Jacksonville Bancorp, Inc. (NASDAQ:JXSB) reported unaudited net
income for the three months ended March 31, 2016, of $827,000, or
$0.47 per share of common stock, basic, and $0.46 per common share,
diluted, compared to net income of $786,000, or $0.44 per share of
common stock, basic and diluted, for the three months ended March
31, 2015. Basic and diluted average shares outstanding at
March 31, 2016 were 1,770,917 and 1,788,972, respectively.
Basic and diluted average shares outstanding at March 31, 2015 were
1,775,287 and 1,792,367, respectively.
Net income increased $41,000 during the first quarter of 2016
resulting in an annualized return on assets of 1.10%, compared to
1.03% during the first quarter of 2015. The increase in net
income reflected an increase of $73,000 in net interest income and
a decrease of $12,000 in noninterest expense, partially offset by a
decrease of $25,000 in noninterest income and an increase of
$19,000 in income taxes.
Net interest income increased to $2.7 million during the first
quarter of 2016 reflecting an increase of $8,000 in interest income
and a decrease of $65,000 in interest expense, as compared to the
first quarter of 2015. For the three months ended March 31,
2016, our net interest margin was 3.81% compared to 3.65% for the
three months ended December 31, 2015 and 3.63% for the three months
ended March 31, 2015. The ratio of interest earnings assets
to interest bearing liabilities at March 31, 2016 and March 31,
2015 remained stable at 1.28x.
The decrease of $25,000 in noninterest income to $1.0 million
during the first quarter of 2016 was primarily due to decreases of
$32,000 in gains on the sales of securities and $18,000 in net
income from mortgage banking operations, partially offset by an
increase of $40,000 in commission income. Noninterest expense
decreased $12,000 to $2.5 million during the first quarter of 2016,
as compared to the first quarter of 2015, primarily due to
decreases of $60,000 in real estate owned expense and $11,000 in
data processing and telecommunications expense, partially offset by
an increase of $64,000 in compensation and benefits expense.
The provision for loan losses remained stable at $30,000 during
the first quarters of 2016 and 2015. 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 March 31, 2016 to be adequate. On this
date, nonperforming loans totaled $1.8 million, or 0.94% of total
loans.
Total assets at March 31, 2016 were $302.1 million compared to
$308.6 million at December 31, 2015. Total deposits at March
31, 2016 were $243.9 million, compared to $239.3 million at
December 31, 2015. Total stockholders’ equity increased to
$46.5 million at March 31, 2016 from $45.6 million at December 31,
2015. The Company reported a book value per share of $25.96
at March 31, 2016. At March 31, 2016, Jacksonville Savings
Bank exceeded its applicable regulatory capital requirements with
Tier 1 leverage, common equity Tier 1, Tier 1 risk-based capital,
and total risk-based capital ratios of 13.4%, 18.6%, 18.6%, and
19.8%, 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, 2016 and 2015,
have 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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