CORRECTING and REPLACING Exchange Bank Announces Second Quarter 2022 Earnings
The updated release reads:
EXCHANGE BANK ANNOUNCES SECOND QUARTER 2022 EARNINGS
The Bank’s net interest income increased from
Non-interest income increased from
The quality of the Bank’s loan portfolio remains strong; the Bank did not take a provision for loan losses in the second quarter of 2022. Due to the economic uncertainty in the second quarter of 2021, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling
Total assets increased to
The Bank continues to deploy excess cash into its investment portfolio. The investment portfolio was
Deposits remain elevated with balances of
During the six months ending
The Bank’s capital ratios remain well in excess of the regulatory minimums to be considered “well capitalized.” As of
“In this rising interest rate environment, the Bank continues to maintain a very strong and stable liquidity position, focusing on smart loan growth within our community while maintaining excellent portfolio credit quality,” said
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
About
Headquartered in
Member
and Subsidiaries | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
(Unaudited) | ||||||||||||||
(In Thousands) | ||||||||||||||
Change | % Change | |||||||||||||
ASSETS |
|
2022 |
|
|
|
2021 |
|
|
|
22/21 |
|
22/21 |
|
|
Cash and due from banks | $ |
33,272 |
|
$ |
26,700 |
|
$ |
6,572 |
|
24.61 |
% |
|||
|
129,801 |
|
|
472,344 |
|
|
(342,543 |
) |
-72.52 |
% |
||||
Total Cash and cash equivalents |
|
163,073 |
|
|
499,045 |
|
|
(335,971 |
) |
-67.32 |
% |
|||
Investments | ||||||||||||||
Interest-earning deposits in other financial institutions |
|
8,000 |
|
|
26,000 |
|
|
(18,000 |
) |
-69.23 |
% |
|||
Securities available for sale |
|
1,583,846 |
|
|
1,103,578 |
|
|
480,267 |
|
43.52 |
% |
|||
FHLB Stock |
|
15,000 |
|
|
14,465 |
|
|
535 |
|
3.70 |
% |
|||
Loans and leases | ||||||||||||||
Real estate |
|
1,139,608 |
|
|
1,082,379 |
|
|
57,230 |
|
5.29 |
% |
|||
Consumer |
|
143,864 |
|
|
132,491 |
|
|
11,373 |
|
8.58 |
% |
|||
Commercial |
|
240,209 |
|
|
463,427 |
|
|
(223,218 |
) |
-48.17 |
% |
|||
|
1,523,681 |
|
|
1,678,297 |
|
|
(154,615 |
) |
-9.21 |
% |
||||
Less allowance for loan and lease losses |
|
(43,870 |
) |
|
(43,790 |
) |
|
(80 |
) |
0.18 |
% |
|||
Net loans and leases |
|
1,479,811 |
|
|
1,634,507 |
|
|
(154,696 |
) |
-9.46 |
% |
|||
Bank premises and equipment |
|
17,973 |
|
|
19,354 |
|
|
(1,382 |
) |
-7.14 |
% |
|||
Other assets |
|
186,868 |
|
|
134,050 |
|
|
52,818 |
|
39.40 |
% |
|||
Total Assets | $ |
3,454,571 |
|
$ |
3,430,999 |
|
$ |
23,572 |
|
0.69 |
% |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Deposits | ||||||||||||||
Non-Interest Bearing Demand | $ |
1,223,168 |
|
$ |
1,217,719 |
|
$ |
5,449 |
|
0.45 |
% |
|||
Interest Bearing | 0.00 |
% |
||||||||||||
Transaction |
|
634,386 |
|
|
573,803 |
|
|
60,583 |
|
10.56 |
% |
|||
Money market |
|
433,638 |
|
|
452,325 |
|
|
(18,687 |
) |
-4.13 |
% |
|||
Savings |
|
739,806 |
|
|
654,235 |
|
|
85,571 |
|
13.08 |
% |
|||
Time |
|
172,680 |
|
|
179,650 |
|
|
(6,970 |
) |
-3.88 |
% |
|||
Total Deposits |
|
3,203,678 |
|
|
3,077,731 |
|
|
125,946 |
|
4.09 |
% |
|||
Other liabilities |
|
32,909 |
|
|
44,274 |
|
|
(11,364 |
) |
-25.67 |
% |
|||
Total liabilities |
|
3,236,587 |
|
|
3,122,005 |
|
|
114,582 |
|
3.67 |
% |
|||
Stockholders' equity |
|
217,984 |
|
|
308,994 |
|
|
(91,010 |
) |
-29.45 |
% |
|||
Total Liabilities and Stockholder's Equity | $ |
3,454,571 |
|
$ |
3,430,999 |
|
$ |
23,572 |
|
0.69 |
% |
and Subsidiaries | |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
For the Period Ended |
|||||||||||||||||||
(In Thousands, except per share amounts) | Six months Ended | ||||||||||||||||||
Quarter Ended | Six months Ended | Change | % Change | ||||||||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
22/21 |
|
22/21 |
|
|||
Interest Income | |||||||||||||||||||
Interest and fees on loans | $ |
17,702 |
$ |
19,570 |
$ |
34,808 |
$ |
39,476 |
$ |
(4,669 |
) |
-11.83 |
% |
||||||
Interest on investments securities |
|
7,247 |
|
4,098 |
|
12,924 |
|
7,947 |
|
4,977 |
|
62.63 |
% |
||||||
Total interest income |
|
24,950 |
|
23,668 |
|
47,731 |
|
47,423 |
|
309 |
|
0.65 |
% |
||||||
Interest expense | |||||||||||||||||||
Interest on deposits |
|
407 |
|
431 |
|
808 |
|
912 |
|
(104 |
) |
-11.43 |
% |
||||||
Total interest expense |
|
407 |
|
431 |
|
808 |
|
912 |
|
(104 |
) |
-11.43 |
% |
||||||
Net interest income |
|
24,543 |
|
23,237 |
|
46,924 |
|
46,511 |
|
413 |
|
0.89 |
% |
||||||
Provision (reversal of) for losses on loans |
|
- |
|
800 |
|
- |
|
2,000 |
|
(2,000 |
) |
-100.00 |
% |
||||||
Net interest income after provision for loan and leases |
|
24,543 |
|
22,437 |
|
46,924 |
|
44,511 |
|
2,413 |
|
5.42 |
% |
||||||
Non-interest income |
|
6,072 |
|
5,947 |
|
12,176 |
|
11,355 |
|
821 |
|
7.23 |
% |
||||||
Non interest expense | |||||||||||||||||||
Salary and benefit costs |
|
9,479 |
|
9,360 |
|
19,157 |
|
18,035 |
|
1,122 |
|
6.22 |
% |
||||||
Other expenses |
|
7,992 |
|
7,656 |
|
15,416 |
|
14,701 |
|
715 |
|
4.86 |
% |
||||||
Total non-interest expense |
|
17,471 |
|
17,016 |
|
34,572 |
|
32,735 |
|
1,837 |
|
5.61 |
% |
||||||
Income before income taxes |
|
13,144 |
|
11,368 |
|
24,528 |
|
23,131 |
|
1,397 |
|
6.04 |
% |
||||||
Provision for income taxes |
|
3,628 |
|
3,148 |
|
6,751 |
|
6,418 |
|
334 |
|
5.20 |
% |
||||||
Net income | $ |
9,517 |
$ |
8,219 |
$ |
17,777 |
$ |
16,713 |
$ |
1,063 |
|
6.36 |
% |
||||||
Basic earnings per common share | $ |
5.55 |
$ |
4.79 |
$ |
10.37 |
$ |
9.75 |
$ |
0.62 |
|
6.36 |
% |
||||||
Dividends per share | $ |
1.20 |
$ |
1.20 |
$ |
2.40 |
$ |
2.40 |
$ |
- |
|
0.00 |
% |
||||||
Earnings per share is computed by dividing net income, by the weighted averaged number of shares outstanding during the year. | |||||||||||||||||||
Total average shares outstanding for both 2022 and 2021 was 1,714,344 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005857/en/
EVP, Chief Financial Officer
(707) 524-3067
Source: