SANTA ROSA – Exchange Bank reported today that it earned an after-tax profit of $2.84 million for the quarter ended June 30, nearly level with earnings during the same quarter in 2011.
Total assets rose to $1.62 billion during the quarter, an 8 percent increase over the past 12 months that the bank attributed to strong deposit growth. Deposits are currently $1.4 billion, up from $1.3 billion at the same time in 2011.
The provision for loan losses decreased to $2.5 million for the quarter, compared to $3 million during the same period one year ago. That decline reflected a 22 percent reduction in non-performing assets over the 12-month period.
“We are pleased to report another steady profitable quarter,” said President and CEO William Schrader. “We continue in our efforts to restore asset quality, which remains a challenge in this weak economic environment. Capital and liquidity ratios are very strong and well above regulatory expectations. We anticipate the future pace of our recovery will likely track the slow general recovery of our local economy.”
Exchange Bank currently holds more than $1 billion in loans, $29.8 million less than at the same time in 2011. Investment securities have increased $64 million over the year, to $376.8 million.