Exchange Bank Announces Fourth Quarter and Year Ending 2024 Earnings
Exchange Bank (OTC: EXSR) reported net income after taxes of $8.8 million in Q4 2024 and $23.85 million for the full year 2024, up from $20.19 million in 2023. The bank's liquidity remains strong at $676.17 million (20.50% of total assets), with available borrowing capacity of $998.34 million.
Key financial metrics include: loan growth of 1.5% year-over-year to $1.62 billion, strong loan quality with nonaccrual loans below 0.70%, and a total risk-based capital ratio of 19.43%. The bank released $5.80 million of allowance for credit losses in Q4. Net interest income decreased 10.20% to $81.26 million in 2024, primarily due to increased funding costs.
Total assets were $3.30 billion, with deposits remaining stable at $2.83 billion. The investment portfolio stood at $1.36 billion, with approximately 75.86% of deposits fully FDIC insured.
Exchange Bank (OTC: EXSR) ha riportato un reddito netto dopo le tasse di 8,8 milioni di dollari nel Q4 2024 e di 23,85 milioni di dollari per l'intero anno 2024, in aumento rispetto ai 20,19 milioni di dollari nel 2023. La liquidità della banca rimane solida a 676,17 milioni di dollari (20,50% del totale attivo), con una capacità di prestito disponibile di 998,34 milioni di dollari.
I principali indicatori finanziari includono: una crescita dei prestiti dell'1,5% su base annua a 1,62 miliardi di dollari, una forte qualità dei prestiti con prestiti non producenti interessi sotto lo 0,70%, e un rapporto di capitale a rischio totale del 19,43%. La banca ha rilasciato 5,80 milioni di dollari di accantonamenti per perdite su crediti nel Q4. Il reddito netto da interessi è diminuito del 10,20% a 81,26 milioni di dollari nel 2024, principalmente a causa dell'aumento dei costi di finanziamento.
Il totale degli attivi era di 3,30 miliardi di dollari, con depositi che rimangono stabili a 2,83 miliardi di dollari. Il portafoglio di investimenti si attestava a 1,36 miliardi di dollari, con circa il 75,86% dei depositi completamente assicurati dalla FDIC.
Exchange Bank (OTC: EXSR) reportó un ingreso neto después de impuestos de 8,8 millones de dólares en el Q4 de 2024 y de 23,85 millones de dólares para todo el año 2024, un aumento respecto a los 20,19 millones de dólares en 2023. La liquidez del banco sigue siendo sólida en 676,17 millones de dólares (20,50% del total de activos), con una capacidad de endeudamiento disponible de 998,34 millones de dólares.
Los principales indicadores financieros incluyen: un crecimiento de préstamos del 1,5% año con año a 1,62 mil millones de dólares, una fuerte calidad de los préstamos con préstamos no productivos por debajo del 0,70%, y una relación total de capital basada en riesgos del 19,43%. El banco liberó 5,80 millones de dólares de provisiones para pérdidas crediticias en el Q4. Los ingresos netos por intereses disminuyeron un 10,20% a 81,26 millones de dólares en 2024, principalmente debido al aumento de los costos de financiamiento.
Los activos totales eran de 3,30 mil millones de dólares, con depósitos que permanecen estables en 2,83 mil millones de dólares. El portafolio de inversiones se situaba en 1,36 mil millones de dólares, con aproximadamente el 75,86% de los depósitos completamente asegurados por la FDIC.
Exchange Bank (OTC: EXSR)는 2024년 4분기 세후 순이익이 880만 달러, 2024년 전체 연간 순이익이 2385만 달러로, 2023년 2019만 달러에서 증가했다고 보고했습니다. 은행의 유동성은 6억 7617만 달러(총 자산의 20.50%)로 여전히 강하며, 가용 차입 능력은 9억 9834만 달러입니다.
주요 재무 지표로는 전년 대비 1.5% 증가한 16억 2000만 달러의 대출 성장, 0.70% 미만의 부실 대출로 강한 대출 품질, 19.43%의 총 위험 기반 자본 비율이 포함됩니다. 은행은 4분기에 580만 달러의 신용 손실 대비 충당금을 방출했습니다. 순이자 수익은 2024년에 10.20% 감소한 8126만 달러로, 주로 자금 조달 비용 증가 때문입니다.
총 자산은 33억 달러였으며, 예금은 28억 3000만 달러로 안정세를 유지하고 있습니다. 투자 포트폴리오는 13억 6000만 달러로, 예금의 약 75.86%가 FDIC에 의해 완전히 보험에 가입되어 있습니다.
Exchange Bank (OTC: EXSR) a annoncé un revenu net après impôts de 8,8 millions de dollars au T4 2024 et de 23,85 millions de dollars pour l'année entière 2024, en hausse par rapport à 20,19 millions de dollars en 2023. La liquidité de la banque reste solide à 676,17 millions de dollars (20,50 % des actifs totaux), avec une capacité d'emprunt disponible de 998,34 millions de dollars.
Les principaux indicateurs financiers incluent : une croissance des prêts de 1,5 % d'une année sur l'autre à 1,62 milliard de dollars, une solide qualité de crédit avec des prêts non producteurs en dessous de 0,70 %, et un ratio de capital total basé sur le risque de 19,43 %. La banque a libéré 5,80 millions de dollars de provisions pour créances douteuses au T4. Le revenu net d'intérêts a diminué de 10,20 % pour atteindre 81,26 millions de dollars en 2024, principalement en raison de l'augmentation des coûts de financement.
Les actifs totaux s'élevaient à 3,30 milliards de dollars, les dépôts restant stables à 2,83 milliards de dollars. Le portefeuille d'investissement s'élevait à 1,36 milliard de dollars, avec environ 75,86 % des dépôts entièrement assurés par la FDIC.
Exchange Bank (OTC: EXSR) berichtete von einem Nettogewinn nach Steuern von 8,8 Millionen Dollar im 4. Quartal 2024 und von 23,85 Millionen Dollar für das gesamte Jahr 2024, im Vergleich zu 20,19 Millionen Dollar im Jahr 2023. Die Liquidität der Bank bleibt robust bei 676,17 Millionen Dollar (20,50% der Gesamtaktiva), mit einer verfügbaren Kreditaufnahme von 998,34 Millionen Dollar.
Wichtige Finanzkennzahlen sind: ein Kreditwachstum von 1,5% im Jahresvergleich auf 1,62 Milliarden Dollar, eine starke Kreditqualität mit nicht fälligen Krediten unter 0,70% und ein insgesamt risikobasierter Kapitalquote von 19,43%. Die Bank hat im 4. Quartal 5,80 Millionen Dollar an Rückstellungen für Kreditausfälle freigegeben. Der Nettozinsertrag sank 2024 um 10,20% auf 81,26 Millionen Dollar, hauptsächlich aufgrund gestiegener Finanzierungskosten.
Die Gesamtsumme der Vermögenswerte betrug 3,30 Milliarden Dollar, wobei die Einlagen stabil bei 2,83 Milliarden Dollar blieben. Das Investitionsportfolio belief sich auf 1,36 Milliarden Dollar, wobei etwa 75,86% der Einlagen vollständig von der FDIC versichert sind.
- Net income increased to $23.85M in 2024 from $20.19M in 2023
- Strong liquidity position with $676.17M available (20.50% of total assets)
- Loan growth of 1.5% year-over-year
- Strong loan quality with nonaccrual loans below 0.70%
- High capital ratio at 19.43%, well above regulatory requirements
- Release of $5.80M in loan loss reserves indicates strong credit quality
- Net interest income decreased 10.20% to $81.26M in 2024
- Net interest margin declined from 2.86% to 2.59%
- Increased funding costs from 0.82% to 1.44%
- Total assets decreased by $66.93M from prior year
- Investment portfolio value declined by $135.10M year-over-year
HIGHLIGHTS:
-
Net income after tax for the year ended December 31, 2024 was
$23.85 million $20.19 million -
The Bank’s on balance sheet liquidity (cash and equivalents, deposits held in other institutions, and unpledged available-for-sale securities) remains strong at
$676.17 million 20.50% of total assets as of December 31, 2024. In addition, the Bank has available borrowing capacity of$998.34 million 30.26% of total assets. -
Loan balances have increased since prior quarter by
$16.00 million $23.90 million 1.5% since 2023. -
Loan quality remains strong, nonaccrual loans make up less than
0.70% of gross loans as of December 31, 2024 and the Bank holds no other real estate owned. -
In the fourth quarter, the Bank released
$5.80 million $35.10 million 2.17% of total loans at year end. -
The Bank remains well-capitalized, and all regulatory capital ratios were well above minimum requirements with a total risk-based capital ratio of
19.43% on December 31, 2024.
INCOME STATEMENT:
For the year ended December 31, 2024, the Bank had net income after taxes of
The Bank’s net interest income decreased from
Non-interest income for the year ended December 31, 2024 was relatively consistent, decreasing
Non-interest expense decreased
The quality of the Bank’s loan portfolio remains strong; the Bank did not take a provision for loan losses in 2023 and had a benefit to the provision related to a release of
BALANCE SHEET:
Total assets were
The market value of the investment portfolio was
Gross loans at the end of the 2024 year were
As mentioned previously, loan quality remains strong; nonaccrual loans totaled
Total deposits as of December 31, 2024 were
The Bank had borrowings of
The Bank’s regulatory capital ratios remain well in excess of the minimums to be considered “well capitalized.” As of December 31, 2024, the Bank reported a total risk-based capital ratio of
The Bank does not view the temporary nature of the book unrealized losses to be a significant risk to its long-term capital position. The unrealized losses reduce the Bank’s accumulated other comprehensive income, which the Bank has opted to exclude from its common equity tier 1 capital. Therefore, the Bank’s regulatory capital is not impacted by the changes in the market value of the investment securities in the Bank’s investment portfolio. The Bank’s regulatory capital, as defined by the FDIC, was
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 efforts to update forward-looking statements to reflect circumstances or events that occur after the date forward-looking statements are made.
About Exchange Bank
Headquartered in
Member FDIC — Equal Housing Lender — Equal Opportunity Employer
| EXCHANGE BANK | |||||||||||||||
| and Subsidiaries | |||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| (Unaudited) | |||||||||||||||
| December 31, 2024 and 2023 | |||||||||||||||
| (In Thousands) | |||||||||||||||
|
|
Change |
% Change |
||||||||||||
| ASSETS | 2024 |
2023 |
24/23 |
24/23 |
|||||||||||
| Cash and due from banks | $ |
28,639 |
|
$ |
35,645 |
|
$ |
(7,006 |
) |
-19.65 |
% |
||||
| Federal Reserve Bank |
|
106,238 |
|
|
53,965 |
|
|
52,273 |
|
96.86 |
% |
||||
| Total Cash and cash equivalents |
|
134,877 |
|
|
89,610 |
|
|
45,267 |
|
50.52 |
% |
||||
| Investments | |||||||||||||||
| Interest-earning deposits in other financial institutions |
|
- |
|
|
- |
|
|
- |
|
0.00 |
% |
||||
| Securities available for sale |
|
1,362,345 |
|
|
1,497,445 |
|
|
(135,100 |
) |
-9.02 |
% |
||||
| FHLB Stock |
|
15,000 |
|
|
15,000 |
|
|
- |
|
0.00 |
% |
||||
| Loans and leases | |||||||||||||||
| Real estate |
|
1,279,773 |
|
|
1,251,339 |
|
|
28,434 |
|
2.27 |
% |
||||
| Consumer |
|
148,679 |
|
|
146,310 |
|
|
2,369 |
|
1.62 |
% |
||||
| Commercial |
|
190,126 |
|
|
197,028 |
|
|
(6,902 |
) |
-3.50 |
% |
||||
|
1,618,578 |
|
|
1,594,677 |
|
|
23,901 |
|
1.50 |
% |
|||||
| Less allowance for credit losses |
|
(35,099 |
) |
|
(41,268 |
) |
|
6,169 |
|
-14.95 |
% |
||||
| Net loans and leases |
|
1,583,479 |
|
|
1,553,409 |
|
|
30,070 |
|
1.94 |
% |
||||
| Bank premises and equipment |
|
24,470 |
|
|
17,472 |
|
|
6,998 |
|
40.05 |
% |
||||
| Other assets |
|
179,362 |
|
|
193,524 |
|
|
(14,162 |
) |
-7.32 |
% |
||||
| Total Assets | $ |
3,299,533 |
|
$ |
3,366,460 |
|
$ |
(66,927 |
) |
-1.99 |
% |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
| Deposits | |||||||||||||||
| Non-Interest Bearing Demand | $ |
902,315 |
|
$ |
977,426 |
|
$ |
(75,111 |
) |
-7.68 |
% |
||||
| Interest Bearing | |||||||||||||||
| Transaction |
|
439,993 |
|
|
473,448 |
|
|
(33,455 |
) |
-7.07 |
% |
||||
| Money market |
|
543,483 |
|
|
485,322 |
|
|
58,161 |
|
11.98 |
% |
||||
| Savings |
|
462,123 |
|
|
531,291 |
|
|
(69,168 |
) |
-13.02 |
% |
||||
| Time |
|
484,529 |
|
|
371,140 |
|
|
113,389 |
|
30.55 |
% |
||||
| Total Deposits |
|
2,832,443 |
|
|
2,838,627 |
|
|
(6,184 |
) |
-0.22 |
% |
||||
| Borrowings |
|
140,000 |
|
|
225,000 |
|
|
(85,000 |
) |
-37.78 |
% |
||||
| Other liabilities |
|
46,281 |
|
|
47,425 |
|
|
(1,144 |
) |
-2.41 |
% |
||||
| Total liabilities |
|
3,018,724 |
|
|
3,111,052 |
|
|
(92,328 |
) |
-2.97 |
% |
||||
| Stockholders' equity |
|
280,809 |
|
|
255,408 |
|
|
25,401 |
|
9.95 |
% |
||||
| Total Liabilities and Stockholder's Equity | $ |
3,299,533 |
|
$ |
3,366,460 |
|
$ |
(66,927 |
) |
-1.99 |
% |
||||
| EXCHANGE BANK | |||||||||||||||||||||||
| and Subsidiaries | |||||||||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| For the Period Ended December 31, 2024 and 2023 | |||||||||||||||||||||||
| (In Thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Twelve months Ended |
||||||||||||||
Quarter Ended |
|
Twelve months Ended |
|
Change |
|
% Change |
|||||||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|
24/23 |
|
24/23 |
|||||||||||||
| Interest Income | |||||||||||||||||||||||
| Interest and fees on loans | $ |
22,364 |
|
$ |
21,345 |
|
$ |
89,096 |
|
$ |
81,919 |
|
$ |
7,177 |
|
8.76 |
% |
||||||
| Interest on investments securities |
|
9,547 |
|
|
8,973 |
|
|
35,623 |
|
|
33,629 |
|
|
1,994 |
|
5.93 |
% |
||||||
| Total interest income |
|
31,911 |
|
|
30,318 |
|
|
124,719 |
|
|
115,548 |
|
|
9,171 |
|
7.94 |
% |
||||||
| Interest expense | |||||||||||||||||||||||
| Interest on deposits |
|
9,233 |
|
|
6,647 |
|
|
33,258 |
|
|
16,716 |
|
|
16,542 |
|
98.96 |
% |
||||||
| Other interest expense |
|
2,006 |
|
|
2,292 |
|
|
10,201 |
|
|
8,342 |
|
|
1,859 |
|
22.28 |
% |
||||||
| Total interest expense |
|
11,239 |
|
|
8,939 |
|
|
43,459 |
|
|
25,058 |
|
|
18,401 |
|
73.43 |
% |
||||||
| Net interest income |
|
20,672 |
|
|
21,379 |
|
|
81,260 |
|
|
90,490 |
|
|
(9,230 |
) |
-10.20 |
% |
||||||
| Provision (reversal of) for credit losses |
|
(5,800 |
) |
|
- |
|
|
(5,800 |
) |
|
- |
|
|
(5,800 |
) |
100.00 |
% |
||||||
| Net interest income after provision for credit losses |
|
26,472 |
|
|
21,379 |
|
|
87,060 |
|
|
90,490 |
|
|
(3,430 |
) |
-3.79 |
% |
||||||
| Non-interest income |
|
6,033 |
|
|
5,970 |
|
|
23,387 |
|
|
23,660 |
|
|
(273 |
) |
-1.15 |
% |
||||||
| Non interest expense | |||||||||||||||||||||||
| Salary and benefit costs |
|
10,570 |
|
|
10,440 |
|
|
42,783 |
|
|
41,110 |
|
|
1,673 |
|
4.07 |
% |
||||||
| Pension Plan retirement |
|
- |
|
|
- |
|
|
- |
|
|
8,398 |
|
|
(8,398 |
) |
-100.00 |
% |
||||||
| Other expenses |
|
8,316 |
|
|
8,421 |
|
|
34,086 |
|
|
36,930 |
|
|
(2,844 |
) |
-7.70 |
% |
||||||
| Total non-interest expense |
|
18,886 |
|
|
18,861 |
|
|
76,869 |
|
|
86,438 |
|
|
(9,569 |
) |
-11.07 |
% |
||||||
| Income before income taxes |
|
13,619 |
|
|
8,488 |
|
|
33,578 |
|
|
27,712 |
|
|
5,866 |
|
21.17 |
% |
||||||
| Provision for income taxes |
|
4,812 |
|
|
1,717 |
|
|
9,725 |
|
|
7,519 |
|
|
2,206 |
|
29.34 |
% |
||||||
| Net income | $ |
8,807 |
|
$ |
6,771 |
|
$ |
23,853 |
|
$ |
20,193 |
|
$ |
3,660 |
|
18.13 |
% |
||||||
| Basic earnings per common share | $ |
5.14 |
|
$ |
3.95 |
|
$ |
13.91 |
|
$ |
11.78 |
|
$ |
2.13 |
|
18.13 |
% |
||||||
| Dividends per share | $ |
1.30 |
|
$ |
1.30 |
|
$ |
5.20 |
|
$ |
5.20 |
|
$ |
- |
|
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 2024 and 2023 was 1,714,344. | |||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129809158/en/
Charlotte Radmilovic
SVP, Chief Financial Officer
Exchange Bank
(707) 521-3751
Source: Exchange Bank
FAQ
What was Exchange Bank's (EXSR) net income for full year 2024?
How much did EXSR's net interest income change in 2024?
What was EXSR's loan growth in 2024?
What percentage of EXSR's deposits were FDIC insured as of December 31, 2024?
What was EXSR's total risk-based capital ratio at the end of 2024?
