Exchange bank reports earnings

Exchange Bank paid a quarterly cash dividend of 70 cents per share of common stock outstanding to shareholders on June 17, the bank reported July 22.

More than half – 51 percent – of the bank's cash dividend goes to the Doyle Trust, which funds Doyle scholarships at Santa Rosa Junior College. The Frank P. Doyle and Polly O'Meara Doyle Trust owns 50.39 percent of Exchange Bank.

For the six months ending June 30, the bank said net earnings were $10.6 million, compared with $10.7 million during the same six-month period in 2015. Bank core earnings, as measured by net interest income, increased $2.1 million, or 6.3 percent. The bank said earnings were 'generally flat year-over-year' compared to the same period in 2015.

'Given the headwinds created by a slowing global economy and Treasury yields that have fallen recently to all-time lows, we are pleased with the results of the bank,' said Gary Hartwick, president and CEO. Historically low interest rates will be a hurdle going forward in continuing to grow earnings, he added.