Exchange Bank (EXSR) Q3 2024 earnings summary

Executive summary

• Third quarter 2024 net income after taxes was $4.9 million, flat year-over-year and down from $5.2 million in Q2 2024.

• Year-to-date net income through September 2024 reached $15.0 million, up from $13.4 million for the same period in 2023.

• Total assets as of September 30, 2024 were $3.41 billion, up $48.2 million from a year ago.

Financial highlights

• Net interest income for Q3 2024 was $19.9 million, down 7.41% year-over-year; year-to-date net interest income was $60.6 million, down from $69.1 million in 2023.

• Non-interest income for Q3 2024 was $5.9 million, nearly flat year-over-year; year-to-date non-interest income was $17.4 million.

• Non-interest expense for Q3 2024 was $19.2 million, consistent with prior periods; year-to-date non-interest expense was $58.0 million, up from $55.9 million in 2023.

• Net interest margin through the first nine months of 2024 was 2.58%, down from 2.95% in 2023.

• Total funding costs increased by $16.1 million year-over-year, with deposit costs at 1.14% and total funding at 1.42%.

Outlook and guidance

• Management notes forward-looking statements are subject to risks and uncertainties, with no specific quantitative guidance provided.