SANTA ROSA – Exchange Bank earned an after-tax profit of nearly $3 million in the first quarter of 2012, virtually the same amount earned during the same quarter in 2011, according to an earnings statement that the bank released today.
The steady profit of $2.95 million was coupled with a reduction to the bank’s provision for loan losses for the same period last year, from $3.25 million to $2.75 million. The bank attributed that reduction to a declining loss exposure in the its loan portfolio and a decline in non-performing assets.
Total assets at the bank increased 7 percent, to $113 million, in the quarter ending March 31, versus the same quarter in 2011. That increase was due to a strong growth in deposits and a modest growth in loans.
“We are pleased to report another steady profitable quarter,” said President and CEO William Schrader, in a written release. “We continue in our efforts to restore asset quality, which remains a challenge during the weak economic recovery.”