Click here to close now.


News Feed Item

Jacksonville Bancorp, Inc. Announces Financial Results At And For The Three Months And Year Ended December 31, 2013

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, will look at di...
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, will explore HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
The APN DevOps Competency highlights APN Partners who demonstrate deep capabilities delivering continuous integration, continuous delivery, and configuration management. They help customers transform their business to be more efficient and agile by leveraging the AWS platform and DevOps principles.