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
2nd QUARTER EARNINGS OF $0.51 PER DILUTED SHARE
JEFFERSON CITY, MO, July 30, 2004 - Today, Exchange National Bancshares, Inc.
(NASDAQ: EXJF) reported second quarter earnings of $0.51 per diluted share, up
4% from diluted earnings per share of $0.49 a year ago.
Net income for the 3 months ended June 30, 2004 of $2,129,000 increased $86,000
when compared to the second quarter of 2003.
For the six months ended June 30, 2004, Exchange National Bancshares earned
$1.05 per diluted share, the same as diluted earnings per share of a year
earlier. Net income for the six months ended June 30, 2004 of $4,423,000
increased $25,000 when compared to the first six months of 2003.
In commenting on earnings, James E. Smith, Chairman and CEO said, "Management is
pleased with current year earnings. Year to date net interest income increased
$1,162,000 compared to the same period in 2003 due to an increase in the volume
of earning assets. Increases in net interest income were offset by a $578,000
increase in non-interest expense which is primarily associated with additional
hires in our new branches as well as increased staffing at existing locations
and a $440,000 decrease in other non-interest income. The decrease in other
non-interest income resulted from reduced gains on sale of mortgage loans due to
fewer refinancings.
For the year, return on average equity was 9.9% and the return on average assets
was 1.0%.
Comparing June 30, 2004 balances to December 31, 2003, total assets increased 3%
to $901,490,000. Total loans grew 2% to $588,757,000, while investment
securities increased 12% to $212,088,000. Total deposits increased 2% to
$676,057,000. During the same period, stockholders' equity increased 1% to
$88,899,000 or 9.9% of total assets.
Exchange National Bancshares, a multi-bank holding company headquartered in
Jefferson City, Missouri, 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 Springfield, Lee's Summit,
Branson, Windsor, Collins and Osceola; and Osage Valley Bank of Warsaw.
FINANCIAL SUMMARY
(UNAUDITED)
<Table>
<Caption>
Balance sheet information: June 30, 2004 December 31, 2003
- ---------------------------------------- ------------------- -------------------
Loans, net of allowance
for loan losses $ 588,756,612 $ 575,651,786
Debt and equity securities 212,088,272 188,955,832
Total assets 901,489,704 875,595,992
Deposits 676,056,814 665,261,965
Stockholders' equity 88,898,609 87,782,744
</Table>
<Table>
<Caption>
Three Months Three Months
Statement of income information: Ended June 30, 2004 Ended June 30, 2003
- ---------------------------------------- ------------------- -------------------
Total interest income $ 9,984,344 $ 9,552,528
Total interest expense 3,181,269 3,253,036
Net interest income 6,803,075 6,299,492
Provision for loan losses 210,500 235,500
Noninterest income 1,550,814 1,465,175
Noninterest expense 4,990,709 4,584,194
Income taxes 1,023,712 902,353
Net income 2,128,968 2,042,620
</Table>
<Table>
<Caption>
Six Months Six Months
Statement of income information: Ended June 30, 2004 Ended June 30, 2003
- ---------------------------------------- -------------------- --------------------
Total interest income $ 19,746,197 $ 18,984,175
Total interest expense 6,135,662 6,535,511
Net interest income 13,610,535 12,448,664
Provision for loan losses 446,000 471,000
Noninterest income 2,997,469 3,437,178
Noninterest expense 9,662,972 9,084,534
Income taxes 2,076,265 1,932,451
Net income 4,422,767 4,397,857
</Table>
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.