Exchange Bank

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 9, 2025), Exchange Bank reported 120 stock positions worth $126.4 million. Its top holding was Apple (AAPL) at 4.4% of the portfolio, followed by iShares National Muni Bond E (MUB, 4.2%) and Microsoft (MSFT, 3.7%). Compared with Q1 2025, it opened 8 new positions, sold out of 1, added to 17 and reduced 57. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale iShares National Muni Bond E (MUB, shares −17%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$126.4M (Q2 2025)
SEC Filing
0002001155-25-000003 ↗ filed Jul 9, 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 Q1 2025 Q2 2025: $126.4M $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 120 stocks · $126.4M
AAPL Apple Inc. 4.35% 26,811 $5.5M Reduce -2.8%
MUB iShares National Muni Bond E 4.25% 51,375 $5.4M Reduce -17.4%
MSFT Microsoft Corp. 3.68% 9,349 $4.7M Reduce -2.1%
JNJ Johnson & Johnson 3.05% 25,232 $3.9M Reduce -0.6%
VTI VG Morningstar TS MKT ETF-US 3.04% 12,657 $3.8M Reduce -1.3%
PG The Procter & Gamble Co. 2.86% 22,712 $3.6M Reduce -0.1%
AGG iShares Core U.S. Aggregate 2.69% 34,273 $3.4M Reduce -12.9%
CVX Chevron Corp. 2.59% 22,837 $3.3M Reduce -0.5%
JPM JPMorgan Chase & Co. 2.52% 10,992 $3.2M Reduce -2.3%
BND Vanguard Total Bond Market 2.52% 43,229 $3.2M Reduce -6.1%
WMT Walmart Inc. 2.40% 31,071 $3.0M Reduce -14.4%
CAT Caterpillar Inc. 2.33% 7,575 $2.9M No change
XOM Exxon Mobil Corp. 2.13% 24,992 $2.7M Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.83% 7,826 $2.3M Reduce -0.4%
UNP Union Pacific Corp. 1.75% 9,637 $2.2M Reduce -0.8%
BRK.A Berkshire Hathaway Inc. Class A 1.73% 3 $2.2M No change
KO The Coca-Cola Co. 1.71% 30,473 $2.2M No change
PM Philip Morris International 1.63% 11,318 $2.1M Reduce -0.4%
IJH iShares Core S&P Midcap ETF 1.59% 32,358 $2.0M Reduce -0.3%
NVDA Nvidia Corp. 1.52% 12,164 $1.9M Reduce -2.1%
SCHB Schwab US Broad Market ETF 1.46% 77,350 $1.8M Reduce -0.6%
ADP Automatic Data Processing 1.42% 5,810 $1.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.41% 2,887 $1.8M Reduce -1.0%
GOOGL Alphabet Inc. Class A 1.26% 9,028 $1.6M Add +0.4%
NSC Norfolk Southern Corp. 1.13% 5,556 $1.4M Reduce -1.8%
TXN Texas Instruments Inc. 1.11% 6,779 $1.4M Reduce -4.5%
BMY Bristol-Myers Squibb Co. 1.09% 29,625 $1.4M Reduce -0.8%
MRSH Marsh & McLennan Cos 1.07% 6,164 $1.3M Reduce -1.2%
AMZN Amazon.com Inc. 1.06% 6,095 $1.3M Add +0.1%
VCSH Vanguard S/T Corp. Bond ETF 1.02% 16,240 $1.3M Reduce -3.8%
MRK Merck & Co. Inc. 0.93% 14,791 $1.2M Reduce -1.6%
IGSB iShares 1-5Y Inv Grade Corp. 0.93% 22,163 $1.2M No change
GOOG Alphabet Inc. Class C 0.92% 6,546 $1.2M Reduce -4.5%
IAGG iShares Intl Aggregate Bond 0.91% 22,592 $1.2M Reduce -2.3%
ORCL Oracle Corp. 0.90% 5,176 $1.1M Reduce -1.1%
SUB iShares Short-Term National 0.88% 10,435 $1.1M Add +20.6%
TGT Target Corp. 0.83% 10,626 $1.0M No change
NEE Nextera Energy Inc. 0.75% 13,705 $951K Reduce -0.2%
HD Home Depot Inc. 0.73% 2,517 $923K Reduce -1.1%
LLY Eli Lilly & Co. 0.72% 1,173 $914K Reduce -3.9%
AXP American Express Co. 0.71% 2,819 $899K Reduce -5.7%
HON Honeywell International Inc. 0.67% 3,658 $852K Add +0.1%
MO Altria Group Inc. 0.66% 14,317 $839K Reduce -0.8%
GL Globe Life Inc. 0.66% 6,750 $839K No change
VEA Vanguard Ftse Developed ETF 0.66% 14,586 $832K Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 0.65% 1,702 $827K Reduce -0.3%
COST Costco Wholesale Corp. 0.65% 824 $816K Add +0.6%
GE General Electric filed as GE AEROSPACE 0.62% 3,032 $780K No change
FALN iShares Fallen Angels ETF 0.61% 28,247 $767K No change
MDLZ Mondelez International Inc. Class A 0.59% 11,144 $752K No change
EFA iShares MSCI Eafe ETF 0.58% 8,207 $734K Reduce -8.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.54% 7,555 $688K No change
AVDV Avantis Intl S/C Value ETF 0.54% 8,629 $684K No change
PEP Pepsico Inc. 0.54% 5,179 $684K Reduce -3.6%
MA Mastercard Inc. Class A 0.53% 1,194 $671K Reduce -0.7%
MCD McDonald's Corp. 0.51% 2,221 $649K Reduce -13.2%
IWM iShares Russell 2000 ETF 0.51% 2,993 $646K No change
META Meta Platforms Inc. Class A 0.51% 871 $643K Reduce -3.3%
HBAN Huntington Bancshares Inc. 0.50% 38,024 $637K No change
SPHY SS SPDR P High Yield ETF 0.50% 26,369 $628K Reduce -2.5%
FDX FedEx Corp. 0.49% 2,703 $614K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.48% 3,127 $610K Reduce -0.9%
IJR iShares Core S&P Small-Cap E 0.48% 5,558 $607K Reduce -0.6%
CSCO Cisco Systems Inc. 0.47% 8,528 $592K Add +1.4%
USMV iShares MSCI USA Min Vol Fac 0.47% 6,300 $591K Reduce -1.6%
AVGO Broadcom Inc. 0.46% 2,119 $584K Add +2.9%
IVV iShares Core S&P 500 ETF 0.44% 892 $554K Add +6.8%
IAU iShares Gold Trust 0.43% 8,785 $548K Add +27.4%
VOO Vanguard S&P 500 ETF 0.43% 964 $548K No change
BR Broadridge Financial Solutio 0.43% 2,250 $547K No change
V Visa Inc. Class A 0.43% 1,528 $543K Reduce -4.9%
SUSB iShares ESG Aware 1-5 Year U 0.42% 21,166 $533K Add +1.6%
LOW Lowe's Cos Inc. 0.41% 2,338 $519K Add +0.6%
MMM 3M Co. 0.41% 3,363 $512K Reduce -1.4%
PFE Pfizer Inc. 0.40% 20,905 $507K Reduce -12.6%
BLK BlackRock Inc. 0.40% 476 $499K Reduce -2.1%
BDX Becton Dickinson and Co. 0.39% 2,837 $489K Reduce -0.1%
EMR Emerson Electric Co. 0.36% 3,385 $451K Reduce -1.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.35% 3,582 $444K Add +1.2%
ITW Illinois Tool Works 0.35% 1,769 $437K No change
A Agilent Technologies Inc. 0.33% 3,504 $414K Reduce -1.4%
NFLX Netflix Inc. 0.33% 308 $412K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.32% 7,672 $409K No change
QUAL iShares MSCI USA Quality Fac 0.32% 2,231 $408K No change
VWO Vanguard Ftse Emerging Marke 0.32% 8,133 $402K Add +0.7%
BKNG Booking Holdings Inc. 0.32% 69 $399K No change
ADBE Adobe Inc. 0.32% 1,029 $398K No change
GEV GE Vernova Inc. 0.31% 733 $388K No change
VNQ Vanguard Real Estate ETF 0.30% 4,300 $383K Reduce -12.0%
ABBV Abbvie Inc. 0.29% 1,976 $367K No change
DUK Duke Energy Corp. 0.28% 3,045 $359K No change
VYM Vanguard High DVD Yield ETF 0.27% 2,577 $344K Reduce -1.2%
RTX RTX Corp. 0.27% 2,320 $339K Reduce -3.0%
T AT&T Inc. 0.25% 10,797 $312K Reduce -1.6%
DD Dupont DE Nemours Inc. 0.23% 4,330 $297K No change
NOC Northrop Grumman Corp. 0.23% 593 $296K No change
PAVE Global X US Infrastructure 0.23% 6,651 $290K No change
AON Aon PLC Class A 0.23% 805 $287K Reduce -2.9%
CSX CSX Corp. 0.20% 7,933 $259K No change
MDT Medtronic PLC 0.20% 2,892 $252K Add +0.3%

Show all 120 holdings

Portfolio Sells Q1 2025 → Q2 2025
MUB iShares National Muni Bond E Reduce -17.4% 4.25% −1.04
AAPL Apple Inc. Reduce -2.8% 4.35% −0.59
CVX Chevron Corp. Reduce -0.5% 2.59% −0.51
AGG iShares Core U.S. Aggregate Reduce -12.9% 2.69% −0.45
BMY Bristol-Myers Squibb Co. Reduce -0.8% 1.09% −0.38
JNJ Johnson & Johnson Reduce -0.6% 3.05% −0.34
XOM Exxon Mobil Corp. Reduce -0.5% 2.13% −0.28
PG The Procter & Gamble Co. Reduce -0.1% 2.86% −0.26
BND Vanguard Total Bond Market Reduce -6.1% 2.52% −0.21
PAYX Paychex Inc. Sold out 0.00% −0.19
WMT Walmart Inc. Reduce -14.4% 2.40% −0.16
MRK Merck & Co. Inc. Reduce -1.6% 0.93% −0.16
MRSH Marsh & McLennan Cos Reduce -1.2% 1.07% −0.16
BDX Becton Dickinson and Co. Reduce -0.1% 0.39% −0.14
MCD McDonald's Corp. Reduce -13.2% 0.51% −0.13
PEP Pepsico Inc. Reduce -3.6% 0.54% −0.11
UNP Union Pacific Corp. Reduce -0.8% 1.75% −0.10
LLY Eli Lilly & Co. Reduce -3.9% 0.72% −0.09
PFE Pfizer Inc. Reduce -12.6% 0.40% −0.09
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 0.65% −0.08
VNQ Vanguard Real Estate ETF Reduce -12.0% 0.30% −0.05
VCSH Vanguard S/T Corp. Bond ETF Reduce -3.8% 1.02% −0.05
AON Aon PLC Class A Reduce -2.9% 0.23% −0.04
MO Altria Group Inc. Reduce -0.8% 0.66% −0.03
NEE Nextera Energy Inc. Reduce -0.2% 0.75% −0.03
V Visa Inc. Class A Reduce -4.9% 0.43% −0.02
HD Home Depot Inc. Reduce -1.1% 0.73% −0.02
IAGG iShares Intl Aggregate Bond Reduce -2.3% 0.91% −0.02
FLOT iShares Floating Rate Bond E Reduce -7.3% 0.16% −0.02
USMV iShares MSCI USA Min Vol Fac Reduce -1.6% 0.47% −0.02
SPHY SS SPDR P High Yield ETF Reduce -2.5% 0.50% −0.01
EFA iShares MSCI Eafe ETF Reduce -8.2% 0.58% −0.01
A Agilent Technologies Inc. Reduce -1.4% 0.33% −0.01
T AT&T Inc. Reduce -1.6% 0.25% −0.00
MA Mastercard Inc. Class A Reduce -0.7% 0.53% −0.00
VYM Vanguard High DVD Yield ETF Reduce -1.2% 0.27% +0.00
MMM 3M Co. Reduce -1.4% 0.41% +0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -0.9% 0.48% +0.01
IJR iShares Core S&P Small-Cap E Reduce -0.6% 0.48% +0.01
RTX RTX Corp. Reduce -3.0% 0.27% +0.01
BLK BlackRock Inc. Reduce -2.1% 0.40% +0.02
NSC Norfolk Southern Corp. Reduce -1.8% 1.13% +0.04
EMR Emerson Electric Co. Reduce -1.1% 0.36% +0.05
GOOG Alphabet Inc. Class C Reduce -4.5% 0.92% +0.05
VEA Vanguard Ftse Developed ETF Reduce -0.2% 0.66% +0.06
IJH iShares Core S&P Midcap ETF Reduce -0.3% 1.59% +0.06
AXP American Express Co. Reduce -5.7% 0.71% +0.06
TXN Texas Instruments Inc. Reduce -4.5% 1.11% +0.08
META Meta Platforms Inc. Class A Reduce -3.3% 0.51% +0.09
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.0% 1.41% +0.10

Portfolio Buys Q1 2025 → Q2 2025
TSM Taiwan Semiconductor-SP ADR New 0.19% +0.19
MCHP Microchip Technology Inc. New 0.19% +0.19
COF Capital One Financial Corp. New 0.19% +0.19
AVGO Broadcom Inc. Add +2.9% 0.46% +0.18
NOW ServiceNow Inc. New 0.17% +0.17
QGRO American Century US Quality New 0.17% +0.17
BA The Boeing Co. New 0.16% +0.16
ABT Abbott Laboratories New 0.16% +0.16
BAC Bank of America Corp. New 0.16% +0.16
SUB iShares Short-Term National Add +20.6% 0.88% +0.14
GOOGL Alphabet Inc. Class A Add +0.4% 1.26% +0.14
AMZN Amazon.com Inc. Add +0.1% 1.06% +0.12
IAU iShares Gold Trust Add +27.4% 0.43% +0.11
DIS The Walt Disney Co. Add +1.2% 0.35% +0.07
IVV iShares Core S&P 500 ETF Add +6.8% 0.44% +0.06
HON Honeywell International Inc. Add +0.1% 0.67% +0.05
CSCO Cisco Systems Inc. Add +1.4% 0.47% +0.05
VWO Vanguard Ftse Emerging Marke Add +0.7% 0.32% +0.02
COST Costco Wholesale Corp. Add +0.6% 0.65% +0.02
QCOM Qualcomm Inc. Add +9.4% 0.19% +0.02
TRV The Travelers Cos Inc. Add +2.2% 0.17% +0.00
SUSB iShares ESG Aware 1-5 Year U Add +1.6% 0.42% +0.00
ACN Accenture PLC Class A Add +2.1% 0.19% −0.01
MDT Medtronic PLC Add +0.3% 0.20% −0.01
LOW Lowe's Cos Inc. Add +0.6% 0.41% −0.03

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