Exchange Bank Announces Third Quarter 2024 Earnings
Exchange Bank (OTC: EXSR) reported Q3 2024 net income of $4.9 million, down from $6.3 million in Q3 2023. Year-to-date net income through September 2024 reached $15.0 million, up from $13.4 million in the same period of 2023. The bank maintains strong liquidity with $817.1 million in on-balance sheet assets (23.95% of total assets) and $1.00 billion in available borrowing capacity. Total assets stood at $3.41 billion, with loans at $1.60 billion showing strong quality metrics. The bank remains well-capitalized with a total risk-based capital ratio of 19.43% and maintains solid deposit base of $2.82 billion.
Exchange Bank (OTC: EXSR) ha riportato un reddito netto per il terzo trimestre del 2024 di 4,9 milioni di dollari, in calo rispetto ai 6,3 milioni di dollari del terzo trimestre del 2023. Il reddito netto da inizio anno fino a settembre 2024 ha raggiunto i 15,0 milioni di dollari, rispetto ai 13,4 milioni di dollari nello stesso periodo del 2023. La banca mantiene una forte liquidità con 817,1 milioni di dollari in attivi nel bilancio (23,95% del totale degli attivi) e 1,00 miliardo di dollari in capacità di prestito disponibile. Il totale degli attivi si attesta a 3,41 miliardi di dollari, con prestiti per 1,60 miliardi di dollari che mostrano ottimi indicatori di qualità. La banca rimane ben capitalizzata con un rapporto di capitale a rischio totale del 19,43% e mantiene una solida base di depositi di 2,82 miliardi di dollari.
Exchange Bank (OTC: EXSR) reportó un ingreso neto de 4.9 millones de dólares en el tercer trimestre de 2024, una disminución respecto a los 6.3 millones de dólares en el tercer trimestre de 2023. El ingreso neto acumulado hasta septiembre de 2024 alcanzó los 15.0 millones de dólares, frente a los 13.4 millones de dólares en el mismo periodo de 2023. El banco mantiene una sólida liquidez con 817.1 millones de dólares en activos en el balance (23.95% del total de activos) y 1.00 mil millones de dólares en capacidad de préstamo disponible. Los activos totales se situaron en 3.41 mil millones de dólares, con préstamos de 1.60 mil millones de dólares que muestran indicadores de calidad robustos. El banco se mantiene bien capitalizado con un ratio de capital basado en riesgo del 19.43% y mantiene una base sólida de depósitos de 2.82 mil millones de dólares.
Exchange Bank (OTC: EXSR)는 2024년 3분기 순이익이 490만 달러로, 2023년 3분기의 630만 달러에서 감소했다고 보고했습니다. 2024년 9월까지의 연간 누적 순이익은 1500만 달러에 달해, 2023년 같은 기간의 1340만 달러에서 증가했습니다. 은행은 총 자산의 23.95%인 8억 1710만 달러의 대차대조표 자산과 10억 달러의 이용 가능한 대출 능력을 가지고 있어 강력한 유동성을 유지하고 있습니다. 총 자산은 34억 1000만 달러에 달하며, 16억 달러의 대출은 우수한 품질 지표를 보여줍니다. 은행은 19.43%의 총 위험 기반 자본 비율로 충분한 자본을 유지하며, 28억 2000만 달러의 견고한 예금 기반을 유지하고 있습니다.
Exchange Bank (OTC: EXSR) a rapporté un revenu net de 4,9 millions de dollars au troisième trimestre 2024, en baisse par rapport à 6,3 millions de dollars au troisième trimestre 2023. Le revenu net cumulé depuis le début de l'année jusqu'en septembre 2024 a atteint 15,0 millions de dollars, contre 13,4 millions de dollars au cours de la même période en 2023. La banque maintient une forte liquidité avec 817,1 millions de dollars d'actifs au bilan (23,95 % du total des actifs) et 1,00 milliard de dollars de capacité d'emprunt disponible. Les actifs totaux s'élevaient à 3,41 milliards de dollars, avec des prêts de 1,60 milliard de dollars affichant des indicateurs de qualité solides. La banque est bien capitalisée avec un ratio de capital basé sur le risque de 19,43 % et maintient une base de dépôts solide de 2,82 milliards de dollars.
Exchange Bank (OTC: EXSR) meldete für das 3. Quartal 2024 einen Nettogewinn von 4,9 Millionen US-Dollar, ein Rückgang gegenüber 6,3 Millionen US-Dollar im 3. Quartal 2023. Der Nettogewinn seit Jahresbeginn bis September 2024 belief sich auf 15,0 Millionen US-Dollar, verglichen mit 13,4 Millionen US-Dollar im gleichen Zeitraum 2023. Die Bank weist eine starke Liquidität mit 817,1 Millionen US-Dollar an bilanziellen Vermögenswerten (23,95 % der Gesamtaktiva) und 1,00 Milliarde US-Dollar an verfügbaren Kreditlinien auf. Die Gesamtaktiva beliefen sich auf 3,41 Milliarden US-Dollar, wobei die Kredite mit 1,60 Milliarden US-Dollar eine hohe Qualitätskennzahl aufweisen. Die Bank ist weiterhin gut kapitalisiert mit einer risikobasierten Gesamtkapitalquote von 19,43 % und hat eine solide Einlagenbasis von 2,82 Milliarden US-Dollar.
- Year-to-date net income increased to $15.0 million from $13.4 million YoY
- Strong liquidity position with $817.1 million on-balance sheet assets
- Robust loan quality with only 0.37% nonaccrual loans
- Well-capitalized with 19.43% total risk-based capital ratio
- 75.9% of deposits fully FDIC insured
- Q3 2024 net income decreased to $4.9 million from $6.3 million YoY
- Net interest margin declined to 2.58% from 2.95% YoY
- Total deposits decreased by $100.3 million (3.4%) YoY
- Funding costs increased by $16.1 million YoY
- Non-interest-bearing deposits decreased to 32.4% from 35.0% YoY
HIGHLIGHTS:
-
Third quarter net income after taxes was
$4.9 million $5.2 million $4.9 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
$817.1 million 23.95% of total assets as of September 30, 2024. In addition, the Bank has available borrowing capacity of$1.00 billion 29.41% of total assets. -
Loan balances have remained relatively constant since prior quarter. Since September 30, 2023, loan balances have increased by
$11.5 million 0.7% . -
Loan quality remains strong, nonaccrual loans totaled
$6.0 million 0.37% of gross loans, as of September 30, 2024. -
The allowance for credit losses, which is based on estimating credit losses for the life of the loans in the portfolio, totaled
$41.0 million 2.56% of total loans. -
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 September 30, 2024.
INCOME STATEMENT:
The Bank’s third quarter 2024 net income after taxes was
The Bank’s net interest income for the quarter ended September 30, 2024 was
On a year to date basis, net interest income through September 30, 2024 was
Non-interest income for three months ended September 30, 2024 was
Non-interest expense for the third quarter 2024 was
BALANCE SHEET:
Total assets were
The market value of the investment portfolio was
Gross loans at the end of the second quarter were
As mentioned previously, loan quality remains strong; nonaccrual loans totaled
Total deposits as of September 30, 2024 were
Non-interest-bearing deposits made up
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 September 30, 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) | ||||||||||||||
| September 30, 2024 and 2023 | ||||||||||||||
| (In Thousands) | ||||||||||||||
|
|
|
|
Change |
% Change |
|||||||||
| ASSETS | 2024 |
|
2023 |
|
24/23 |
24/23 |
||||||||
| Cash and due from banks | $ |
37,313 |
|
$ |
35,189 |
|
$ |
2,124 |
|
6.04 |
% |
|||
| Federal Reserve Bank |
|
166,112 |
|
|
73,745 |
|
|
92,367 |
|
125.25 |
% |
|||
| Total Cash and cash equivalents |
|
203,425 |
|
|
108,934 |
|
|
94,491 |
|
86.74 |
% |
|||
| Investments | ||||||||||||||
| Interest-earning deposits in other financial institutions |
|
- |
|
|
1,000 |
|
|
(1,000 |
) |
-100.00 |
% |
|||
| Securities available for sale |
|
1,431,151 |
|
|
1,457,684 |
|
|
(26,533 |
) |
-1.82 |
% |
|||
| FHLB Stock |
|
15,000 |
|
|
15,000 |
|
|
- |
|
0.00 |
% |
|||
| Loans and leases | ||||||||||||||
| Real estate |
|
1,262,875 |
|
|
1,229,458 |
|
|
33,417 |
|
2.72 |
% |
|||
| Consumer |
|
147,268 |
|
|
141,802 |
|
|
5,466 |
|
3.85 |
% |
|||
| Commercial |
|
192,440 |
|
|
219,849 |
|
|
(27,409 |
) |
-12.47 |
% |
|||
|
1,602,583 |
|
|
1,591,109 |
|
|
11,474 |
|
0.72 |
% |
||||
| Less allowance for credit losses |
|
(41,014 |
) |
|
(41,326 |
) |
|
312 |
|
-0.75 |
% |
|||
| Net loans and leases |
|
1,561,569 |
|
|
1,549,783 |
|
|
11,786 |
|
0.76 |
% |
|||
| Bank premises and equipment |
|
24,691 |
|
|
17,928 |
|
|
6,763 |
|
37.72 |
% |
|||
| Other assets |
|
175,589 |
|
|
212,903 |
|
|
(37,314 |
) |
-17.53 |
% |
|||
| Total Assets | $ |
3,411,425 |
|
$ |
3,363,232 |
|
$ |
48,193 |
|
1.43 |
% |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| Deposits | ||||||||||||||
| Non-Interest Bearing Demand | $ |
913,022 |
|
$ |
1,022,106 |
|
$ |
(109,084 |
) |
-10.67 |
% |
|||
| Interest Bearing | ||||||||||||||
| Transaction |
|
430,684 |
|
|
480,664 |
|
|
(49,980 |
) |
-10.40 |
% |
|||
| Money market |
|
540,248 |
|
|
506,755 |
|
|
33,493 |
|
6.61 |
% |
|||
| Savings |
|
469,885 |
|
|
572,474 |
|
|
(102,589 |
) |
-17.92 |
% |
|||
| Time |
|
463,606 |
|
|
335,697 |
|
|
127,909 |
|
38.10 |
% |
|||
| Total Deposits |
|
2,817,445 |
|
|
2,917,696 |
|
|
(100,251 |
) |
-3.44 |
% |
|||
| Borrowings |
|
245,000 |
|
|
175,000 |
|
|
70,000 |
|
40.00 |
% |
|||
| Other liabilities |
|
55,083 |
|
|
67,065 |
|
|
(11,982 |
) |
-17.87 |
% |
|||
| Total liabilities |
|
3,117,528 |
|
|
3,159,761 |
|
|
(42,233 |
) |
-1.34 |
% |
|||
| Stockholders' equity |
|
293,897 |
|
|
203,471 |
|
|
90,426 |
|
44.44 |
% |
|||
| Total Liabilities and Stockholder's Equity | $ |
3,411,425 |
|
$ |
3,363,232 |
|
$ |
48,193 |
|
1.43 |
% |
|||
| EXCHANGE BANK | |||||||||||||||||||
| and Subsidiaries | |||||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| For the Period Ended September 30, 2024 and 2023 | |||||||||||||||||||
| (In Thousands, except per share amounts) | Nine Months Ended | ||||||||||||||||||
Quarter Ended |
|
Nine Months Ended |
|
Change |
% Change |
||||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|
24/23 |
|
24/23 |
|||||||||
| Interest Income | |||||||||||||||||||
| Interest and fees on loans | $ |
22,564 |
$ |
20,911 |
|
$ |
66,732 |
$ |
60,574 |
$ |
6,158 |
|
10.17 |
% |
|||||
| Interest on investments securities |
|
8,954 |
|
8,293 |
|
|
26,075 |
|
24,656 |
|
1,419 |
|
5.76 |
% |
|||||
| Total interest income |
|
31,518 |
|
29,204 |
|
|
92,807 |
|
85,230 |
|
7,577 |
|
8.89 |
% |
|||||
| Interest expense | |||||||||||||||||||
| Interest on deposits |
|
8,705 |
|
5,174 |
|
|
24,025 |
|
10,069 |
|
13,956 |
|
138.60 |
% |
|||||
| Other interest expense |
|
2,871 |
|
2,491 |
|
|
8,195 |
|
6,050 |
|
2,145 |
|
35.45 |
% |
|||||
| Total interest expense |
|
11,576 |
|
7,665 |
|
|
32,220 |
|
16,119 |
|
16,101 |
|
99.89 |
% |
|||||
| Net interest income |
|
19,942 |
|
21,539 |
|
|
60,587 |
|
69,111 |
|
(8,524 |
) |
-12.33 |
% |
|||||
| Provision (reversal of) for credit losses |
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
0.00 |
% |
|||||
| Net interest income after | |||||||||||||||||||
| provision for credit losses |
|
19,942 |
|
21,539 |
|
|
60,587 |
|
69,111 |
|
(8,524 |
) |
-12.33 |
% |
|||||
| Non-interest income |
|
5,925 |
|
5,877 |
|
|
17,355 |
|
17,690 |
|
(335 |
) |
-1.89 |
% |
|||||
| Non interest expense | |||||||||||||||||||
| Salary and benefit costs |
|
10,677 |
|
10,240 |
|
|
32,212 |
|
30,670 |
|
1,542 |
|
5.03 |
% |
|||||
| Other expenses |
|
8,558 |
|
8,306 |
|
|
25,770 |
|
25,180 |
|
590 |
|
2.34 |
% |
|||||
| Total non-interest expense |
|
19,235 |
|
18,546 |
|
|
57,982 |
|
55,850 |
|
2,132 |
|
3.82 |
% |
|||||
| Income before income taxes |
|
6,632 |
|
8,870 |
|
|
19,960 |
|
30,951 |
|
(10,991 |
) |
-35.51 |
% |
|||||
| Provision for income taxes |
|
1,687 |
|
2,527 |
|
|
4,913 |
|
8,477 |
|
(3,564 |
) |
-42.04 |
% |
|||||
| Extraordinary Item |
|
- |
|
- |
|
|
- |
|
9,052 |
|
(9,052 |
) |
-100.00 |
% |
|||||
| Net income | $ |
4,945 |
$ |
6,343 |
|
$ |
15,047 |
$ |
13,422 |
$ |
1,625 |
|
12.11 |
% |
|||||
| Basic earnings per common share | $ |
2.88 |
$ |
3.72 | $ |
8.78 |
$ |
7.83 |
$ |
0.95 | 12.11 |
% |
|||||||
| Dividends per share | $ |
1.30 |
$ |
1.30 |
|
$ |
3.90 |
$ |
3.90 |
$ |
- |
|
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/20241029024078/en/
Charlotte Radmilovic
SVP, Chief Financial Officer
Exchange Bank
(707) 521-3751
Source: Exchange Bank
FAQ
What was Exchange Bank's (EXSR) Q3 2024 net income?
How much did Exchange Bank's (EXSR) deposits change in Q3 2024?
What is Exchange Bank's (EXSR) current loan quality status?
What was Exchange Bank's (EXSR) total risk-based capital ratio in Q3 2024?
