Exchange Bank reports 36 percent profit

The Santa Rosa bank said it had an 18 percent increase in deposits, mostly a result of fire victims depositing their insurance claims.|
BILL SWINDELL
THE PRESS DEMOCRAT

Exchange Bank of Santa Rosa reported a 36 percent increase in second-quarter earnings, compared to the same period in 2017.

The bank said it made a profit after tax of $8.87 million from April to June, up from $6.51 million during the same period in 2017. Net interest income - the difference between the interest it received from loans minus the interest paid out in deposits - rose 20 percent to $3.88 million.

It also noted deposit growth of $362 million during the quarter, an 18.1 percent increase. Bank officials attributed the spike to wildfire victims who finally received insurance proceeds from losing their homes - likely more than $300 million from such claims.

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