Exhibit 99
EXCHANGE NATIONAL BANCSHARES ANNOUNCES 2ND QUARTER EARNINGS OF $0.56
PER DILUTED SHARE
Jefferson City, MO
August 1, 2005
Exchange National Bancshares of Jefferson City, MO (NASDAQ: EXJF), a financial
services company, announced today second quarter earnings of $0.56 per diluted
share, up 10% from diluted earnings per share of $0.51 a year ago.
Net income for the 3 months ended June 30, 2005 of $2,345,000 increased $216,000
when compared to the second quarter of 2004.
For the six months ended June 30, 2005, Exchange National Bancshares earned
$1.09 per diluted share, up 4% from diluted earnings per share of $1.05 a year
ago. Net income for the six months ended June 30, 2005 of $4,582,000 increased
$159,000 when compared to the first six months of 2004.
Exchange completed its acquisition of Bank 10 of Belton on May 2, 2005 and Bank
10 results of operations for this acquisition have been included in Exchange's
consolidated net income since that date. At purchase, Bank 10 had total assets
of $178,296,000; total loans of $133,135,000; total investment securities of
$26,080,000; and total deposits of $149,299,000.
In commenting on earnings performance, Chairman & CEO James E. Smith said "We
are very pleased with our second quarter and year-to-date results. We believe
that we are well positioned to take advantage of opportunities within the
markets we serve."
For the year, annualized return on average equity was 9.9% and the annualized
return on average assets was 0.9% compared to 9.9% and 1.0% respectively for
2004.
Comparing June 30, 2005 balances to December 31, 2004, total assets increased
26.3% to $1,166,418,000. Total loans grew 24.0% to $780,412,000, while
investment securities increased 26.1% to $216,593,000. Total deposits increased
26.4% to $918,128,000. During the same period, stockholders' equity increased
3.0% to $94,540,000 or 8.1% of total assets.
OTHER NEWS
Exchange hired James Taylor as Senior Credit Officer during the second quarter.
With over 30 years of experience in the banking industry, Mr. Taylor will
oversee credit quality company-wide. Prior to joining Exchange, Mr. Taylor
worked as chief credit officer and "work-out specialist" with a large
international financial services organization. In commenting on Mr. Taylor's
addition, Chairman & CEO Smith stated, "Asset quality is one of our highest
priorities and as our loan portfolio continues to grow, it is imperative that we
have an entity-wide review process in place which focuses on changes in credit
quality."
Our Branson and Lee's Summit offices moved into their permanent facilities
during the second quarter. The 11,000 square foot Branson facility is located at
4675 Gretna Road and our 12,000 square foot Lee's Summit facility is located at
300 SW Longview Blvd. We are excited about the opportunity to serve customers in
these new facilities and look forward to growing in these expanding markets.
We are also pleased to be included in the newly launched index for microcap
companies effective last June. Chairman & CEO Smith stated, "Inclusion in the
nationally recognized index is another milestone for Exchange and we look
forward to the broadened investor awareness that may result."
ABOUT EXCHANGE NATIONAL BANCSHARES
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; Bank 10 with locations in Belton, Drexel,
Harrisonville, Independence and Raymore; and Osage Valley Bank of Warsaw.
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.
Contact: Kathleen Bruegenhemke
Senior Vice President, Investor Relations
TEL: 573.761.6100 FAX: 573.761.6272
www.exchangebancshares.com
--------------------------
FINANCIAL SUMMARY
(UNAUDITED)
<Table>
<Caption>
Balance sheet information: June 30, 2005 December 31, 2004
Loans, net of allowance
for loan losses $ 780,411,838 $ 629,141,036
Debt and equity securities 216,593,498 171,717,635
Total assets 1,166,417,805 923,874,270
Deposits 918,127,753 726,649,476
Stockholders' equity 94,539,759 91,770,783
</Table>
<Table>
<Caption>
Three Months Three Months
Statement of income information: Ended June 30, 2005 Ended June 30, 2004
Total interest income $13,887,263 $ 9,984,344
Total interest expense 5,811,106 3,181,269
Net interest income 8,076,157 6,803,075
Provision for loan losses 237,667 210,500
Noninterest income 1,797,191 1,550,814
Noninterest expense 6,260,857 4,990,709
Income taxes 1,030,021 1,023,712
Net income 2,344,803 2,128,968
</Table>
<Table>
<Caption>
Six Months Six Months
Statement of income information: Ended June 30, 2005 Ended June 30, 2004
Total interest income $25,414,641 $19,746,197
Total interest expense 10,251,373 6,135,662
Net interest income 15,163,268 13,610,535
Provision for loan losses 473,167 446,000
Noninterest income 3,128,535 2,997,469
Noninterest expense 11,236,115 9,662,972
Income taxes 2,000,104 2,076,265
Net income 4,582,417 4,422,767
</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.