Exchange Bank of Santa Rosa reports earnings slide

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Santa Rosa-based Exchange Bank on Wednesday reported a 2% year-over-year decline in third-quarter earnings, attributed largely to the costs of new online and banking systems.

Net income for the third quarter was $9.35 million, up 4% from $9.0 million in the second quarter but down from $9.53  million in the third quarter of last year. Earnings in the first nine months of this year were down 7% from a year before, to $27.4   million.

Exchange Bank said $800,000 in recent investments in modern banking technology weighed on quarterly results.

The bank’s third quarter was driven by growth in net interest income, which increased by 3.5%, to $24.93 million during the third quarter from $23.74   million a year before. The loan portfolio increased 5.6% over the year, to $1.54 billion.

The bank’s deposits declined 2.6% to $2.295 billion as of Sept. 30 from $2.357 billion a year earlier. That change is attributed to 2017 wildfire victims’ continued withdrawal of insurance payments placed with the bank.

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