Exchange National Bancshares (NASDAQ:EXJF)
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From Jun 2019 to Jun 2024
Exchange National Bancshares of Jefferson City, Mo.
(NASDAQ: EXJF), a financial services company, announced today second
quarter earnings of $0.70 per diluted share, up 25% from diluted
earnings per share of $0.56 a year ago.
Net income for the three months ended June 30, 2006, of $2,933,000
increased $588,000 when compared to the second quarter of 2005.
For the six months ended June 30, 2006, Exchange National
Bancshares earned $1.34 per diluted share, up 23% from diluted
earnings per share of $1.09 a year ago. Net income for the six months
ended June 30, 2006, of $5,622,000 increased $1,039,000 when compared
to the first six months of 2005.
"We are pleased with our second quarter and year-to-date results,"
said Chairman & CEO James E. Smith. "We are seeing the positive
effects of our Bank 10 acquisition which was completed May 2, 2005,
and of our expansion into the Lee's Summit and Branson markets."
Net interest income increased $1.8 million or 22% for the second
quarter of 2006 versus the same quarter in 2005. This increase
resulted from improvement in our net interest margin and from a higher
volume of earning assets. The net interest margin on a tax equivalent
basis increased to 3.90% during the second quarter compared to 3.34%
for the same quarter of 2005. The second quarter margin was slightly
higher than the 3.83% reported in the first quarter of 2006.
For the three months ended June 30, 2006, return on average equity
was 11.79% and return on average assets was 1.02%. For the six months
ended June 30, 2006, return on average equity was 11.47% and return on
average assets was 0.99%.
Comparing June 30, 2006, balances to December 31, 2005, total
assets increased 3.1% to $1,161,586,000. Total loans grew 2.6% to
$825,035,000, while investment securities increased 3.5% to
$185,918,000. Total deposits increased 2.0% to $898,849,000. During
the same period, stockholders' equity increased 3.0% to $99,625,000 or
8.6% of total assets.
About Exchange National Bancshares
Exchange National Bancshares, Inc., a multi-bank holding company
headquartered in Jefferson City, Mo., 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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FINANCIAL SUMMARY
(unaudited)
Balance sheet information: June 30, 2006 December 31, 2005
Loans, net of allowance
for loan losses $825,034,722 $804,450,102
Debt and equity securities 185,918,197 179,691,826
Total assets 1,161,585,977 1,126,470,476
Deposits 898,849,310 881,455,206
Stockholders' equity 99,625,354 96,732,865
Three Months Ended Three Months Ended
June 30, 2006 June 30, 2005
Statement of income information:
Total interest income $17,929,821 $13,887,263
Total interest expense 8,095,272 5,811,106
Net interest income 9,834,549 8,076,157
Provision for loan losses 310,500 237,667
Non-interest income 2,249,180 1,797,191
Non-interest expense 7,457,467 6,260,857
Income taxes 1,382,577 1,030,021
Net income 2,933,185 2,344,803
Six Months Ended Six Months Ended
June 30, 2006 June 30, 2005
Statement of income information:
Total interest income $34,722,687 $25,414,641
Total interest expense 15,429,592 10,251,373
Net interest income 19,293,095 15,163,268
Provision for loan losses 628,000 473,167
Non-interest income 4,275,091 3,128,535
Non-interest expense 14,769,059 11,236,115
Income taxes 2,549,335 2,000,104
Net income 5,621,792 4,582,417
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