Exchange Bank Reports 15% increase in Q1 Earnings

Exchange Bank (OTC: EXSR) reported April 30 a more than 15% increase year over year in first-quarter earnings.

Net income for the first quarter was $5.61 million.

Net interest income of $20.9 million rose 3% from last year’s first quarter. Net interest income is the difference between revenue generated from interest-bearing accounts and liability costs.

Noninterest income, derived by fees, was $6.4 million, up 12% from a year before.

Expenses stayed about even, nudging upward by less than 1%, to $19.78 million.

Deposits totaled $2.88 billion, a 2% increase.

Net loans were $1.57 billion, increasing by about $20 million over 12 months, while the gross loans were $1.61 billion. With that difference, the metric that accounts for the total on outstanding loans after adjustments for circumstances such as bad-debt allowances moved less than a percentage point upward.

Bank officials noted a portfolio comprised primarily commercial real estate remains “well diversified between industries.”