Jacksonville Bancorp, Inc. (NASDAQ:JXSB) reported unaudited net
income for the three months ended September 30, 2016, of $758,000,
or $0.43 per share of common stock, basic, and $0.42 per common
share, diluted, compared to net income of $699,000, or $0.40 per
share of common stock, basic, and $0.39 per common share, diluted,
for the three months ended September 30, 2015. The Company
reported unaudited net income of $2,351,000, or $1.32 per share of
common stock, basic, and $1.31 per common share, diluted, for the
nine months ended September 30, 2016, compared to net income of
$2,322,000, or $1.31 per common share, basic, and $1.30 per common
share, diluted, for the nine months ended September 30, 2015.
Basic per share information for the three and nine months ended
September 30, 2016, is based upon 1,778,742 and 1,775,142 average
shares outstanding, respectively, compared to 1,765,873 and
1,771,810 average shares outstanding, respectively, during the same
periods in 2015.
Net income increased $58,000, or 8.4%, to $758,000 during the
third quarter of 2016, as compared to the third quarter of
2015. The increase in net income reflected increases of
$18,000 in net interest income and $67,000 in noninterest income
and a decrease of $15,000 in provision for loan losses, partially
offset by increases of $5,000 in noninterest expense and $37,000 in
income taxes.
Net interest income increased $18,000 to $2.6 million during the
third quarter of 2016, reflecting increases of $28,000 in interest
income and $10,000 in interest expense, as compared to the third
quarter of 2015. For the three months ended September 30,
2016 our net interest margin was 3.47% compared to 3.59% for the
three months ended September 30, 2015. The ratio of interest
earning assets to interest bearing liabilities at September 30,
2016 and 2015 was 1.26x and 1.27x, respectively.
The provision for loan losses decreased $15,000 to $30,000
during the third quarter of 2016. Management reviews the
allowance for loan losses quarterly and has determined the
allowance for loan losses with a balance of $3.0 million, or 1.6%
of total loans, at September 30, 2016 to be adequate. At
September 30, 2016, nonperforming loans totaled $1.7 million, or
0.9% of total loans.
The increase of $67,000 in noninterest income to $1.1 million
during the third quarter of 2016 was primarily due to increases of
$51,000 in net income from mortgage banking operations, $29,000 in
gains on the sales of securities and $17,000 in service charges on
deposits, partially offset by a decrease of $30,000 in commission
income. Noninterest expense increased $5,000 to $2.6 million
during the third quarter of 2016. The increase in noninterest
expense was primarily due to an increase of $39,000 in compensation
and benefits expense, partially offset by a decrease of $30,000 in
ATM and bank card expense. The $37,000 increase in income
taxes reflected the higher level of taxable income during the third
quarter of 2016, as compared to the third quarter of 2015.
Net income increased $29,000 to $2.4 million during the first
nine months of 2016, resulting in an annualized return on assets of
1.02%. The increase in net income reflected an increase of
$127,000 in net interest income and a decrease of $20,000 in
provision for loan losses, partially offset by a decrease of
$16,000 in noninterest income and increases of $96,000 in
noninterest expense and $6,000 in income taxes.
The increase of $127,000 in net interest income to $7.8 million
during the first nine months of 2016, compared to the same period
of 2015, was due to an increase of $26,000 in interest income and a
decrease of $101,000 in interest expense. The provision for
loan losses decreased $20,000 to $90,000 during the first nine
months of 2016. The decrease of $16,000 in noninterest income
to $3.2 million during the first nine months of 2016 was primarily
due to a decrease of $104,000 in commission income, partially
offset by increases of $39,000 in net income from mortgage banking
operations, $34,000 in ATM and debit card interchange income, and
$31,000 in service charges on deposits. Noninterest expense
increased $96,000 to $7.7 million during the first nine months of
2016 primarily due to an increase of $160,000 in compensation and
benefits expense, partially offset by a decrease of $49,000 in real
estate owned expense. The increase of $6,000 in income taxes
reflected the higher level of taxable income during the first nine
months of 2016 as compared to the same period of 2015.
Total assets at September 30, 2016 increased to $330.7 million
compared to $308.6 million at December 31, 2015. The increase
in total assets reflected an increase in cash and cash equivalents
as a result of short-term, seasonal growth in public
deposits. Total deposits at September 30, 2016 were $268.7
million compared to $239.3 million at December 31, 2015.
Total stockholders’ equity increased to $48.3 million at September
30, 2016 from $45.6 million at December 31, 2015. The Company
reported a book value per share of $26.84 at September 30,
2016. At September 30, 2016, Jacksonville Savings Bank
exceeded its applicable regulatory capital requirements and was
considered well-capitalized with Tier 1 leverage, common equity
Tier 1, Tier 1 risk-based capital, and total risk-based capital
ratios of 13.2%, 19.0%, 19.0%, and 20.2%, respectively.
Jacksonville Bancorp, Inc. is a Maryland chartered stock holding
company, and 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 September 30, 2016 and
2015, 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.
Contact:
Richard A. Foss
President and CEO
(217) 245-4111
Diana S. Tone
Chief Financial Officer
(217) 245-4111
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