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
3rd QUARTER EARNINGS OF $0.49 PER DILUTED SHARE
JEFFERSON CITY, MO, October 29, 2004 - Today, Exchange National Bancshares, Inc.
(NASDAQ: EXJF) reported third quarter earnings of $0.49 per diluted share, down
18% from diluted earnings per share of $0.60 a year ago.
Net income for the 3 months ended September 30, 2004 of $2,056,000 decreased
$488,000 when compared to the third quarter of 2003.
For the nine months ended September 30, 2004, Exchange National Bancshares
earned $1.54 per diluted share, down 7% from diluted earnings per share of a
year earlier. Net income for the nine months ended September 30, 2004 of
$6,479,000 decreased $464,000 when compared to the first nine months of 2003.
In commenting on earnings, James E. Smith, Chairman and CEO said, "Year to date
net interest income increased $1,282,000 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 $970,000 decrease in non-interest income and a $1,165,000
increase in non-interest expense which is primarily associated with increased
staffing in our retail network, expenses associated with the timing of tax
payments on the company's real estate investment trust and costs incurred to
document internal controls as required by newly imposed Sarbanes-Oxley
regulation. The decrease in other non-interest income results largely from
reduced gains on sale of mortgage loans due to fewer refinancings."
For the year, return on average equity was 9.61% and the return on average
assets was 0.97%.
Comparing September 30, 2004 balances to December 31, 2003, total assets
increased 1.1% to $884,943,000. Total loans grew 5.4% to $615,256,000, while
investment securities decreased 11.7% to $166,810,000. Total deposits increased
3.4% to $687,966,000. During the same period, stockholders' equity increased
4.1% to $91,403,000 or 10.3% 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>
September 30, 2004 December 31, 2003
Balance sheet information:
Loans, net of allowance
for loan losses $ 606,501,521 $ 575,651,786
Debt and equity securities 166,809,609 188,955,832
Total assets 884,942,941 875,595,992
Deposits 687,966,385 665,261,965
Stockholders' equity 91,402,691 87,782,744
</Table>
<Table>
<Caption>
Three Months Three Months
Ended Sept. 30, 2004 Ended Sept. 30, 2003
Statement of income information:
Total interest income $ 10,404,311 $ 9,997,501
Total interest expense 3,458,738 3,172,415
Net interest income 6,945,573 6,825,086
Provision for loan losses 160,500 310,500
Noninterest income 1,371,530 1,901,897
Noninterest expense 5,177,503 4,589,992
Income taxes 923,366 1,282,165
Net income 2,055,734 2,544,326
</Table>
<Table>
<Caption>
Nine Months Nine Months
Ended Sept. 30, 2004 Ended Sept. 30, 2003
Statement of income information:
Total interest income $ 30,150,508 $ 28,981,676
Total interest expense 9,594,400 9,707,926
Net interest income 20,556,108 19,273,750
Provision for loan losses 606,500 781,500
Noninterest income 4,368,999 5,339,075
Noninterest expense 14,840,475 13,674,526
Income taxes 2,999,631 3,214,616
Net income 6,478,501 6,942,183
</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.