Log In Locations/ATMs Español Search Personal Business Trust & Investment About News Room Press Releases 2021 November 23, 2021 – Exchange Bank Declares Fourth Quarter 2021 Cash Dividend November 16, 2021 – Exchange Bank Appoints Tom Duryea as Executive Vice President, Chief Banking Officer November 2, 2021 – Exchange Bank Announces Third Quarter 2021 Earnings October 19, 2021 – Exchange Bank Announces Eric McHenry as New Board Member September 20, 2021 – Exchange Bank’s SVP, Senior Credit Officer Mary Leonard-Wilson Promoted to Executive Role as Chief Credit Officer August 23, 2021 – Exchange Bank Declares Third Quarter 2021 Cash Dividend August 4, 2021 – Exchange Bank Announces Second Quarter 2021 Earnings July 30, 2021 – Exchange Bank Announces Shaun Vongphakham as Vice President and Branch Manager July 30, 2021 – Exchange Bank Announces Carolyn Cole-Schweizer as Marketing Services Manager June 16, 2021 – Exchange Bank Announces Thomas Sands, Vice President, Regional Sales Manager May 7, 2021 – Exchange Bank Declares Second Quarter 2021 Cash Dividend May 7, 2021 – Exchange Bank Announces Brian Rober, Senior Vice President, Chief Information Officer May 6, 2021 – Exchange Bank Announces First Quarter 2021 Earnings February 15, 2021 – Exchange Bank Announces Fourth Quarter and Year Ending 2020 Earnings February 3, 2021 – Exchange Bank Announces Shari DeMaris as Executive Vice President and Chief Financial Officer News Room 2020 Archive News Room 2019 Archive News Room 2018 Archive News Room Archive November 23, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer 707.524.3067 Exchange Bank Declares Fourth Quarter 2021 Cash Dividend Santa Rosa, CA – On November 16, 2021, 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 26, 2021. The dividend is payable December 10, 2021. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. 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: 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 $3.4 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 17 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 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top November 16, 2021 Contact: Carolyn Cole-Schweizer, Marketing Services Manager 707.541.1250 Exchange Bank Appoints Tom Duryea as Executive Vice President, Chief Banking Officer Santa Rosa, CA – Exchange Bank announced the appointment of Tom Duryea as executive vice president and chief banking officer, reporting to Troy Sanderson, president and CEO. He will be responsible for contributing to the strategic direction of the bank with a focus on the customer facing areas including Retail, Wholesale Lending, Residential and Consumer Lending and Product Innovation and Delivery. “I am confident that the wealth of high-level experience that Tom brings to this position will serve the Bank well,” said Troy Sanderson, president and CEO. “I have a passion for community banking and I am honored to join the exceptional team at Exchange Bank,” said Duryea. “It is the hard work and imagination of local business owners that create the culture, lifestyle and experiences that make Sonoma County unique. I commit to focusing our team’s expertise in resourcing the finance needs of local business owners as we partner together to create resiliency, growth, opportunity and our shared future here in Sonoma County.” Recently, serving as CEO of Summit Bank in Oakland, CA, Tom had the distinct honor of leading the oldest woman-founded community bank in California. While working in Oakland, Duryea and his family maintained their primary residence in Healdsburg. His children were raised in Sonoma County where he has been a resident for 20 years and he is excited to transition his professional life back to his home community. Duryea, formerly president and chief executive officer at Summit State Bank in Sonoma County, led the commercial bank for eight years. Under his leadership, the former savings and loan was successfully transformed to a top performing bank. ### About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.5 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay Biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top October 19, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer 707.524.3067 Exchange Bank Announces Third Quarter 2021 Earnings Santa Rosa, CA – On November 2, 2021, Exchange Bank announced results for the third quarter of 2021, reporting net income after taxes of $9.85 million, compared with $7.98 million for the same quarter in 2020, an increase of 23.43%. The Bank’s net interest income decreased slightly from $24.08 million during the three months ended September 30, 2020 to $23.99 million during the same period in 2021. The 2021 interest income was supported by the PPP loans booked in both 2020 and 2021 and the fees associated with these loans. In the third quarter of 2021, the Bank recognized $1.82 million in PPP loan fees. The Bank’s results continue to be 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. Non-interest income increased from $5.22 million in the third quarter of 2020 to $5.55 million in the similar period in 2021. A highlight of the favorable non-interest income is Trust and Investment Management with an increase of $0.45 million over the third quarter of 2020 to $2.52 million for the three months ended September 30, 2021. This favorable income was offset by three main factors: slightly lower account service fees due to higher than normal compensating balances across both business and consumer deposit accounts; a decline in interchange fees as a result of reduced consumer spending; and lower SBA fee income due to diminished business activities during this period. These fee-based decreases are a continuing trend from 2020 which the Bank expects to continue for the remainder of 2021. The quality of the Bank’s loan portfolio remains strong and the Bank did not add to its reserve during the third quarter of 2021. The Bank did take a provision for loan loss of $0.9 million during the similar period in 2020. The previously discussed increases in revenue were supplemented by the Bank’s decreased operating expenses. The Bank had a decrease operating expenses during the three months ending September 30, 2021 of $1.53 million or 8.80% in comparison to the three months ended September 30, 2020. The 2020 expenses include approximately $2.00 million related to the Bank’s core system conversion. The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $497 million or 18.59%. This increase in deposits started during the second quarter of 2020, resulting from business deposits relating to the deposit of PPP loan funds received by Bank clients. The PPP loans issued in 2021 have added to the increase in deposits. Additional sources of the increase in deposits are the economic stimulus received by our customers and both business and consumer customers 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. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. Overall, the Bank’s balance sheet growth for the year-ending September 30, 2021 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.53 billion as of September 30, 2021 up from $3.04 billion as of September 30, 2020, an increase of 16.37%. Gross loans decreased from $1.82 billion in 2020 to $1.59 billion in 2021. A significant portion of the decrease relates to PPP loans which had a balance of $260 million as of September 30, 2020 vs. $110 million as of September 30, 2021. The Bank’s investment portfolio increased $435 million during the 12 months ended September 30, 2021. The Bank expects net interest margin to be a challenge for the remainder of 2021 and into the near future with the expectation that treasury yields will remain low. During the nine months ending September 30, 2021, the Bank achieved net earnings of $26.56 million, compared with $24.46 million during the similar nine-month period in 2020, an increase of $2.10 million or 8.58%. The change was driven by the same factors related to net interest income and non-interest income as described previously. Net interest income declined $0.67 million from $71.17 million for the nine months ended September 30, 2020 to $70.50 million for the same period in 2021. $7.30 million of PPP loan fees are included in 2021 net interest income. During the nine months ending September 30, 2021, the growth in the Bank’s Trust and Investment Management income, which was up approximately $1.45 million, helped offset declines in deposit fee and SBA income, compared with the similar nine-month period in 2020. The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of September 30, 2021, the Bank reported total risk-based capital of 20.29%. 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: 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 $3.5 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top October 19, 2021 Contact: Carolyn Cole-Schweizer, Marketing Services Manager 707.541.1250 Exchange Bank Announces Eric McHenry as New Board Member Santa Rosa, CA – On October 19, 2021, Exchange Bank announced Eric McHenry as the newest member of Exchange Bank’s Board of Directors, effective October 1, 2021. As chief information officer and director of the Information Technology Department for the City of Santa Rosa, Mr. McHenry brings with him extensive experience in both technology and business leadership. “We are very pleased to welcome Eric McHenry to our already strong board,” said Bill Schrader, chairman of the board, Exchange Bank. “He brings to us a wealth of wisdom, entrepreneurial and community-minded leadership experience from his distinguished career in both the public and private sectors.” Prior to his career with the City of Santa Rosa, which began in 2005, Mr. McHenry was a co-founder of a Sonoma County, California-headquartered company developing telecom infrastructure equipment supporting next-generation mobility services for wireless and wireline service providers. Mr. McHenry’s career with HP/Agilent began in 1980 in Palo Alto, developing digital communications test equipment for terrestrial and mobile communications customers. In 1991, he moved to HP’s Santa Rosa site, where he held various engineering and marketing management positions for new and emerging businesses within HP and Agilent. During that time, Mr. McHenry also spent two years abroad where he led the product development for HP’s ATM (Asynchronous Transfer Mode) and IP performance test products. Mr. McHenry received his bachelor’s degree in Electrical Engineering from Massachusetts Institute of Technology (MIT). Eric currently serves as board president for the Robert Ferguson Observatory and first vice president for the Airstream Club International Board of Trustees. His past board experience includes United Way, The Children’s Village, Redwood Empire Food Bank and NorthBay Public Media (KRCB). Eric is an avid outdoorsman, enjoying camping, motorcycling, kayaking and hiking. ### About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.5 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top September 20, 2021 Contact: Carolyn Cole-Schweizer, Corporate Communications Officer 707.541.1250 Exchange Bank’s SVP, Senior Credit Officer Mary Leonard-Wilson Promoted to Executive Role as Chief Credit Officer Santa Rosa, CA –Exchange Bank announced that Mary Leonard-Wilson, SVP, senior credit officer has been promoted to Exchange Bank’s Executive Committee as SVP, chief credit officer, reporting directly to Troy Sanderson, president and CEO. Mary has over 20 years of community banking and executive experience, and has been fulfilling this role on an interim basis since May of this year. “Mary and I have been peers in community banking in Northern California for many, many years,” said Troy Sanderson, president and chief executive officer. “Her reputation was beyond reproach back then, and that reputation has only been surpassed by my actual experience working with her here at Exchange Bank. We are very lucky to have her in this role and on our team.” 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. ### About Exchange Bank Exchange Bank is a 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top August 23, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer 707.524.3067 Exchange Bank Declares Third Quarter 2021 Cash Dividend Santa Rosa, CA – On August 17, 2021, 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 September 3, 2021. The dividend is payable September 17, 2021. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. 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: 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 $3.5 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top August 4, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer 707.524.3067 Exchange Bank Announces Second Quarter 2021 Earnings Santa Rosa, CA – On August 4, 2021, Exchange Bank announced results for the second quarter of 2021, reporting net income after taxes of $8.22 million, compared with $7.85 million for the same quarter in 2020, an increase of 4.71%. The Bank’s net interest income increased slightly from $23.19 million during the three months ended June 30, 2020 to $23.24 million the same period in 2021. The 2021 interest income was supported by the PPP loans booked in both 2020 and 2021 and the fees associated with these loans. In the second quarter of 2021, the Bank recognized $1.52 million in PPP loan fees; there were no PPP loan fees recognized in the first six months of 2020. The Bank expects net interest margin to be a challenge for the remainder of 2021 and into the near future with the expectation that treasury yields will remain low. The Bank’s results continue to be 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. Non-interest income increased from $4.74 million in the second quarter of 2020 to $5.95 million in the similar period in 2021. A highlight of the favorable non-interest income is Trust and Investment Management with an increase of $0.55 million over the second quarter of 2020 to $2.64 million for the three months ended June 30, 2021. In contrast to the overall increase in non-interest income, three areas are experiencing a downward trend: lower account service fees due to higher than normal compensating balances across both business and consumer deposit accounts; a decline in interchange fees as a result of dramatically reduced consumer spending; and lower SBA fee income due to diminished business activities during this period. These fee-based decreases are a continuing trend from 2020 which the Bank expects to continue for the remainder of 2021. 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 $0.8 million during the second quarter of 2021. The Bank did not take a provision for loan loss during the similar period in 2020. The previously discussed increases in revenue were supplemented by the Bank’s decreased operating expenses. The Bank had a decrease operating expenses during the three months ending June 30, 2021 by approximately $0.10 million or 0.06% in comparison to the three months ended June 30, 2020. The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $395 million or 15%. This increase in deposits started during the second quarter of 2020, resulting from business deposits relating to the deposit of PPP loan funds received by Bank clients. The PPP loans issued in 2021 have added to the increase in deposits. Additional sources of the increase in deposits are the economic stimulus received by our customers and both business and consumer customers 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. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. Overall, the Bank’s balance sheet growth for the year-ending June 30, 2021 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.43 billion as of June 30, 2021 up from $3.04 billion in 2020, an increase of 13%. Gross loans decreased from $1.85 billion in 2020 to $1.68 billion in 2021. A significant portion of the decrease relates to PPP loans which had a balance of $264 million as of June 30, 2020 vs. $182 million as of June 30, 2021. The Bank’s investment portfolio increased $351 million during the twelve months ended June 30, 2021. During the six months ending June 30, 2021, the Bank achieved net earnings of $16.71 million, compared to $16.48 million during the similar six-month period in 2020, an increase of $0.23 million or 1.38%. The change was driven by the same factors related to net interest income and non-interest income as described previously. Net interest income declined $0.58 million from $47.09 million for the six months ended June 30, 2020 to $46.51 million for the same period in 2021. $5.49 million of PPP loan fees are included in 2021 net interest income. During the six months ending June 30, 2021, the growth in the Bank’s Trust and Investment Management business, which was up approximately $1.01 million, helped offset declines in deposit fee and SBA income, compared to the similar six-month period in 2020. The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of June 30, 2021, the Bank reported total risk-based capital of 19.68%. “The Bank’s extraordinary efforts to assist our customers during this pandemic, especially with PPP loans, have had a significant effect on the size and asset mixture of our balance sheet,” said Troy Sanderson, president and CEO. “Through the management of liquidity and strong credit quality, we intend to remain a trusted resource for those same customers as we continue fighting our way through this pandemic together.” 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: 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 $3.4 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 17 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top July 30, 2021 Contact: Carolyn Cole-Schweizer, Corporate Communications Officer 707.541.1250 Exchange Bank Announces Shaun Vongphakham as Vice President and Branch Manager Santa Rosa, CA – Exchange Bank announced Shaun Vongphakham as vice president and branch manager, responsible for overseeing and coordinating operations of Exchange Bank’s St. Francis office at 136 Calistoga Rd. in Santa Rosa. Shaun has 20 years of banking experience and with a strong background in developing and growing strong relationships with customers and staff. Prior to Exchange Bank, Shaun worked for Umpqua Bank in Santa Rosa and JP Morgan Chase. At Umpqua Bank, Shaun was responsible for overseeing the overall branch performance in the areas of sales, operations and customer experience. Shaun lives in Santa Rosa. He is a graduate of Piner High School and has a bachelor’s degree in Business Administration from Sonoma State University. ### About Exchange Bank Exchange Bank is a 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top July 30, 2021 Contact: Carolyn Cole-Schweizer, Corporate Communications Officer 707.541.1250 Exchange Bank Announces Carolyn Cole-Schweizer as Marketing Services Manager Santa Rosa, CA – Exchange Bank announced Carolyn Cole-Schweizer as marketing services manager, responsible for marketing including branding, digital asset management, social media, corporate communications, event management and community engagement. Carolyn joined Exchange Bank in 2016 as corporate communications officer, playing a key role in the development of Exchange Bank’s social media policy. She has represented the Bank at several North Bay biz Women Talk Biz conferences, leading interactive discussions on social media best practices for professionals. Carolyn began her marketing career in the South Bay, working for such companies as Apple, Nortel Networks and WebEx before moving to Santa Rosa in 2005. She owned and operated a retail florist in Santa Rosa and worked for the Santa Rosa Junior College Foundation managing donor and alumni relations and events before joining Exchange Bank in 2016. Carolyn earned her Certified Financial Marketing Professional (CFMP) designation from the American Bankers Association in 2017. She has an M.A. in Linguistics and a B.A. in German from San Jose State University. Carolyn is an executive committee member of her church and a volunteer at F.I.S.H., a local food pantry in Santa Rosa. ### About Exchange Bank Exchange Bank is a 16-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 2020 Healthiest Companies in the North Bay Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and the NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Sonoma Valley People’s Choice awards named Exchange Bank the Best Local Bank 2021 and the North Bay Bohemian’s Best of 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top June 16, 2021 Contact: Carolyn Cole-Schweizer, Corporate Communications Officer 707.541.1250 Exchange Bank Announces Thomas Sands, Vice President, Regional Sales Manager Santa Rosa, CA – On June 16, 2021, Exchange Bank (OTC: EXSR) announces Thomas Sands as vice president, regional sales manager, responsible for overseeing Exchange Bank’s southern region. Thomas comes to Exchange Bank with a strong background and hands-on credit experience from Wells Fargo where he enjoyed a 22-year career, most recently serving as regional bank president for Northern California (2017-2021). In this role, Thomas was responsible for a branch network that extended from Marin and Sonoma Counties up north to Humboldt County and east of Yolo County; a total of six districts, 50 branches, and more than 600 team members. Thomas is a graduate of Sacramento State University and lives in Santa Rosa. His community involvement has included serving locally with the United Way of the Wine Country, American Red Cross, North Bay Wildfire Recovery, Sonoma County Advisory Board and Big Brothers and Sisters, and he has previously coached youth football and basketball. ### 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 2020 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 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top May 21, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer (707) 524.3067 Exchange Bank Declares Second Quarter 2021 Cash Dividend Santa Rosa, CA – On May 18, 2021, 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 4, 2021. The dividend is payable June 18, 2021. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. 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: 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 $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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 2020 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 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top May 7, 2021 Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media (707) 541.1250 Exchange Bank Announces Brian Rober, Senior Vice President, Chief Information Officer Santa Rosa, CA – On May 7, 2021, Exchange Bank announced Brian Rober to Exchange Bank as senior vice president and chief information officer. In his role as head of Technical Services, Brian sets objectives and strategies for the IT department, selects and implements technology solutions to streamline internal operations and helps design and customize technological systems and platforms to improve customer experience. Brian has over 20 years of experience in the technology and risk fields within the banking industry. He spent the last 10 years at FIS, overseeing a team of more than 100 IT professionals and managing the IT infrastructure and support for 150 community banks that outsourced all aspects of their IT. During his time with FIS, Brian drove the strategic opportunities around capital planning, disaster recovery, emerging technologies, automation efforts, client reporting, platform migrations, engineering, service desk and security posture for those clients. Before FIS, Brian worked for two different community banks in many different capacities. Brian holds a bachelor’s degree in Business from Cal Poly, San Luis Obispo and is currently enrolled and working towards a master’s degree in Cybersecurity. ### About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 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 2020 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 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top May 6, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer (707) 524.3067 Exchange Bank Announces First Quarter 2021 Earnings Santa Rosa, CA – On May 6, 2021, Exchange Bank announced results for the first quarter of 2021, reporting net income after taxes of $8.49 million, compared with $8.63 million for the same quarter in 2020, a decrease of 1.60%. The decrease in earnings in the first quarter of 2021 can be directly attributed to declines in net interest income, non-interest income and the resumption of provisioning for loan losses. “In response to the pandemic and the resulting societal and economic disruptions, the Bank began provisioning for loan losses in the third quarter of 2020 in a defensive posture,” said Troy Sanderson, president and CEO. “If not for the provision of $1.2 million in the first quarter of 2021, year-over-year first quarter income would actually be up 12.28%.” The Bank’s net interest income declined slightly from $23.90 million during the three months ended March 31, 2020 to $23.27 million the same period in 2021. 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 was somewhat offset by the PPP loans booked in both 2020 and 2021. As of March 31, 2021, the Bank had a total of $227 million in PPP loans. Other liquid investments increased approximately $226 million between March 31, 2020 and 2021. The Bank’s net interest margin decreased from 3.89% in 2020 to 3.08% in 2021. The Bank expects net interest margin challenges to continue into 2021 with the expectation that treasury yields will remain low. The Bank’s results continue to be 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. Non-interest income declined from $5.87 million in the first quarter of 2020 to $5.41 million in the similar period in 2021. This decline can be attributed to three main factors: lower account service fees due to higher than normal compensating balances across both business and consumer deposit accounts; a decline in interchange fees as a result of dramatically reduced consumer spending; and lower SBA fee income due to diminished business activities during this period. The previously discussed declines in revenue were somewhat offset by the Bank’s focus on controlling operating expenses. The Bank was successful in reducing operating expenses during the three months ending March 31, 2021 by approximately $2.07 million or 11.62% in comparison to the three months ended March 31, 2020. In 2020, the Bank had one-time expenses related to its core operating system conversion. 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 $1.2 million during the first quarter of 2021. The Bank did not take a provision for loan loss during the similar period in 2020. The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $624 million or 27%. This increase in deposits started during the second quarter of 2020, resulting from business deposits relating to the deposit of PPP loan funds received by Bank clients. The PPP loans issued in 2021 have added to the increase in deposits. Additional sources of the increase in deposits are the economic stimulus received by our customers and both business and consumer customers 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. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. Overall, the Bank’s balance sheet growth for the year ending December 31, 2020 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.29 billion as of March 31, 2021 up from $2.64 billion in 2020, an increase of 24.76%. Gross loans increased from $1.59 billion in 2020 to $1.72 billion in 2021. The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of March 31, 2021, the Bank reported total risk-based capital of 19.09%. “The Bank again posted solid earnings in the first quarter of 2021 while maintaining strong capital, liquidity and credit quality,” said Mr. Sanderson. “As we look forward to the promise of post-pandemic days ahead, we continue to stand ready to serve as our community’s cornerstone financial institution, assisting our customers, friends and neighbors as only a locally-run and independent community bank can do.” 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: 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 $3.1 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 2020 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 2020 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top February 15, 2021 Contact: Shari DeMaris, EVP, Chief Financial Officer (707) 524.3067 Exchange Bank Announces Fourth Quarter and Year Ending 2020 Earnings Santa Rosa, CA – On February 15, 2021, Exchange Bank announced results for the fourth quarter and year ending 2020, reporting net income after taxes of $9.24 million in the fourth quarter of 2020, compared with $9.07 million for the same quarter in 2019, an increase of 1.87%. The Bank achieved net income for the year ended December 31, 2020 of $33.70 million. “In a historically low interest rate environment, and in the midst of a significant economic disruption caused by the pandemic, the Bank posted solid operating results in 2020 by focusing on its core mission as a community bank—supporting our customers,” said Troy Sanderson, 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. For a portion of 2020, the Bank also waived ATM and overdraft fees for their consumer and business customers. Exchange Bank expended tremendous internal resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, they were successful in providing loans to 1,780 small businesses in the community with loan balances totaling approximately $260 million. “I am extremely proud of our employees who worked tirelessly to secure this much needed financial support for our local small businesses through the PPP program,” said Sanderson. “Even more impressive, $22 million of these PPP loans were made to local nonprofit and charitable organizations, enabling them to continue to provide critical needed assistance to our community during these very difficult times.” Exchange Bank’s net income for 2020 was $33.70 million, compared with $36.50 million in 2019. The decrease in earnings can be directly attributed to declines in net interest income, non-interest income and an increase in the provision for loan loss. The Bank’s 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 slightly from $96.91 million during the 12 months ended December 31, 2019 to $96.38 million the same period in 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. As a result, the Bank experienced a decline of $531 thousand in net interest income for the 12 months ended December 31, 2020 compared with the similar period in 2019. The loss of interest income 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. The Bank’s net interest margin decreased from 3.89% in 2019 to 3.46% in 2020. The Bank expects net interest margin challenges to continue into 2021 with the expectation that treasury yields will remain low. Non-interest income declined from $24.23 million in 2019 to $21.54 million in 2020. During 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 previously discussed 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 12 months ending December 31, 2020, by approximately $1.70 million or 2.41%. In addition, during 2020, the Bank had one-time expenses related to its core operating system conversion of approximately $2.3 million before taxes. Without such expenses, the Bank’s 2020 income would have been closer to its 2019 results. 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 $1.8 million during 2020. The Bank did not take a provision for loan loss during the similar period in 2019. Overall, the Bank’s balance sheet growth for the year ending December 31, 2020 was bolstered by the PPP loans and deposit growth as previously noted. Total assets increased to $3.14 billion as of December 31, 2020 up from $2.67 billion in 2019, an increase of 17.43%. Gross loans increased from $1.58 billion in 2019 to $1.73 billion in 2020. The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $424 million or 18%. This increase in deposits mainly 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 $176 million came from both business and consumer customers 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. It is possible the Bank could experience a significant runoff of the excess deposits due to their unusual and short-term nature as they are used to support small business and consumer-related expenses over the next year. The effect of the 2021 PPP loan program on deposit and loan balances is uncertain at this time, but could have a material impact on the Bank’s results during the coming year. The Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of December 31, 2020, the Bank reported total risk-based capital of 15.92%. “While 2020 was a financially successful year for Exchange Bank, it was also a year focused on a substantial investment in the continuity of our legacy,” said Mr. Sanderson. “Now, with two very large information technology upgrades implemented within the past two years, Exchange Bank is well-positioned to leverage these new capabilities to better support and serve our clients and community for many years to come.” ### About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. Member FDIC — Equal Housing Lender — Equal Opportunity Employer Return to Top February 3, 2021 Contact: Carolyn Cole-Schweizer, EVP, Corporate Communications & Social Media (707) 541.1250 Exchange Bank Announces Shari DeMaris as Executive Vice President and Chief Financial Officer Santa Rosa, CA –On February 3, 2021, Exchange Bank announced Shari DeMaris as executive vice president and chief financial officer. Ms. DeMaris joined Exchange Bank in October 2020, working with Greg Jahn, Exchange Bank’s EVP/CFO of 18 years, in anticipation of his retirement on January 15, 2021. “Shari brings to this position an impressive set of executive management and financial skills,” said Troy Sanderson, president and chief executive officer. “Her abilities make her an excellent fit to round out our leadership team.” An Iowa native, Shari brings over 23 years of technical accounting and financial leadership experience within financial institutions to her role as Exchange Bank’s EVP and chief financial officer. The foundation of her career was built in public accounting, first with Arthur Andersen and then McGladrey (now RSM). For the last 15 years, Shari has been with Hills Bank and Trust headquartered in Hills, Iowa. As their chief financial officer, she helped to grow the bank to its current $3.3 billion and led a 12-person finance and accounting team. Shari is a licensed CPA with bachelor’s degrees in both Accounting and Spanish from DePaul University and the University of Iowa, respectively. Active in her community, Shari has served as chair and board member for both the Iowa City Area Development Group and the Chamber of Commerce, has been board chair for the Domestic Violence Intervention Program and was a mentor for the Youth Leadership Program. ### About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.1 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. 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—retaining the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com. 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