SANTA ROSA- Exchange Bank reported first quarter net income to be $2.94 million, compared with the $2.12 million in the same quarter the year before.
The bank noted that there are many consumer and business customers still struggling and the bank remains cautious in their outlook.
Deposits for the quarter totaled $1.30 billion, down slightly from the $1.31 billion in the corresponding quarter a year ago.
Loans were reported at $1 billion, which includes a $31.48 million allowance for losses. That is down from the $1.05 billion reported last year which included a loan loss reserve of $33.56 million.
The bank has total assets of $1.52 billion, just slightly lower than the $1.53 reported at the end of the first quarter of 2010.
“We are pleased to report our eighth consecutive quarterly profit" said William Schrader, president and chief executive officer of the bank. "We continue in our efforts to restore asset quality and it will remain a challenge in this weak economic recovery. The dedication and efforts of our entire team, have enabled our organization to continue a steady recovery despite the many economic challenges in our local and state economies."
