Exchange Bank

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 12, 2024), Exchange Bank reported 114 stock positions worth $121.7 million. Its top holding was iShares Core U.S. Aggregate (AGG) at 7.1% of the portfolio, followed by iShares National Muni Bond E (MUB, 4.2%) and Apple (AAPL, 4.1%). Compared with Q4 2023, it opened 8 new positions, sold out of 2, added to 17 and reduced 61. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +35%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −15%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$121.7M (Q1 2024)
SEC Filing
0002001155-24-000002 ↗ filed Apr 12, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $121.7M $121.7M Q1 2024 Q2 2024: $117.7M Q2 2024 Q3 2024: $122.3M Q3 2024 Q4 2024: $124.4M Q4 2024 Q1 2025: $124.0M Q1 2025 Q2 2025: $126.4M Q2 2025 Q3 2025: $144.1M Q3 2025 Q4 2025: $144.6M Q4 2025 Q1 2026: $144.3M Q1 2026 Q2 2026: $160.6M Q2 2026

Holdings 114 stocks · $121.7M
AGG iShares Core U.S. Aggregate 7.08% 87,929 $8.6M Reduce -14.8%
MUB iShares National Muni Bond E 4.17% 47,189 $5.1M Add +8.7%
AAPL Apple Inc. 4.13% 29,334 $5.0M Reduce -3.7%
MSFT Microsoft Corp. 3.61% 10,428 $4.4M Reduce -2.7%
JNJ Johnson & Johnson 3.47% 26,685 $4.2M Reduce -1.1%
CVX Chevron Corp. 3.13% 24,144 $3.8M Reduce -0.9%
PG The Procter & Gamble Co. 3.10% 23,245 $3.8M Reduce -1.2%
VTI VG Morningstar TS MKT ETF-US 2.56% 11,963 $3.1M Add +1.0%
XOM Exxon Mobil Corp. 2.49% 26,103 $3.0M Reduce -0.1%
BND Vanguard Total Bond Market 2.48% 41,478 $3.0M Add +6.8%
CAT Caterpillar Inc. 2.28% 7,578 $2.8M No change
JPM JPMorgan Chase & Co. 2.06% 12,535 $2.5M Reduce -0.6%
UNP Union Pacific Corp. 2.02% 9,999 $2.5M Reduce -1.3%
WMT Walmart Inc. 1.82% 36,864 $2.2M No change
MRK Merck & Co. Inc. 1.74% 16,015 $2.1M Reduce -0.6%
TGT Target Corp. 1.66% 11,428 $2.0M No change
IJH iShares Core S&P Midcap ETF 1.62% 32,360 $2.0M Reduce -2.9%
KO The Coca-Cola Co. 1.58% 31,514 $1.9M Reduce -0.2%
BRK.A Berkshire Hathaway Inc. Class A 1.56% 3 $1.9M No change
BMY Bristol-Myers Squibb Co. 1.37% 30,817 $1.7M Reduce -0.9%
SCHB Schwab US Broad Market ETF 1.30% 26,000 $1.6M Reduce -0.6%
NSC Norfolk Southern Corp. 1.27% 6,056 $1.5M Reduce -1.6%
ADP Automatic Data Processing 1.24% 6,040 $1.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.22% 7,777 $1.5M Reduce -0.7%
SPY SS SPDR S&P 500 ETF Trust-US 1.17% 2,718 $1.4M Add +35.2%
IAGG iShares Intl Aggregate Bond 1.13% 27,644 $1.4M Reduce -9.1%
TXN Texas Instruments Inc. 1.12% 7,809 $1.4M Add +0.6%
GOOGL Alphabet Inc. Class A 1.10% 8,882 $1.3M Add +0.1%
MRSH Marsh & McLennan Cos 1.06% 6,239 $1.3M Reduce -0.5%
NVDA Nvidia Corp. 1.00% 1,351 $1.2M Reduce -11.3%
VCSH Vanguard S/T Corp. Bond ETF 0.94% 14,804 $1.1M Add +10.0%
IGSB iShares 1-5Y Inv Grade Corp. 0.93% 22,116 $1.1M Add +0.4%
GOOG Alphabet Inc. Class C 0.92% 7,377 $1.1M Reduce -20.8%
AMZN Amazon.com Inc. 0.89% 5,990 $1.1M Reduce -0.7%
PM Philip Morris International 0.88% 11,724 $1.1M Add +0.9%
PEP Pepsico Inc. 0.80% 5,565 $974K Reduce -2.2%
HD Home Depot Inc. 0.79% 2,502 $960K Reduce -3.0%
LLY Eli Lilly & Co. 0.74% 1,163 $905K Reduce -1.2%
NEE Nextera Energy Inc. 0.72% 13,763 $880K Reduce -1.4%
FALN iShares Fallen Angels ETF 0.68% 30,987 $832K No change
FDX FedEx Corp. 0.66% 2,786 $807K No change
SPHY SS SPDR P High Yield ETF 0.65% 33,739 $792K Add +5.0%
GL Globe Life Inc. 0.65% 6,750 $785K No change
HON Honeywell International Inc. 0.64% 3,776 $775K Reduce -10.6%
MCD McDonald's Corp. 0.62% 2,657 $749K Add +1.9%
BRK.B Berkshire Hathaway Inc. Class B 0.61% 1,775 $746K Add +1.0%
MDLZ Mondelez International Inc. Class A 0.61% 10,656 $746K No change
AXP American Express Co. 0.58% 3,109 $708K No change
BDX Becton Dickinson and Co. 0.58% 2,840 $703K Reduce -0.1%
PFE Pfizer Inc. 0.57% 25,070 $696K Reduce -11.2%
ORCL Oracle Corp. 0.54% 5,240 $658K Reduce -1.4%
VEA Vanguard Ftse Developed ETF 0.54% 12,975 $651K Add +3.4%
IWM iShares Russell 2000 ETF 0.53% 3,094 $651K No change
MO Altria Group Inc. 0.51% 14,333 $625K Reduce -0.9%
CSCO Cisco Systems Inc. 0.49% 11,981 $598K Reduce -3.4%
EFA iShares MSCI Eafe ETF 0.49% 7,484 $598K Reduce -4.0%
IJR iShares Core S&P Small-Cap E 0.49% 5,389 $596K Reduce -0.3%
COST Costco Wholesale Corp. 0.49% 808 $592K No change
MA Mastercard Inc. Class A 0.48% 1,217 $586K Reduce -0.4%
USMV iShares MSCI USA Min Vol Fac 0.48% 7,000 $585K Reduce -1.4%
LOW Lowe's Cos Inc. 0.47% 2,268 $578K Add +2.5%
VNQ Vanguard Real Estate ETF 0.47% 6,637 $574K Reduce -1.8%
A Agilent Technologies Inc. 0.46% 3,836 $558K Reduce -0.6%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.45% 2,838 $545K Add +2.8%
HBAN Huntington Bancshares Inc. 0.44% 38,024 $530K No change
ADBE Adobe Inc. 0.42% 1,005 $507K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.41% 8,669 $500K No change
GE General Electric 0.40% 2,800 $491K Reduce -0.7%
ITW Illinois Tool Works 0.39% 1,783 $478K No change
V Visa Inc. Class A 0.39% 1,686 $471K Reduce -1.2%
META Meta Platforms Inc. Class A 0.39% 968 $470K No change
BR Broadridge Financial Solutio 0.38% 2,250 $461K Reduce -0.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.38% 3,731 $457K Reduce -8.4%
BLK BlackRock Finance Inc. 0.34% 489 $408K Reduce -1.8%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.33% 3,722 $405K No change
EMR Emerson Electric Co. 0.33% 3,504 $397K Reduce -2.8%
VOO Vanguard S&P 500 ETF 0.30% 758 $364K Reduce -7.2%
ABBV Abbvie Inc. 0.29% 1,967 $358K Reduce -0.9%
UNH Unitedhealth Group Inc. 0.29% 722 $357K Reduce -1.6%
DD Dupont DE Nemours Inc. 0.28% 4,410 $338K No change
MMM 3M Co. 0.28% 3,160 $335K Reduce -6.7%
GPC Genuine Parts Co. 0.27% 2,124 $329K No change
QQQ Invesco QQQ Trust Series 1 0.27% 739 $328K New
T AT&T Inc. 0.27% 18,425 $324K Reduce -0.8%
AVGO Broadcom Inc. 0.26% 237 $314K Add +4.4%
SUB iShares Short-Term National 0.26% 2,965 $311K No change
MCHP Microchip Technology Inc. 0.25% 3,432 $308K No change
UPS United Parcel Service Class B 0.25% 2,009 $299K Reduce -0.9%
DUK Duke Energy Corp. 0.24% 3,045 $294K Reduce -3.6%
CSX CSX Corp. 0.24% 7,933 $294K No change
AON Aon PLC Class A 0.24% 869 $290K No change
NOC Northrop Grumman Corp. 0.23% 596 $285K Reduce -0.8%
VWO Vanguard Ftse Emerging Marke 0.23% 6,638 $277K Reduce -4.8%
BKNG Booking Holdings Inc. 0.23% 76 $276K No change
DOW Dow Inc. 0.22% 4,629 $268K No change
FICO Fair Isaac Corp. 0.22% 213 $266K Reduce -58.3%
IVV iShares Core S&P 500 ETF 0.21% 493 $259K No change
MDT Medtronic PLC 0.21% 2,952 $257K Reduce -5.5%
VYM Vanguard High DVD Yield ETF 0.21% 2,076 $251K Add +6.2%
INTC Intel Corp. 0.20% 5,501 $243K Reduce -2.5%
QUAL iShares MSCI USA Quality Fac 0.20% 1,444 $237K New
LMT Lockheed Martin Corp. 0.19% 514 $234K Reduce -2.6%
RTX RTX Corp. 0.19% 2,380 $232K Reduce -1.1%
SUSB iShares ESG Aware 1-5 Year U 0.19% 9,461 $232K New
CRM Salesforce Inc. 0.19% 759 $229K New
ACN Accenture PLC Class A 0.18% 648 $225K Reduce -1.2%
LIN Linde PLC 0.18% 479 $222K New
QCOM Qualcomm Inc. 0.18% 1,307 $221K New
BA The Boeing Co. 0.18% 1,117 $216K Reduce -7.6%
TFI SS SPDR N Ice Muni Bond ETF 0.18% 4,622 $215K No change
VLO Valero Energy Corp. 0.18% 1,258 $215K New
PNC PNC Financial Services Group 0.17% 1,280 $207K Reduce -5.7%
VZ Verizon Communications Inc. 0.17% 4,839 $203K Reduce -9.1%
CMCSA Comcast Corp. Class A 0.16% 4,629 $201K New

Portfolio Sells Q4 2023 → Q1 2024
AGG iShares Core U.S. Aggregate Reduce -14.8% 7.08% −1.79
AAPL Apple Inc. Reduce -3.7% 4.13% −0.95
FICO Fair Isaac Corp. Reduce -58.3% 0.22% −0.30
GOOG Alphabet Inc. Class C Reduce -20.8% 0.92% −0.21
VUG Vanguard Mrngstar GR ETF-Sui Sold out 0.00% −0.20
JNJ Johnson & Johnson Reduce -1.1% 3.47% −0.19
FLOT iShares Floating Rate Bond E Sold out 0.00% −0.19
IAGG iShares Intl Aggregate Bond Reduce -9.1% 1.13% −0.18
UNP Union Pacific Corp. Reduce -1.3% 2.02% −0.14
PFE Pfizer Inc. Reduce -11.2% 0.57% −0.13
HON Honeywell International Inc. Reduce -10.6% 0.64% −0.13
BA The Boeing Co. Reduce -7.6% 0.18% −0.10
CSCO Cisco Systems Inc. Reduce -3.4% 0.49% −0.05
INTC Intel Corp. Reduce -2.5% 0.20% −0.05
VNQ Vanguard Real Estate ETF Reduce -1.8% 0.47% −0.05
MMM 3M Co. Reduce -6.7% 0.28% −0.05
UNH Unitedhealth Group Inc. Reduce -1.6% 0.29% −0.04
PEP Pepsico Inc. Reduce -2.2% 0.80% −0.04
UPS United Parcel Service Class B Reduce -0.9% 0.25% −0.03
KO The Coca-Cola Co. Reduce -0.2% 1.58% −0.03
BR Broadridge Financial Solutio Reduce -0.7% 0.38% −0.03
DUK Duke Energy Corp. Reduce -3.6% 0.24% −0.02
BDX Becton Dickinson and Co. Reduce -0.1% 0.58% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -4.8% 0.23% −0.02
CVX Chevron Corp. Reduce -0.9% 3.13% −0.02
EFA iShares MSCI Eafe ETF Reduce -4.0% 0.49% −0.02
IJR iShares Core S&P Small-Cap E Reduce -0.3% 0.49% −0.02
BLK BlackRock Finance Inc. Reduce -1.8% 0.34% −0.02
LMT Lockheed Martin Corp. Reduce -2.6% 0.19% −0.02
ACN Accenture PLC Class A Reduce -1.2% 0.18% −0.01
PNC PNC Financial Services Group Reduce -5.7% 0.17% −0.01
NEE Nextera Energy Inc. Reduce -1.4% 0.72% −0.01
MDT Medtronic PLC Reduce -5.5% 0.21% −0.01
VOO Vanguard S&P 500 ETF Reduce -7.2% 0.30% −0.01
BMY Bristol-Myers Squibb Co. Reduce -0.9% 1.37% −0.01
NOC Northrop Grumman Corp. Reduce -0.8% 0.23% −0.01
VZ Verizon Communications Inc. Reduce -9.1% 0.17% −0.01
A Agilent Technologies Inc. Reduce -0.6% 0.46% −0.01
T AT&T Inc. Reduce -0.8% 0.27% −0.00
USMV iShares MSCI USA Min Vol Fac Reduce -1.4% 0.48% +0.00
V Visa Inc. Class A Reduce -1.2% 0.39% +0.00
NSC Norfolk Southern Corp. Reduce -1.6% 1.27% +0.01
MO Altria Group Inc. Reduce -0.9% 0.51% +0.01
HD Home Depot Inc. Reduce -3.0% 0.79% +0.01
RTX RTX Corp. Reduce -1.1% 0.19% +0.02
IJH iShares Core S&P Midcap ETF Reduce -2.9% 1.62% +0.02
EMR Emerson Electric Co. Reduce -2.8% 0.33% +0.02
MRSH Marsh & McLennan Cos Reduce -0.5% 1.06% +0.03
ABBV Abbvie Inc. Reduce -0.9% 0.29% +0.03
MA Mastercard Inc. Class A Reduce -0.4% 0.48% +0.03

Portfolio Buys Q4 2023 → Q1 2024
SPY SS SPDR S&P 500 ETF Trust-US Add +35.2% 1.17% +0.34
QQQ Invesco QQQ Trust Series 1 New 0.27% +0.27
QUAL iShares MSCI USA Quality Fac New 0.20% +0.20
SUSB iShares ESG Aware 1-5 Year U New 0.19% +0.19
CRM Salesforce Inc. New 0.19% +0.19
LIN Linde PLC New 0.18% +0.18
QCOM Qualcomm Inc. New 0.18% +0.18
VLO Valero Energy Corp. New 0.18% +0.18
CMCSA Comcast Corp. Class A New 0.16% +0.16
VTI VG Morningstar TS MKT ETF-US Add +1.0% 2.56% +0.12
MUB iShares National Muni Bond E Add +8.7% 4.17% +0.10
BRK.B Berkshire Hathaway Inc. Class B Add +1.0% 0.61% +0.07
LOW Lowe's Cos Inc. Add +2.5% 0.47% +0.05
VCSH Vanguard S/T Corp. Bond ETF Add +10.0% 0.94% +0.04
AVGO Broadcom Inc. Add +4.4% 0.26% +0.04
GOOGL Alphabet Inc. Class A Add +0.1% 1.10% +0.03
VYM Vanguard High DVD Yield ETF Add +6.2% 0.21% +0.02
VBR Vngrd Mrngst SL-CP Val ETF-U Add +2.8% 0.45% +0.02
VEA Vanguard Ftse Developed ETF Add +3.4% 0.54% +0.01
BND Vanguard Total Bond Market Add +6.8% 2.48% +0.00
SPHY SS SPDR P High Yield ETF Add +5.0% 0.65% −0.00
TXN Texas Instruments Inc. Add +0.6% 1.12% −0.03
IGSB iShares 1-5Y Inv Grade Corp. Add +0.4% 0.93% −0.05
MCD McDonald's Corp. Add +1.9% 0.62% −0.05
PM Philip Morris International Add +0.9% 0.88% −0.06

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$160.6MAAPL, CAT, JNJ, VTI, MUB
Q1 2026 117$144.3MAAPL, JNJ, MUB, CAT, CVX
Q4 2025 121$144.6MAAPL, JNJ, MUB, MSFT, CAT
Q3 2025 124$144.1MAAPL, JNJ, MUB, MSFT, VTI
Q2 2025 120$126.4MAAPL, MUB, MSFT, JNJ, VTI
Q1 2025 113$124.0MMUB, AAPL, JNJ, AGG, PG
Q4 2024 112$124.4MAAPL, MUB, MSFT, AGG, VTI
Q3 2024 114$122.3MAAPL, JNJ, MSFT, PG, MUB
Q2 2024 109$117.7MAGG, AAPL, MSFT, MUB, JNJ
Q1 2024 114$121.7MAGG, MUB, AAPL, MSFT, JNJ