UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the fiscal year ended
December 31, 2016
OR
☐ TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _______________ to _______________
Commission File Number
001-34821
A. Full title of the plan and the address of
the plan, if different from that of the issuer named below:
Jacksonville Savings Bank 401(k) Profit Sharing
Plan
B: Name of issuer of the
securities held pursuant to the plan and the address of its principal executive office:
Jacksonville Bancorp, Inc.
1211 West Morton Avenue
Jacksonville, IL 62650
SUMMARY ANNUAL REPORT FOR
Jacksonville
Savings Bank 401(k) Profit Sharing Plan
This is a summary of the annual report for the
Jacksonville Savings Bank 401(k) Profit Sharing Plan (Employer Identification Number 37-1323900, Plan Number 003) for the plan
year 01/01/2016 through 12/31/2016. The annual report has been filed with the Employee Benefits Security Administration, as required
under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by a trust
fund. Plan expenses were $394,983. These expenses included $250 in administrative expenses and $394,733 in benefits paid to participants
and beneficiaries, and $0 in other expenses. A total of 94 persons were participants in or beneficiaries of the plan at the end
of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting
liabilities of the plan, was $16,682,984 as of the end of the plan year, compared to $14,699,733 as of the beginning of the plan
year. During the plan year the plan experienced a change in its net assets of $1,983,251. This change includes unrealized appreciation
or depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year
and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income
of $2,378,234, including employer contributions of $214,138, employee contributions of $483,310 and earnings from investments of
$1,654,143.
Information Regarding Plan Assets
The U.S. Department of Labor’s regulations
require that an independent qualified public accountant audit the plan’s financial statements unless certain conditions are
met for the audit requirement to be waived. This plan met the audit waiver conditions for the plan year beginning 01/01/2016 and
therefore has not had an audit performed.
The plan’s assets were held in individual
participant accounts with investments directed by participants and beneficiaries and with account statements from regulated financial
institutions furnished to the participant or beneficiary at least annually and qualifying employer securities and other qualifying
assets.
General information regarding the audit waiver
conditions applicable to the plan can be found on the U.S. Department of Labor Web site at http://www.dol.gov/ebsa under the heading
"Frequently Asked Questions."
Your Rights to Additional Information
You have the right to receive a copy of the
full annual report, or any part thereof, on request. The items listed below are included in that report:
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1.
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Financial information and information on payments to service providers.
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To obtain a copy of the full annual report,
or any part thereof, write or call the office of John Eilering, who is a representative of the plan administrator, at 1211 W Morton
Road P.O. Box 880, Jacksonville, IL 62650-0880 and phone number, 217-245-4111.
You also have the right to receive from the
plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes,
or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be included as part of that report.
You also have the
legally protected right to examine the annual report at the main office of the plan: 1211 W Morton Road P.O. Box 880, Jacksonville,
IL 62650-0880, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon
payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits
Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
SIGNATURES
The Plan.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
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JACKSONVILLE SAVINGS BANK
401(k) PROFIT SHARING PLAN
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Date: June 20, 2017
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By:
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/s/ John D. Eilering
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John D. Eilering
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Vice President
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Jacksonville Savings Bank
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