Exchange National Bancshares, Inc. of Jefferson City, Missouri, Announces Year 2003 Annual Earnings of $2.15 Per Diluted Share.

Business Editors

JEFFERSON CITY, Mo.--(BUSINESS WIRE)--Jan. 30, 2004

Today, Exchange National Bancshares, Inc. (NASDAQ: EXJF) reported 2003 diluted earnings of $2.15 per share compared to $1.90 per share in 2002.

Net income for 2003 of $9,044,000 increased $951,000 when compared to 2002.

In commenting on earnings, James E. Smith, Chairman and CEO said, "Financial results for the year were strong. Increases over 2002 are attributed in large part to a higher volume of average earnings assets and continued strong activity in the residential mortgage department. While maintaining a constant net interest margin, the volume of average earning assets increased $54,812,000 which resulted in a $1,986,000 increase in net interest income. The majority of the earning asset growth resulted from commercial and real estate loan growth and the company's June 2003 purchase of a Springfield, Mo., branch."

Mr. Smith added, "Gains on the sale of real estate loans increased approximately $738,000 over last year. These gains were partially offset by a $307,000 increase in impairment over prior year in the carrying value of mortgage loan servicing rights."

Exchange National Bancshares, 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 Windsor, Collins, Osceola and Springfield; and Osage Valley Bank of Warsaw.