SANTA ROSA – Exchange Bank reported its fifth consecutive quarterly profit of $2.76 million at the end of the second quarter of 2010, up from the $2.43 million at the same time last year.
“We are pleased to report our fifth consecutive quarterly profit,” said William Schrader, president and chief executive officer of the bank. “Stabilization of the broad economy; the dedication, resiliency and hard work of the Exchange Bank team; and the unwavering support of our community are combining to form the foundation of a steady recovery for the bank.”
Total assets are $1.51 billion, down from the $1.61 billion reported at the same time last year. Deposits were $1.29 billion, down from $1.35 billion the previous year. Loans were $1.05 billion after a $36.4 million allowance for loan losses compared to the $1.10 billion after a $33.2 million loan loss provision last year.
The bank’s dividends continue to be suspended.
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