Exchange National Bancshares (NASDAQ:EXJF)
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Exchange National Bancshares, Inc. (NASDAQ: EXJF) of
Jefferson City, MO, announced today for the year ended December 31,
2005, Exchange National Bancshares, Inc. earned $2.36 per diluted
share, up 19.2% from diluted earnings of $1.98 per share a year
earlier. Net income for the year ended December 31, 2005, of
$9,915,000 increased $1,610,000 when compared to the year ended 2004.
In commenting on earnings, James E. Smith, Chairman and CEO, said:
"We had a strong year in 2005. On May 2, 2005, we completed the
purchase of Bank 10 of Belton, MO, and that purchase enhanced our
already strong balance sheet position by providing $157 million in
additional earning assets. Due to an increase in our net interest
margin and in the volume of earning assets, net interest income
increased $5,963,000 compared to the same period in 2004. The net
interest margin increased from 3.43% for 2004 to 3.50% for 2005." Mr.
Smith added: "Increases in net interest income were accompanied by
additional increases in noninterest income of $1,533,000, of which the
majority of the increase is attributed to the acquisition of Bank 10.
The income growth was partially offset by a $4,985,000 increase in
noninterest expense, a $380,000 increase in the 2005 loan loss
provision expense and a $520,000 increase in income tax expense."
For the year, return on average equity was 10.47% and the return
on average assets was 0.91% compared to 9.16% and 0.93%, respectively,
for 2004.
Comparing December 31, 2005, balances to December 31, 2004, total
assets increased 21.9% to $1,126,334,000. Loans net of allowance for
loan losses grew 27.9% to $804,450,000, while investment securities
increased 4.6% to $179,692,000. Total deposits increased 21.3% to
$881,455,000. Subordinated notes increased 92.0% to $49,486,000.
Proceeds from the increased debt were used to finance the Bank 10
acquisition. During the same period, stockholders' equity increased
5.4% to $96,733,000 or 8.6% of total assets.
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FINANCIAL SUMMARY
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(unaudited)
December 31, December 31,
Balance sheet information: 2005 2004
Loans, net of allowance
for loan losses $804,450,102 $629,141,036
Debt and equity securities 179,691,826 171,717,635
Total assets 1,126,333,577 923,874,270
Deposits 881,455,206 726,649,476
Stockholders' equity 96,732,865 91,770,783
Year Ended Year Ended
Statement of income information: Dec. 31, 2005 Dec. 31, 2004
Total interest income $57,340,034 $41,090,596
Total interest expense 23,673,590 13,386,911
Net interest income 33,666,444 27,703,685
Provision for loan losses 1,321,612 942,000
Noninterest income 7,265,296 5,732,557
Noninterest expense 25,368,150 20,382,706
Income taxes 4,326,700 3,806,556
Net income 9,915,278 8,304,980
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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.