Santa Rosa-based Exchange bank on Wednesday announced a 4.8% increase in its quarterly dividend.
The dividend of $1.10 per share for the quarter applies to shares of common stock outstanding to shareholders of record at close of business on June 7 and will be paid June 21. It's up a nickel from the previous dividend of $1.05.
The dividend “is a reflection of the Bank’s financial strength and robust earnings,” Executive Vice President and Chief Financial Officer Greg Jahn wrote in a press release.
It has increased from 15.8% over 11 months, from 95 cents per share during the quarter ending June 30, 2018, Jahn said.
The cash dividend helps fund students at Santa Rosa Junior College, as 50.44% of it goes to the Doyle Trust for scholarships.
As the Business Journal reported last month, the bank's first-quarter earnings were down 18.3% from a year before, attributed to 2018 property transactions, while net interest income increased about 8% in the same period, largely because of rising interest rates.