)

-40.88%









Investments








Interest-earning deposits in other financial institutions

78,500


71,000


7,500

10.56%

Securities available for sale


518,612


488,401


30,211

6.19%

FHLB Stock


10,015


9,036


979

10.83%









Loans and leases








Real estate


937,385


830,868


106,517

12.82%

Consumer


113,975


102,771


11,204

10.90%

Commercial


337,211


314,362


22,849

7.27%











1,388,571


1,248,001


140,570

11.26%

Less allowance for loan and lease losses


(37,962)


(37,676)


(286)

0.76%









Net loans and leases


1,350,609


1,210,325


140,284

11.59%









Bank premises and equipment


17,372


16,133


1,239

7.68%

Other assets


81,404


69,701


11,703

16.79%









Total Assets


$ 2,119,268


$ 1,970,751


148,517

7.54%

















LIABILITIES AND STOCKHOLDERS' EQUITY
















Deposits








Non-Interest Bearing Demand


712,334


664,010


48,324

7.28%

Interest Bearing








Transaction


339,570


291,596


47,974

16.45%

Money market


262,923


234,811


28,112

11.97%

Savings


393,237


368,495


24,742

6.71%

Time


193,136


215,247


(22,111)

-10.27%









Total Deposits


1,901,200


1,774,159


127,041

7.16%









Other borrowings


8,000


8,000


-

0.00%

Other liabilities


22,801


14,777


8,024

54.30%









Total liabilities


1,932,001


1,796,936


135,065

7.52%









Stockholders' equity


187,267


173,815


13,452

7.74%









Total Liabilities and Stockholder's Equity

$ 2,119,268


$ 1,970,751


148,517

7.54%

 

EXCHANGE BANK

and Subsidiaries


 Consolidated Statement of Operations

(Unaudited)


For the Period Ended September 30, 2016 and 2015

(In Thousands, except per share amounts)









Nine Months Ending




 Quarter 


 Nine Months Ending 


Change

% Change 




2016


2015


2016


2015


16/15

16/15














Interest Income












Interest and fees on loans


$ 15,784


$ 14,630


$   46,752


$ 44,219


$ 2,533

5.73%

Interest on investments securities


2,628


2,614


7,978


7,767


211

2.72%














Total interest income


18,412


17,244


54,730


51,986


2,744

5.28%














Interest expense












Interest on deposits


188


235


585


796


(211)

-26.51%

Other interest expense


96


95


286


656


(370)

-56.40%

Total interest expense


284


330


871


1,452


(581)

-40.01%














Net interest income


18,128


16,914


53,859


50,534


3,325

6.58%














Provision (reversal of) for losses on loans

-


(300)


(900)


(3,200)


2,300

-71.88%














Net interest income after provision for loan and leases


18,128


17,214


54,759


53,734


1,025

1.91%














Non-interest income


5,474


5,407


15,356


16,028


(672)

-4.19%














Non interest expense












Salary and benefit costs


8,414


7,430


25,356


23,825


1,531

6.43%

Other expenses


6,510


6,712


18,887


19,566


(679)

-3.47%

Total non-interest expense


14,924


14,142


44,243


43,391


852

1.96%














Income before income taxes


8,678


8,479


25,872


26,371


(499)

-1.89%














Provision for income taxes


3,283


3,341


9,821


10,464


(643)

-6.14%














Net income


$ 5,395


$   5,138


$ 16,051


$ 15,907


$    144

0.91%



























Basic earnings per common share


$     3.15


$     3.00


$       9.36


$     9.28


$   0.08

0.91%

Dividends per share


$     0.70


$     0.55


$       2.05


$     1.60


$   0.45

28.13%














Earnings per share is computed by dividing net income, by the weighted averaged number of shares outstanding during the year.


Total average shares outstanding for both 2016 and 2015 was 1,714,344

 

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SOURCE Exchange Bank