SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 20, 1996
JACKSONVILLE BANCORP, INC.
TEXAS 0 - 28070 75-2632781
(State of
Incorporation) (Commission File No.) (IRS No)
COMMERCE AND NECHES STREET JACKSONVILLE, TEXAS 75766
(Address of Principal Executive Offices) (Zip Code)
(903) 586-9861
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, If Changed Since Last Report)
Item 5.OTHER EVENTS
Item 7.FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits:
(99) Press Release, dated December 20, 1996
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
JACKSONVILLE BANCORP, INC.
Date: 12-20-96 By: /S/ JERRY CHANCELLOR
--------------------
Jerry Chancellor
President
Exhibit 99
Press Release
Dated
December 20,1996
<PAGE>
PRESS RELEASE
Today's Date: December 20, 1996 For Information Contact:
Jerry Chancellor, President
Release Date: Immediate
Jacksonville Bancorp, Inc.
Jacksonville, Texas, December 20, 1996 - Jacksonville Bancorp, Inc.
(NASDAQ: JXVL) the holding company for Jacksonville Savings and Loan
Association of Jacksonville, Texas today reported net income of $1.58
million, or $.64 per share for the year ended September 30, 1996 compared
with net income of $1.39 million or $.56 per share for the year ended
September 30, 1995.
Jacksonville Bancorp, Inc. completed a second step conversion on March
29, 1996 wherein 1,618,409 shares of stock was sold at $10.00 per share.
Outstanding public shares of common stock of Jacksonville Savings and Loan
Association were converted into common shares of Jacksonville Bancorp at a
ratio of 1.41785 shares for every one share of Jacksonville Savings and
Loan.
Although only the last two quarters were affected, the investment of
the proceeds from the stock offering favorably impacted net interest income
for the year. Net interest income for the year ended September 30, 1996
was $6.9 million compared to $6.1 million for the same period in 1995.
There was substantial growth in the Company's loan portfolio as well as in
the mortgage backed securities portfolio.
Noninterest Income for the year ended September 30, 1996 totaled $1.3
million compared to $.9 million for the year ended September 30,1995.
Noninterest Expense for the year increased by $.8 million primarily
due to legislation providing that thrifts pay a one-time assessment to
recapitalize SAIF. Jacksonville Savings and Loan Association's portion of
the assessment amounted to $1.07 million, which significantly impacted the
income for the year.
Jacksonville Bancorp, Inc. had assets of $217.9 million at September
30, 1996. Stockholders equity increased from $20.3 million to $35.4
million for the twelve month period ended September 30, 1996.
Jacksonville Bancorp, Inc.'s wholly owned subsidiary, Jacksonville
Savings and Loan Association of Jacksonville, Texas operates five full
service branches throughout East Texas.
