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 $0.53 PER SHARE
JEFFERSON CITY, MO, April 29, 2005 - Today, Exchange National Bancshares, Inc.
(NASDAQ: EXJF) reported first quarter diluted earnings of $0.53 per share,
compared to $0.54 per share a year ago. Net income for the three months ended
March 31, 2005 of $2,238,000 decreased $56,000 when compared to the first
quarter of 2004.
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 $280,000. The increase was offset
by higher non-interest expenses of $303,000 resulting primarily from salary,
overhead and promotion costs associated with our expanded branch network as well
as increased regulatory compliance costs. Additionally, non-interest income was
down $115,000 compared to first quarter 2004 due primarily to a decrease in the
volume of mortgage loans originated and sold to the secondary market."
For the quarter, return on average equity was 9.8% and the return on average
assets was 1.0%.
Comparing March 31, 2005 balances to December 31, 2004, total assets increased
6% to $976,588,000. Total loans grew 1% to $641,302,000 and investment
securities increased 30% to $223,793,000 due to the completion of a $23 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. Total deposits increased 2% to $737,929,000. During the same
period, stockholders' equity increased less than 1% to $92,206,000 or 9.4% of
total assets.
Exchange National Bancshares, a multi-bank holding company headquartered in
Jefferson City, Missouri, has total assets of $977 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 Springfield, Lee's Summit, Branson, Windsor,
Collins and Osceola; and Osage Valley Bank of Warsaw.
FINANCIAL SUMMARY
(UNAUDITED)
<Table>
<Caption>
Balance sheet information: March 31, 2005 December 31, 2004
Loans, net of allowance
for loan losses $ 633,572,974 $ 629,141,036
Debt and equity securities 223,793,181 171,717,635
Total assets 976,587,555 923,874,270
Deposits 737,928,801 726,649,476
Stockholders' equity 92,206,263 91,770,783
</Table>
<Table>
<Caption>
Three Months Three Months
Statement of income information: Ended March 31, 2005 Ended March 31, 2004
Total interest income $ 11,527,378 $ 9,761,853
Total interest expense 4,440,267 2,954,393
Net interest income 7,087,111 6,807,460
Provision for loan losses 235,500 235,500
Noninterest income 1,331,344 1,446,655
Noninterest expense 4,975,258 4,672,263
Income taxes 970,083 1,052,553
Net income 2,237,614 2,293,799
Earnings Per Share:
Basic: $ 0.54 $ 0.55
Diluted: $ 0.53 $ 0.54
</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.