Exchange National Bancshares (NASDAQ:EXJF)
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Exchange National Bancshares of Jefferson City, Mo. (NASDAQ: EXJF), a
financial services company, announced today first quarter earnings of
$0.55 per diluted share, down 14% from diluted earnings per share of
$0.64 a year ago.
Net income for the three months ended March 31, 2007 of $2,307,000
decreased $382,000 when compared to the first quarter of 2006.
For the quarter, the annualized return on average equity was 8.98% and
the annualized return on average assets was 0.83% compared to 11.14% and
0.95%, respectively, for 2006.
In commenting on earnings performance, Chairman and CEO James E. Smith
said, “Our decrease in net income is the
result of both an 8 basis point drop in our net interest margin and a
slight decline in our level of earning assets. Our yield on earning
assets increased 59 basis points; however the increase was more than
offset by the rising cost of interest bearing liabilities. The net
interest margin was affected by a combination of upward pressure on
deposit rates in our marketplace and competition on loan rates. These
issues are affecting the banking industry as a whole. Average interest
earning assets decreased 1.4% from the first quarter of 2006 to
$1,015,528,000. Our net interest margin for the first quarter of 2007
was 3.75% compared to 3.83% for the same period of 2006.”
Mr. Smith further commented, “Despite our
first quarter 2007 financial performance, significant efforts are
underway this year to increase our Company’s
profitability. We are proceeding well with plans to merge all of our
subsidiary banks to a single platform under the Hawthorn Bank brand.
I am very pleased with our entire staff’s
efforts in making our company unique in the crowded world of banking.”
Comparing March 31, 2007 balances to December 31, 2006, total assets
decreased 0.2% to $1,140,552,000. Loans, net of allowance for loan
losses, decreased 0.3% to $801,125,000, while investment securities
increased 0.7% to $191,092,000. Total deposits increased 0.4% to
$903,495,000. During the same period, stockholders’
equity increased 1.6% to $106,669,000 or 9.4% of total assets.
About Exchange National Bancshares
Exchange National Bancshares, Inc., a multi-bank holding company
headquartered in Lee’s Summit, Missouri, is
the parent company of The Exchange National Bank of Jefferson City with
locations in California, Tipton and St. Robert; Hawthorn Bank of Clinton
with locations in Springfield, Lee's Summit, Branson, Windsor, Collins,
Osceola and Warsaw; and Bank 10 with locations in Belton, Drexel,
Harrisonville, Independence and Raymore.
FINANCIAL SUMMARY
(unaudited)
Balance sheet information:
March 31, 2007
December 31, 2006
Loans, net of allowance for loan losses
$801,125,362
$803,297,381
Debt and equity securities
191,091,954
189,773,310
Total assets
1,140,551,941
1,142,711,897
Deposits
903,495,193
899,864,734
Stockholders' equity
106,668,743
104,944,590
Three Months
Three Months
Statement of income information:
Ended March 31, 2007
Ended March 31, 2006
Total interest income
$18,030,683
$16,792,866
Total interest expense
8,894,983
7,334,320
Net interest income
9,135,700
9,458,546
Provision for loan losses
225,000
317,500
Noninterest income
2,523,388
2,025,911
Noninterest expense
8,133,800
7,311,592
Income before income taxes
3,300,288
3,855,365
Income taxes
993,621
1,166,758
Net income
2,306,667
2,688,607
Earnings Per Share:
Basic:
$0.55
$0.64
Diluted:
$0.55
$0.64
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.