Exchange National Bancshares Inc. of Jefferson City, Mo., said Friday that its 2004 earnings dropped by nearly 10% from a year earlier, to $8.3 million.
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Net income per share fell 8%, to $1.98.
The $924 million-asset company reported a nearly 6% increase in assets, a 9% increase in deposits and loans, and a 4% increase in net interest income. But James E. Smith, its chairman and chief executive officer, said those gains were offset by a nearly $1 million decrease in noninterest income, which was caused by a decline in refinancing, and a $1.8 million increase in noninterest expenses.
He attributed its higher overhead to staff increases, rising compliance costs, and expenses associated with tax payments on its real estate investment trust.
