|By PR Newswire||
|January 9, 2014 05:29 PM EST||
JACKSONVILLE, Ill., Jan. 9, 2014 /PRNewswire/ -- Jacksonville Bancorp, Inc. (NASDAQ Capital Market – JXSB) reported unaudited net income of $3,214,000, or $1.73 per share, basic and diluted, for the twelve months ended December 31, 2013, compared to net income of $3,567,000, or $1.89 per share, basic and diluted, for the twelve months ended December 31, 2012. Net income decreased $353,000 due to decreases of $192,000 in net interest income and $439,000 in noninterest income and an increase of $191,000 in noninterest expense, partially offset by decreases of $320,000 in the provision for loan losses and $149,000 in income taxes. Per share information for the three and twelve months ended December 31, 2013, is based upon 1,808,225 and 1,853,240 average shares outstanding, respectively, compared to the three and twelve months ended December 31, 2012, which are based upon 1,874,914 and 1,883,375 average shares outstanding, respectively.
The Company reported unaudited net income for the three months ended December 31, 2013, of $655,000, or $0.36 per share of common stock, basic and diluted, compared to net income of $775,000, or $0.41 per share of common stock, basic and diluted, for the three months ended December 31, 2012. Net income for the quarter ended December 31, 2013 decreased $120,000 compared to the quarter ended December 31, 2012, due to a decrease of $314,000 in noninterest income and increases of $10,000 in the provision for loan losses and $8,000 in noninterest expense, partially offset by an increase of $165,000 in net interest income and a decrease of $47,000 in income taxes.
The $192,000 decrease in net interest income during 2013 reflected a decrease of $713,000 in interest income, partially offset by a decrease of $521,000 in interest expense as compared to 2012. The provision for loan losses decreased $320,000 during 2013. Management reviews the allowance for loan losses quarterly and has determined the allowance for loan losses with a balance of $3.4 million, or 1.9% of total loans, at December 31, 2013 to be adequate. The lower provision reflects stability in the asset quality of our loan portfolio. On this date, nonperforming loans totaled $1.8 million, or 1.0% of total loans.
Noninterest income decreased $439,000 during 2013 primarily due to decreases of $340,000 in net income from mortgage banking operations and $261,000 in gains on the sales of securities, partially offset by an increase of $84,000 in commission income. The increase of $191,000 in noninterest expense was primarily due to increases of $90,000 in data processing and telecommunications expense and one-time charges totaling $75,000 related to the sale of our former main office building and the closure of one of our limited-service branch facilities. The decrease of $149,000 in income taxes reflects the lower level of taxable income during 2013.
Total assets at December 31, 2013 decreased to $318.4 million from $321.4 million at December 31, 2012. Total deposits at December 31, 2013 were $251.7 million, compared to $258.5 million at December 31, 2012. Total stockholders' equity decreased to $41.1 million at December 31, 2013 from $44.1 million at December 31, 2012. The decrease in stockholders' equity was primarily due to a decrease of $4.3 million in accumulated other comprehensive income related to net unrealized losses on available-for-sale securities. The Company's book value per share at December 31, 2013 was $22.45. At that same date, its tangible book value per share was $20.96. At December 31, 2013, Jacksonville Savings Bank exceeded its applicable regulatory capital requirements with Tier 1 leverage, Tier 1 risk-based capital, and total risk-based capital ratios of 11.5%, 16.9%, and 18.2%, respectively.
Jacksonville Bancorp, Inc. is a Maryland chartered company. The Company is headquartered at 1211 West Morton Avenue, Jacksonville, Illinois. The Company's operations are limited to its ownership of Jacksonville Savings Bank, an Illinois chartered savings bank, which operates five branch offices located in Morgan, Macoupin, and Montgomery Counties in Illinois. All information at and for the periods ended December 31, 2013, has been derived from unaudited financial information.
This news release contains certain forward-looking statements within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and experiences of the Company, are generally identified by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project", or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
SOURCE Jacksonville Bancorp, Inc.
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 31, 2015 02:45 PM EDT Reads: 345
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 31, 2015 02:30 PM EDT Reads: 403
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 31, 2015 02:30 PM EDT Reads: 138
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 31, 2015 02:30 PM EDT Reads: 450
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Aug. 31, 2015 02:13 PM EDT
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 31, 2015 02:00 PM EDT Reads: 176
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Aug. 31, 2015 01:45 PM EDT Reads: 412
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Aug. 31, 2015 01:05 PM EDT
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 31, 2015 12:30 PM EDT Reads: 353
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Aug. 31, 2015 12:16 PM EDT
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Aug. 31, 2015 12:15 PM EDT
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Aug. 31, 2015 12:00 PM EDT
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 31, 2015 12:00 PM EDT Reads: 200
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 31, 2015 11:30 AM EDT Reads: 888
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 31, 2015 11:15 AM EDT Reads: 226