News Feed Item
Jacksonville Bancorp, Inc. Announces Quarterly Earnings
|By PR Newswire
|April 7, 2014 10:45 AM EDT
JACKSONVILLE, Ill., April 7, 2014 /PRNewswire/ -- Jacksonville Bancorp, Inc. (NASDAQ Capital Market – JXSB) reported unaudited net income for the three months ended March 31, 2014, of $840,000, or $0.47 per share of common stock, basic and diluted, compared to net income of $1,012,000, or $0.54 per share of common stock, basic and diluted, for the three months ended March 31, 2013. Basic and diluted average shares outstanding at March 31, 2014 were 1,794,635 and 1,801,970, respectively. Basic and diluted average shares outstanding at March 31, 2013 were 1,877,873 and 1,878,145, respectively. Net income decreased $172,000 during the first quarter of 2014 due to a decrease of $488,000 in noninterest income, partially offset by an increase of $176,000 in net interest income and decreases of $15,000 in noninterest expense and $125,000 in income taxes.
The decrease of $488,000 in noninterest income during the first quarter of 2014 was primarily due to a decrease of $484,000 in gains on the sales of securities. Noninterest income was also impacted by a decrease of $58,000 in net income from mortgage banking operations. These decreases were partially offset by an increase of $45,000 in commission income. The increase in net interest income during the first quarter of 2014 reflected an increase of $94,000 in interest income and a decrease of $82,000 in interest expense, as compared to the first quarter of 2013. The Company benefitted from an increase of $158,000 in interest income on mortgage-backed securities as mortgage loan rates increased and prepayment speeds slowed. For the three months ended March 31, 2014 our net interest margin was 3.63% compared to 3.70% for the three months ended December 31, 2013 and 3.41% for the three months ended March 31, 2013. The ratio of interest earnings assets to interest bearing liabilities at March 31, 2014 and March 31, 2013 was 1.24x and 1.22x, respectively.
The provision for loan losses remained stable at $30,000 during the first quarters of 2014 and 2013. Management reviews the allowance for loan losses quarterly and has determined the allowance for loan losses at March 31, 2014 to be adequate. Noninterest expense decreased $15,000 during the first quarter of 2014, primarily due to decreases of $29,000 in professional fees and $15,000 in compensation and benefits expense, partially offset by increases in other expenses. The $125,000 decrease in income taxes reflects the lower level of taxable income during the first quarter of 2014.
Total assets at March 31, 2014 were $315.1 million compared to $318.4 million at December 31, 2013. Total deposits at March 31, 2014 were $256.2 million, compared to $251.7 million at December 31, 2013. Total stockholders' equity increased to $42.4 million at March 31, 2014 from $41.1 million at December 31, 2013. The Company reported a book value per share of $23.32 and a tangible book value per share of $21.82 at March 31, 2014. At March 31, 2014, 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 11.9%, 17.6%, and 18.9%, respectively.
Jacksonville Bancorp, Inc. is a Maryland chartered stock holding 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 March 31, 2014, 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.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates.
In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 11, 2016 07:00 PM EST Reads: 270
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS).
Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 11, 2016 05:15 PM EST Reads: 216
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY.
Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 11, 2016 05:00 PM EST Reads: 387
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform?
In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, will give users a checklist of considerations when choosing a provider.
Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion w...
Feb. 11, 2016 04:30 PM EST
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 11, 2016 04:15 PM EST Reads: 177
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
Feb. 11, 2016 04:00 PM EST
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York.
Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 11, 2016 03:45 PM EST Reads: 409
SYS-CON Events announced today that (ISC)²® (“ISC-squared”) will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
Two leading non-profits focused on cloud and information security, (ISC)² and Cloud Security Alliance (CSA), developed the Certified Cloud Security Professional (CCSP) certification to address the increased demand for cloud security expertise due to rapid growth in cloud. Recently named “The Next...
Feb. 11, 2016 03:00 PM EST
The Art of DevOps provides a fun overview to help teams understand DevOps. Written in the style of the famous 6th century Chinese manuscript “The Art of War,” this eBook describes DevOps in the form of a mission to continuously deliver assets to the operational battlegrounds safely, securely, and quickly.
It’s a fun read with valuable insights.
Feb. 11, 2016 02:45 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 11, 2016 02:45 PM EST Reads: 441
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 11, 2016 01:45 PM EST
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016.
In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 11, 2016 01:45 PM EST
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Commvault is a leading provider of data protection and information management...
Feb. 11, 2016 01:30 PM EST Reads: 439
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser.
In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 11, 2016 12:00 PM EST
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things.
In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 11, 2016 12:00 PM EST Reads: 211