Exchange Bank

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 13, 2026), Exchange Bank reported 121 stock positions worth $144.6 million. Its top holding was Apple (AAPL) at 5.5% of the portfolio, followed by Johnson & Johnson (JNJ, 4.1%) and iShares National Muni Bond E (MUB, 3.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 32 and reduced 51. The biggest buy was Caterpillar (CAT, shares +1%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −16%).

Most Recent 13F
Q2 2026
Location
SANTA ROSA, CA
CIK
0002001155
Portfolio Value
$144.6M (Q4 2025)
SEC Filing
0002001155-26-000001 ↗ filed Jan 13, 2026

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 Q3 2025 Q4 2025: $144.6M $144.6M Q4 2025 Q1 2026: $144.3M Q1 2026 Q2 2026: $160.6M Q2 2026

Holdings 121 stocks · $144.6M
AAPL Apple Inc. 5.46% 29,034 $7.9M Add +2.6%
JNJ Johnson & Johnson 4.11% 28,742 $5.9M Reduce -3.7%
MUB iShares National Muni Bond E 3.81% 51,375 $5.5M No change
MSFT Microsoft Corp. 3.32% 9,932 $4.8M Reduce -1.0%
CAT Caterpillar Inc. 3.28% 8,287 $4.7M Add +0.6%
AGG iShares Core U.S. Aggregate 2.54% 36,775 $3.7M Reduce -0.6%
VTI VG Morningstar TS MKT ETF-US 2.47% 10,647 $3.6M Reduce -15.9%
JPM JPMorgan Chase & Co. 2.47% 11,066 $3.6M Reduce -5.3%
CVX Chevron Corp. 2.41% 22,844 $3.5M Reduce -0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.38% 11,616 $3.4M Reduce -0.9%
WMT Walmart Inc. 2.37% 30,769 $3.4M Add +0.0%
PG The Procter & Gamble Co. 2.35% 23,714 $3.4M Reduce -1.8%
BND Vanguard Total Bond Market 2.26% 44,126 $3.3M Reduce -7.6%
XOM Exxon Mobil Corp. 2.12% 25,505 $3.1M Reduce -0.2%
GOOGL Alphabet Inc. Class A 2.11% 9,753 $3.1M Add +0.3%
NVDA Nvidia Corp. 1.90% 14,731 $2.7M Reduce -3.5%
UNP Union Pacific Corp. 1.57% 9,844 $2.3M Reduce -0.9%
BRK.A Berkshire Hathaway Inc. Class A 1.57% 3 $2.3M No change
IJH iShares Core S&P Midcap ETF 1.48% 32,315 $2.1M Reduce -1.1%
KO The Coca-Cola Co. 1.46% 30,226 $2.1M Reduce -0.7%
GOOG Alphabet Inc. Class C 1.40% 6,453 $2.0M Reduce -0.8%
SCHB Schwab US Broad Market ETF 1.40% 77,100 $2.0M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.36% 2,881 $2.0M Reduce -0.2%
AMZN Amazon.com Inc. 1.28% 8,046 $1.9M Reduce -1.5%
PM Philip Morris International 1.18% 10,599 $1.7M Reduce -4.8%
BMY Bristol-Myers Squibb Co. 1.09% 29,306 $1.6M No change
NSC Norfolk Southern Corp. 1.07% 5,356 $1.5M Reduce -1.8%
MRK Merck & Co. Inc. 1.05% 14,441 $1.5M Reduce -0.5%
ADP Automatic Data Processing 1.03% 5,810 $1.5M No change
VCSH Vanguard S/T Corp. Bond ETF 0.96% 17,427 $1.4M Add +3.4%
ORCL Oracle Corp. 0.85% 6,287 $1.2M Reduce -1.6%
IAGG iShares Intl Aggregate Bond 0.84% 24,366 $1.2M Reduce -2.7%
GE General Electric filed as GE AEROSPACE 0.84% 3,952 $1.2M Reduce -1.7%
LLY Eli Lilly & Co. 0.82% 1,110 $1.2M Reduce -8.6%
TXN Texas Instruments Inc. 0.81% 6,779 $1.2M No change
IGSB iShares 1-5Y Inv Grade Corp. 0.81% 22,163 $1.2M No change
MRSH Marsh & McLennan Cos 0.79% 6,170 $1.1M Add +0.1%
SUB iShares Short-Term National 0.77% 10,435 $1.1M No change
NEE Nextera Energy Inc. 0.76% 13,740 $1.1M Add +0.3%
TGT Target Corp. 0.71% 10,444 $1.0M No change
AVGO Broadcom Inc. 0.70% 2,935 $1.0M Reduce -10.1%
AXP American Express Co. 0.67% 2,616 $968K Reduce -2.4%
GL Globe Life Inc. 0.65% 6,750 $944K No change
HD Home Depot Inc. 0.64% 2,689 $925K Reduce -8.6%
VEA Vanguard Ftse Developed ETF 0.63% 14,642 $915K Reduce -0.3%
SPHY SS SPDR P High Yield ETF 0.61% 37,412 $886K Add +41.3%
BRK.B Berkshire Hathaway Inc. Class B 0.61% 1,752 $881K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.61% 7,555 $877K No change
V Visa Inc. Class A 0.58% 2,409 $845K Add +4.2%
META Meta Platforms Inc. Class A 0.58% 1,262 $833K Reduce -5.0%
AVDV Avantis Intl S/C Value ETF 0.56% 8,629 $811K No change
IAU iShares Gold Trust 0.56% 9,989 $811K Add +7.8%
MCD McDonald's Corp. 0.55% 2,615 $799K Add +0.1%
EFA iShares MSCI Eafe ETF 0.55% 8,233 $791K Add +0.3%
MO Altria Group Inc. 0.54% 13,546 $781K Reduce -1.1%
FDX FedEx Corp. 0.54% 2,703 $781K Reduce -8.5%
IVV iShares Core S&P 500 ETF 0.52% 1,104 $756K Add +2.3%
COST Costco Wholesale Corp. 0.51% 852 $735K Add +3.9%
FALN iShares Fallen Angels ETF 0.51% 26,854 $733K Add +1.8%
HON Honeywell International Inc. 0.50% 3,738 $729K Add +0.4%
PEP Pepsico Inc. 0.50% 5,034 $722K Add +1.8%
MA Mastercard Inc. Class A 0.48% 1,221 $697K Add +2.3%
IJR iShares Core S&P Small-Cap E 0.46% 5,558 $668K Add +0.6%
HBAN Huntington Bancshares Inc. 0.46% 38,024 $660K No change
BA The Boeing Co. 0.45% 3,008 $653K Add +0.7%
GEV GE Vernova Inc. 0.45% 985 $644K Add +0.2%
CSCO Cisco Systems Inc. 0.44% 8,249 $635K Reduce -1.9%
PFE Pfizer Inc. 0.44% 25,282 $630K Reduce -7.4%
VOO Vanguard S&P 500 ETF 0.43% 990 $621K Add +2.7%
RTX RTX Corp. 0.43% 3,364 $617K Reduce -0.8%
USMV iShares MSCI USA Min Vol Fac 0.41% 6,300 $593K No change
MDLZ Mondelez International Inc. Class A 0.41% 10,976 $591K Reduce -1.5%
SUSB iShares ESG Aware 1-5 Year U 0.40% 22,671 $572K Add +7.1%
LOW Lowe's Cos Inc. 0.39% 2,320 $559K No change
EMR Emerson Electric Co. 0.38% 4,151 $551K Reduce -3.6%
BDX Becton Dickinson and Co. 0.38% 2,837 $551K No change
MMM 3M Co. 0.38% 3,405 $545K No change
QUAL iShares MSCI USA Quality Fac 0.37% 2,660 $528K Reduce -0.9%
BR Broadridge Financial Solutio 0.35% 2,250 $502K No change
ABBV Abbvie Inc. 0.34% 2,170 $496K Reduce -0.3%
BLK BlackRock Inc. 0.34% 461 $493K Reduce -1.3%
VWO Vanguard Ftse Emerging Marke 0.34% 9,053 $487K Reduce -0.2%
ITW Illinois Tool Works 0.33% 1,944 $479K Add +2.4%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.32% 2,199 $466K No change
A Agilent Technologies Inc. 0.32% 3,404 $463K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.29% 7,672 $413K No change
VYM Vanguard High DVD Yield ETF 0.28% 2,787 $400K Add +4.5%
NFLX Netflix Inc. 0.27% 4,240 $398K Reduce -6.0%
BKNG Booking Holdings Inc. 0.27% 74 $396K Add +7.3%
IWM iShares Russell 2000 ETF 0.27% 1,576 $388K Reduce -47.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.27% 3,398 $387K Reduce -5.7%
TSM Taiwan Semiconductor-SP ADR 0.26% 1,254 $381K Reduce -3.8%
APH Amphenol Corp. Class A 0.25% 2,645 $357K Reduce -24.9%
ADBE Adobe Inc. 0.25% 1,021 $357K Add +0.2%
DUK Duke Energy Corp. 0.25% 3,045 $357K No change
NOC Northrop Grumman Corp. 0.22% 559 $319K No change
PAVE Global X US Infrastructure 0.22% 6,651 $318K No change
ABT Abbott Laboratories 0.20% 2,336 $293K Reduce -4.4%
CSX CSX Corp. 0.20% 7,895 $286K No change
TSLA Tesla Inc. 0.20% 634 $285K Reduce -4.7%
AON Aon PLC Class A 0.20% 806 $284K Add +0.1%
LRCX Lam Research Corp. 0.19% 1,599 $274K Add +6.8%
MDT Medtronic PLC 0.19% 2,848 $274K Add +0.5%
NTRS Northern Trust Corp. 0.19% 2,000 $273K No change
COF Capital One Financial Corp. 0.19% 1,115 $270K No change
LMT Lockheed Martin Corp. 0.18% 550 $266K Add +2.8%
PNC PNC Financial Services Group 0.18% 1,230 $257K No change
QCOM Qualcomm Inc. 0.18% 1,491 $255K Add +0.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.17% 1,626 $250K Reduce -7.0%
DHR Danaher Corp. 0.16% 1,030 $236K New
TRV The Travelers Cos Inc. 0.16% 773 $224K No change
GPC Genuine Parts Co. 0.15% 1,779 $219K No change
MCHP Microchip Technology Inc. 0.15% 3,432 $219K No change
EPD Enterprise Products Partners 0.15% 6,701 $215K No change
TFI SS SPDR N Ice Muni Bond ETF 0.15% 4,622 $211K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.14% 3,782 $208K Reduce -16.4%
FLOT iShares Floating Rate Bond E 0.14% 4,080 $208K No change
NOW ServiceNow Inc. 0.14% 1,346 $206K Reduce -4.5%
CRM Salesforce Inc. 0.14% 769 $204K New
GIS General Mills Inc. 0.14% 4,350 $202K No change
T AT&T Inc. 0.14% 8,096 $201K No change

Portfolio Sells Q3 2025 → Q4 2025
VTI VG Morningstar TS MKT ETF-US Reduce -15.9% 2.47% −0.42
ORCL Oracle Corp. Reduce -1.6% 0.85% −0.40
MSFT Microsoft Corp. Reduce -1.0% 3.32% −0.28
IWM iShares Russell 2000 ETF Reduce -47.3% 0.27% −0.23
PG The Procter & Gamble Co. Reduce -1.8% 2.35% −0.22
DD Dupont DE Nemours Inc. Sold out 0.00% −0.22
BND Vanguard Total Bond Market Reduce -7.6% 2.26% −0.20
HD Home Depot Inc. Reduce -8.6% 0.64% −0.19
UNH Unitedhealth Group Inc. Sold out 0.00% −0.17
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.15
LIN Linde PLC Sold out 0.00% −0.14
ES Eversource Energy Sold out 0.00% −0.14
META Meta Platforms Inc. Class A Reduce -5.0% 0.58% −0.10
NFLX Netflix Inc. Reduce -6.0% 0.27% −0.10
JPM JPMorgan Chase & Co. Reduce -5.3% 2.47% −0.09
MO Altria Group Inc. Reduce -1.1% 0.54% −0.09
NVDA Nvidia Corp. Reduce -3.5% 1.90% −0.08
PM Philip Morris International Reduce -4.8% 1.18% −0.08
MDLZ Mondelez International Inc. Class A Reduce -1.5% 0.41% −0.07
NSC Norfolk Southern Corp. Reduce -1.8% 1.07% −0.07
CVX Chevron Corp. Reduce -0.1% 2.41% −0.06
APH Amphenol Corp. Class A Reduce -24.9% 0.25% −0.06
UNP Union Pacific Corp. Reduce -0.9% 1.57% −0.05
IAGG iShares Intl Aggregate Bond Reduce -2.7% 0.84% −0.05
PFE Pfizer Inc. Reduce -7.4% 0.44% −0.05
AVGO Broadcom Inc. Reduce -10.1% 0.70% −0.04
NOW ServiceNow Inc. Reduce -4.5% 0.14% −0.04
BLK BlackRock Inc. Reduce -1.3% 0.34% −0.04
AGG iShares Core U.S. Aggregate Reduce -0.6% 2.54% −0.03
ABT Abbott Laboratories Reduce -4.4% 0.20% −0.02
DIS The Walt Disney Co. Reduce -5.7% 0.27% −0.02
BAC Bank of America Corp. Reduce -16.4% 0.14% −0.02
EMR Emerson Electric Co. Reduce -3.6% 0.38% −0.01
TSLA Tesla Inc. Reduce -4.7% 0.20% −0.01
ABBV Abbvie Inc. Reduce -0.3% 0.34% −0.01
IJH iShares Core S&P Midcap ETF Reduce -1.1% 1.48% −0.00
VWO Vanguard Ftse Emerging Marke Reduce -0.2% 0.34% −0.00
TJX TJX Companies Inc. Reduce -7.0% 0.17% −0.00
GE General Electric Reduce -1.7% 0.84% +0.00
QUAL iShares MSCI USA Quality Fac Reduce -0.9% 0.37% +0.00
TSM Taiwan Semiconductor-SP ADR Reduce -3.8% 0.26% +0.01
SCHB Schwab US Broad Market ETF Reduce -0.3% 1.40% +0.02
VEA Vanguard Ftse Developed ETF Reduce -0.3% 0.63% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 1.36% +0.02
RTX RTX Corp. Reduce -0.8% 0.43% +0.03
CSCO Cisco Systems Inc. Reduce -1.9% 0.44% +0.04
AMZN Amazon.com Inc. Reduce -1.5% 1.28% +0.04
AXP American Express Co. Reduce -2.4% 0.67% +0.05
FDX FedEx Corp. Reduce -8.5% 0.54% +0.06
KO The Coca-Cola Co. Reduce -0.7% 1.46% +0.06

Portfolio Buys Q3 2025 → Q4 2025
CAT Caterpillar Inc. Add +0.6% 3.28% +0.56
GOOGL Alphabet Inc. Class A Add +0.3% 2.11% +0.47
AAPL Apple Inc. Add +2.6% 5.46% +0.46
SPHY SS SPDR P High Yield ETF Add +41.3% 0.61% +0.17
WMT Walmart Inc. Add +0.0% 2.37% +0.17
DHR Danaher Corp. New 0.16% +0.16
CRM Salesforce Inc. New 0.14% +0.14
IAU iShares Gold Trust Add +7.8% 0.56% +0.09
LRCX Lam Research Corp. Add +6.8% 0.19% +0.05
NEE Nextera Energy Inc. Add +0.3% 0.76% +0.04
V Visa Inc. Class A Add +4.2% 0.58% +0.04
VCSH Vanguard S/T Corp. Bond ETF Add +3.4% 0.96% +0.03
GEV GE Vernova Inc. Add +0.2% 0.45% +0.03
SUSB iShares ESG Aware 1-5 Year U Add +7.1% 0.40% +0.02
IVV iShares Core S&P 500 ETF Add +2.3% 0.52% +0.02
VOO Vanguard S&P 500 ETF Add +2.7% 0.43% +0.02
PEP Pepsico Inc. Add +1.8% 0.50% +0.02
VYM Vanguard High DVD Yield ETF Add +4.5% 0.28% +0.02
BKNG Booking Holdings Inc. Add +7.3% 0.27% +0.02
EFA iShares MSCI Eafe ETF Add +0.3% 0.55% +0.01
MA Mastercard Inc. Class A Add +2.3% 0.48% +0.01
IJR iShares Core S&P Small-Cap E Add +0.6% 0.46% +0.01
QCOM Qualcomm Inc. Add +0.4% 0.18% +0.00
BA The Boeing Co. Add +0.7% 0.45% +0.00
MCD McDonald's Corp. Add +0.1% 0.55% +0.00
MDT Medtronic PLC Add +0.5% 0.19% +0.00
LMT Lockheed Martin Corp. Add +2.8% 0.18% −0.00
FALN iShares Fallen Angels ETF Add +1.8% 0.51% −0.00
ADBE Adobe Inc. Add +0.2% 0.25% −0.00
AON Aon PLC Class A Add +0.1% 0.20% −0.00
ITW Illinois Tool Works Add +2.4% 0.33% −0.01
COST Costco Wholesale Corp. Add +3.9% 0.51% −0.02
HON Honeywell International Inc. Add +0.4% 0.50% −0.04
MRSH Marsh & McLennan Cos Add +0.1% 0.79% −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