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.