Exchange Bank of Santa Rosa reported Tuesday that its net income for 2016 increased by 2.3 percent compared to the previous year, driven by a continued growth in loans.
The Santa Rosa-based institution said its income was $21.5 million for the year while also noting its fourth-quarter income registered at $5.45 million, which was an increase of 6.1 percent from the same period a year ago.
The bank, which is the third largest in the North Bay in term of assets, experienced loan growth of 11.6 percent, about $148 million, from 2015. That loan figure was the largest in that category since the economic downturn in 2008.
The growth in loans was fueled primarily by an increase in deposits of about $104 million, which was 5.7 percent more than 2015.
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