Exchange National Bancshares Announces Year 2005 Annual Earnings of $2.36 Per Diluted Share
February 24 2006 - 3:05PM
Business Wire
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. -0- *T FINANCIAL SUMMARY -----------------
(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 *T 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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