Exchange Bank

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Exchange Bank reported 113 stock positions worth $124.0 million. Its top holding was iShares National Muni Bond E (MUB) at 5.3% of the portfolio, followed by Apple (AAPL, 4.9%) and Johnson & Johnson (JNJ, 3.4%). Compared with Q4 2024, it opened 5 new positions, sold out of 4, added to 29 and reduced 52. The biggest buy was a new position in Avantis Intl S/C Value ETF (AVDV) and the biggest sale Apple (AAPL, shares −3%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$124.0M (Q1 2025)
SEC Filing
0002001155-25-000002 ↗ filed Apr 15, 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 Q4 2024 Q1 2025: $124.0M $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 113 stocks · $124.0M
MUB iShares National Muni Bond E 5.29% 62,236 $6.6M Add +6.2%
AAPL Apple Inc. 4.94% 27,587 $6.1M Reduce -2.9%
JNJ Johnson & Johnson 3.39% 25,379 $4.2M Reduce -1.4%
AGG iShares Core U.S. Aggregate 3.14% 39,351 $3.9M Reduce -2.2%
PG The Procter & Gamble Co. 3.12% 22,724 $3.9M Add +0.2%
CVX Chevron Corp. 3.10% 22,959 $3.8M Reduce -2.5%
MSFT Microsoft Corp. 2.89% 9,547 $3.6M Reduce -1.3%
VTI VG Morningstar TS MKT ETF-US 2.84% 12,817 $3.5M Reduce -3.0%
BND Vanguard Total Bond Market 2.73% 46,018 $3.4M Reduce -3.4%
WMT Walmart Inc. 2.57% 36,282 $3.2M Reduce -0.4%
XOM Exxon Mobil Corp. 2.41% 25,124 $3.0M Reduce -2.6%
JPM JPMorgan Chase & Co. 2.23% 11,246 $2.8M Add +0.7%
CAT Caterpillar Inc. 2.02% 7,575 $2.5M No change
BRK.A Berkshire Hathaway Inc. Class A 1.93% 3 $2.4M No change
UNP Union Pacific Corp. 1.85% 9,720 $2.3M Reduce -1.1%
KO The Coca-Cola Co. 1.76% 30,473 $2.2M Reduce -1.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.58% 7,854 $2.0M Reduce -0.6%
IJH iShares Core S&P Midcap ETF 1.53% 32,441 $1.9M Reduce -0.3%
BMY Bristol-Myers Squibb Co. 1.47% 29,875 $1.8M No change
PM Philip Morris International 1.45% 11,364 $1.8M Reduce -3.9%
ADP Automatic Data Processing 1.43% 5,810 $1.8M Add +1.3%
SCHB Schwab US Broad Market ETF 1.35% 77,850 $1.7M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.32% 2,915 $1.6M Reduce -0.2%
MRSH Marsh & McLennan Cos 1.23% 6,239 $1.5M No change
GOOGL Alphabet Inc. Class A 1.12% 8,989 $1.4M Add +0.0%
MRK Merck & Co. Inc. 1.09% 15,033 $1.3M Reduce -3.6%
NVDA Nvidia Corp. 1.09% 12,425 $1.3M Reduce -1.9%
NSC Norfolk Southern Corp. 1.08% 5,656 $1.3M Reduce -2.6%
VCSH Vanguard S/T Corp. Bond ETF 1.07% 16,882 $1.3M Reduce -3.8%
TXN Texas Instruments Inc. 1.03% 7,099 $1.3M Reduce -0.3%
IGSB iShares 1-5Y Inv Grade Corp. 0.94% 22,163 $1.2M No change
AMZN Amazon.com Inc. 0.93% 6,091 $1.2M Add +1.2%
IAGG iShares Intl Aggregate Bond 0.93% 23,121 $1.2M Reduce -3.3%
TGT Target Corp. 0.89% 10,626 $1.1M Reduce -0.5%
GOOG Alphabet Inc. Class C 0.86% 6,857 $1.1M Reduce -3.8%
LLY Eli Lilly & Co. 0.81% 1,221 $1.0M Add +0.8%
NEE Nextera Energy Inc. 0.79% 13,730 $973K Add +0.4%
HD Home Depot Inc. 0.75% 2,545 $933K Add +1.9%
SUB iShares Short-Term National 0.74% 8,655 $914K Add +4.6%
BRK.B Berkshire Hathaway Inc. Class B 0.73% 1,707 $909K Add +1.1%
GL Globe Life Inc. 0.72% 6,750 $889K No change
MO Altria Group Inc. 0.70% 14,433 $866K Reduce -0.6%
PEP Pepsico Inc. 0.65% 5,370 $805K Reduce -0.1%
AXP American Express Co. 0.65% 2,989 $804K Reduce -2.8%
MCD McDonald's Corp. 0.64% 2,559 $799K Add +0.9%
COST Costco Wholesale Corp. 0.62% 819 $775K Reduce -0.4%
HON Honeywell International Inc. 0.62% 3,653 $774K Reduce -0.4%
FALN iShares Fallen Angels ETF 0.61% 28,247 $757K No change
MDLZ Mondelez International Inc. Class A 0.61% 11,144 $756K Reduce -0.8%
VEA Vanguard Ftse Developed ETF 0.60% 14,609 $743K Reduce -3.6%
ORCL Oracle Corp. 0.59% 5,234 $732K Add +0.8%
EFA iShares MSCI Eafe ETF 0.59% 8,936 $730K No change
FDX FedEx Corp. 0.53% 2,703 $659K Reduce -0.1%
MA Mastercard Inc. Class A 0.53% 1,202 $659K Reduce -3.0%
BDX Becton Dickinson and Co. 0.52% 2,840 $651K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.51% 7,555 $634K Reduce -1.3%
SPHY SS SPDR P High Yield ETF 0.51% 27,046 $633K Reduce -4.7%
GE General Electric filed as GE AEROSPACE 0.49% 3,032 $607K No change
PFE Pfizer Inc. 0.49% 23,919 $606K Reduce -0.8%
AVDV Avantis Intl S/C Value ETF 0.49% 8,629 $602K New
USMV iShares MSCI USA Min Vol Fac 0.48% 6,400 $599K Reduce -3.0%
IWM iShares Russell 2000 ETF 0.48% 2,993 $597K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.47% 3,155 $588K Reduce -3.1%
IJR iShares Core S&P Small-Cap E 0.47% 5,592 $585K Add +4.0%
HBAN Huntington Bancshares Inc. 0.46% 38,024 $571K No change
V Visa Inc. Class A 0.45% 1,607 $563K Add +1.2%
BR Broadridge Financial Solutio 0.44% 2,250 $546K No change
LOW Lowe's Cos Inc. 0.44% 2,325 $542K Add +1.9%
SUSB iShares ESG Aware 1-5 Year U 0.42% 20,837 $521K Add +13.7%
META Meta Platforms Inc. Class A 0.42% 901 $519K No change
CSCO Cisco Systems Inc. 0.42% 8,412 $519K Reduce -2.4%
MMM 3M Co. 0.40% 3,410 $501K No change
VOO Vanguard S&P 500 ETF 0.40% 964 $495K Reduce -2.4%
IVV iShares Core S&P 500 ETF 0.38% 835 $469K Add +0.2%
BLK BlackRock Inc. 0.37% 486 $460K Add +3.9%
VNQ Vanguard Real Estate ETF 0.36% 4,887 $442K Reduce -6.1%
ITW Illinois Tool Works 0.35% 1,769 $439K Reduce -0.7%
A Agilent Technologies Inc. 0.34% 3,554 $416K Reduce -4.5%
ABBV Abbvie Inc. 0.33% 1,976 $414K Add +1.9%
IAU iShares Gold Trust 0.33% 6,893 $406K Add +11.7%
IGIB iShares 5-10Y Inv Grade Corp. 0.33% 7,672 $403K New
UNH Unitedhealth Group Inc. 0.32% 764 $400K Reduce -8.7%
ADBE Adobe Inc. 0.32% 1,029 $395K Add +6.2%
QUAL iShares MSCI USA Quality Fac 0.31% 2,231 $381K Reduce -4.3%
EMR Emerson Electric Co. 0.30% 3,423 $375K Reduce -1.6%
DUK Duke Energy Corp. 0.30% 3,045 $371K No change
VWO Vanguard Ftse Emerging Marke 0.29% 8,076 $366K Reduce -3.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.28% 3,541 $349K Reduce -1.3%
AVGO Broadcom Inc. 0.28% 2,059 $345K No change
VYM Vanguard High DVD Yield ETF 0.27% 2,609 $336K Reduce -5.0%
AON Aon PLC Class A 0.27% 829 $331K Reduce -0.5%
DD Dupont DE Nemours Inc. 0.26% 4,330 $323K No change
BKNG Booking Holdings Inc. 0.26% 69 $318K No change
RTX RTX Corp. 0.26% 2,393 $317K Add +2.1%
T AT&T Inc. 0.25% 10,976 $310K Reduce -3.9%
NOC Northrop Grumman Corp. 0.24% 593 $304K No change
NFLX Netflix Inc. 0.23% 308 $287K Add +5.1%
MDT Medtronic PLC 0.21% 2,882 $259K Reduce -2.4%
PAVE Global X US Infrastructure 0.20% 6,651 $251K New
ACN Accenture PLC Class A 0.20% 776 $242K Add +5.4%
LMT Lockheed Martin Corp. 0.19% 534 $239K Add +3.9%
PAYX Paychex Inc. 0.19% 1,523 $235K No change
CSX CSX Corp. 0.19% 7,933 $233K No change
FLOT iShares Floating Rate Bond E 0.18% 4,401 $225K No change
UPS United Parcel Service Class B 0.18% 2,039 $224K Add +1.5%
GEV GE Vernova Inc. 0.18% 733 $224K Add +0.3%
GPC Genuine Parts Co. 0.18% 1,829 $218K Reduce -13.9%
PNC PNC Financial Services Group 0.17% 1,230 $216K No change
QCOM Qualcomm Inc. 0.17% 1,357 $208K Add +3.8%
TFI SS SPDR N Ice Muni Bond ETF 0.17% 4,622 $208K No change
CRM Salesforce Inc. 0.17% 764 $205K No change
TRV The Travelers Cos Inc. 0.16% 773 $204K New
LIN Linde PLC 0.16% 436 $203K New

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -2.9% 4.94% −0.78
MSFT Microsoft Corp. Reduce -1.3% 2.89% −0.39
LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −0.32
NVDA Nvidia Corp. Reduce -1.9% 1.09% −0.28
TGT Target Corp. Reduce -0.5% 0.89% −0.27
VTI VG Morningstar TS MKT ETF-US Reduce -3.0% 2.84% −0.24
GOOG Alphabet Inc. Class C Reduce -3.8% 0.86% −0.23
FICO Fair Isaac Corp. Sold out 0.00% −0.20
NOW ServiceNow Inc. Sold out 0.00% −0.19
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.19
MRK Merck & Co. Inc. Reduce -3.6% 1.09% −0.16
IJH iShares Core S&P Midcap ETF Reduce -0.3% 1.53% −0.10
AXP American Express Co. Reduce -2.8% 0.65% −0.09
FDX FedEx Corp. Reduce -0.1% 0.53% −0.08
WMT Walmart Inc. Reduce -0.4% 2.57% −0.08
A Agilent Technologies Inc. Reduce -4.5% 0.34% −0.07
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 1.32% −0.06
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -3.1% 0.47% −0.04
TXN Texas Instruments Inc. Reduce -0.3% 1.03% −0.04
EMR Emerson Electric Co. Reduce -1.6% 0.30% −0.04
HON Honeywell International Inc. Reduce -0.4% 0.62% −0.04
DIS The Walt Disney Co. Reduce -1.3% 0.28% −0.04
VOO Vanguard S&P 500 ETF Reduce -2.4% 0.40% −0.03
IAGG iShares Intl Aggregate Bond Reduce -3.3% 0.93% −0.03
BND Vanguard Total Bond Market Reduce -3.4% 2.73% −0.03
QUAL iShares MSCI USA Quality Fac Reduce -4.3% 0.31% −0.03
VCSH Vanguard S/T Corp. Bond ETF Reduce -3.8% 1.07% −0.03
PFE Pfizer Inc. Reduce -0.8% 0.49% −0.03
SPHY SS SPDR P High Yield ETF Reduce -4.7% 0.51% −0.02
GPC Genuine Parts Co. Reduce -13.9% 0.18% −0.02
UNH Unitedhealth Group Inc. Reduce -8.7% 0.32% −0.02
VNQ Vanguard Real Estate ETF Reduce -6.1% 0.36% −0.02
NSC Norfolk Southern Corp. Reduce -2.6% 1.08% −0.02
VYM Vanguard High DVD Yield ETF Reduce -5.0% 0.27% −0.01
ITW Illinois Tool Works Reduce -0.7% 0.35% −0.01
PEP Pepsico Inc. Reduce -0.1% 0.65% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -3.4% 0.29% −0.00
AGG iShares Core U.S. Aggregate Reduce -2.2% 3.14% +0.00
MA Mastercard Inc. Class A Reduce -3.0% 0.53% +0.01
CSCO Cisco Systems Inc. Reduce -2.4% 0.42% +0.01
USMV iShares MSCI USA Min Vol Fac Reduce -3.0% 0.48% +0.01
VEA Vanguard Ftse Developed ETF Reduce -3.6% 0.60% +0.02
COST Costco Wholesale Corp. Reduce -0.4% 0.62% +0.02
MDT Medtronic PLC Reduce -2.4% 0.21% +0.02
AON Aon PLC Class A Reduce -0.5% 0.27% +0.03
BNY Bank of New York Mellon Corp. Reduce -1.3% 0.51% +0.04
T AT&T Inc. Reduce -3.9% 0.25% +0.04
UNP Union Pacific Corp. Reduce -1.1% 1.85% +0.05
MDLZ Mondelez International Inc. Class A Reduce -0.8% 0.61% +0.07
MO Altria Group Inc. Reduce -0.6% 0.70% +0.09

Portfolio Buys Q4 2024 → Q1 2025
AVDV Avantis Intl S/C Value ETF New 0.49% +0.49
IGIB iShares 5-10Y Inv Grade Corp. New 0.33% +0.33
MUB iShares National Muni Bond E Add +6.2% 5.29% +0.27
PAVE Global X US Infrastructure New 0.20% +0.20
TRV The Travelers Cos Inc. New 0.16% +0.16
LIN Linde PLC New 0.16% +0.16
BRK.B Berkshire Hathaway Inc. Class B Add +1.1% 0.73% +0.12
IAU iShares Gold Trust Add +11.7% 0.33% +0.08
ADP Automatic Data Processing Add +1.3% 1.43% +0.08
JPM JPMorgan Chase & Co. Add +0.7% 2.23% +0.07
PG The Procter & Gamble Co. Add +0.2% 3.12% +0.07
LLY Eli Lilly & Co. Add +0.8% 0.81% +0.06
ABBV Abbvie Inc. Add +1.9% 0.33% +0.06
SUSB iShares ESG Aware 1-5 Year U Add +13.7% 0.42% +0.06
MCD McDonald's Corp. Add +0.9% 0.64% +0.05
V Visa Inc. Class A Add +1.2% 0.45% +0.05
RTX RTX Corp. Add +2.1% 0.26% +0.04
SUB iShares Short-Term National Add +4.6% 0.74% +0.04
NFLX Netflix Inc. Add +5.1% 0.23% +0.02
QCOM Qualcomm Inc. Add +3.8% 0.17% +0.01
NEE Nextera Energy Inc. Add +0.4% 0.79% −0.00
LMT Lockheed Martin Corp. Add +3.9% 0.19% −0.01
GEV GE Vernova Inc. Add +0.3% 0.18% −0.01
ACN Accenture PLC Class A Add +5.4% 0.20% −0.01
BLK BlackRock Inc. Add +3.9% 0.37% −0.01
LOW Lowe's Cos Inc. Add +1.9% 0.44% −0.02
IVV iShares Core S&P 500 ETF Add +0.2% 0.38% −0.02
UPS United Parcel Service Class B Add +1.5% 0.18% −0.02
IJR iShares Core S&P Small-Cap E Add +4.0% 0.47% −0.03
ADBE Adobe Inc. Add +6.2% 0.32% −0.03
HD Home Depot Inc. Add +1.9% 0.75% −0.03
ORCL Oracle Corp. Add +0.8% 0.59% −0.11
AMZN Amazon.com Inc. Add +1.2% 0.93% −0.13
GOOGL Alphabet Inc. Class A Add +0.0% 1.12% −0.25

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