Exchange National Bancshares (NASDAQ:EXJF)
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Exchange National Bancshares of Jefferson City, Mo.
(Nasdaq:EXJF), a financial services company, announced today third
quarter earnings of $0.63 per diluted share, up 29% from diluted
earnings per share of $0.49 a year ago.
Net income for the three months ended September 30, 2005, of
$2,652,000 increased $596,000 when compared to the third quarter of
2004.
For the nine months ended September 30, 2005, Exchange National
Bancshares earned $1.72 per diluted share, up 12% from diluted
earnings per share of $1.54 a year ago. Net income for the nine months
ended September 30, 2005, of $7,234,000 increased $756,000 when
compared to the first nine 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 $198,638,000; total loans of
$131,941,000; total investment securities of $26,080,000; and total
deposits of $149,611,000.
In commenting on earnings performance, Chairman and CEO James E.
Smith said: "We are very pleased with our third 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 10.29% and
the annualized return on average assets was 0.90% compared to 9.61%
and 0.97% respectively for 2004.
Comparing September 30, 2005, balances to December 31, 2004, total
assets increased 27.7% to $1,179,761,000. Total loans grew 25.3% to
$797,570,000, while investment securities increased 23.7% to
$212,482,000. Total deposits increased 25.2% to $909,484,000. During
the same period, stockholders' equity increased 4.6% to $96,006,000 or
8.1% of total assets.
Other News
Exchange National Bancshares also announced today that its Board
of Directors has approved a special cash dividend of 9 cents per
share, payable December 1, 2005, to shareholders of record at the
close of business on November 15, 2005.
In commenting on the dividend, Chairman and CEO Smith stated, "We
are proud to again demonstrate our financial strength through 19
consecutive years of payment of a special dividend."
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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FINANCIAL SUMMARY
(unaudited)
September 30, December 31,
Balance sheet information: 2005 2004
---- ----
Loans, net of allowance for loan
losses $788,777,119 $629,141,036
Debt and equity securities 212,481,981 171,717,635
Total assets 1,179,760,730 923,874,270
Deposits 909,483,508 726,649,476
Stockholders' equity 96,006,183 91,770,783
Three Months Three Months
Ended Sept. 30, Ended Sept. 30,
Statement of income information: 2005 2004
---- ----
Total interest income $15,862,683 $10,404,311
Total interest expense 6,706,637 3,458,738
Net interest income 9,156,046 6,945,573
Provision for loan losses 260,500 160,500
Noninterest income 2,011,187 1,371,530
Noninterest expense 7,068,755 5,177,503
Income taxes 1,186,307 923,366
Net income 2,651,671 2,055,734
Diluted Earnings Per Share $0.63 $0.49
Nine Months Nine Months
Ended Sept. 30, Ended Sept. 30,
Statement of income information: 2005 2004
---- ----
Total interest income $41,277,324 $30,150,508
Total interest expense 16,958,010 9,594,400
Net interest income 24,319,314 20,556,108
Provision for loan losses 733,667 606,500
Noninterest income 5,139,722 4,368,999
Noninterest expense 18,304,870 14,840,475
Income taxes 3,186,411 2,999,631
Net income 7,234,088 6,478,501
Diluted Earnings Per Share $1.72 $1.54
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