Exchange Bank

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 17, 2025), Exchange Bank reported 112 stock positions worth $124.4 million. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by iShares National Muni Bond E (MUB, 5.0%) and Microsoft (MSFT, 3.3%). Compared with Q3 2024, it opened 3 new positions, sold out of 5, added to 44 and reduced 33. The biggest buy was iShares National Muni Bond E (MUB, shares +64%) and the biggest sale Johnson & Johnson (JNJ, shares −0%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$124.4M (Q4 2024)
SEC Filing
0002001155-25-000001 ↗ filed Jan 17, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $121.7M Q1 2024 Q2 2024: $117.7M Q2 2024 Q3 2024: $122.3M Q3 2024 Q4 2024: $124.4M $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 112 stocks · $124.4M
AAPL Apple Inc. 5.72% 28,401 $7.1M Reduce -0.8%
MUB iShares National Muni Bond E 5.02% 58,617 $6.2M Add +64.3%
MSFT Microsoft Corp. 3.28% 9,676 $4.1M Add +1.8%
AGG iShares Core U.S. Aggregate 3.14% 40,252 $3.9M Add +11.5%
VTI VG Morningstar TS MKT ETF-US 3.08% 13,206 $3.8M Add +0.0%
PG The Procter & Gamble Co. 3.06% 22,671 $3.8M Reduce -0.8%
JNJ Johnson & Johnson 2.99% 25,750 $3.7M Reduce -0.2%
BND Vanguard Total Bond Market 2.75% 47,621 $3.4M Add +1.2%
CVX Chevron Corp. 2.74% 23,559 $3.4M Reduce -0.8%
WMT Walmart Inc. 2.65% 36,440 $3.3M Add +0.2%
XOM Exxon Mobil Corp. 2.23% 25,809 $2.8M Add +0.2%
CAT Caterpillar Inc. 2.21% 7,575 $2.7M Reduce -0.0%
JPM JPMorgan Chase & Co. 2.15% 11,170 $2.7M Add +0.2%
UNP Union Pacific Corp. 1.80% 9,827 $2.2M Reduce -0.2%
BRK.A Berkshire Hathaway Inc. Class A 1.64% 3 $2.0M No change
IJH iShares Core S&P Midcap ETF 1.63% 32,541 $2.0M Add +1.7%
KO The Coca-Cola Co. 1.54% 30,847 $1.9M No change
SCHB Schwab US Broad Market ETF 1.42% 77,850 $1.8M Reduce -0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.40% 7,898 $1.7M Add +2.2%
SPY SS SPDR S&P 500 ETF Trust-US 1.38% 2,921 $1.7M Reduce -0.7%
GOOGL Alphabet Inc. Class A 1.37% 8,986 $1.7M Add +1.3%
NVDA Nvidia Corp. 1.37% 12,663 $1.7M Reduce -0.2%
BMY Bristol-Myers Squibb Co. 1.36% 29,875 $1.7M Add +0.1%
ADP Automatic Data Processing 1.35% 5,734 $1.7M No change
MRK Merck & Co. Inc. 1.25% 15,601 $1.6M Reduce -1.3%
TGT Target Corp. 1.16% 10,678 $1.4M Reduce -0.0%
PM Philip Morris International 1.14% 11,830 $1.4M Add +2.8%
VCSH Vanguard S/T Corp. Bond ETF 1.10% 17,550 $1.4M Add +1.7%
NSC Norfolk Southern Corp. 1.10% 5,806 $1.4M Reduce -1.7%
GOOG Alphabet Inc. Class C 1.09% 7,130 $1.4M Reduce -0.5%
TXN Texas Instruments Inc. 1.07% 7,119 $1.3M Add +1.0%
MRSH Marsh & McLennan Cos 1.07% 6,239 $1.3M No change
AMZN Amazon.com Inc. 1.06% 6,019 $1.3M Reduce -0.4%
IAGG iShares Intl Aggregate Bond 0.96% 23,907 $1.2M Add +0.9%
IGSB iShares 1-5Y Inv Grade Corp. 0.92% 22,163 $1.1M No change
NEE Nextera Energy Inc. 0.79% 13,674 $980K Add +0.0%
HD Home Depot Inc. 0.78% 2,498 $972K Add +0.5%
LLY Eli Lilly & Co. 0.75% 1,211 $935K Add +22.4%
AXP American Express Co. 0.73% 3,076 $913K Add +1.4%
SUB iShares Short-Term National 0.70% 8,276 $873K Add +179.1%
ORCL Oracle Corp. 0.70% 5,190 $865K No change
HON Honeywell International Inc. 0.67% 3,667 $828K Reduce -1.1%
PEP Pepsico Inc. 0.66% 5,374 $817K Reduce -8.2%
BRK.B Berkshire Hathaway Inc. Class B 0.62% 1,689 $766K Reduce -0.7%
FDX FedEx Corp. 0.61% 2,705 $761K No change
MO Altria Group Inc. 0.61% 14,518 $759K Add +3.6%
FALN iShares Fallen Angels ETF 0.61% 28,247 $754K No change
COST Costco Wholesale Corp. 0.61% 822 $753K Add +0.6%
GL Globe Life Inc. 0.61% 6,750 $753K No change
MCD McDonald's Corp. 0.59% 2,536 $735K Reduce -15.0%
VEA Vanguard Ftse Developed ETF 0.58% 15,156 $725K Add +1.6%
EFA iShares MSCI Eafe ETF 0.54% 8,936 $676K Add +13.7%
MDLZ Mondelez International Inc. Class A 0.54% 11,237 $671K Add +5.5%
SPHY SS SPDR P High Yield ETF 0.54% 28,380 $666K Add +18.4%
IWM iShares Russell 2000 ETF 0.53% 2,993 $661K Add +0.7%
MA Mastercard Inc. Class A 0.52% 1,239 $652K Add +3.3%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.52% 3,257 $645K Add +0.1%
BDX Becton Dickinson and Co. 0.52% 2,840 $644K No change
PFE Pfizer Inc. 0.51% 24,107 $640K Add +0.9%
IJR iShares Core S&P Small-Cap E 0.50% 5,377 $620K Add +3.5%
HBAN Huntington Bancshares Inc. 0.50% 38,024 $619K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.47% 7,655 $588K Reduce -0.0%
USMV iShares MSCI USA Min Vol Fac 0.47% 6,600 $586K Reduce -2.9%
LOW Lowe's Cos Inc. 0.45% 2,281 $563K Reduce -0.8%
VOO Vanguard S&P 500 ETF 0.43% 988 $532K Add +30.3%
META Meta Platforms Inc. Class A 0.42% 901 $528K No change
CSCO Cisco Systems Inc. 0.41% 8,618 $510K Reduce -23.3%
BR Broadridge Financial Solutio 0.41% 2,250 $509K No change
GE General Electric filed as GE AEROSPACE 0.41% 3,032 $506K Add +4.8%
V Visa Inc. Class A 0.40% 1,588 $502K Reduce -1.0%
A Agilent Technologies Inc. 0.40% 3,720 $500K Reduce -3.0%
IVV iShares Core S&P 500 ETF 0.39% 833 $490K Add +66.6%
BLK BlackRock Inc. 0.39% 468 $480K Reduce -1.1%
AVGO Broadcom Inc. 0.38% 2,059 $477K Add +0.9%
VNQ Vanguard Real Estate ETF 0.37% 5,204 $464K Reduce -10.7%
SUSB iShares ESG Aware 1-5 Year U 0.36% 18,333 $453K No change
ITW Illinois Tool Works 0.36% 1,782 $452K Reduce -0.1%
MMM 3M Co. 0.35% 3,410 $440K Add +7.9%
EMR Emerson Electric Co. 0.35% 3,479 $431K Add +0.1%
ADBE Adobe Inc. 0.35% 969 $431K Add +0.5%
UNH Unitedhealth Group Inc. 0.34% 837 $423K Add +1.4%
QUAL iShares MSCI USA Quality Fac 0.33% 2,332 $415K Add +6.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.32% 3,586 $399K Add +2.3%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.32% 3,722 $398K No change
VWO Vanguard Ftse Emerging Marke 0.30% 8,358 $368K Add +1.7%
VYM Vanguard High DVD Yield ETF 0.28% 2,745 $350K Reduce -1.8%
ABBV Abbvie Inc. 0.28% 1,939 $345K No change
BKNG Booking Holdings Inc. 0.28% 69 $343K No change
DD Dupont DE Nemours Inc. 0.27% 4,330 $330K Reduce -1.7%
DUK Duke Energy Corp. 0.26% 3,045 $328K No change
IAU iShares Gold Trust 0.25% 6,170 $305K New
AON Aon PLC Class A 0.24% 833 $299K Add +0.1%
NOC Northrop Grumman Corp. 0.22% 593 $278K Reduce -0.5%
RTX RTX Corp. 0.22% 2,343 $271K Reduce -3.2%
NFLX Netflix Inc. 0.21% 293 $261K No change
T AT&T Inc. 0.21% 11,419 $260K No change
ACN Accenture PLC Class A 0.21% 736 $259K Reduce -0.1%
CSX CSX Corp. 0.21% 7,933 $256K No change
CRM Salesforce Inc. 0.21% 764 $255K No change
UPS United Parcel Service Class B 0.20% 2,009 $253K No change

Show all 112 holdings

Portfolio Sells Q3 2024 → Q4 2024
JNJ Johnson & Johnson Reduce -0.2% 2.99% −0.43
TRV The Travelers Cos Inc. Sold out 0.00% −0.23
MCHP Microchip Technology Inc. Sold out 0.00% −0.23
MRK Merck & Co. Inc. Reduce -1.3% 1.25% −0.22
CAT Caterpillar Inc. Reduce -0.0% 2.21% −0.21
DOW Dow Inc. Sold out 0.00% −0.21
TGT Target Corp. Reduce -0.0% 1.16% −0.20
AMAT Applied Materials Inc. Sold out 0.00% −0.20
UNP Union Pacific Corp. Reduce -0.2% 1.80% −0.18
LIN Linde PLC Sold out 0.00% −0.18
PG The Procter & Gamble Co. Reduce -0.8% 3.06% −0.18
PEP Pepsico Inc. Reduce -8.2% 0.66% −0.16
MCD McDonald's Corp. Reduce -15.0% 0.59% −0.15
CVX Chevron Corp. Reduce -0.8% 2.74% −0.12
NSC Norfolk Southern Corp. Reduce -1.7% 1.10% −0.10
VNQ Vanguard Real Estate ETF Reduce -10.7% 0.37% −0.09
CSCO Cisco Systems Inc. Reduce -23.3% 0.41% −0.08
A Agilent Technologies Inc. Reduce -3.0% 0.40% −0.06
LOW Lowe's Cos Inc. Reduce -0.8% 0.45% −0.06
DD Dupont DE Nemours Inc. Reduce -1.7% 0.27% −0.06
USMV iShares MSCI USA Min Vol Fac Reduce -2.9% 0.47% −0.04
NOC Northrop Grumman Corp. Reduce -0.5% 0.22% −0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.7% 0.62% −0.02
RTX RTX Corp. Reduce -3.2% 0.22% −0.02
ITW Illinois Tool Works Reduce -0.1% 0.36% −0.02
VYM Vanguard High DVD Yield ETF Reduce -1.8% 0.28% −0.01
ACN Accenture PLC Class A Reduce -0.1% 0.21% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.7% 1.38% −0.00
FICO Fair Isaac Corp. Reduce -2.3% 0.20% −0.00
SCHB Schwab US Broad Market ETF Reduce -0.2% 1.42% +0.01
BLK BlackRock Inc. Reduce -1.1% 0.39% +0.02
BNY Bank of New York Mellon Corp. Reduce -0.0% 0.47% +0.02
HON Honeywell International Inc. Reduce -1.1% 0.67% +0.04
V Visa Inc. Class A Reduce -1.0% 0.40% +0.04
NVDA Nvidia Corp. Reduce -0.2% 1.37% +0.11
GOOG Alphabet Inc. Class C Reduce -0.5% 1.09% +0.11
AMZN Amazon.com Inc. Reduce -0.4% 1.06% +0.14
AAPL Apple Inc. Reduce -0.8% 5.72% +0.26

Portfolio Buys Q3 2024 → Q4 2024
MUB iShares National Muni Bond E Add +64.3% 5.02% +1.85
SUB iShares Short-Term National Add +179.1% 0.70% +0.44
IAU iShares Gold Trust New 0.25% +0.25
WMT Walmart Inc. Add +0.2% 2.65% +0.24
JPM JPMorgan Chase & Co. Add +0.2% 2.15% +0.23
GEV GE Vernova Inc. New 0.19% +0.19
NOW ServiceNow Inc. New 0.19% +0.19
GOOGL Alphabet Inc. Class A Add +1.3% 1.37% +0.16
IVV iShares Core S&P 500 ETF Add +66.6% 0.39% +0.16
AGG iShares Core U.S. Aggregate Add +11.5% 3.14% +0.15
VOO Vanguard S&P 500 ETF Add +30.3% 0.43% +0.10
AVGO Broadcom Inc. Add +0.9% 0.38% +0.10
BMY Bristol-Myers Squibb Co. Add +0.1% 1.36% +0.10
SPHY SS SPDR P High Yield ETF Add +18.4% 0.54% +0.06
AXP American Express Co. Add +1.4% 0.73% +0.06
DIS The Walt Disney Co. Add +2.3% 0.32% +0.05
MA Mastercard Inc. Class A Add +3.3% 0.52% +0.04
EMR Emerson Electric Co. Add +0.1% 0.35% +0.04
LLY Eli Lilly & Co. Add +22.4% 0.75% +0.04
MO Altria Group Inc. Add +3.6% 0.61% +0.03
VTI VG Morningstar TS MKT ETF-US Add +0.0% 3.08% +0.02
QUAL iShares MSCI USA Quality Fac Add +6.8% 0.33% +0.01
COST Costco Wholesale Corp. Add +0.6% 0.61% +0.01
EFA iShares MSCI Eafe ETF Add +13.7% 0.54% +0.01
AON Aon PLC Class A Add +0.1% 0.24% +0.01
PM Philip Morris International Add +2.8% 1.14% +0.00
IJR iShares Core S&P Small-Cap E Add +3.5% 0.50% +0.00
MMM 3M Co. Add +7.9% 0.35% +0.00
IJH iShares Core S&P Midcap ETF Add +1.7% 1.63% −0.00
IBM Intl Business Machines Corp. Add +2.2% 1.40% −0.00
IWM iShares Russell 2000 ETF Add +0.7% 0.53% −0.01
VBR Vngrd Mrngst SL-CP Val ETF-U Add +0.1% 0.52% −0.02
VCSH Vanguard S/T Corp. Bond ETF Add +1.7% 1.10% −0.02
VWO Vanguard Ftse Emerging Marke Add +1.7% 0.30% −0.03
GE General Electric Add +4.8% 0.41% −0.04
HD Home Depot Inc. Add +0.5% 0.78% −0.04
IAGG iShares Intl Aggregate Bond Add +0.9% 0.96% −0.04
PFE Pfizer Inc. Add +0.9% 0.51% −0.05
UNH Unitedhealth Group Inc. Add +1.4% 0.34% −0.05
VEA Vanguard Ftse Developed ETF Add +1.6% 0.58% −0.06
ADBE Adobe Inc. Add +0.5% 0.35% −0.06
MSFT Microsoft Corp. Add +1.8% 3.28% −0.07
MDLZ Mondelez International Inc. Class A Add +5.5% 0.54% −0.10
TXN Texas Instruments Inc. Add +1.0% 1.07% −0.12
BND Vanguard Total Bond Market Add +1.2% 2.75% −0.14
NEE Nextera Energy Inc. Add +0.0% 0.79% −0.16
XOM Exxon Mobil Corp. Add +0.2% 2.23% −0.24

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