Jacksonville Bancorp, Inc. (NASDAQ:JXSB) reported unaudited net
income for the three months ended December 31, 2015, of $704,000,
or $0.40 per basic common share and $0.39 per diluted common share
compared to net income of $652,000, or $0.37 per basic common share
and $0.36 per diluted common share for the three months ended
December 31, 2014. Net income for the quarter ended December
31, 2015 increased $52,000 compared to the quarter ended December
31, 2014, due to increases of $87,000 in net interest income and
$37,000 in noninterest income and a decrease of $120,000 in the
provision for loan losses, partially offset by increases of
$157,000 in noninterest expense and $35,000 in income taxes.
The Company reported unaudited net income of $3,026,000, or
$1.71 per basic common share and $1.70 per diluted common share for
the year ended December 31, 2015, compared to net income of
$2,973,000, or $1.66 per basic common share and $1.65 per diluted
common share for the year ended December 31, 2014. Net income
increased $53,000 in 2015 as compared to 2014 due to an increase of
$158,000 in noninterest income and a decrease of $100,000 in the
provision for loan losses, partially offset by a decrease of
$53,000 in net interest income and increases of $19,000 in
noninterest expense and $133,000 in income taxes. Basic per
share information for the three months and year ended December 31,
2015, is based upon 1,766,793 and 1,770,546 average shares
outstanding, respectively, and per share information for the three
months and year ended December 31, 2014, is based upon 1,782,507
and 1,791,888 average shares outstanding, respectively.
During 2015, net interest income decreased $53,000 to $10.4
million, compared to 2014, due to a decrease of $377,000 in
interest income, partially offset by a decrease of $324,000 in
interest expense. For the year ended December 31, 2015, our
net interest margin was 3.65% compared to 3.61% for the year ended
December 31, 2014. The ratio of interest earning assets to
interest bearing liabilities at December 31, 2015 and 2014 was
1.28x and 1.25x, respectively.
The Company recorded a decrease of $100,000 in the provision for
loan losses to $140,000 for the year ended December 31, 2015
compared to a provision of $240,000 during 2014. Management
reviews the allowance for loan losses quarterly and has determined
the allowance for loan losses with a balance of $2.9 million, or
1.5% of total loans, at December 31, 2015 to be adequate. On
this date, nonperforming loans totaled $2.0 million, or 1.0% of
total loans.
Noninterest income increased $158,000 during 2015 primarily due
to increases of $213,000 in commission income and $56,000 in net
income on mortgage banking operations, partially offset by
decreases of $88,000 in gains on the sales of securities and
$34,000 from service charges on deposits. Noninterest expense
increased $19,000 primarily due to increases of $244,000 in
compensation and benefits expense, $78,000 in data processing and
telecommunications expense, and $22,000 in occupancy expense,
partially offset by a decrease of $340,000 in professional
fees. The decrease in professional fees reflected a decrease
in non-recurring legal and consulting expenses from 2014. The
increase of $133,000 in income taxes reflected the higher level of
taxable income during 2015.
Total assets at December 31, 2015 decreased to $308.6 million
from $311.9 million at December 31, 2014. Total deposits at
December 31, 2015 decreased to $239.3 million, compared to $245.9
million at December 31, 2014. Total stockholders’ equity
increased to $45.6 million at December 31, 2015 from $45.0 million
at December 31, 2014. The Company’s book value per share at
December 31, 2015 was $25.43. At that same date, its tangible
book value per share was $23.91. At December 31, 2015,
Jacksonville Savings Bank exceeded its applicable regulatory
capital requirements and was classified as well-capitalized with
Tier 1 leverage, common equity Tier 1, Tier 1 risk-based capital,
and total risk-based capital ratios of 12.8%, 17.9%, 17.9%, and
19.2%, 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, 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
Jacksonville Bancorp (NASDAQ:JXSB)
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