Exchange Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2015
January 29, 2016 at 04:09 pm
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Exchange Bank reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2015. For the quarter, the company reported total interest income of $17,794,000 compared to $16,617,000 a year ago. Net interest income was $17,475,000 compared to $15,877,000 a year ago. Income before income taxes was $7,649,000 compared to $6,888,000 a year ago. Net income was $5,121,000 or $2.99 per basic/diluted earnings per common share compared to $4,548,000 or $2.65 per basic/diluted earnings per common share a year ago.
For the year, the company reported total interest income of $69,781,000 compared to $66,062,000 a year ago. Net interest income was $68,010,000 compared to $63,551,000 a year ago. Income before income taxes was $34,020,000 compared to $28,272,000 a year ago. Net income was $21,028,000 or $12.7 per basic/diluted earnings per common share compared to $17,709,000 or $10.25 per basic/diluted earnings per common share a year ago. This year's profitability was influenced by a number of nonrecurring events, which impacted both revenue and expense. As a result of the significant improvement in the Bank's credit quality, demonstrated by the $3.4 million in net recoveries of loans previously charged off, $3.2 million in provision for loan losses was reversed during the year.
Exchange Bank (the Bank) is a full-service community bank. The Bank provides a range of personal, commercial and trust and investment management services with over 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank's personal banking products and services include checking, savings, personal loans, home loans and credit cards. The Bank's business banking products and services include checking, savings, loans, credit cards and merchant services. Its services include trust administration, investment management, retirement accounts and estate settlement.