Exhibit 99
EXCHANGE NATIONAL BANCSHARES ANNOUNCES 1ST QUARTER EARNINGS OF $0.64 PER DILUTED
SHARE
Jefferson City, MO
May 1, 2006
Exchange National Bancshares of Jefferson City, MO (NASDAQ: EXJF), a financial
services company, announced today first quarter earnings of $0.64 per diluted
share, up 21% from diluted earnings per share of $0.53 a year ago.
Net income for the 3 months ended March 30, 2006 of $2,689,000 increased
$451,000 when compared to the first quarter of 2005.
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.
In commenting on earnings performance, Chairman & CEO James E. Smith said "We
continue to be pleased with our financial performance. First quarter earnings
growth compared to the same period last year results from an increase in average
interest-earnings assets as well as an increase in our net interest margin.
Average interest earning assets increased 17% from the first quarter of 2005.
Additionally, our net interest margin increased to 3.83% compared to 3.34% for
the same period of 2005."
For the quarter, annualized return on average equity was 11.14% and the
annualized return on average assets was 0.95% compared to 9.79% and 0.95%,
respectively for 2005.
Comparing March 31, 2006 balances to December 31, 2005, total assets increased
3.0% to $1,160,064,000. Loans, net of allowance for loan losses, grew 1.6% to
$817,309,000, while investment securities increased 11.6% to $200,595,000. Total
deposits decreased 0.5% to $877,466,000. During the same period, stockholders'
equity increased 1.6% to $98,312,000 or 8.5% of total assets.
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.
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Contact: Kathleen Bruegenhemke
Senior Vice President, Investor Relations
TEL: 573.761.6100 FAX: 573.761.6272
www.exchangebancshares.com
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FINANCIAL SUMMARY
(UNAUDITED)
March 31, 2006 December 31, 2005
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Balance sheet information:
Loans, net of allowance
for loan losses $ 817,308,568 $ 804,450,102
Debt and equity securities 200,595,384 179,691,826
Total assets 1,160,064,275 1,126,470,476
Deposits 877,465,872 881,455,206
Stockholders' equity 98,312,311 96,732,865
Three Months Three Months
Ended March 31, 2006 Ended March 31, 2005
-------------------- --------------------
Statement of income information:
Total interest income $16,792,866 $11,527,378
Total interest expense 7,334,320 4,440,267
Net interest income 9,458,546 7,087,111
Provision for loan losses 317,500 235,500
Noninterest income 2,025,911 1,331,344
Noninterest expense 7,311,592 4,975,258
Income taxes 1,166,758 970,083
Net income 2,688,607 2,237,614
Earnings Per Share:
Basic: $ 0.64 $ 0.54
Diluted: $ 0.64 $ 0.53
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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