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
YEAR 2004 ANNUAL EARNINGS OF $1.98 PER DILUTED SHARE
JEFFERSON CITY, MO, February 11, 2005 - Today, Exchange National
Bancshares, Inc. (NASDAQ: EXJF) reported 2004 diluted earnings of $1.98 per
share compared to $2.15 per share in 2003.
For the twelve months ended December 31, 2004, Exchange National Bancshares,
Inc. earned $1.98 per diluted share, down 8% from diluted earnings per share of
a year earlier. Net income for the twelve months ended December 31, 2004 of
$8,305,000 decreased $739,000 when compared to year end 2003.
In commenting on earnings, James E. Smith, Chairman and CEO said, "Net interest
income increased $1,580,000 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 $971,000 decrease in non-interest income and a $1,847,000 increase
in non-interest expense which is primarily associated with increased staffing in
our retail network, costs incurred to document internal controls as required by
newly imposed Sarbanes-Oxley regulation and expenses associated with the timing
of tax payments on the company's real estate investment trust. 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 9.16% and the return on average
assets was 0.93% compared to 10.45% and 1.09%, respectively for 2003.
Comparing December 31, 2004 balances to December 31, 2003, total assets
increased 5.51% to $923,874,000. Total loans grew 9.29% to $629,141,000, while
investment securities decreased 9.12% to $171,718,000. Total deposits increased
9.22% to $726,649,000. During the same period, stockholders' equity increased
4.54% to $91,771,000 or 9.93% of total assets.
Exchange National Bancshares, Inc., 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.
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FINANCIAL SUMMARY
(unaudited)
<Table>
<Caption>
Balance sheet information: December 31, 2004 December 31, 2003
Loans, net of allowance
for loan losses $629,141,036 $575,651,786
Debt and equity securities 171,717,635 188,955,832
Total assets 923,874,270 875,595,992
Deposits 726,649,476 665,261,965
Stockholders' equity 91,770,783 87,782,744
</Table>
<Table>
<Caption>
Twelve Months Twelve Months
Ended Dec. 31, 2004 Ended Dec. 31, 2003
Statement of income information:
Total interest income $41,090,596 $38,922,114
Total interest expense 13,386,911 12,798,341
Net interest income 27,703,685 26,123,773
Provision for loan losses 942,000 1,092,000
Noninterest income 5,732,557 6,704,013
Noninterest expense 20,382,706 18,536,007
Income taxes 3,806,556 4,155,865
Net income 8,304,980 9,043,914
</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.
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