Exchange Bank Santa Rosa CA : Declares Fourth Quarter Cash Dividend – 11.20.2020

November 23, 2020 at 09:35 am

2020

November 20, 2020 - Exchange Bank Declares Fourth Quarter Cash Dividend - 11.20.2020
October 30, 2020 - Exchange Bank Announces Third Quarter Earnings of $7.98 Million a 1.66% Increase over the Prior Quarter
September 29, 2020 - Exchange Bank Announces Promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II
September 16, 2020 - Exchange Bank Welcomes Lori Crechriou as Vice President, Special Assets Manager
August 21, 2020 - Exchange Bank Declares Third Quarter Cash Dividend - 8.21.2020
August 19, 2020 - Exchange Bank Announces Retirement of Executive Vice President and Chief Financial Officer Greg Jahn
July 27, 2020 - Exchange Bank Welcomes Mary Leonard-Wilson as SVP, Senior Credit Officer
July 24, 2020 - Exchange Bank Announces Second Quarter Earnings - 7.24.2020
July 1, 2020 - Exchange Bank Announces Greg Steele as New Board Member
May 26, 2020 - Exchange Bank Declares Second Quarter Cash Dividend - 5.26.2020
May 21, 2020 - Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO
April 30, 2020 - Exchange Bank Reports First Quarter Earnings with Focus on Community Support
April 8, 2020 - Exchange Bank Announces Change of Location for Annual Shareholders' Meeting
March 23, 2020 - Exchange Bank Supports Local Small Businesses with Online Seminar to Review Coronavirus Government Financial Resource Options
February 21, 2020 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 02.21.2020
January 30, 2020 - Exchange Bank Announces Fourth Quarter and Year Ending 2019 Earnings - 01.30.2020
January 17, 2020 - Exchange Bank Announces Dean Pena as Vice President and SBA Business Development Officer
January 7, 2020 - Exchange Bank Announces Summer Jeffus as Vice President and Regional Business Development Officer

2019

December 20, 2019 - Exchange Bank donates $20,000 to the Redwood Empire Food Bank in honor of its customers and business partners - 12.20.19
November 26, 2019 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 11.26.19
October 23, 2019 - Exchange Bank Announces Third Quarter Earnings - 10.23.19
August 23, 2019 - Exchange Bank Declares Quarterly Cash Dividend - 8.23.19
July 30, 2019 - Exchange Bank Announces Chad Barbieri as Vice President and SBA Business Development Officer
July 25, 2019 - Exchange Bank Announces Second Quarter Earnings
July 8, 2019 - Exchange Bank Announces Kevin Smart as Senior Vice President, Residential Mortgage Manager
May 29, 2019 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 5.29.19
April 25, 2019 - Exchange Bank Expands to Silicon Valley through Trust Business Acquisition, Adding Two Trust Professionals in San Mateo
April 23, 2019 - Exchange Bank Earnings Remain Strong in First Quarter
February 22, 2019 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 2.22.19
February 17, 2019 - Exchange Bank Announces the Acquisition of American Trust and Savings Bank's California Trust and Wealth Management Business
January 29, 2019 - Exchange Bank Announces Fourth Quarter and Year Ending 2018 Earnings
January 18, 2019 - Exchange Bank Donates $20,000 to the Redwood Empire Food Bank in Honor of its Customers and Business Partners

2018

December 17, 2018 - Exchange Bank Expands Trust & Investment Management Services into Sacramento, Welcoming Three Professionals from First Northern Bank Asset Management and Trust Services Division Acquisition - 12.17.18
November 14, 2018 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 11.14.18
October 23, 2018 - Exchange Bank Announces Michael Sullivan as Executive Vice President & Chief Credit Officer
October 23, 2018 - Exchange Bank Announces Troy Sanderson as Executive Vice President & Chief Banking Officer
October 23, 2018 - Exchange Bank Announces Third Quarter 2018 Earnings - 10.23.18
October 9, 2018 - Exchange Bank Announces the Acquisition of First Northern Bank's Asset Management & Trust Services Division
August 21, 2018 - Exchange Bank Declares Increase to Quarterly Cash Dividend - 8.21.18
July 20, 2018 - Exchange Bank Announces Second Quarter Earnings - 7.20.18
May 22, 2018 - Exchange Bank Declares Increase to Quarterly Cash Dividend
May 16, 2018 - Exchange Bank Announces Debbie Meekins as New Board Member
May 11, 2018 - Exchange Bank Announces Paul Yeomans as Senior Vice President, Wholesale Banking Sales Manager
April 25, 2018 - Exchange Bank Announces First Quarter Earnings - 4.25.18
April 18, 2018 - Exchange Bank Announces Dave McLennon as Regional Sales Manager
April 2, 2018 - Exchange Bank Announces Rick Mossi as Senior Vice President of Retail Delivery
February 5, 2018 - Exchange Bank Announces Fourth Quarter and Year Ending 2017 Earnings

News Room Archive

November 20, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Fourth Quarter Cash Dividend

Santa Rosa, CA - On November 17, 2020, the Exchange Bank of Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on November 27, 2020. The dividend is payable December 11, 2020. The cash dividend is unchanged from the prior quarter's dividend of $1.20 per share. The dividend has increased from $1.15 per share during the similar quarter ending December 31, 2019, an increase of 4.35%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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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 Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People's Choice Awards named Exchange Bank the Best Local Bank and the North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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October 30, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Announces Third Quarter Earnings of $7.98 Million a 1.66% Increase over the Prior Quarter

Santa Rosa, CA - On October 30, 2020, Exchange Bank announced results for the third quarter of 2020 with a profit after tax of $7.98 million, compared to $7.85 million in the previous quarter ending June 30, 2020. The operating results of the Bank before provision for loan loss and taxes, increased from $10.81 million during the quarter ending June 30, 2020 to $11.90 million during the quarter ending September 30, 2020, an increase of 10%.

'During this challenging period in which all of our lives have been disrupted by the COVID-19 virus, and more recently the devastating massive wildfires impacting our communities, we continue to support and provide much needed assistance to our customers. In a historically low interest rate environment, we have produced good operating results and our credit quality remains strong. I am extremely proud of the extraordinary efforts of our employees to meet the needs of our customers and support the preservation of jobs in our community,' said Gary Hartwick, president and CEO.

The Bank continues to support its customers, providing payment deferrals to borrowers who have been negatively impacted by the COVID-19 virus. The Bank has also waived ATM and overdraft fees for its consumer and business customers. The Bank expended tremendous resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, Exchange Bank provided loans to 1,780 small businesses with loan balances totaling approximately $260 million.

The Bank's net income was $7.98 million, compared to $9.35 million in the third quarter of 2019. The decrease in earnings can be directly attributed to declines in net interest income, non-interest income and provision for loan loss. The Bank's third quarter 2020 results were heavily influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. The Bank's net interest income declined from $24.92 million during the third quarter of 2019 to $24.08 million during the third quarter of 2020. During a period of time when treasury yields remained anchored near historic lows, the Bank's margin was negatively impacted by declines in yields on loans and investments that surpassed the Bank's ability to affect a similar decline in interest expense through a lower cost of funds. The loss of interest income due to lower yields on loans and investments was somewhat offset by the increase in interest income as a result of the growth of $260 million in PPP loans and other liquid investments totaling approximately $180 million.

Non-interest income declined from the $6.20 million in the third quarter of 2019 to $5.22 million during the third quarter of 2020. During the third quarter of 2020, the Bank witnessed significant declines in various elements of deposit service fee income that are directly associated with a weaker level of personal consumption and low interest rates, as well as a reduction in SBA revenue due to the lack of new business formation in the midst of this crisis.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $379 million or 16.5%. Much of this increase in deposits occurred during the second quarter of 2020 resulting from business deposits totaling approximately $260 million relating to the deposit of PPP loan funds received by Bank clients. An additional source of deposits totaling $119 million came from both business and consumer clients who chose to hold more liquid assets during this period of great uncertainty. The increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. While the deposit balances have remained fairly constant through the third quarter, the Bank expects to witness a significant runoff of the excess deposits due to the unusual and short-term nature as they are used to support small business and consumer related expenses over the next year.

During the nine months ending September 30, 2020, the Bank achieved net earnings of $24.46 million, compared to $27.43 million during the similar nine-month period in 2019, a decrease of $2.97 million or 10.8%. As previously discussed, the low interest rate environment as well as changes in consumption patterns as a result of the pandemic related events combined to have a negative impact on net interest income and deposit-related fee income. During the nine months ending September 30, 2020, a decline in non-interest income totaling $2.26 million, was concentrated in the areas of deposit fee income and SBA income. As a result of declining yields on loans and investments, the Bank experienced a decline of $1.86 million in net interest income for the nine months ended September 30, 2020 compared to the similar period in 2019. These declines in revenue were somewhat offset by the Bank's focus on controlling operating expenses. Adjusting to an environment of generally slower business activity, the Bank was successful in reducing operating expenses during the nine months ending September 30, 2020 by approximately $600 thousand or 1.2%. The quality of the Bank's loan portfolio remains strong, however, due to the economic uncertainty that exists today, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling $900 thousand during the third quarter of 2020. The Bank did not take such a provision for loan loss during the similar quarter in 2019.

'As an organization, we are grateful to be in a position of strength in terms of capital and liquidity that will allow us to continue to meet the needs of our clients and community as we work through this turbulent period together,' said Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on September 18, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People's Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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September 29, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II

Santa Rosa, CA - On September 29, 2020, Exchange Bank announced the promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II. King has extensive experience in tax, cost and financial accounting, as well as consumer and business lending. Over the past four years, she has served as a key point person in training credit analysts and specialists in Exchange Bank's Lending department.

Celia joined Exchange Bank in November 1999, working for 13 years in the Rohnert Park branch before being recruited to the Commercial Banking Group as an analyst in 2012, where she managed the support credit functions and the compliance responsibilities of 300+ Bank clients. Celia was promoted to loan officer I in 2016, following the completion of a training assignment.

Celia continued to pursue her education while working at Exchange Bank, and graduated from Dominican University with a bachelor's degree in Business Administration with an emphasis on Accounting.

Celia is an active volunteer in the community, serving as treasurer for the Roseland Youth Center, and the Analy High School Education Foundation, where she is also an active member of the Analy High School Athletic Boosters. Celia has previously volunteered as a tax preparer for Tax-Aid in San Rafael and will do the same for the United Way's tax prep program in 2021.

In September, 2019, Celia was appointed to the Sonoma County Workforce Investment Board as a voting member of that organization and has participated in events for a new Latino-focused subcommittee involved in an intensive ESL program funded by the County and the Community Action Partnership (CAP).

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People's Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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September 16, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Welcomes Lori Crechriou as Vice President, Special Assets Manager

Santa Rosa, CA - On September 16, 2020, Exchange Bank announced the hiring of Vice President and Special Assets Manager Lori Crechriou, reporting to Executive Vice President and Chief Credit Officer Michael Sullivan. Lori brings with her over 34 years of community banking experience.

Before joining Exchange Bank, Lori served in lending and credit capacities with several independent financial institutions in the North Bay. Most recently, she was Financial Assistance Manager at Redwood Credit Union leading a team of 26 individuals in all aspects of loan collections, work-outs, modifications and related activities.

From 2001 to 2013, Lori was vice president, special assets manager at Sterling Savings Bank (formerly known as Sonoma National Bank) where she led a team of seven employees in similar loan collection activities. She joined Sonoma National Bank in 1986 and worked in various loan related roles prior to joining Special Assets.

Lori lives in Santa Rosa and is an active volunteer in the community. She enjoys supporting financial education for youth programs and has participated in charitable work at many community and non-profit organizations, including the Redwood Empire Food Bank and the American Red Cross.

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People's Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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August 21, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Third Quarter Cash Dividend - 8.21.2020

Santa Rosa, CA - On August 18, 2020, the Exchange Bank (OTC: EXSR) Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on September 4, 2020. The dividend is payable September 18, 2020. The cash dividend is unchanged from the prior quarter's dividend of $1.20 per share. The dividend has increased from $1.10 per share during the similar quarter ending September 30, 2019, an increase of 9.10%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward looking information

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.'

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.0 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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August 19, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Retirement of Executive Vice President and Chief Financial Officer Greg Jahn

Santa Rosa, CA - On August 19, 2020, Exchange Bank announced the retirement of Executive Vice President and Chief Financial Officer Greg Jahn as of December 31, 2020. The timing coincides with the retirement of President and CEO Gary Hartwick announced earlier this year and the completion of a two-year long digital and core system conversion that the Bank began in 2019. Jahn has been a member of Exchange Bank's leadership team for 18 years.

'Greg personifies our core values of respect, integrity, commitment and teamwork. His work ethic is second to none and his contribution to the Bank over the years has been significant,' said Gary Hartwick, president and chief executive officer of Exchange Bank. 'I appreciate Greg's proven financial leadership and we have been fortunate to have someone with his unique combination of financial acumen and sharp wit, making our financial reviews both interesting and amusing. Greg has proven to be a strong leader and outstanding member of Exchange Bank's Executive Committee. I am proud to call Greg my partner in leading Exchange Bank over the last six years.'

Jahn's post will be filled by Shari DeMaris who will join Exchange Bank as the new executive vice president and chief financial officer. An Iowa native, Shari brings over 23 years of technical accounting and financial leadership experience within financial institutions.

'Shari will bring to this position a set of impressive financial skills and is the right fit for Exchange Bank,' said Hartwick. 'I am extremely confident in Shari's abilities and believe she will be an outstanding addition to our executive team. The next several months will be active and filled with the promise that comes with change. The Bank is financially strong, is well-positioned for the future and the executive team that will lead Exchange Bank into 2021 is strong, innovative and well-equipped to continue Exchange Bank's success.'

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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July 27, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Welcomes Mary Leonard-Wilson as SVP, Senior Credit Officer

Santa Rosa, CA - On July 27, 2020, Exchange Bank announced the hiring of Senior Vice President and Senior Credit Officer Mary Leonard-Wilson, reporting to Executive Vice President and Chief Credit Officer Michael Sullivan. Ms. Leonard-Wilson brings over 20 years of community banking and executive experience to the Bank's Credit Administration department.

Before joining Exchange Bank, Ms. Leonard-Wilson served in lending and credit capacities with several independent community banks in the San Francisco Bay Area. Before that, she held a wide range of positions managing teams of lenders in New York, Chicago and New Jersey, with a focus on commercial loan origination and loan portfolio management. She also participated in due diligence and integration teams for a number of bank mergers.

In 1994, Ms. Leonard-Wilson relocated to Napa Valley where she joined National Bank of the Redwoods (NBR) as head of Commercial Lending, assuming additional responsibilities as senior loan officer and chief credit officer until the bank's merger with Westamerica Bank in 2005. In 2006, Ms. Leonard-Wilson co-founded Presidio Bank with the former NBR CEO and served as its chief credit officer, growing the bank to over $900 million in assets and over $700 million in loans before merging with Heritage Bank of Commerce in October 2019.

Ms. Leonard-Wilson holds a bachelor's degree from Colgate University in English. She has lived in Calistoga since 1994 and has been active in the community, serving in leadership and board capacities for several community and non-profit organizations, including the Santa Rosa Metro Chamber of Commerce and Western Bankers Association's Lenders Conference Task Force.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 14-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer and Best Business Bank. The North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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July 24, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Announces Second Quarter Earnings - 7.24.2020

Santa Rosa, CA - On July 24, 2020, Exchange Bank announced results for the second quarter of 2020 with a profit after tax of $7.85 million, compared to $8.63 million in the previous quarter ending March 31, 2020.

'As we navigate through this period of extreme uncertainty created by the coronavirus pandemic, the Bank continues to respond to the needs of our clients and community. Our current focus is on the health and well-being of our employees and customers. We have waived certain deposit-related fees and provided payment deferrals to many loan clients who have been negatively impacted by the COVID-19 virus. We have also expended tremendous resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, we have extended credit to 1,696 of our clients through PPP loans, totaling loan balances of approximately $255 million. We are grateful for the opportunity to support the preservation of jobs in our community and extremely proud of the extraordinary efforts of our employees to meet the needs of our customers,' said Gary Hartwick, president and CEO.

The Bank generated a net income of $7.85 million as compared to $9.01 million in the second quarter of 2019. The decrease in earnings can be attributed to declines in both net interest income and non-interest income. The Bank's second quarter 2020 results were heavily influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. The Bank's net interest income declined from $24.01 million during the second quarter of 2019 to $23.19 million during the second quarter of 2020. During a period of time when treasury yields were in a long, steady, downward decline that accelerated to historical lows with the onset of the coronavirus pandemic, the Bank's margin was negatively impacted by declines in yields on loans and investments that could not be equally matched by declines in the Bank's cost of funds. The loss of interest income due to lower yields on loans and investments more than offsets the increase in interest income as a result of the growth of $255 million in PPP loans and other liquid investments totaling approximately $179 million.

At the same time, non-interest income declined from the $6.04 million in the second quarter of 2019 to $4.74 million during the second quarter of 2020. During the second quarter of 2020, the Bank witnessed significant declines in several areas of non-interest income that are directly associated with a weaker level of personal consumption, such as interchange fees and overdraft fee income, as well as reduction in SBA revenue due to the lack of new business formation in the midst of this crisis.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $415 million or 18%. Much of this increase in deposits occurred during the second quarter of 2020 and were the result of PPP loan funds received by Bank clients. An additional source of deposits totaling approximately $155 million came from both business and consumer clients who chose to hold more liquid assets during this period of great uncertainty. This increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. The Bank expects to witness a significant run-off of this recent deposit growth due to the unusual and short-term nature of these excess deposits as funds are used to support small business and consumer related expenses over the next year.

During the six months ending June 30, 2020, the Bank achieved net earnings of $16.49 million, compared to $18.08 million during the similar six-month period in 2019, a decrease of $1.59 million or 8.8%. The decline was driven by the same declines in net interest income and non-interest income as described previously and which occurred primarily during the second quarter of 2020 as a result of pandemic-related events. During the six months ending June 30, 2020, the growth in the Bank's Trust and Investment Management business, which was up approximately $340 thousand, helped offset larger declines in deposit fee and SBA income, compared to the similar six-month period in 2019. The increase in Trust revenue was largely the result of a recent acquisition of Trust business in the South Bay.

'Given the significant negative impact of the coronavirus pandemic on businesses and households, the Bank is relatively pleased with the second quarter results. While our outlook for a quick economic turnaround is guarded, the Bank is well-positioned to meet future challenges that may arise. We entered this pandemic from a position of strength, with levels of capital, liquidity and reserves for loan losses near record levels,' said Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on June 19, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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July 1, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Greg Steele as New Board Member

Santa Rosa, CA - On July 1, 2020, Exchange Bank is pleased to announce Greg Steele as the newest member of Exchange Bank's Board of Directors, effective July 1, 2020. Mr. Steele brings a wealth of technology and executive management expertise combined with entrepreneurial leadership experience in engineering and operations. He has served in leadership roles for several local Sonoma County start-up companies including Advanced Fibre Communications and Enphase Energy. He most recently served as vice president of operations and chief of staff for Bossa Nova Robotics in San Francisco.

'On behalf of the Exchange Bank Board of Directors, I am enthusiastic in seeing Greg come on board. Greg fully shares our values, and his impressive background in technology, executive management and community leadership make him an excellent fit for this position,' said Bill Schrader, chairman of the board.

Mr. Steele has a long history of community service in Sonoma County. He has chaired the United Way of Sonoma County, the Wells Fargo Center for the Arts and is currently on the Board of Catholic Charities of the Diocese of Santa Rosa.

Mr. Steele currently serves on the Caritas Village Capital Campaign Board.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 14-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2019 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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May 26, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Second Quarter Cash Dividend

Santa Rosa, CA - On May 19, 2020, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on June 5, 2020. The dividend is payable June 19, 2020. The cash dividend is unchanged from the prior quarter's dividend of $1.20 per share. The dividend has increased from $1.10 per share during the similar quarter ending June 30, 2019, an increase of 9.10%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

###

Forward looking information

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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May 21, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO

Santa Rosa, CA - On May 21, 2020, Exchange Bank President and CEO Gary Hartwick announced his retirement as of December 31, 2020. Hartwick joined Exchange Bank in January of 2009 and served as the chief credit officer and chief operating officer before assuming the role of president and CEO in March of 2014. In his 12 years of distinguished service with Exchange Bank, Gary has provided positive leadership and a well‑executed strategic vision. He has served on the Bank's Board of Directors since 2014 and will remain on the Board and continue to be active in Sonoma County, where he resides.

The Board has named current Executive Vice President and Chief Banking Officer Troy Sanderson in the succession plan to fill the role of president and chief executive officer, and looks forward to a long and productive relationship. Troy will assume the role of president and chief executive officer as of January 1, 2021.

'On behalf of the Board of Directors at Exchange Bank, I would like to offer my sincere thanks to Gary for his years of service. He has faced and successfully battled through a set of unprecedented challenges beginning with the collapse of the real estate market in 2008, followed by the heartbreak and widespread impact from two major wildfires and today's virus pandemic. Through it all, with determination and professionalism, his steady leadership has been enormously influential in restoring our Bank's performance back to the very elite, upper-quartile of community banks across the country. His wisdom and experience will be a positive influence and valuable resource to Troy Sanderson, our next president and chief executive officer,' said Bill Schrader, Chairman of the Board of Exchange Bank.

Troy Sanderson has been in banking since 1989. He joined Exchange Bank in October 2018 and has been instrumental in the strategic direction of our online and digital delivery channels. He holds a Bachelor's degree in Business Administration from California State University, Sacramento and graduated with honors from the Pacific Coast Banking School.

'I am excited for Troy and his promotion is certainly well deserved,' said Gary Hartwick, president and chief executive officer. 'Troy is an experienced community banker and is the right fit for Exchange Bank and the community values that we hold.'

As a Sonoma County native with family roots in the County going back over 100 years and a leader in the Petaluma community, Troy will bring to his new position a set of impressive financial skills, an intimate insight of Sonoma County and community bank leadership experience acquired in his 31‑year career.

'Exchange Bank has been a cornerstone of this community for 130 years,' said Troy Sanderson, executive vice president and chief banking officer. 'I am honored to have the opportunity to lead this important local institution going forward, continuing our legacy of investing in people, business and community to build a strong future.'

'It has been an honor to serve this remarkable organization. Having been only the eighth president in our history is something I will always hold in the highest esteem,' said Hartwick. 'Exchange Bank is a fabulous company with dedicated employees who are committed to our mission and to serving our customers and our community. I am proud of the achievements we have accomplished together during my tenure. A very special thank you to all of our employees.'

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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April 30, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Reports First Quarter Earnings with Focus on Community Support

Santa Rosa, CA - On April 30, 2020, Exchange Bank announced results for the first quarter of 2020 with a profit after tax of $8.63 million, compared to $9.07 million in the previous quarter ending December 31, 2019.

'We are in unprecedented times,' said Gary Hartwick, president and CEO. 'During the first quarter, Exchange Bank responded to the needs of our customers as a result of the COVID-19 pandemic. Since our founding in 1890, we have stood by our customers through the best and worst of economic times. Our current focus is on the health and wellbeing of our employees and customers. Before we begin discussion of our first quarter financial results, we want to let our customers and community know that we are here to provide support during this crisis. To this end, we have provided support to all of our employees by retaining them at full pay, even with reductions in work schedules. In support of our customers, we have waived certain deposit related fees and provided payment deferrals to many loan clients who have been negatively impacted by the coronavirus crisis. We have also expended tremendous resources participating in the SBA Paycheck Protection Program under the CARES Act. The tireless work and dedication of our employees to meet the needs of our customers in nothing short of spectacular,' stated Hartwick.

The Bank's net income of $8.63 million, compared to $9.07 million in the first quarter of 2019, shows a decrease in earnings which can be attributed to a slight decline in net interest income during a period of declining interest rates, combined with normally scheduled increases in operating expenses. The Bank's net interest income declined marginally from $24.1 million during the first quarter of 2019 to $23.9 million during the first quarter of 2020. 'During a period of time when treasury yields were in a long, steady downward decline that accelerated to record lows with the onset of the coronavirus pandemic, prudent management of the Bank's balance sheet contributed to a margin that declined only slightly, falling from 3.83% during the first quarter of 2019 to 3.82% during the first quarter of 2020,' stated Greg Jahn, executive vice president and CFO.

The Bank's margin was bolstered by a better mix of interest earning assets, as higher yielding loans increased by approximately $80 million year-over-year, funded primarily by a decrease in lower-yielding investment securities. Credit quality remains strong, as such-there was no provision for loan losses in the first quarter. The slight decline of $28 million in deposits masks the true growth in underlying core deposits. The decline in deposits is distorted by the withdrawal of approximately $137 million in fire-related insurance deposits which had been temporarily placed at the Bank as a result of the devastating wildfires occurring late in 2017. As the rebuild efforts have continued, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. The Bank expects this trend of deposits utilized to support the rebuild efforts to continue throughout 2020. The deposit decline of $28 million, after accounting for runoff of $137 million in insurance related deposits, resulted in the growth in the stable base of core deposits of approximately $109 million.

While non-interest income during the first quarter of 2020 was almost unchanged from the $5.86 million recognized during the first quarter of 2019, the Bank began to witness significant declines in several areas of non-interest income that are associated with the weakening in personal consumption, such as interchange fees and overdraft fee income. These declines, which began to surface as a result of the coronavirus pandemic and the associated implementation of social distancing measures, were generally offset by an increase in Trust and Investment Management fees. The increase in Trust revenue was positively impacted by the acquisition of approximately $70 million of Trust assets from First American Trust and Savings in the South Bay market. This acquisition was completed in the second quarter of 2019 and added revenues of approximately $250 thousand during the quarter ending March 31, 2020.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on March 20, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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April 8, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Change of Location for Annual Shareholders' Meeting

Santa Rosa, CA - On April 8, 2020, Exchange Bank gave public notice that due to health and safety concerns surrounding the coronavirus, this year's scheduled Annual Meeting was adjourned to April 24 at 10:00 a.m.; however, to comply with public health mandates, it will be held over the Internet in a virtual meeting format only. You will not be able to attend the Annual Meeting in person. The meeting will be much briefer than normal and will be limited to providing legally required information and the election of a Board of Directors. Further, after conclusion of the meeting there will not be a presentation by management as in prior years. A comprehensive report of the Bank's performance and objectives was included in the shareholder report sent to you. If you have any questions on that material, however, please direct them in writing to Marlene Soiland, Corporate Secretary, P.O. Box 403, Santa Rosa, CA, 95402. You may also contact the Chairman directly at Bill.Schrader@exchangebank.com. Shareholder questions will be answered as completely and as promptly as possible.

If you were a shareholder of record as of the close of business on February 21, 2020 and have your control number, you may vote during the Annual Meeting by following the instructions available on the meeting website. The virtual meeting will be hosted on Friday, April 24, 2020 at 10:00 a.m. (PDT) by logging into www.meetingcenter.io/282836634. The password for the meeting is EXSR2020. For registered shareholders, the control number can be found on your proxy card you previously received.

If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Annual Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Exchange Bank holdings along with your name and email address to Computershare. Requests for registration must be labeled as 'Legal Proxy' and be received no later than 5:00 p.m. (EDT) on April 20, 2020. You will receive a confirmation email from Computershare of your registration.

Requests for registration should be directed to Computershare at the following address:

By email: Forward the email from your broker, or attach an image of your legal proxy to legalproxy@computershare.com.

Please note that the proxy card included with the proxy materials previously distributed will not be updated to reflect the change in location and may continue to be used to vote your shares in connection with the Annual Meeting.

On behalf of your Board of Directors, thank you for your cooperation and continued support.

William R. Schrader - Chairman of the Board
Gary Hartwick - President & CEO

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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March 23, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Supports Local Small Businesses with Online Seminar to Review Coronavirus Government Financial Resource Options

Santa Rosa, CA - On March 23, 2020, Exchange Bank, in partnership with Sonoma County Tourism, Sonoma County Vintners and Sonoma County Winegrowers, is pleased to announce a 45-minute online seminar to review the government's Small Business Administration (SBA) Economic Injury Disaster Loans and the financial resource options available to businesses during the COVID-19 pandemic.

Exchange Bank's SBA financial officers will present Understanding the Coronavirus Government Financial Resource Options for your Business through an online WebEx presentation designed to provide straightforward information about the government's newly announced SBA Disaster Loan program and other resources for businesses suffering substantial economic injury as a result of the coronavirus. Attendees will learn what the SBA Disaster Loan program is, how loans are qualified and the steps to apply. An anonymous Q&A session will follow to allow business owners time to ask questions specific to their business situation.

Exchange Bank presenters will include Joe Smith, SVP and manager of Small Business Administration, Tony Uribe, VP and Small Business Administration underwriting supervisor and Summer Jeffus, VP and regional business development officer.

In an effort to accommodate as many registrants as possible, the seminar will be presented three times. A recording of the presentation will be made available following the event.

Dates and registration links:

Wednesday, March 25 at 10am (PT)

Wednesday, March 25 at 2pm (PT)

Thursday, March 26 at 2pm (PT)

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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February 21, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA - On February 19, 2020, Exchange Bank declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on March 6, 2020. The dividend is payable March 20, 2020. The cash dividend of $1.20 per share represents an increase of $.05 over the prior quarter's dividend of $1.15 per share. The dividend has increased from $1.05 per share during the similar quarter ending March 31, 2019, an increase of 14.3%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward looking information
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.'

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About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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December 20, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Announces Fourth Quarter and Year Ending 2019 Earnings

Santa Rosa, CA - (January 30, 2020) - Exchange Bank (OTC: EXSR) today announced results for the fourth quarter and year ending 2019, reporting net income after taxes of $9.07 million in the fourth quarter of 2019, compared to $9.01 million for the same quarter in 2018, an increase of 1%. On the strength of growth in net interest income of almost 4%, the Bank achieved net income for the year ending December 31, 2019 totaling $36.50 million. While net income for 2019 came in slightly lower than the $38.51 million recorded in 2018, when adjusted for elements that were unusual to our normal sources of revenue and expense, the true outstanding results of 2019 as compared to 2018 become evident.

During 2019, the Bank undertook a major bank-wide initiative of converting its existing online and mobile banking platform to a new state-of-the-art digital platform. As a result of this successful initiative, the Bank recognized operating expenses totaling approximately $1.86 million that were not present during the similar 12-month period in 2018. Additionally, during 2018, the Bank recognized an unusually large gain of $3.25 million on the sale of other real estate owned (OREO) that did not exist in the similar year ending December 31, 2019. Absent this unusual gain of $3.25 million in 2018 and the one-time expense of $1.86 million relating to the Bank's digital conversion in 2019 (both adjusted for the impact of taxes), the Bank would have experienced net income of approximately $36.17 million in the year ending December 31, 2018 compared to net income of $37.84 million during the year ending December 31, 2019, an increase of 4.6%.

The following table sets forth a reconciliation of GAAP net income to normalized earnings by removing OREO gains from 2018 and removing unusual operating expenses relating to the Bank's digital conversion in 2019, both adjusted for the impact of associated income tax expense.

(All $ in millions)	2019	2018
Reported Net Income	$36.50	$38.51
OREO Gain		(3.25)
Digital Conversion Operating Expenses	1.86
Provision for income tax	(.52)	.91
Net income after tax	$37.84	$36.17

'We believe that our investment in technology in the form of a robust online and mobile banking platform is a valuable investment in our customers and in our future. Our ability to meet the changing needs of our clients and to allow our customers to bank whenever and wherever they want will always remain a priority at Exchange Bank,' said Gary Hartwick, president and CEO.

The Bank continues to experience growth in its primary business of meeting the credit needs of its communities. In this regard, the Bank experienced strong growth in net interest income, which increased from $93.3 million in 2018 to $96.9 million 2019, an increase of 3.84%. Contributing to the positive trend in net interest income was growth in the loan portfolio of approximately $67 million, an increase of 4.4% over similar balances as of December 31, 2018. Additionally, the Bank's increased net interest income was strongly influenced by the generally rising interest rate environment during much of 2018. As a result of the lagged effect of higher treasury yields during much of 2018 as well as prudent management of the balance sheet, the Bank was able to increase its net interest margin from 3.73% during the 12 months in 2018 to 3.89% for the similar period ending December 31, 2019. Due to the material decline in interest rates during 2019, the Bank will be challenged to continue this expansion of net interest margin into 2020.

The Bank's balance sheet growth during the year ending December 31, 2019 was somewhat inhibited as the Bank continued to witness deposit withdrawals from clients who were impacted by the wildfires of 2017. As the rebuild efforts have continued to accelerate, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. As a result, the Bank estimates that approximately $150 million of deposits related to insurance proceeds were utilized by clients and exited the Bank during 2019. This runoff of insurance-related deposits was largely offset by organic growth in deposits totaling approximately $122 million, leaving the Bank with a net decline in total deposits of $25 million, as total deposits declined from $2.380 billion at December 31, 2018 to $2.355 billion at December 31, 2019. The Bank's net growth in deposits will continue to be challenged by deposit runoff utilized to support the rebuild efforts throughout 2020.

When excluding the OREO gain of $3.25 million from non-interest income during the year ending December 31, 2018, non-interest income would have increased from $22.5 million to $24.2 million during 2019. This 7.6% increase in non-interest income year-over-year was primarily driven by an increase of approximately $1.3 million in revenue generated by our Trust and Investment Management business. In addition to organic growth of approximately $500 thousand in the Sonoma County market, approximately $800 thousand of growth in Trust revenue was the result of recent acquisitions of Trust business in the Sacramento and South Bay markets.

Operating expenses for the year ending December 31, 2019 increased by $4.7 million or 7.2% over the similar period in 2018 as the Bank continued to invest in technology and personnel necessary to support future growth. The Bank recognized approximately $1.86 million of expenses during 2019 relating to the implementation of a new online and mobile banking platform that are spread between salaries, professional fees and other expenses. Exclusive of these non-recurring expenses, the Bank's total operating expenses would have increased by $3.0 million or 4.6%.

'2019 was another year of exceptional performance for Exchange Bank. The dedication and teamwork of our employees to support and serve our clients and our strong partnerships and support in our community are a winning combination for our continued success,' said Mr. Hartwick.

The Bank's credit quality remains strong, with non-accrual loans of just 0.33% of total loans at December 31, 2019. Despite continued loan growth, as a result of the continued improvement in asset quality and a limited amount of net charge offs, the Bank did not make any provision for loan losses in 2019 and was able to maintain a ratio of loan loss reserves to total loans of 2.52%. In addition, the Bank's capital ratios remain well in excess of the regulatory definitions of 'well capitalized.' As of December 31, 2019, the Bank reported total risk-based capital of 15.79%.

Exchange Bank paid a quarterly cash dividend of $1.15 per share on common stock outstanding to shareholders on December 13, 2019. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

Reconciliation of GAAP Net Income to Normalized Earnings

Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in the Company's financial position reflected in the current quarter and year-to-date results and facilitate comparison of our performance with the performance of our peers.

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Forward looking information

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.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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January 17, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank Announces Dean Pena as Vice President and SBA Business Development Officer

Santa Rosa, CA - (January 17, 2020) - Exchange Bank (OTC: EXSR) announces the hiring of Dean Pena as vice president and SBA business development officer. Dean will serve as the sole SBA officer for the Greater Sacramento area, utilizing his numerous years in commercial lending and business contacts with various professional organizations including ACRE, CALCPA and Placer-Nevada County Medical Society.

Before joining Exchange Bank, Dean was a relationship manager targeting owner/user commercial real estate and C&I in the professional industry for California Bank and Trust in Roseville and then Sacramento. Prior to that, he helped roll out the Small Business Banking team in Sacramento for Bank of America.

Dean graduated from Deer Valley High School in 2000 and has continued his education at Diablo Valley College in Pleasant Hill and Sierra College in Rocklin with a focus on Accounting.

Dean lives in Roseville with his wife and their three children. He is very involved in the community, volunteering for a variety of local organizations. You can catch him running around Roseville to his kids' many activities-theatre, gymnastics, swimming and soccer. When not with their children, Dean and his wife enjoy training for half marathons.

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Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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January 7, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank Announces Summer Jeffus as Vice President and Regional Business Development Officer

Santa Rosa, CA - (January 7, 2020) - Exchange Bank (OTC: EXSR) announces the hiring of Summer Jeffus as vice president and regional business development officer. Summer brings over 15 years of experience in luxury hospitality management, promotions and marketing in the wine and restaurant industry and will provide local financial leadership and community support to Exchange Bank's Commercial Banking group.

Before joining Exchange Bank, Summer was the regional marketing manager at American AgCredit where she managed all aspects of marketing and community support for the Northern CA Region and territories in the Central Valley (a $2B portfolio within 15 counties). Summer worked with the agriculture community including youth with fair loans, scholarships and diverse programs which included real estate, leasing and crop insurance to young and beginning farmer programs.

Summer attended Cal Poly, San Luis Obispo where she received a Bachelor's degree in Agricultural Business with an emphasis in Sales/Marketing and a minor in Viticulture. Summer's accomplishments include the NBBJ's Forty Under 40 Award 2019 and Sonoma West Magazine's Women in Business Spotlight 2018. She is a board member of the Sonoma Farm Bureau and a past board member of Russian River Winegrowers. Summer is a Sonoma Vintners Barrel Auction committee member and VIP guest sommelier for the Sonoma County Wine Auction. Summer is also a guest auctioneer for the PBS Travel and Wine Auction.

Summer lives in Santa Rosa with her two boys, two dogs and three chickens. When not pursuing her entrepreneurial and community support passions, she can be found gardening or casting a line in the water hoping to catch the next big fish.

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Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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December 20, 2019

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank donates $20,000 to the Redwood Empire Food Bank in honor of its customers and business partners

Santa Rosa, CA - (December 20, 2019) - On December 20, 2019, Exchange Bank (OTC: EXSR) presented a check for $20,000 to the Redwood Empire Food Bank.

Presenting the check on Friday at the Redwood Empire Food Bank in Santa Rosa was Exchange Bank President and CEO Gary Hartwick. The check was presented to Redwood Empire Food Bank CEO David Goodman.

'On behalf of our loyal customers and business partners, we are proud to make this donation to the Redwood Empire Food Bank,' said Gary Hartwick. 'Giving back is an integral part of our mission and legacy. The Food Bank plays a very important role in helping to end hunger in our community. Everyone deserves access to nutritious food. During the holiday season it's so important to remember those who often go without this basic life necessity. That's what makes our relationship with them so special-it's a wonderful example of how we can work together to affect meaningful change for our community.'

This year Exchange Bank gave an additional $10,250 to the Redwood Empire Food Bank to support their Kincade fire relief efforts. Each year, the bank supports a variety of Sonoma County local nonprofits with well over $700,000 in donations.

'Exchange Bank has a long history of serving the community. Through their generous philanthropy, it is clear that they care about the well-being of all people who call Sonoma County home. As a result of their generosity, and that of their customers, many lives are improved each and every day,' said David Goodman, CEO of the Redwood Empire Food Bank. 'We are fortunate and grateful to have Exchange Bank with us in this most important work.'

About Redwood Empire Food Bank

The Redwood Empire Food Bank (REFB) is the largest hunger-relief organization serving north coastal California from Sonoma County to the Oregon border. Since 1987, the REFB has been helping our community through 11 innovative programs under three strategic initiatives - Every Child, Every Day, Senior Security and the Neighborhood Hunger Network.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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November 26, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA - On November 19, 2019, Exchange Bank declared a quarterly cash dividend of $1.15 per share on common stock outstanding to shareholders of record at the close of business on November 29, 2019. The dividend is payable December 13, 2019. The cash dividend of $1.15 per share represents an increase of $.05 over the prior quarter's dividend of $1.10 per share. The dividend has increased from $1.00 per share during the similar quarter ending December 31, 2018, an increase of 15%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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October 23, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Announces Third Quarter Earnings

Santa Rosa, CA - On October 23, 2019, Exchange Bank announced earnings of $9.35 million in the third quarter of 2019, compared to $9.0 million in the second quarter of 2019, a 4% increase over the prior quarter. The $9.35 million earned in the third quarter of 2019 represented a 2% decline from $9.53 million earned in the third quarter of 2018.

'The small decline in net income in the quarter ended September 30, 2019 compared to the similar quarter in 2018 does not paint a true picture of the Bank's very positive financial success. During this current quarter, operating expenses were heavily influenced by the Bank's conversion to a new online and mobile banking platform to better serve our valued clients. In aggregate, the Bank recognized approximately $800 thousand of increased operating expenses during the third quarter relating to the Banks new digital delivery systems. Our third quarter performance was very good and the Bank's core business remains strong,' said Gary Hartwick, president and CEO of Exchange Bank.

The Bank continues to experience strong growth in its core business as evidenced by an increase in net interest income which increased from $23.74 million in the third quarter of 2018 to $24.93 million during the quarter ending September 30, 2019, an increase of 5.0%. Contributing to the positive trend in net interest income was growth in the loan portfolio of approximately $82 million, an increase of 5.5% over similar balances as of September 30, 2018. Additionally, the Bank's increased net interest income was strongly influenced by the generally rising interest rate environment during much of 2018. As a result of the lagged effect of higher treasury yields during much of 2018, the Bank was able to increase its net interest margin from 3.70% for the nine months in 2018 to 3.91% for the similar period ending September 30, 2019. As interest rates have declined materially during the first nine months of 2019, the Bank will be challenged to continue this expansion of net interest margin into the foreseeable future.

The Bank's balance sheet experienced a small decline during the 12-month period ending September 30, 2019 as the Bank continued to witness deposit withdrawals from clients who were impacted by the wildfires of 2017. As the rebuild efforts have continued to accelerate, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. As a result, deposits declined from $2.357 billion at September 30, 2018 to $2.295 billion at September 30, 2019. The growth of $82 million in loans and the run-off of $62 million in fire-related insurance deposits were primarily funded by liquid investments totaling $95 million.

Non-interest income increased in the third quarter of 2019 by $581 thousand compared to the similar quarter ending September 30, 2018. A comparison of second quarter non-interest income year-over-year was primarily influenced by an increase of approximately $440 thousand in revenue generated by our Trust and Investment Management business. The increase in Trust revenue was largely the result of recent acquisitions of Trust business in the Sacramento and South Bay markets.

During the nine months ending September 30, 2019, the Bank achieved net earnings of $27.43 million, compared to $29.51 million during the similar period in 2018, a decrease of approximately $2.08 million or 7.0%. The nine-month period ending September 30, 2018 was positively influenced by the one-time gain of $3.25 million on the sale of other real estate (OREO) that did not exist in the similar period ending September 30, 2019. Additionally, during the nine months ending September 30, 2019, the Bank recognized operating expenses totaling approximately $1.3 million that were not present during the similar period in 2018, relating to the conversion of the Bank's internet and mobile banking platform. Absent this unusual gain of $3.25 million in 2018, and the one-time expense relating to the Bank's digital conversion, the Bank would have experienced net income of approximately $27.15 million during the nine months ending September 30, 2018 compared to net income of $28.28 million during the similar period in 2019, an increase of 4.2%. For the nine months ending September 30, 2019, the Bank's net interest income increased $3.79 million over the similar period in 2018, an increase of 5.5%.

When excluding the OREO gain of $3.25 million from non-interest income during the nine months ending September 30, 2018, non-interest income would have increased from $16.86 million to $18.09 million during the similar period ending in 2019. Operating expenses for the nine months ending September 30, 2019 increased by 9.5% over the similar period in 2018 as the Bank continued to invest in technology and personnel necessary to support future growth. The Bank recognized approximately $1.3 million of expenses during the nine months ending September 30, 2019 relating to the implementation of a new online and mobile banking platform. Exclusive of these non-recurring expenses, the Bank's total operating expenses would have increased by $3.3 million or 6.8%.

'We believe the investment in a new state-of-the-art online and mobile banking platform will meet the needs of our valued clients today and well into the future,' said Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.10 per share on common stock outstanding to shareholders on September 20, 2019. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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August 23, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Declares Quarterly Cash Dividend

Santa Rosa, CA - On August 20, 2019, Exchange Bank declared a quarterly cash dividend of $1.10 per share on common stock outstanding to shareholders of record at the close of business on September 06, 2019. The dividend is payable September 20, 2019. The cash dividend is unchanged over the prior quarter's dividend at $1.10 per share. The dividend has increased from $.95 per share during the similar quarter ending September 30, 2018, an increase of approximately 16%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Exchange Bank is a 14-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2018 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's Best of 2018 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2018. www.exchangebank.com.

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July 30, 2019

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank Announces Chad Barbieri as Vice President and SBA Business Development Officer

Santa Rosa, CA - (July 30, 2019) - Exchange Bank (OTC: EXSR) announces the hiring of Chad Barbieri as vice president and SBA business development officer, responsible for the development and implementation of growth strategies for Exchange Bank's Small Business Administration.

Before joining Exchange Bank, Chad worked for Wells Fargo as vice president, business development officer and was very successful in building loan volume. Before that, he worked for Small Business Capital, Bay Funding and US Airways, serving in various development and management roles.

Chad is a graduate of CSU Sacramento where he earned a B.A. in Finance and Real Estate Land Use with a minor in Economics. He holds a teaching certificate from Cambridge University to teach English as a Second Language. Chad was born in Santa Rosa and moved back three years ago to be closer to family. He and his wife have two children ages 11 and 9. Chad is active in the community and enjoys volunteering for his children's sports programs. We know Chad enjoys a good laugh because his wife is the long-time owner of Rooster T. Feathers Comedy Club in Sunnyvale.

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About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 13-time winner of the North Bay Business Journal's (NBBJ) Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2018 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's Best of 2018 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ's Book of Lists as a leading lender and wealth management advisor-claiming the #1 position in SBA 7(a) lending in Sonoma County for 2018. www.exchangebank.com.

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July 25, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524.3218

Exchange Bank Announces Second Quarter Earnings - July 25, 2019

Santa Rosa, CA - On July 25, 2019, Exchange Bank announced results for the second quarter of 2019 with a profit after tax of $9.01 million, compared to $8.87 million in the second quarter of 2018.

This represents a 1.5% increase compared to the same period a year ago. 'The Bank's core business remains strong. Our excellent credit quality, low-cost deposit base and our increased net interest margin are key indicators of the Bank's stability. Our commitment to community support continues to be evidenced by the Bank's loan growth, supporting our clients and the local economy,' said Gary Hartwick, president and CEO of Exchange Bank.

The Bank continues to experience solid growth in its core business as evidenced by an increase in net interest income from $23.20 million in the second quarter of 2018 to $24.01 million during the quarter ending June 30, 2019, an increase of 3.5%. Contributing to the positive trend in net interest income was growth in the loan portfolio of $39.73 million, an increase of 2.6% over similar balances as of June 30, 2018. Additionally, the Bank's increased net interest income was strongly influenced by the generally rising interest rate environment during much of 2018. As a result of higher treasury yields during a substantial portion of the 12-month period ending June 30, 2019, the Bank was able to increase its net interest margin from 3.65% for the six months in 2018 to 3.88% for the similar six-month period ending June 30, 2019. As interest rates have declined materially during the first half of 2019, the Bank will be challenged to continue this expansion of net interest margin in the second half of the year.

The Bank's balance sheet experienced a decline during the 12-month period ending June 30, 2019 as the Bank continued to witness deposit withdrawals from clients who were impacted by the wildfires of 2017. As the rebuild efforts have continued to accelerate, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. As a result, deposits declined from $2,365 million at June 30, 2018 to $2,268 million at June 30, 2019. Funding the decline of approximately $98 million in deposits and growth of approximately $40 million in loans, was a reduction in liquid investments totaling approximately $101 million. The Bank expects this trend of deposits utilized to support the rebuild efforts to continue throughout 2019.

Non-interest income increased in the second quarter of 2019 by $645 thousand compared to the similar quarter ending June 30, 2018. This increase was primarily the result of an increase in SBA revenue of $330 thousand and an increase of approximately $220 thousand in revenue generated by our Trust and Investment Management business. The increase in Trust revenue was largely the result of recent acquisitions of Trust business in the Sacramento and South Bay markets.

During the six months ending June 30, 2019, the Bank achieved net earnings of $18.08 million, compared to $19.97 million during the similar six month period in 2018, a decrease of approximately $1.9 million or 9.5%. The six-month period ending June 30, 2018 was positively influenced by the one-time gain on the sale of other real estate (OREO) that did not exist in the similar six months ending June 30, 2019. Absent this unusual gain of $3.25 million in 2018, the Bank would have experienced net income of approximately $17.62 million during the six months ending June 30, 2018 compared to net income of $18.08 million during the similar period during 2019, an increase of 2.6%. During the six months ending June 30, 2019, the Bank's net interest income increased $2.60 million over the similar six month period in 2018, an increase of 5.7%.

When excluding the OREO gain of $3.25 million from non-interest income during the six months ending June 30, 2018, non-interest income would have increased from $11.24 million to $11.90 million during the six months ending June 30, 2019. Operating expenses for the six months ending June 30, 2019 increased by 8.3% over the similar six-month period in 2018 as the Bank continued to invest in technology and personnel to support future growth. The Bank recognized approximately $500 thousand of expenses during the six-month period ending June 30, 2019 relating to the implementation of a new online and mobile banking platform.

'We believe the investment in a new state of the art and extremely robust digital banking platform will meet the needs of our valued clients today and well into the future,' said Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.10 per share on common stock outstanding to shareholders on June 21, 2019. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

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July 8, 2019

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Announces Kevin Smart as Senior Vice President, Residential Mortgage Manager

Santa Rosa, CA - Exchange Bank today announces the promotion of Kevin Smart, Vice President and Residential Mortgage Manager, to Senior Vice President, responsible for expanding mortgage production and continuing the success and growth of Exchange Bank's Residential Lending Department.

Since joining Exchange Bank in 2017, Kevin has been successful in consolidating the underwriting team into the Residential Mortgage Department. Kevin was instrumental in developing Exchange Bank's wildfire rebuild construction loan program after the North Bay wildfires in 2017 and in creating public awareness for the program throughout Sonoma County.

Kevin came to Exchange Bank from Wells Fargo, where he held the position of branch sales manager and was recognized for his performance in production, compliance and customer loyalty. He has an extensive 26-year mortgage industry background and previously owned his own mortgage brokerage business.

Kevin graduated from CSU Sacramento with a B.S. in Business Administration with a concentration in Real Estate Finance and Land Use Affairs. He has lived in Sonoma County since 1993 and supports the local community through volunteering activities. He has volunteered at Rebuilding Petaluma, COTS, Petaluma People Services, Petaluma Chapter of Realtors and the Waugh School District.

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May 29, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA - On May 21, 2019, the Exchange Bank (OTC: EXSR) Board of Directors declared a quarterly cash dividend of $1.10 per share on common stock outstanding to shareholders of record at the close of business on June 07, 2019. The dividend is payable June 21, 2019. The cash dividend which represents an increase of $.05 over the prior quarter's dividend at $1.05 per share, is a reflection of the Bank's financial strength and robust earnings. The dividend has increased from $.95 per share during the similar quarter ending June 30, 2018, an increase of 15.8%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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April 25, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Expands to Silicon Valley through Trust Business Acquisition, Adding Two Trust Professionals in San Mateo

Santa Rosa, CA - Exchange Bank today announces that the acquisition of the American Trust and Savings Bank's California Trust and Wealth Management business is complete. The acquisition is part of Exchange Bank's expansion of trust and investment services and follows the October 2018 purchase of the trust department of First Northern Bank based in the Sacramento area.

Exchange Bank will keep American Trust and Saving Bank's location in San Mateo. It will be managed by Senior Trust Officer Cathleen Colgan and Trust Administrative Assistant Jill Solle, who both joined Exchange Bank from American Trust. They will continue to work from their San Mateo office where they will focus on the development of new client relationships within the advisory community. Overall oversight of the trust department will continue to be under Exchange Bank Senior Vice President of Trust and Investment Management John Mackey in Santa Rosa.

'We believe the geographic expansion of our Trust & Investment Management department into the South Bay is a natural extension of our long-standing trust business,' said Gary Hartwick, president and CEO of Exchange Bank. 'We are pleased to welcome Cathleen and Jill to the Exchange Bank family.'

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April 23, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Earnings Remain Strong in First Quarter

On April 23, 2019, Exchange Bank announced results for the first quarter of 2019 with a profit after tax of $9.07 million, compared to $9.01 million in the previous quarter ending December 31, 2018.

The Bank's net income of $9.07 million, compared to $11.1 million in the first quarter of 2018, shows a decrease in earnings which can be attributed to a decline in nonrecurring earnings in the form of gains on the sale of other real estate owned (OREO). During the first quarter of 2018, the Bank successfully completed the disposition of other real estate held for sale, which contributed pretax gains of approximately $3.25 million. The Bank recognized no such gain on sale of OREO in the first quarter of 2019. Absent the gain on sale of OREO in 2018, the Bank's income after tax for the first quarter of 2018 would have been approximately $8.78 million compared to net income of $9.07 million during the first quarter of 2019. The Bank's net interest income, a better measure of the Bank's sustainable earnings growth, increased by $1.79 million or 8%, growing from $22.31 million in the first quarter of 2018 to $24.1 million for the similar quarter in 2019.

'This was another strong quarter of financial performance, as demonstrated by the increased net interest income. The increase in net interest income was fueled by a prudently managed balance sheet that allowed the Bank to take advantage of a generally rising interest rate environment' said Greg Jahn, executive vice president and CFO.

A key driver of the growth in net interest income was the rising interest rate environment experienced during much of the 12-month period ending March 31, 2019. As a result of four increases in the Fed Funds rate totaling 1.0% and a similar increase in Treasury yields, the Bank successfully redeployed an average of approximately $166 million in excess reserves at the Fed into higher yielding investment securities. The Bank's balance sheet experienced a decline during the 12-month period ending March 31, 2019 as it began to witness deposit withdrawals from clients who were impacted by the wildfires of 2017. As the rebuild efforts have continued to accelerate, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. The Bank expects this trend of deposits utilized to support the rebuild efforts to continue throughout 2019.

When excluding the OREO gain of $3.25 million from non-interest income during the first quarter of 2018, non-interest income was almost unchanged from the $5.86 million recognized during the first quarter of 2019. During the quarter ending March 31, 2019, declines in SBA revenue were offset by increases in fees generated by Trust and Investment Management as well as gains on sale of investment securities. Operating expenses for the first quarter of 2019 increased by almost 9% over the similar quarter in 2018 as the Bank continues to invest in technology and personnel necessary to support future growth.

The first quarter of 2019 marked the completion of Exchange Bank's successful acquisition of the trust department of First Northern Bank of Dixon, CA.

'We believe the expansion of our Trust & Investment Management Department will provide significant value to our shareholders, clients and employees,' said Gary Hartwick, president and CEO of Exchange Bank. 'First Northern Bank's shared values and highly respected team is a natural fit which increases our wealth management capabilities and ability to serve the families and businesses of the Sacramento area.'

Exchange Bank paid a quarterly cash dividend of $1.05 per share on common stock outstanding to shareholders on March 15, 2019. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College. .

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February 22, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend - 2.22.19

Santa Rosa, CA - On February 20, 2019, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.05 per share on common stock outstanding to shareholders of record at the close of business on March 04, 2019. The dividend is payable March 15, 2019. The cash dividend which represents an increase of $.05 over the prior quarter's dividend at $1.00 per share, is a reflection of the Bank's financial strength and robust earnings. The dividend has increased from $.95 per share during the similar quarter ending March 31, 2018, an increase of 10.5%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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February 17, 2019

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Announces the Acquisition of American Trust and Savings Bank's California Trust and Wealth Management Business

Santa Rosa, CA - On (February 17, 2019) - Exchange Bank (OTC: EXSR) today announced the signing of a purchase and sale agreement to acquire the American Trust and Savings Bank's California Trust and Wealth Management business. The purchase is subject to regulatory approval by the California Department of Business Oversight.

Joining Exchange Bank from American Trust and Savings Bank are Senior Trust Officer Cathleen Colgan and Trust Administrative Assistant Jill Solle. Both will continue to work from their San Mateo office where they will focus on the development of new client relationships within the advisory community.

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Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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January 29, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Fourth Quarter and Year Ending 2018 Earnings

Santa Rosa, CA - On January 29, 2019, Exchange Bank announced results for the fourth quarter and year ending 2018, reporting income before taxes of $12.49 million in the fourth quarter of 2018, compared to $10.86 million for the same period in 2017, an increase of 15%. Income before taxes for the year ended December 31, 2018 totaled $53.50 million, compared to $43.57 million a year ago, an increase of 22.8%. However, the comparisons between net income after tax for the quarter and year ending December 31, 2018 and 2017 were strongly influenced by the impact of a change in tax law enacted during 2017. As a result of the enactment of the 'Tax Cuts and Jobs Act' (Tax Act) as signed into law on December 22, 2017, the Bank reported an additional adjustment to income tax expense totaling $6.9 million in the fourth quarter of 2017, which had a material impact on net income for both the year and quarter ending December 31, 2017. As a result of this additional tax expense, the Bank reported a net loss of $291 thousand in the fourth quarter of 2017 and net income for the year ending December 31, 2017 of $19.5 million, as compared to net income of $9.0 million and $38.51 million for the quarter and year ended December 31, 2018. Without this additional income tax expense, net income would have been $6.6 million and $26.4 million for the quarter and year ending December 31, 2017.

'While the Bank was required to re-measure its net deferred tax assets in the fourth quarter of 2017, the reduction in federal tax rates beginning January 1, 2018 have had a significant and positive impact on net income in during 2018 and will continue to have positive impacts well into the future. Based on pretax earnings, the 2018 impact on tax expense resulting from the reduction in the Federal income tax rate from 35% to 21% added approximately $6 million to net income after tax for the year ending December 31, 2018,' stated Executive Vice President and CFO, Greg Jahn.

During the first quarter of 2018 the Bank did benefit from a gain of $3.25 million on the sale of other real estate held for sale. Such a gain is of a nonrecurring nature and such unusual gains are not anticipated in 2019. Similarly, the Bank did benefit from two unusual and nonrecurring items of income during 2017 that contributed to an elevated level of revenue in 2017, including a gain of $1.6 million on the sale of other real estate held for sale and a $1.4 million litigation settlement. During 2018, the Bank witnessed strong growth in revenue generated by the Bank's Wealth Management division and our SBA lending division. Noninterest income generated by the Bank's Wealth Management business increased from $6.7 million in 2017 to $7.3 million in 2018, an increase of $.6 million or 9%. Revenue generated from gains on sale of SBA loans increased from $1.0 million in 2017 to $1.8 million in 2018 an increase of $.8 million or 80%.

The earnings of the Bank were driven primarily by continued growth in average loans and investments, which were funded by a significant increase in the level of average deposits outstanding during the year. The growth in loans and investments led to an increase in net interest income of approximately $12.4 million for the year ending December 31, 2018, a 15% increase over the year ending December 31, 2017. While the Bank experienced loan growth of approximately $17 million using year end balances from December 31, 2017 to December 31, 2018, the average increase in loans outstanding during the year was a more significant $51 million, an increase of 3.5% over the average balance outstanding during the year ending December 31, 2017. 'The modest net growth in net loans outstanding during 2018, understates the Bank's true commitment to supporting the economic growth and credit needs of the communities and clients we serve. In fact, the Bank supported our communities with an excess of $300 million of new loan production during 2018. This was largely offset by an unusually high volume of prepayments the Bank experienced as clients elected to refinance existing debt into longer term structures during this period of rapidly rising interest rates,' stated President and CEO, Gary Hartwick.

As a result of the unusually strong deposit growth in the fourth quarter of 2017, the Bank carried significant levels of liquidity in interest earning deposits at the Fed and with other depository institutions at December 31, 2017. A significant amount of this liquidity was redeployed into higher yielding investment securities during 2018. On the surface, the growth in investments and other interest earning deposits as measured by balances at December 31, 2018 compared to December 31, 2017 in aggregate are modest, with aggregate growth in these assets of $56 million. However, the growth year-over-year in average volumes paints a different picture. The average growth in the balance of investment securities totaled $225 million and growth in average interest earning deposits totaled $67 million, representing increases of 39% and 47% respectively over similar averages during the year ended December 31, 2017.

Similarly, the difference between year end balances in deposits compared to averages for the year are both significant and the drivers of this substantial growth in the average balances in loans and investments. While growth in deposits as measured by year end balances at December 31, 2018 over year end balances at December 31, 2017 reflects a modest increase of $36 million, the average balances tell quite a different story. The increase in average deposits outstanding was approximately $345 million, an increase of 17% over average deposit balances of $2,029 million during 2017. The extraordinary growth in deposits occurred during the fourth quarter of 2017 and generally remained with the Bank throughout 2018. To a large extent, these deposits related to the inflow of insurance settlements received by the Bank's clients who suffered losses as a result of the extraordinary wildfires that occurred in October of 2017 in the communities we serve. As we look forward to 2019, the Bank expects average deposit balances to decline as the Bank's customers continue to move forward through the rebuild or relocation process.

The Bank's credit quality remains strong, with non-accrual loans declining to just 0.28% of total loans at December 31, 2018. Despite continued loan growth, as a result of the continued improvement in asset quality and a limited amount of net charge offs, the Bank did not make any provision for loan losses in 2018 and was able to maintain a ratio of loan loss reserves to total loans of 2.63%. In addition, the Bank's capital ratios remain in excess of the regulatory definitions of 'well capitalized.' As of December 31, 2018, the Bank reported total risk-based capital of 15.14%.

'The strong financial performance we achieved in 2018 is due to the hard work of our dedicated employees and the continued support of our loyal customers,' said Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.00 per share on common stock outstanding to shareholders on December 14, 2018. Total dividends paid to Exchange Bank common shareholders during 2018 were $6.6 million and represented an increase of approximately 14% above total dividends of $5.8 million paid to common shareholders during 2017. The Doyle Trust, which funds the Doyle Scholarships at the Santa Rosa Junior College, receives 50.44% of all cash dividends paid by the Bank.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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January 18, 2019

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Donates $20,000 to the Redwood Empire Food Bank in Honor of its Customers and Business Partners

Santa Rosa, CA - (January 18, 2019) - On January 16, 2019, Exchange Bank (OTC: EXSR) presented a check for $20,000 to the Redwood Empire Food Bank.

On hand for Wednesday's check presentation were Exchange Bank President and CEO, Gary Hartwick and Bill Schrader, Exchange Bank Chairman of the Board. The check was presented to Redwood Empire Food Bank CEO, David Goodman and Director of Development, Lisa Cannon.

'On behalf of our loyal customers and business partners, we are proud to make this donation to the Redwood Empire Food Bank,' said Gary Hartwick. 'Giving back is an integral part of our mission and culture. The Food Bank plays a very important role in improving the lives of people in our community. That's what makes our relationship with them so special-it's a wonderful example of how we can work together to affect meaningful change for our community.' In addition to the Redwood Empire Food Bank, Exchange Bank gives well over $600,000 annually to local non-profits within the communities it serves.

'Exchange Bank has a long history of serving the community. Through their generous philanthropy, it is clear that they care about the well-being of all people who call Sonoma County home. As a result of their generosity, and that of their customers, many lives are improved each and every day,' said David Goodman, CEO of the Redwood Empire Food Bank. 'We are fortunate and grateful to have Exchange Bank with us in this most important work.'

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About Redwood Empire Food Bank

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890 with assets of $2.6 billion, Exchange Bank is a premier community bank providing a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 13-time winner of the North Bay Business Journal's Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2018 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's 'Best of 2018' Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal's listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders.
www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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December 17, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Expands Trust & Investment Management Services into Sacramento, Welcoming Three Professionals from First Northern Bank Asset Management and Trust Services Division Acquisition

Santa Rosa, CA - (December 17, 2018) - Exchange Bank welcomes three experienced professionals to their Trust and Investment Management department. Vice President and Trust Officers Chris Ann Bachtel and Alysia Corell and Trust Specialist Kelly Lind join Exchange Bank following the recent acquisition of First Northern Bank's Asset Management & Trust Services Division. The acquisition is part of Exchange Bank's expansion of trust and investment services into the Sacramento area. All three will be located in Exchange Bank's Roseville office.

'We are very happy to welcome First Northern Bank's well-respected officers to our team of experienced professionals. We believe the expansion of our Trust & Investment Management department will provide significant value to our shareholders, clients and employees,' Gary Hartwick, president and CEO of Exchange Bank, said in a statement. 'First Northern Bank's shared values and highly respected team is a natural fit which increases our wealth management capabilities toward serving the families and businesses of the Sacramento area.'

Chris Ann Bachtel previously served as senior vice president and founding member of First Northern Bank's Asset Management and Trust Department, located in downtown Sacramento. Prior to her position at First Northern Bank, Ms. Bachtel served as trust officer, business development officer and private client manager for Wells Fargo Bank, Bank of the West, and Santa Barbara Bank and Trust. Ms. Bachtel earned her bachelor's degree from Wake Forest University of Winston-Salem, North Carolina. In addition, she received the professional designation of Certified Financial Planner (CFP) in 1991, and both Certified Trust and Financial Advisor (CTFA) and Accredited Asset Management Specialist (AAMS) in 1997. She received her series 7, 63 and 65 licenses in 1999. Ms. Bachtel is an active member of the Sacramento community, serving on the Board of Trustees of Sutter Medical Center Foundation and the Marguerite Home Foundation Board and Salvation Army Advisory Board. In her new position, Ms. Bachtel will continue to serve in a leadership role for Exchange Bank's new Trust and Investment Management office within their Roseville location, focusing on business development while also administering a book of trust and investment accounts.

Alysia Corell has over 17 years of trust administration experience and previously served as vice president and senior trust officer for First Northern Bank. Ms. Corell earned her bachelor's degree in Communications from San Diego State University, and earned her designation as Certified Trust and Financial Advisor (CTFA) in 2008. Alysia is a past president and current member of the Sacramento Estate Planning Council. Ms. Corell will administer complex trust accounts including revocable, irrevocable, charitable and terminating trusts. In addition, Alysia will be an integral part of Exchange Bank's plan to expand into the Sacramento area.

Kelly Lind most recently served as trust operations administrator for First Northern Bank's Asset Management & Trust Department where she was responsible for supervising day-today transaction processing, trust accounting and securities settlement for the team. Prior to her time at First Northern Bank, Ms. Lind served as senior marketing and development associate for the Sacramento Region Community Foundation, where she worked to raise awareness and increase charitable giving through the Foundation through the use of charitable trusts. In her new position, Ms. Lind will continue to support trust officers Chris Ann Bachtel and Alysia Corell in all areas of trust administration and investment management.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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November 14, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

On November 14, 2018, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.00 per share on common stock outstanding to shareholders of record at the close of business on November 30, 2018. The dividend is payable December 14, 2018. The cash dividend which represents an increase of $.05 over the prior quarter's dividend at $.95 per share, is a reflection of the Bank's strong earnings growth this year. The dividend has increased from $.90 per share during the similar quarter ending December 31, 2017, an increase of 11%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward looking information

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About Exchange Bank

Exchange Bank is a 13-time winner of the North Bay Business Journal's Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2017 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's 'Best of 2018' Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal's listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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October 23, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Names Michael Sullivan as Executive Vice President & Chief Credit Officer

Santa Rosa, CA - (October 23, 2018) - Exchange Bank announces that it has named Michael Sullivan to be Executive Vice President and Chief Credit Officer, reporting to President and CEO Gary Hartwick, beginning October 15, 2018. He will be responsible for ensuring the overall credit quality of the Bank's loan portfolio, including overseeing loan generation and the development of loan policies and procedures to ensure high levels of financial performance and compliance.

'Mike's long and distinguished career in Sonoma County gives him a deep understanding of the local market,' stated Gary Hartwick, President and CEO. 'His track record of building strong credit cultures make him an excellent fit to round out our executive team.'

Mr. Sullivan has a strong and diverse knowledge of credit acquired through progressively responsible positions held at Wells Fargo Bank. Most recently, he served as a Senior Vice President in their Financial Institutions group where he led credit origination and strategies in the US, Canada and Europe. His previous roles included leadership for Wells Fargo's Regional Commercial Banking group in Santa Rosa. Sullivan earned his MBA at the University of California, Berkeley and has served the community on various boards. He was a founding board member of the Sonoma State University Wine Business Institute and served on the board of the United Way of Sonoma, Mendocino and Lake Counties. He currently serves as a board member of Catholic Charities of the Diocese of Santa Rosa and the Sonoma State University Foundation.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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October 23, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Names Troy Sanderson as Executive Vice President & Chief Banking Officer

Santa Rosa, CA - (October 23, 2018) - Exchange Bank announces that it has named Troy Sanderson to be Executive Vice President and Chief Banking Officer, reporting to President and CEO Gary Hartwick, beginning October 15, 2018. He will be responsible for contributing to the strategic planning and direction of the bank, overseeing customer relationship growth, and insuring compliance with operating policies and regulatory requirements. He will lead and support Exchange Bank's team of professionals including Retail Banking, Information Technology, Risk Management, and Strategic Initiatives/Marketing.

'Troy is a longtime resident of Sonoma County-his family has been in Petaluma for over 100 years,' said Gary Hartwick, President and CEO. 'His strong knowledge of the local banking market brings leadership that will enhance our delivery of products and services. He'll add strength to our ongoing efforts to meet our customers' needs in an ever-changing industry.'

During his banking career, Mr. Sanderson has had the opportunity to work in loan production, credit administration, regional sales management, branch management, risk management and training. Most recently he served as the President and Chief Credit Officer of Bank of Rio Vista. A graduate of California State University, Sacramento with a degree in Business Administration, Sanderson completed the Pacific Coast Banking School, graduating with honors. He spent 10 years on the Petaluma City School Board of Education, five years as president of Petaluma National Little League, and recently served as a director in the Solano County Farm Bureau.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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October 23, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
707.524.3218

Exchange Bank Announces Third Quarter 2018 Earnings

Santa Rosa, CA - (October 23, 2018) - Exchange Bank announces results for the third quarter of 2018 with a profit after tax of $9.53 million, compared to $6.65 million in the third quarter of 2017. This represents a 43% increase compared to the same period a year ago. The Bank experienced another quarter of steady growth in its core business as evidenced by an increase in net interest income of $3.27 million, a 16% increase for the quarter ending September 30, 2018 compared to the similar quarter in 2017.

Contributing to the positive trend in net interest income was growth in the loan portfolio of $32 million and an increase in the investment portfolio of $251 million, representing increases of 2.2% and 38.9% respectively over similar balances as of September 30, 2017. This strong growth in assets was funded by an increase in deposits totaling $345 million, an increase of 17.1% above deposit balances at September 30, 2017. Deposit growth during this period was strongly influenced by fire related insurance proceeds received by customers of the Bank. The Bank estimates that such short term insurance related deposits contributed in excess of $300 million of the Bank's total growth.

Non-interest income for the quarter ending September 30, 2018 was consistent with the similar quarter in 2017 at approximately $5.6 million. Generally, increases in fee income generated from the Bank's Trust and Investment Division offset declines in deposit fee income. Operating expenses increased from approximately $1 million during the third quarter of 2018 over the similar quarter in 2017 rising from $15.1 million in 2017 to $16.1 million in 2018, an increase of 7.2%. Increased operating expenses were focused on salaries and benefits which increased by approximately $460 thousand as well as increases in professional services and Bank facilities. Contributing to the increased profitability during the third quarter of 2018 was the impact of a lower federal income tax rate, which declined from 35% in 2017 to 21% in 2018. The Bank estimates that the effect of this lower income tax rate in 2018 contributed approximately $1.5 million to net income after tax during the third quarter of 2018.

During the nine months ending September 30, 2018, the Bank achieved net earnings of $29.5 million, compared to $19.8 million during the similar nine-month period in 2017, an increase of approximately $9.7 million or 49%. During the nine months ending September 30, 2018, the Bank's net interest income increased $10.1 million over the similar nine-month period in 2017, an increase of 17.2%. Non-interest income for the nine months ended September 30, 2018 was positively influenced by gains on the sale of other real estate owned in the second quarter totaling approximately $3.25 million. Similarly, non-interest income for the nine months ended September 30, 2017 was positively influenced by a litigation settlement of $1.4 million in the second quarter of 2017, as well as gains on sale of other real estate totaling approximately $1.38 million in the first quarter of 2017. Removing the after tax impact of these nonrecurring events during both nine-month periods in 2018 and 2017 would have produced net income after tax of approximately $27.2 million in 2018, compared to $18.1 million in 2017. The Bank estimates that the effect of a decline in the Federal tax rate from 35% in 2017 to 21% during 2018 contributed approximately $4.5 million to net income after tax for the nine-month period ended September 30, 2018.

'We are very pleased to report strong earnings this quarter driven by our significant deposit growth,' stated Gary Hartwick, President and CEO. 'The meaningful increases we've witnessed during this past year in both loan and deposit volumes are a result of the hard work and dedication of our employees, as well as the continued loyalty of our clients and support from the communities we serve.'

Exchange Bank paid a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders on September 21, 2018. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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October 9, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
707.541.1250

Exchange Bank Announces the Acquisition of First Northern Bank's Asset Management & Trust Services Division

Santa Rosa, CA - (October 09, 2018) - Exchange Bank (OTC: EXSR) today announced the signing of a purchase and sale agreement to acquire the Trust Department of First Northern Bank, based in Dixon, CA. The purchase is subject to regulatory approval by the Department of Business Oversight.

Joining Exchange Bank from First Northern Bank are Senior Vice President and Trust Manager Chris Ann Bachtel, Vice President and Senior Trust Officer Alysia Corell, and Trust Operations Administrator Kelly Lind. They have been offered positions at Exchange Bank's Roseville office.

'We are very happy to welcome First Northern Bank's well-respected officers to our team of experienced professionals. We believe the expansion of our Trust & Investment Department will provide significant value to our shareholders, clients and employees,' Gary Hartwick, president and CEO of Exchange Bank, said in a statement. 'First Northern Bank's shared values and highly respected team is a natural fit which increases our wealth management capabilities and ability to serve the families and businesses of the Sacramento area.'

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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August 21, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524-3218

Exchange Bank Declares Increase to Quarterly Cash Dividend - 8.21.18

Santa Rosa, CA - On August 21, 2018, Exchange Bank declared a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders of record at the close of business on September 07, 2018. The dividend is payable September 21, 2018. The cash dividend is unchanged over the prior quarter's dividend at $.95 per share. The dividend has increased from $.85 per share during the similar quarter ending September 30, 2017, an increase of approximately 12%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward looking information

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About Exchange Bank

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July 20, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524-3218

Exchange Bank Announces Second Quarter Earnings - 7.20.18

Santa Rosa, CA - (July 20, 2018) - Exchange Bank (OTC: EXSR) today announced results for the second quarter of 2018 with a profit after tax of $8.87 million, compared to $6.51 million in the second quarter of 2017. This represents a 36% increase compared to the same period a year ago. The Bank continues to experience solid growth in its core business as evidenced by an increase in net interest income of $3.88 million, a 20% increase for the quarter ending June 30, 2018 compared to the similar quarter in 2017. Contributing to the positive trend in net interest income was growth in the loan portfolio of $48 million and an increase in the investment portfolio of $251 million, representing increases of 3.3% and 44.3% respectively over similar balances as of June 30, 2017. This strong growth in assets was funded by an increase in deposits totaling $362 million, an increase of 18.1% above deposit balances at June 30, 2017. Deposit growth during this period was strongly influenced by fire related insurance proceeds received by customers of the Bank. The Bank estimates that such short term insurance related deposits contributed in excess of $300 million of the Bank's total growth.

Non-interest income declined in the second quarter of 2018 by $1.32 million compared to the similar quarter ending June 30, 2017. A comparison of second quarter non-interest income year-over-year was influenced by an unusual event in 2017 that was not replicated in 2018. During the quarter ending June 30, 2017, the Bank experienced a gain of $1.4 million relating to a litigation settlement. Contributing to the increased profitability during the first quarter of 2018, was the impact of a lower federal income tax rate, which declined from 35% in 2017 to 21% in 2018. The Bank estimates that the effect of this lower income tax rate in 2018 contributed approximately $1.4 million to net income after tax during the second quarter of 2018.

During the six months ending June 30, 2018, the Bank achieved net earnings of $19.97 million, compared to $13.15 million during the similar six month period in 2017, an increase of approximately $6.8 million or 52%. During the six-months ending June 30, 2018, the Bank's net interest income increased $6.9 million over the similar six month period in 2017, an increase of 17.8%. Non-interest income for the six-months ended June 20, 2018 was positively influenced by gains on the sale of other real estate owned in the first quarter totaling approximately $3.25 million. Similarly, non-interest income for the six months ended June 30, 2017 was positively influenced by the aforementioned litigation settlement of $1.4 million in the second quarter of 2017 as well as gains on sale of other real estate owned totaling approximately $1.38 million in the first quarter of 2017. Removing the after tax impact of these nonrecurring events during both six month periods in 2018 and 2017 would have produced net income after tax of approximately $17.8 million in 2018, compared to $11.4 million in 2017. The Bank estimates that the effect of a decline in the Federal tax rate from 35% in 2017 to 21% during 2018 contributed approximately $3.2 million to net income after tax for the six month period ended June 30, of 2018.

'While this was another strong quarter of financial performance, as demonstrated by the increased net interest income, it is important to note that the unusual nature of the gains on the sale of other real estate owned totaling $3.25 million will not reoccur in future periods. We are very pleased with the significant improvement in financial results, and I am proud of the hard work and dedication of our employees as well as the continued loyalty of our clients and support from the communities we serve', stated President and Chief Executive Officer, Gary Hartwick.

Exchange Bank paid a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders on June 15, 2018. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Exchange Bank is a 12-time winner of the North Bay Business Journal's Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2017 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian's 'Best of 2018' Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal's listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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May 22, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524-3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA - On May 22, 2018, Exchange Bank declared a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders of record at the close of business on June 1, 2018. The dividend is payable June 15th, 2018. The cash dividend is unchanged over the prior quarter's dividend at $.95 per share. The dividend has increased from $.85 per share during the similar quarter ending June 30, 2017, an increase of approximately 12%.

50.44% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward looking information

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About Exchange Bank

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May 16, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank Announces Debbie Meekins as New Board Member

Santa Rosa, CA - (May 16, 2018) - Exchange Bank is pleased to announce Debbie Meekins as the newest member of Exchange Bank's Board of Directors, effective June 1, 2018. Ms. Meekins brings a wealth of banking expertise and respected leadership experience in both the finance world and with non-profit organizations, having formerly served as CEO of Sonoma National Bank, Executive Vice President and Retail Banking Director of Sterling Savings Bank, and President and CEO of Poppy Bank.

'Debbie complements our very strong board and fully shares our values. She has unquestionable integrity, professionalism, naturally positive leadership skills and compassion for the community,' said Bill Schrader, Chairman of the Board.

Ms. Meekins has a long history of community service in Sonoma County. She has chaired the Santa Rosa Chamber of Commerce, United Way, Santa Rosa Memorial Hospital Foundation and the Rose Parade. She has been recognized as one of the top '25 Women to Watch' in banking by U.S. Banker Magazine and the 'Best Business Community Leader in Sonoma County' in a North Bay Biz reader's poll. She created a forum for Women in Business in Sonoma County which provided education to assist women and minority-owned businesses which spanned 10 years.

Ms. Meekins currently serves on the Board of Western Bankers Association, Santa Rosa Memorial Hospital Foundation and the Redwood Empire Food Bank.

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About Exchange Bank

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May 11, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media
707.541.1250

Exchange Bank Announces Paul Yeomans as Senior Vice President, Wholesale Banking Sales Manager

Santa Rosa, CA - (May 11, 2018) - Exchange Bank announces the hiring of Paul Yeomans as Senior Vice President, Wholesale Banking Sales Manager, overseeing Commercial Banking, Construction and Mortgage Lending and Small Business Administration.

Yeomans brings to his new role over 30 years of experience in the banking and finance industry. He has an extensive experience in both commercial lending and branch banking. He specializes in business lending, credit analysis, and business planning.

Paul comes to Exchange Bank from Tri Counties Bank where he was the Regional Vice President and Manager of the North Bay Commercial Lending Group. Previously to that, he served as Vice President and Commercial Banking Manager for Umpqua Bank, and spent seven years with Sterling Savings Bank as Team Leader of the bank's Sonoma County Commercial Banking Group. He also held the role of Regional Vice President at Westamerica Bank.

Yeomans is active in the community. He is a past chair of the Santa Rosa Junior College Foundation, a member of the Sebastopol Rotary Club and a Sonoma County Alliance member.

Paul is a graduate of American University with a degree in Economics, holds a master's degree in business from Golden Gate University and is a graduate of Pacific Coast Banking School.

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About Exchange Bank

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April 25, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524-3218

Exchange Bank Announces First Quarter Earnings - 4.25.18

Santa Rosa, CA - (April 25, 2018) - Exchange Bank (OTC: EXSR) today announced results for the first quarter of 2018 with a profit after tax of $11.10 million, compared to $6.63 million in the first quarter of 2017. This represents an increase of $4.47 million or 67.3% over the same period a year ago.

The increase in earnings can be attributed to an increase in net interest income and nonrecurring earnings in the form of gains on the sale of other real estate owned (OREO). During the first quarter of 2018, the Bank successfully completed the disposition of other real estate held for sale, which contributed pretax gains of approximately $3.25 million. There was a similar gain on the sale of assets during the first quarter of 2017 totaling $1.38 million. Contributing to the increased profitability was the impact of a lower federal income tax rate which declined from 35% in 2017 to 21% in 2018. The Bank estimates that the effect of this lower income tax rate in 2018 contributed approximately $1.70 million to the net income after tax during the first quarter of 2018.

'While this was another strong quarter of financial performance, as demonstrated by the increased net interest income, it is important to note that the unusual nature of the gains on the sale of other real estate owned totaling approximately $3.25 million is not anticipated in future periods. Conversely, the positive benefit from a lower federal income tax rate will continue to add value for years to come,' said Greg Jahn, Executive Vice President and CFO.

Exclusive of the non-recurring gain on the sale of OREO, the strength in pretax earnings was driven primarily by continued growth in loans and investments fueled by the strength of an extraordinary increase in deposits, leading to an increase in net interest income of approximately $3.0 million during the first quarter of 2018, a 15.5% increase over the similar quarter in 2017. Loans grew by $91 million over the 12 months ending March 31, 2018, an increase of 6.4%, while liquid investments grew by $378 million, an increase of 57%. This increase in interest earning assets was funded primarily by growth in deposits of approximately $463 million, an increase of 23.6% over 2017. The extraordinary growth in deposits occurred during the past six months and are to a large extent related to the inflow of insurance settlements received by the Bank's clients who suffered losses as a result of the unprecedented wildfires in the communities we serve.

Absent the gain on sale of OREO in both 2017 and 2018, the Bank's non-interest income increased by approximately $400 thousand during the first quarter of 2018 compared to the similar quarter in 2017, and was driven by increases in gain on sale of Small Business Administration (SBA) loans, as well as income generated by the Bank's Trust and Investment business.

'We remain committed to identifying ways in which we can support our community and colleagues after the most devastating wildfires in California history. We have developed a number of innovative and low cost loan products designed to help finance the rebuild efforts. We are grateful that our positive financial results leave us in a great position to assist the community as we move forward through rebuilding,' said Gary Hartwick, President and CEO.

Exchange Bank paid a quarterly cash dividend of $0.95 per share on common stock outstanding to shareholders on March 16, 2018. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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FORWARD-LOOKING INFORMATION:

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About Exchange Bank

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April 18, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Dave McLennon as Regional Sales Manager

Santa Rosa, CA - (April 13, 2018) - Exchange Bank announces the promotion of Dave McLennon, Vice President and Branch Manager, to Regional Sales Manager, responsible for overseeing Exchange Bank's southern region. Dave joined Exchange Bank in 2016 and has been serving as the Vice President and Manager of our Sebastopol office. Prior to joining Exchange Bank, Dave served locally as a Branch Manager with Washington Mutual and its successor JP Morgan Chase. Dave began his 30+ year banking career at Wells Fargo in Sonoma County. Dave is a graduate of Northern Michigan University and lives in Santa Rosa. He is an active member of the Sebastopol Rotary Club.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890 with assets of $2.2 billion, Exchange Bank is a premier community bank providing a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank's legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 12-time winner of the North Bay Business Journal's North Bay Best Places to Work survey and received the 2016 Healthiest Companies in the North Bay award. NorthBay biz magazine named Exchange Bank 2017 Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal's listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com.

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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April 2, 2018

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist
(707) 541-1250

Exchange Bank Announces Rick Mossi as Senior Vice President of Retail Delivery

Santa Rosa, CA - (April 2, 2018) - Exchange Bank announces the promotion of Rick Mossi, Vice President and Regional Sales Manager, to Senior Vice President of Retail Delivery, responsible for overseeing Exchange Bank's retail branches and merchant services. Rick has worked for Exchange Bank for over 18 years and has been a leader on the retail team.

Rick was hired into Exchange Bank in 1999 as the Branch Manager of Petaluma Main. He was promoted to Regional Manager overseeing six offices in 2005. In 2012, Rick was promoted to Regional Sales Manager overseeing the expanded nine branch southern region.

Before joining Exchange Bank, Rick had a 21-year career at Bank of America serving in a variety of retail and lending roles. Rick is a graduate of UC Davis, a native of Petaluma and a leader in the local community-having served as president of both the Petaluma Rotary Club and the Petaluma Chamber of Commerce. Rick currently serves as the president of the Rotary Club of Petaluma Foundation.

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About Exchange Bank

Member FDIC - Equal Housing Lender - Equal Opportunity Employer

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February 5, 2018

Contact: Greg Jahn, EVP, Chief Financial Officer
(707) 524-3218

Exchange Bank Announces Fourth Quarter and Year Ending 2017 Earnings

Exchange Bank announces results for the fourth quarter and year ending 2017. 'We have a great story to tell about the financial performance of Exchange Bank during 2017. However, throughout the fourth quarter, our focus was on assisting our employees, customers and the community after the most devastating wildfires in California history. We are grateful that because of our positive financial position we are able to help our community move forward through the rebuild process,' said Gary Hartwick, President and CEO.

Exchange Bank reported income before taxes of $10.86 million in the fourth quarter of 2017, compared to $8.80 million for the same period in 2016, an increase of 23%. Income before taxes for the year ended December 31, 2017 totaled $43.57 million, compared to $34.67 million a year ago, an increase of 26%. As a result of the enactment of the 'Tax Cuts and Jobs Act' (Tax Act) as signed into law on December 22, 2017, the Bank reported an additional adjustment to income tax expense totaling $6.9 million in the fourth quarter of 2017, which had a material impact on net income for both the year and quarter ending December 31, 2017. As a result of this additional tax expense, the Bank reported a net loss of $293 thousand in the fourth quarter of 2017 and net income for the year ending December 31, 2017 of $19.5 million, as compared to net income of $5.45 million and $21.50 million for the quarter and year ended December 31, 2016. Without this additional income tax expense, net income would have been $6.6 million and $26.4 million for the quarter and year ending December 31, 2017.

The increase in income tax expense was the result of a remeasurement related to the carrying value of the Bank's net deferred tax assets due to the reduction in federal income tax rates from 35% to 21%. Net deferred tax assets represent the tax effected timing difference between revenues and expenses recorded for book purposes as compared to the timing of revenues and expense recorded for tax purposes. 'While the Bank was required to remeasure its net deferred tax assets in the fourth quarter of 2017, the reduction in federal tax rates beginning January 1, 2018 is expected to have a significant and positive impact on net income in future periods. Based on the projected level of Bank earnings, the 2017 impact on tax expense resulting from the net deferred tax asset remeasurement is expected to be earned back through a reduction in income tax expense in less than eighteen months,' stated Greg Jahn, Executive Vice President and Chief Financial Officer.

The Bank did benefit from two unusual and nonrecurring items of income during 2017 that contributed to this elevated level of earnings, including a gain of $1.6 million on the sale of other real estate held for sale and a $1.4 million litigation settlement. These benefits were partially offset by the reversal of loan loss provisions of $900 thousand during 2016, which were not repeated in 2017.

The earnings of the Bank were driven primarily by continued growth in loans and investments, which were funded by a significant increase in deposits. The growth in loans and investments led to an increase in net interest income of approximately $8.3 million for the year ending December 31, 2017, an 11% increase over the year ending December 31, 2016. The Bank experienced loan growth of approximately $71 million and an increase in investments and interest earning deposits primarily held with the Federal Reserve Bank totaling $322 million, which represent increases of 5% and 51% respectively. This increase in interest earning assets was funded primarily by growth in deposits of approximately $400 million, an increase of 21% over 2016. The extraordinary growth in deposits occurred during the fourth quarter and to a large extent related to the inflow of insurance settlements received by the Bank's clients who suffered losses as a result of the unprecedented wildfires in the communities we serve. 'Through this heartbreaking time, we used our financial resources and personnel in a number of innovative ways to support disaster relief efforts, and we continue to be a resource for liquidity and credit to our clients. We have recently announced a number of innovative and low-cost financial solutions to assist our community through the rebuild efforts. During this period of extraordinary devastation in Northern California, we have never been more proud to be a part of this generous and caring community,' said Gary Hartwick, President and CEO.

The Bank's credit quality remains strong, with non-accrual loans declining to just 0.18% of total loans at December 31, 2017. Despite continued loan growth, as a result of the continued improvement in asset quality and net loan recoveries, the Bank did not make any provision for loan losses in 2017 and was able to maintain a ratio of loan loss reserves to total loans of 2.70%. In addition, the Bank's capital ratios remain in excess of the regulatory definitions of 'well capitalized.' As of December 31, 2017, the Bank reported total risk-based capital of 12.92%.

Exchange Bank paid a quarterly cash dividend of $0.90 per share on common stock outstanding to shareholders on December 8, 2017. Total dividends paid to Exchange Bank common shareholders during 2017 were $5.8 million and represented an increase of approximately 21% above total dividends of $4.8 million paid to common shareholders during 2016. The Doyle Trust, which funds the Doyle Scholarships at the Santa Rosa Junior College, receives 50.44% of all cash dividends paid by the Bank.

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Exchange Bank published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 09:34:02 UTC

Market Closed - OTC Markets Other stock markets 17:51:12 03/06/2024 BST			5-day change	1st Jan Change
97.05 ^USD	-0.97%		-2.95%	-3.91%

05-22	Exchange Bank Declares Second Quarter Cash Dividend, Payable on June 21, 2024	CI
04-30	Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Exchange Bank Declares Second Quarter Cash Dividend, Payable on June 21, 2024	05-22	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the First Quarter Ended March 31, 2024	04-29	CI
Exchange Bank Appoints Kevin Bender as Senior Vice President, Chief Banking Officer	02-29	CI
Exchange Bank Declares First Quarter Cash Dividend, Payable on March 22, 2024	02-28	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Full Year Ended December 31, 2023	01-30	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	01-30	CI
Exchange Bank Declares Third Quarter Cash Dividend, Payable December 8, 2023	12-14	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	30/10/23	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	26/07/23	CI
Exchange Bank Declares Third Quarter Dividend, Payable on September 15, 2023	26/07/23	CI
Exchange Bank Announces Promotion of Paul Yeomans as Senior Vice President, Senior Lending Officer	26/06/23	CI
Exchange Bank (Santa Rosa, Ca) Appoints Charlotte Radmilovic as Chief Financial Officer	22/06/23	CI
Exchange Bank Appoints Charlotte Radmilovic as Senior VP	22/06/23	CI
Exchange Bank Appoints Shari Demaris as Executive Vice President and Chief Operating Officer	21/06/23	CI
Exchange Bank Declares Second Quarter Cash Dividend, Payable on June 16, 2023	23/05/23	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the First Quarter Ended March 31, 2023	27/04/23	CI
Exchange Bank Declares First Quarter 2023 Cash Dividend, Payable on March 17, 2023	27/02/23	CI
Exchange Bank Announces the Expansion of Their Trust and Investment Management Services into Marin County	07/02/23	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	31/01/23	CI
Exchange Bank Declares Fourth Quarter Cash Dividend, Payable December 9, 2022	17/11/22	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	03/11/22	CI
Exchange Bank Declares Quarterly Cash Dividend, Payable on September 16, 2022	23/08/22	CI
Exchange Bank (Santa Rosa, CA) Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	28/07/22	CI
Exchange Bank Declares Second Quarter Cash Dividend, payable on June 17, 2022	23/05/22	CI
Earnings Flash (EXSR) EXCHANGE BANK Posts Q1 EPS $4.82	04/05/22	MT

	1st Jan change	Capi.
EXCHANGE BANK (SANTA ROSA, CA)	-3.91%	166M
JPMORGAN CHASE & CO.	+15.97%	566B
BANK OF AMERICA CORPORATION	+18.68%	313B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+14.40%	252B
WELLS FARGO & COMPANY	+19.22%	205B
CHINA CONSTRUCTION BANK CORPORATION	+20.22%	182B
BANK OF CHINA LIMITED	+26.17%	169B
HSBC HOLDINGS PLC	+8.39%	161B
ROYAL BANK OF CANADA	+9.47%	151B
COMMONWEALTH BANK OF AUSTRALIA	+11.67%	137B

Exchange Bank (Santa Rosa, CA)

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Exchange Bank Santa Rosa CA : Declares Fourth Quarter Cash Dividend – 11.20.2020

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