Exchange Bank Reports Strong Q4 and Annual Financial Results
Exchange Bank Reports Strong Q4 and Annual Financial Results
Today, Exchange Bank (OTC: EXSR) announced its unofficial financial results for the fourth quarter and the year ending 2024. Impressively, the bank achieved a net income after taxes of $8.8 million for the fourth quarter and $23.85 million for the entire year.
Key Financial Highlights
Solid Growth in Income
In 2024, the net income after tax for the year reached an impressive $23.85 million, surpassing the previous year's figure of $20.19 million. This reflects a substantial increase in profitability.
Strong Liquidity Position
The bank's liquidity remains robust with total liquid assets amounting to $676.17 million, representing 20.50% of total assets. Moreover, Exchange Bank has an available borrowing capacity of $998.34 million, equating to 30.26% of total assets.
Loan Portfolio Growth
Loan balances increased by $16.00 million compared to the previous quarter and exhibited a year-over-year growth of $23.90 million, marking a 1.5% rise since 2023. The quality of the loan portfolio continues to be healthy, with nonaccrual loans comprising less than 0.70% of the total gross loans as of the end of the year.
Income Statements and Financial Ratios
Overview of Earnings
The net interest income for the full year decreased from $90.49 million in 2023 to $81.26 million in 2024, reflecting a 10.20% drop. This reduction is attributed primarily to increased deposit costs and rising interest expenses associated with borrowings.
Non-Interest Income and Expenses
Non-interest income remained stable, only slightly decreasing by $0.27 million to $23.39 million, with $10.33 million derived from wealth management fees. There was a notable 11.07% decrease in non-interest expenses, which fell from $86.44 million in 2023 to $76.87 million in 2024, largely due to a one-time charge from the previous year.
Balance Sheet Analysis
Asset Composition
By December 31, 2024, total assets reached $3.30 billion, reflecting a decrease of $66.93 million primarily due to cash reductions involved in repaying borrowings. The investment portfolio market value diminished to $1.36 billion from the previous year, attributed to portfolio paydowns and maturities.
Loan Diversification and Quality
Exchange Bank’s loan composition is diversified, with commercial real estate lending making up approximately 40% of the total loan portfolio, followed by residential and multifamily loans. Nonaccrual loans increased to $11.14 million, compared to $4.20 million the previous year, yet the overall loan quality remains strong.
Regulatory Capital Position
Exchange Bank is maintaining a well-capitalized position with total risk-based capital ratios reported at 19.43%. The bank’s book equity increased to $280.81 million, showing a growth of 9.94% compared to the previous year.
Community Commitment
With a strong tradition of community support and customer service since its founding in 1890, Exchange Bank remains a pillar of financial stability and social responsibility. The bank has won multiple awards for its workplace environment and commitment to quality service.
Frequently Asked Questions
What were Exchange Bank's net earnings for 2024?
Exchange Bank reported net earnings of $23.85 million for the year 2024.
How much did Exchange Bank's loans increase in 2024?
Loan balances increased by $23.90 million, equivalent to a 1.5% rise compared to the previous year.
What percentage of Exchange Bank's loans are nonaccrual?
Nonaccrual loans represent less than 0.70% of the total gross loans as of December 31, 2024.
What is Exchange Bank's total asset value?
Total assets reached $3.30 billion as of December 31, 2024.
When was Exchange Bank founded?
Exchange Bank was founded in 1890 and has since become a significant community bank.
About The Author
Contact Dominic Sanders privately here. Or send an email with ATTN: Dominic Sanders as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.
