Jacksonville Bancorp, Inc. (NASDAQ:JXSB) reported unaudited net
income for the three months ended December 31, 2016, of $697,000,
or $0.39 per basic and diluted common share compared to net income
of $704,000, or $0.40 per basic common share and $0.39 per diluted
common share for the three months ended December 31, 2015.
Net income for the quarter ended December 31, 2016 decreased $7,000
compared to the quarter ended December 31, 2015 due to a decrease
of $128,000 in net interest income and an increase of $15,000 in
income taxes, partially offset by an increase of $3,000 in
noninterest income and a decrease of $133,000 in noninterest
expense.
The Company reported unaudited net income of
$3,048,000, or $1.72 per basic common share and $1.70 per diluted
common share for the year ended December 31, 2016, compared to 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.
Net income increased $22,000 in 2016 as compared to 2015 due to a
decrease of $20,000 in provision for loan losses and an increase of
$75,000 in noninterest income, partially offset by a decrease of
$1,000 in net interest income and increases of $51,000 in
noninterest expense and $21,000 in income taxes. Basic per
share information for the three months and year ended December 31,
2016, is based upon 1,779,917 and 1,776,342 average shares
outstanding, respectively, and 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.
During 2016, net interest income decreased $1,000
to $10.4 million, compared to 2015, due to a decrease of $80,000 in
interest income, partially offset by a decrease of $79,000 in
interest expense. For the year ended December 31, 2016, our
net interest margin was 3.58% compared to 3.65% for the year ended
December 31, 2015. The ratio of interest earning assets to
interest bearing liabilities was 1.28x at December 31, 2016 and
2015.
The Company recorded a decrease of $20,000 in the
provision for loan losses to $120,000 for the year ended December
31, 2016 compared to a provision of $140,000 during 2015.
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 December 31, 2016 to be
adequate. On this date, nonperforming loans totaled $1.5
million, or 0.8% of total loans.
Noninterest income increased $75,000 during 2016
primarily due to increases of $79,000 in gains on the sales of
securities, $78,000 in net income on mortgage banking operations,
$68,000 from service charges on deposits and $45,000 in ATM and
bank card interchange income, partially offset by a decrease of
$191,000 in commission income. Noninterest expense increased
$51,000 primarily due to increases of $51,000 in occupancy and
equipment expense, $40,000 in salaries and employee benefits, and
$40,000 in marketing expense, partially offset by decreases of
$27,000 in deposit insurance premiums, $24,000 in ATM and bank card
expense, and $22,000 in data processing and telecommunications
expense. The increase of $21,000 in income taxes reflected
the higher level of taxable income during 2016.
Total assets at December 31, 2016 increased to
$319.3 million compared to $308.6 million at December 31,
2015. Total deposits at December 31, 2016 were $258.7 million
compared to $239.3 million at December 31, 2015. Total
stockholders’ equity increased to $46.2 million at December 31,
2016 from $45.6 million at December 31, 2015. The Company
reported a book value per share of $25.69 at December 31,
2016. At December 31, 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 12.6%, 18.3%, 18.3%, and 19.6%, 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, 2016, 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.
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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