Exhibit 99
For Immediate Release Contact: Kathleen Bruegenhemke
Senior Vice President, Investor Relations
TEL: 573.761.6100 FAX: 573.761.6272
EXCHANGE NATIONAL BANCSHARES, INC.
OF JEFFERSON CITY, MISSOURI, ANNOUNCES
1st QUARTER DILUTED EARNINGS OF $0.54 PER SHARE
JEFFERSON CITY, MO, May 6, 2004 - Today, Exchange National Bancshares, Inc.
(NASDAQ: EXJF) reported first quarter diluted earnings of $0.54 per share,
compared to $0.56 per share a year ago. Net income for the three months ended
March 31, 2004 of $2,294,000 decreased $61,000 when compared to the first
quarter of 2003.
In commenting on earnings performance, Chairman and CEO James E. Smith said
"While earnings were slightly less than the comparable quarter last year, we are
encouraged that net interest income increased $658,000 while non-interest
expense only increased $172,000. The decrease in net income resulted from a
decline in non-interest income of $525,000, which is primarily the result of a
decrease of loans sold into the secondary market. For the first quarter of 2004,
loans sold in the secondary market decreased from $30,973,000 to $13,032,000 and
that affected our gains on the sale of mortgage loans. This reflects the overall
decrease in the mortgage lending refinancing industry that is occurring
nationally.
Total assets at March 31, 2004 were $901 million, net loans were $575 million,
and total deposits were $680 million. During the quarter, the Company completed
a
5
$25 million trust preferred security offering. Proceeds from the offering will
be used to finance expansion into growing metropolitan areas and to provide
capital for internal growth.
Exchange National Bancshares, a multi-bank holding company headquartered in
Jefferson City, Missouri, has total assets of $901 million and trades on the
NASDAQ National Market under the symbol "EXJF". Exchange National Bancshares is
the parent company of The Exchange National Bank of Jefferson City with
locations in California, Tipton and St. Robert; Citizens Union State Bank &
Trust of Clinton with locations in Windsor, Collins, Osceola and Springfield;
and Osage Valley Bank of Warsaw.
6
FINANCIAL SUMMARY
(UNAUDITED)
Balance sheet information: March 31, 2004 December 31, 2003
- -------------------------- -------------- -----------------
Loans, net of allowance
for loan losses $575,247,850 $575,651,786
Debt and equity securities 217,096,521 188,955,832
Total assets 901,201,920 875,595,992
Deposits 679,994,948 665,261,965
Stockholders' equity 89,599,152 87,782,744
Three Months Three Months
Ended Ended
Statement of income information: March 31, 2004 March 31, 2003
- -------------------------------- -------------- --------------
Total interest income $9,761,853 $9,431,647
Total interest expense 2,954,393 3,282,475
Net interest income 6,807,460 6,149,172
Provision for loan losses 235,500 235,500
Noninterest income 1,446,655 1,972,003
Noninterest expense 4,672,263 4,500,340
Income taxes 1,052,553 1,030,098
Net income 2,293,799 2,355,237
Statements made in this press release that suggest Exchange National Bancshares'
or management's intentions, hopes, beliefs, expectations, or predictions of the
future include "forward-looking statements" within the meaning of Section 21E of
the Securities and Exchange Act of 1934, as amended. It is important to note
that actual results could differ materially from those projected in such
forward-looking statements. Additional information concerning factors that could
cause actual results to differ materially from those projected in such
forward-looking statements is contained from time to time in the company's
quarterly and annual reports filed with the Securities and Exchange Commission.
7