Exchange Bank

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Exchange Bank reported 124 stock positions worth $144.1 million. Its top holding was Apple (AAPL) at 5.0% of the portfolio, followed by Johnson & Johnson (JNJ, 3.8%) and iShares National Muni Bond E (MUB, 3.8%). Compared with Q2 2025, it opened 8 new positions, sold out of 4, added to 53 and reduced 29. The biggest buy was Johnson & Johnson (JNJ, shares +18%) and the biggest sale Philip Morris International (PM, shares −2%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$144.1M (Q3 2025)
SEC Filing
0002001155-25-000005 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $144.1M $144.1M Q3 2025 Q4 2025: $144.6M Q4 2025 Q1 2026: $144.3M Q1 2026 Q2 2026: $160.6M Q2 2026

Holdings 124 stocks · $144.1M
AAPL Apple Inc. 5.00% 28,292 $7.2M Add +5.5%
JNJ Johnson & Johnson 3.84% 29,855 $5.5M Add +18.3%
MUB iShares National Muni Bond E 3.80% 51,375 $5.5M No change
MSFT Microsoft Corp. 3.60% 10,028 $5.2M Add +7.3%
VTI VG Morningstar TS MKT ETF-US 2.88% 12,665 $4.2M Add +0.1%
CAT Caterpillar Inc. 2.73% 8,238 $3.9M Add +8.8%
PG The Procter & Gamble Co. 2.57% 24,143 $3.7M Add +6.3%
AGG iShares Core U.S. Aggregate 2.57% 37,000 $3.7M Add +8.0%
JPM JPMorgan Chase & Co. 2.56% 11,685 $3.7M Add +6.3%
CVX Chevron Corp. 2.47% 22,879 $3.6M Add +0.2%
BND Vanguard Total Bond Market 2.47% 47,764 $3.6M Add +10.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.30% 11,726 $3.3M Add +49.8%
WMT Walmart Inc. 2.20% 30,767 $3.2M Reduce -1.0%
XOM Exxon Mobil Corp. 2.00% 25,551 $2.9M Add +2.2%
NVDA Nvidia Corp. 1.98% 15,269 $2.8M Add +25.5%
GOOGL Alphabet Inc. Class A 1.64% 9,728 $2.4M Add +7.8%
UNP Union Pacific Corp. 1.63% 9,931 $2.3M Add +3.0%
BRK.A Berkshire Hathaway Inc. Class A 1.57% 3 $2.3M No change
IJH iShares Core S&P Midcap ETF 1.48% 32,665 $2.1M Add +0.9%
KO The Coca-Cola Co. 1.40% 30,430 $2.0M Reduce -0.1%
SCHB Schwab US Broad Market ETF 1.38% 77,350 $2.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.33% 2,887 $1.9M No change
PM Philip Morris International 1.25% 11,127 $1.8M Reduce -1.7%
ORCL Oracle Corp. 1.25% 6,387 $1.8M Add +23.4%
AMZN Amazon.com Inc. 1.24% 8,165 $1.8M Add +34.0%
ADP Automatic Data Processing 1.18% 5,810 $1.7M No change
NSC Norfolk Southern Corp. 1.14% 5,456 $1.6M Reduce -1.8%
GOOG Alphabet Inc. Class C 1.10% 6,503 $1.6M Reduce -0.7%
VCSH Vanguard S/T Corp. Bond ETF 0.93% 16,853 $1.3M Add +3.8%
BMY Bristol-Myers Squibb Co. 0.92% 29,306 $1.3M Reduce -1.1%
IAGG iShares Intl Aggregate Bond 0.89% 25,043 $1.3M Add +10.8%
TXN Texas Instruments Inc. 0.86% 6,779 $1.2M No change
MRSH Marsh & McLennan Cos 0.86% 6,164 $1.2M No change
MRK Merck & Co. Inc. 0.85% 14,519 $1.2M Reduce -1.8%
GE General Electric filed as GE AEROSPACE 0.84% 4,019 $1.2M Add +32.5%
HD Home Depot Inc. 0.83% 2,943 $1.2M Add +16.9%
IGSB iShares 1-5Y Inv Grade Corp. 0.82% 22,163 $1.2M No change
SUB iShares Short-Term National 0.77% 10,435 $1.1M No change
AVGO Broadcom Inc. 0.75% 3,264 $1.1M Add +54.0%
NEE Nextera Energy Inc. 0.72% 13,706 $1.0M Add +0.0%
META Meta Platforms Inc. Class A 0.68% 1,329 $976K Add +52.6%
GL Globe Life Inc. 0.67% 6,750 $965K No change
TGT Target Corp. 0.65% 10,444 $937K Reduce -1.7%
LLY Eli Lilly & Co. 0.64% 1,214 $926K Add +3.5%
MO Altria Group Inc. 0.63% 13,690 $904K Reduce -4.4%
AXP American Express Co. 0.62% 2,679 $890K Reduce -5.0%
BRK.B Berkshire Hathaway Inc. Class B 0.61% 1,752 $881K Add +2.9%
VEA Vanguard Ftse Developed ETF 0.61% 14,681 $880K Add +0.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.57% 7,555 $823K No change
MCD McDonald's Corp. 0.55% 2,611 $793K Add +17.6%
V Visa Inc. Class A 0.55% 2,311 $789K Add +51.2%
HON Honeywell International Inc. 0.54% 3,724 $784K Add +1.8%
AVDV Avantis Intl S/C Value ETF 0.53% 8,629 $768K No change
EFA iShares MSCI Eafe ETF 0.53% 8,207 $766K No change
COST Costco Wholesale Corp. 0.53% 820 $759K Reduce -0.5%
FALN iShares Fallen Angels ETF 0.51% 26,390 $733K Reduce -6.6%
IWM iShares Russell 2000 ETF 0.50% 2,993 $724K No change
IVV iShares Core S&P 500 ETF 0.50% 1,079 $722K Add +21.0%
FDX FedEx Corp. 0.48% 2,953 $696K Add +9.3%
MDLZ Mondelez International Inc. Class A 0.48% 11,144 $696K No change
PFE Pfizer Inc. 0.48% 27,304 $696K Add +30.6%
PEP Pepsico Inc. 0.48% 4,946 $695K Reduce -4.5%
MA Mastercard Inc. Class A 0.47% 1,194 $679K No change
IAU iShares Gold Trust 0.47% 9,269 $675K Add +5.5%
HBAN Huntington Bancshares Inc. 0.46% 38,024 $657K No change
IJR iShares Core S&P Small-Cap E 0.46% 5,526 $657K Reduce -0.6%
BA The Boeing Co. 0.45% 2,988 $645K Add +202.4%
SPHY SS SPDR P High Yield ETF 0.44% 26,469 $634K Add +0.4%
GEV GE Vernova Inc. 0.42% 983 $604K Add +34.1%
USMV iShares MSCI USA Min Vol Fac 0.42% 6,300 $599K No change
VOO Vanguard S&P 500 ETF 0.41% 964 $590K No change
LOW Lowe's Cos Inc. 0.40% 2,320 $583K Reduce -0.8%
CSCO Cisco Systems Inc. 0.40% 8,412 $576K Reduce -1.4%
RTX RTX Corp. 0.39% 3,393 $568K Add +46.3%
EMR Emerson Electric Co. 0.39% 4,307 $565K Add +27.2%
BLK BlackRock Inc. 0.38% 467 $544K Reduce -1.9%
NFLX Netflix Inc. 0.38% 451 $541K Add +46.4%
BR Broadridge Financial Solutio 0.37% 2,250 $536K No change
SUSB iShares ESG Aware 1-5 Year U 0.37% 21,166 $536K No change
BDX Becton Dickinson and Co. 0.37% 2,837 $531K No change
MMM 3M Co. 0.37% 3,405 $528K Add +1.3%
QUAL iShares MSCI USA Quality Fac 0.36% 2,684 $522K Add +20.3%
ABBV Abbvie Inc. 0.35% 2,176 $504K Add +10.1%
ITW Illinois Tool Works 0.34% 1,899 $495K Add +7.3%
VWO Vanguard Ftse Emerging Marke 0.34% 9,069 $491K Add +11.5%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.32% 2,199 $459K Reduce -29.7%
A Agilent Technologies Inc. 0.30% 3,404 $437K Reduce -2.9%
APH Amphenol Corp. Class A 0.30% 3,523 $436K New
IGIB iShares 5-10Y Inv Grade Corp. 0.29% 7,672 $415K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.29% 3,602 $412K Add +0.6%
DUK Duke Energy Corp. 0.26% 3,045 $377K No change
VYM Vanguard High DVD Yield ETF 0.26% 2,666 $376K Add +3.5%
BKNG Booking Holdings Inc. 0.26% 69 $373K No change
TSM Taiwan Semiconductor-SP ADR 0.25% 1,303 $364K Add +20.8%
ADBE Adobe Inc. 0.25% 1,019 $359K Reduce -1.0%
NOC Northrop Grumman Corp. 0.24% 559 $341K Reduce -5.7%
ABT Abbott Laboratories 0.23% 2,443 $327K Add +64.3%
DD Dupont DE Nemours Inc. 0.22% 4,107 $320K Reduce -5.2%
PAVE Global X US Infrastructure 0.22% 6,651 $317K No change
TSLA Tesla Inc. 0.21% 665 $296K New
AON Aon PLC Class A 0.20% 805 $287K No change
CSX CSX Corp. 0.19% 7,895 $280K Reduce -0.5%
MDT Medtronic PLC 0.19% 2,834 $270K Reduce -2.0%
NTRS Northern Trust Corp. 0.19% 2,000 $269K New
LMT Lockheed Martin Corp. 0.19% 535 $267K Add +0.2%
NOW ServiceNow Inc. 0.18% 282 $260K Add +32.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.18% 1,748 $253K New
UNH Unitedhealth Group Inc. 0.17% 728 $251K Reduce -4.7%
PNC PNC Financial Services Group 0.17% 1,230 $247K No change
QCOM Qualcomm Inc. 0.17% 1,485 $247K No change
GPC Genuine Parts Co. 0.17% 1,779 $247K Reduce -2.7%
COF Capital One Financial Corp. 0.16% 1,115 $237K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 4,526 $233K Add +6.8%
T AT&T Inc. 0.16% 8,096 $229K Reduce -25.0%
MCHP Microchip Technology Inc. 0.15% 3,432 $220K No change
GIS General Mills Inc. 0.15% 4,350 $219K New
TRV The Travelers Cos Inc. 0.15% 773 $216K Reduce -2.1%
VNQ Vanguard Real Estate ETF 0.15% 2,358 $216K Reduce -45.2%
TFI SS SPDR N Ice Muni Bond ETF 0.15% 4,622 $211K No change
EPD Enterprise Products Partners 0.15% 6,701 $210K New
FLOT iShares Floating Rate Bond E 0.14% 4,080 $208K No change
LIN Linde PLC 0.14% 436 $207K No change
ES Eversource Energy 0.14% 2,889 $206K New
LRCX Lam Research Corp. 0.14% 1,497 $200K New

Portfolio Sells Q2 2025 → Q3 2025
PM Philip Morris International Reduce -1.7% 1.25% −0.38
KO The Coca-Cola Co. Reduce -0.1% 1.40% −0.31
WMT Walmart Inc. Reduce -1.0% 2.20% −0.20
ACN Accenture PLC Class A Sold out 0.00% −0.19
TGT Target Corp. Reduce -1.7% 0.65% −0.18
BMY Bristol-Myers Squibb Co. Reduce -1.1% 0.92% −0.17
QGRO American Century US Quality Sold out 0.00% −0.17
CRM Salesforce Inc. Sold out 0.00% −0.16
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -29.7% 0.32% −0.16
UPS United Parcel Service Class B Sold out 0.00% −0.16
VNQ Vanguard Real Estate ETF Reduce -45.2% 0.15% −0.15
COST Costco Wholesale Corp. Reduce -0.5% 0.53% −0.12
FALN iShares Fallen Angels ETF Reduce -6.6% 0.51% −0.10
AXP American Express Co. Reduce -5.0% 0.62% −0.09
T AT&T Inc. Reduce -25.0% 0.16% −0.09
MRK Merck & Co. Inc. Reduce -1.8% 0.85% −0.08
CSCO Cisco Systems Inc. Reduce -1.4% 0.40% −0.07
ADBE Adobe Inc. Reduce -1.0% 0.25% −0.07
PEP Pepsico Inc. Reduce -4.5% 0.48% −0.06
MO Altria Group Inc. Reduce -4.4% 0.63% −0.04
IJR iShares Core S&P Small-Cap E Reduce -0.6% 0.46% −0.03
A Agilent Technologies Inc. Reduce -2.9% 0.30% −0.02
TRV The Travelers Cos Inc. Reduce -2.1% 0.15% −0.02
BLK BlackRock Inc. Reduce -1.9% 0.38% −0.02
UNH Unitedhealth Group Inc. Reduce -4.7% 0.17% −0.01
DD Dupont DE Nemours Inc. Reduce -5.2% 0.22% −0.01
MDT Medtronic PLC Reduce -2.0% 0.19% −0.01
CSX CSX Corp. Reduce -0.5% 0.19% −0.01
LOW Lowe's Cos Inc. Reduce -0.8% 0.40% −0.01
GPC Genuine Parts Co. Reduce -2.7% 0.17% −0.00
NOC Northrop Grumman Corp. Reduce -5.7% 0.24% +0.00
NSC Norfolk Southern Corp. Reduce -1.8% 1.14% +0.01
GOOG Alphabet Inc. Class C Reduce -0.7% 1.10% +0.18

Portfolio Buys Q2 2025 → Q3 2025
JNJ Johnson & Johnson Add +18.3% 3.84% +0.79
AAPL Apple Inc. Add +5.5% 5.00% +0.65
IBM Intl Business Machines Corp. Add +49.8% 2.30% +0.47
NVDA Nvidia Corp. Add +25.5% 1.98% +0.46
CAT Caterpillar Inc. Add +8.8% 2.73% +0.40
GOOGL Alphabet Inc. Class A Add +7.8% 1.64% +0.38
ORCL Oracle Corp. Add +23.4% 1.25% +0.35
APH Amphenol Corp. Class A New 0.30% +0.30
AVGO Broadcom Inc. Add +54.0% 0.75% +0.28
BA The Boeing Co. Add +202.4% 0.45% +0.28
GE General Electric Add +32.5% 0.84% +0.22
TSLA Tesla Inc. New 0.21% +0.21
NTRS Northern Trust Corp. New 0.19% +0.19
AMZN Amazon.com Inc. Add +34.0% 1.24% +0.19
TJX TJX Companies Inc. New 0.18% +0.18
META Meta Platforms Inc. Class A Add +52.6% 0.68% +0.17
GIS General Mills Inc. New 0.15% +0.15
EPD Enterprise Products Partners New 0.15% +0.15
ES Eversource Energy New 0.14% +0.14
LRCX Lam Research Corp. New 0.14% +0.14
RTX RTX Corp. Add +46.3% 0.39% +0.13
V Visa Inc. Class A Add +51.2% 0.55% +0.12
GEV GE Vernova Inc. Add +34.1% 0.42% +0.11
HD Home Depot Inc. Add +16.9% 0.83% +0.10
PFE Pfizer Inc. Add +30.6% 0.48% +0.08
ABT Abbott Laboratories Add +64.3% 0.23% +0.07
IVV iShares Core S&P 500 ETF Add +21.0% 0.50% +0.06
ABBV Abbvie Inc. Add +10.1% 0.35% +0.06
TSM Taiwan Semiconductor-SP ADR Add +20.8% 0.25% +0.06
NFLX Netflix Inc. Add +46.4% 0.38% +0.05
QUAL iShares MSCI USA Quality Fac Add +20.3% 0.36% +0.04
MCD McDonald's Corp. Add +17.6% 0.55% +0.04
JPM JPMorgan Chase & Co. Add +6.3% 2.56% +0.04
EMR Emerson Electric Co. Add +27.2% 0.39% +0.03
IAU iShares Gold Trust Add +5.5% 0.47% +0.03
VWO Vanguard Ftse Emerging Marke Add +11.5% 0.34% +0.02
NOW ServiceNow Inc. Add +32.4% 0.18% +0.01
BAC Bank of America Corp. Add +6.8% 0.16% +0.00
ITW Illinois Tool Works Add +7.3% 0.34% −0.00
FDX FedEx Corp. Add +9.3% 0.48% −0.00
LMT Lockheed Martin Corp. Add +0.2% 0.19% −0.01
VYM Vanguard High DVD Yield ETF Add +3.5% 0.26% −0.01
IAGG iShares Intl Aggregate Bond Add +10.8% 0.89% −0.02
NEE Nextera Energy Inc. Add +0.0% 0.72% −0.03
MMM 3M Co. Add +1.3% 0.37% −0.04
BRK.B Berkshire Hathaway Inc. Class B Add +2.9% 0.61% −0.04
VEA Vanguard Ftse Developed ETF Add +0.7% 0.61% −0.05
BND Vanguard Total Bond Market Add +10.5% 2.47% −0.05
SPHY SS SPDR P High Yield ETF Add +0.4% 0.44% −0.06
DIS The Walt Disney Co. Add +0.6% 0.29% −0.07

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