<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
/ X / QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
-----------------------------------------------
or
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-------------------- -----------------------
Commission File Number 0-28070
-----------------------
Jacksonville Bancorp, Inc.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Texas 75-2632781
- ------------------------------- --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Commerce at Neches
Jacksonville, Texas 75766
- ------------------------------- ------------
(Address of principal (Zip Code)
executive office)
Registrant's telephone number, including area code: (903) 586-9861
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13, or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
As of August 7, 1996, the latest practicable date, 2,644,405 shares of the
registrant's common stock, $.01 par value, were issued and outstanding.
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JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
PART I. Financial Information Page
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<S> <C> <C>
Item 1. Financial Statements
Consolidated Statements of Financial Condition
as of September 30, 1995 (Audited) and June 30,
1996 (Unaudited) 3
Consolidated Statements of Earnings for the
Three and Nine Months Ended June 30, 1996
and 1995 (Unaudited) 4
Consolidated Statements of Cash Flows for
the Nine Months Ended June 30, 1996 and
1995 (Unaudited) 5
Consolidated Statements of Changes in
Stockholders' Equity for the Nine Months Ended
June 30, 1996 (Unaudited) 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of 10
Financial Condition and Results of Operations
for the Three Months and Nine Months Ended
June 30, 1996
</TABLE>
<TABLE>
<CAPTION>
PART II. Other Information Page
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<S> <C>
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures
</TABLE>
2
<PAGE> 3
JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(DOLLARS IN THOUSANDS)
ASSETS
<TABLE>
<CAPTION>
June 30, September 30,
------------- -------------
1996 1995
------------- -------------
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
Cash on hand and in banks $ 1,667 $ 2,248
Interest-bearing deposits 2,107 5,803
Investment securities
Held to maturity 30,815 36,499
Available for sale 7,491 6,408
Mortgage-backed certificates
Held to maturity 12,554 3,442
Loans receivable, net 154,902 135,933
Accrued interest receivable 1,752 1,448
Foreclosed real estate, net 942 2,052
Premises and equipment, net 3,109 2,909
Stock in Federal Home Loan Bank of Dallas, at cost 1,715 1,636
Federal income taxes receivable 467 628
Prepaid expenses and other assets 209 245
------------- -------------
Total assets $ 217,730 $ 199,251
============= =============
</TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<S> <C> <C>
LIABILITIES
Deposits $ 174,371 $ 173,811
FHLB Advances 4,000 -
Advances from borrowers for taxes and insurance 2,504 3,327
Note payable - Employee Stock Ownership Plan - 358
Accrued expenses and other liabilities 871 986
------------- -------------
Total liabilities 181,746 178,482
DEFERRED INCOME
Gain on sale of real estate owned 368 438
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, no par value, 5,000,000
shares authorized, none issued - -
Common stock, $.01 par value, 25,000,000
shares authorized; 2,664,405 and 1,869,750
shares issued and outstanding at 1996 and 1995,
respectively 27 19
Additional paid-in capital 22,277 6,909
Retained earnings, substantially restricted 15,009 13,944
Less:
Shares acquired by Employee Stock Ownership Plan (1,555) (358)
Shares acquired by Management Recognition Plan (49) (122)
Net of unrealized loss on decline in market value
of securities available for sale (93) (61)
-------------- -----------
Total stockholders' equity 35,616 20,331
-------------- -----------
Total liabilities and stockholders' equity $ 217,730 $ 199,251
============== ===========
</TABLE>
3
<PAGE> 4
JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(DOLLARS IN THOUSANDS)
Unaudited
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- ----------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans receivable $ 8,917 $ 7,519 $ 3,080 $ 2,625
Mortgage-backed securities 454 163 200 60
Investment securities 1,682 1,693 584 553
Other 283 246 99 114
---------- ---------- ---------- ----------
Total interest income 11,336 9,621 3,963 3,352
INTEREST EXPENSE
Other 17 63 7 -
Deposits 6,310 4,982 2,079 1,866
---------- ---------- ---------- ----------
Total interest expense 6,327 5,045 2,086 1,866
---------- ---------- ---------- ----------
Net interest income 5,009 4,576 1,877 1,486
PROVISION FOR LOSSES ON LOANS - (37) - (22)
---------- ---------- ---------- ----------
Net interest income after
provision for losses on loans 5,009 4,613 1,877 1,508
NONINTEREST INCOME
Fees and deposit service charges 841 576 321 261
Real estate operations, net 78 48 56 14
Other 58 81 13 37
---------- ---------- ---------- ----------
Total noninterest income 977 705 390 312
NONINTEREST EXPENSE
Compensation and benefits 2,244 2,113 775 714
Occupancy and equipment 321 387 106 129
Insurance expense 336 327 113 106
Provisions for real estate
losses - 20 - 3
Other 751 923 243 363
---------- ---------- ---------- ----------
Total noninterest expense 3,652 3,770 1,237 1,315
INCOME BEFORE TAXES ON INCOME 2,334 1,548 1,030 505
TAXES ON INCOME 825 561 373 186
---------- ---------- ---------- ----------
Net earnings $ 1,509 $ 987 $ 657 $ 319
========== ========== ========== ==========
Earnings per share $ .71 $ .53 $ .25 $ .17
========== ========== ========== ==========
</TABLE>
4
<PAGE> 5
JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE NINE MONTHS ENDED JUNE 30, 1996 AND 1995
(DOLLARS IN THOUSANDS)
Unaudited
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,509 $ 987
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 171 110
Amortization/Accretion of securities 78 86
Provision for losses on loans and real estate - (17)
Loans originated for sale (10,565) (7,323)
Loans sold 10,565 7,193
Gain on sale of other real estate (81) (127)
Accrual of MRP awards 73 81
Release of ESOP shares 106 -
Change in assets and liabilities:
Increase in accrued interest receivable (304) (73)
Decrease (Increase) in prepaid expenses and
other assets 36 (28)
Increase (Decrease) in FIT receivable 162 (60)
Decrease in accrued expenses and other
liabilities (116) (101)
Decrease in deferred income (70) (102)
---------- ----------
Net cash provided by operating activities 1,564 626
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on maturity of investment securities 16,968 11,954
Purchase of investment securities (12,477) (8,000)
Net principal payments (origination) on loans (18,243) (9,186)
Proceeds from sale of foreclosed real estate 466 1,148
Purchase of mortgage-backed securities (11,000) (1,002)
Principal paydowns on mortgage-backed securities 1,887 459
Capital expenditures (372) (449)
Purchase of stock in FHLB (79) (66)
---------- ----------
Net cash used in investing activities (22,850) (5,142)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 560 10,186
Net decrease in advances for taxes and insurance (823) (263)
Proceeds from sale of common stock 14,074 -
Dividends paid (544) (325)
Return of capital from MHC 100 -
Advances from FHLB 4,000 -
Payment of FHLB advances - (4,000)
Payment of ESOP loan (358) -
---------- ----------
Net cash provided by financing activities 17,009 5,598
---------- ----------
Net (decrease) increase in cash and
cash equivalents (4,277) 1,082
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 8,051 7,002
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,774 $ 8,084
========== ==========
</TABLE>
5
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JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Unrealized
Unvested Unvested Loss on
Additional Shares Shares Securities Total
Common Paid-in Held by Held by Available Retained Stockholders'
Stock Capital ESOP MRP For Sale Earnings Equity
---------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at September 30, 1995 $ 19 $ 6,909 $ (358) $ (122) $ (61) $ 13,944 $ 20,331
Net change in unrealized loss
on securities - - - - (32) - (32)
Accrual of MRP awards - - - 73 - 73
Accrual of ESOP compensation - 8 98 - - - 106
Cash dividends - - - - - (544) (544)
Net earnings - - - - - 1,509 1,509
Issuance of stock in connection
with reorganization and formation
of Jacksonville Bancorp, Inc. 8 15,360 (1,295) - - - 14,073
Return of capital from Mutual
Holding Company - - - - - 100 100
---------- ----------- ----------- --------- --------- --------- ---------
Balance at June 30, 1996 $ 27 $ 22,277 $ (1,555) $ (49) $ (93) $ 15,009 $ 35,616
========== =========== =========== ========= ========= ========= =========
</TABLE>
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JACKSONVILLE BANCORP, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The unaudited financial statements were prepared in accordance with
instructions for Form 10-Q and, therefore, do not include information or
footnotes necessary for a complete presentation of financial position,
results of operations, and cash flows in conformity with generally accepted
accounting principles. However, all adjustments (consisting only of normal
recurring adjustments) which, in the opinion of management, are necessary
for a fair presentation of the financial statements have been included. The
results of operations for the three and nine month periods ended June 30,
1996 and 1995 are not necessarily indicative of the results which may be
expected for an entire fiscal year.
NOTE 2 - CONVERSIONS
On March 31, 1994, Jacksonville Savings and Loan Association (Jacksonville
completed its reorganization into the mutual holding company form of
organization whereby Jacksonville (i) formed Jacksonville Savings and Loan
Association (the Association), a Texas-chartered stock savings and loan
association, (ii) transferred substantially all of its assets and
liabilities to the Stock Association in exchange for common stock, $.01 par
value per share (Common Stock), of the Stock Association, and (iii)
reorganized from a state-chartered mutual savings and loan association to a
federally-chartered mutual holding company known as "Jacksonville Federal
Mutual Holding Company" (the Holding Company) (collectively the
Reorganization). As part of the Reorganization, the Association issued
731,250 shares of Common Stock to members of the public and 1,137,500 shares
of its Common Stock to the Holding Company.
On September 20, 1995, the Boards of Directors of the Association and the
Mutual Holding Company adopted a Plan of Conversion and Agreement and Plan
of Reorganization (Plan) which was consummated March 29, 1996. Pursuant to
the Plan, (1) the Mutual Holding Company converted to an interim federal
stock savings association and simultaneously merged into the Association,
the Mutual Holding Company ceased to exist and the 1,137,500 shares or 60.8%
of the outstanding shares of the Association's common stock held by the
Mutual Holding Company were cancelled, and (2) the Association then merged
into an interim institution (Interim) formed as a wholly-owned subsidiary
of Jacksonville Bancorp, Inc. (the Company), a newly formed Texas
corporation formed in connection with the reorganization, with the
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Association being the surviving entity; and, (3) the outstanding shares of
the Association's common stock (other than those held by the Mutual Holding
Company, which were cancelled) were converted into shares of common stock of
the Company pursuant to a ratio which resulted in the holders of such shares
owning in the aggregate approximately that same percentage of the Company as
they owned of the Association. The Company offered for sale pursuant to the
Plan additional shares equal to 60.8% of the common shares of the Company.
Consummation of the Plan was approved by (i) the members of the Mutual
Holding Company, (ii) the stockholders of the Association, and (iii) various
regulatory agencies.
In connection with this Plan, the Company issued 1,618,409 new shares of
stock to the public. The shares of the Association stock owned by the
public were exchanged for 1,045,996 shares of Company stock. At June 30,
1996, 2,664,405 shares were outstanding including 202,305 shares held by the
Employee Stock Ownership Plan and 13,835 shares held by the Management
Recognition Plan.
NOTE 3 - EARNINGS PER SHARE
Earnings per share for the three and nine month periods ended June 30, 1996
and 1995 have been computed by dividing net earnings by the weighted average
number of shares outstanding. Shares controlled by the ESOP are accounted
for in accordance with Statement of Position 93-6 under which unallocated
shares are not considered in the weighted average number of shares of common
stock outstanding.
NOTE 4 - RECLASSIFICATION OF PREVIOUS STATEMENTS
Certain items previously reported have been reclassified to conform with the
current period's reporting format.
NOTE 5 - NEW ACCOUNTING PRONOUNCEMENTS
In May, 1995 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 122(SFAS No. 122) entitled "Accounting
for Mortgage Servicing Rights". This statement eliminates the accounting
distinction between rights to service mortgage loans for others that are
acquired through loan origination activities and those acquired through
purchase transactions. The provisions of SFAS No. 122 shall be applied
prospectively in fiscal years beginning after December 15, 1995.
Jacksonville adopted the provisions of SFAS No. 122 effective October 1,
1995.
In May, 1993 the Financial Accounting Standards Board issued Statement
No. 114, "Accounting by Creditors for Impairment of a Loan," which was later
amended by Statement No. 118, "Accounting by Creditors for Impairment of a
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Loan-Income Recognition and Disclosures." The Association adopted the new
standards effective October 1, 1995, and the implementation did not have a
material adverse effect on the Association's financial condition of results
of operations.
In March, 1995, the Financial Accounting Standards Board issued Statement
No. 121(SFAS No. 121) entitled "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed of." SFAS No. 122 requires
that long-lived assets, certain identifiable intangibles, and goodwill
related to those assets be reviewed for impairment whenever events or
charges in circumstances indicate that the carrying amount of an asset may
not be recoverable. This Statement is effective for financial statements
for fiscal years beginning after December 15, 1995. Management currently
anticipates that the Association will adopt the provisions of SFAS No. 121
effective October 1, 1996 and that it will not have a material adverse
effect on financial condition or results of operations.
9
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THE JACKSONVILLE BANCORP, INC. MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Discussion of Changes in Financial Condition from September 30, 1995 to June
30, 1995
At June 30, 1996, the assets of Jacksonville Bancorp, Inc. (the "Company")
totaled $217.7 million which represents an increase of $18.4 million or 9.3%
from the $199.3 million held at September 30, 1995 by its subsidiary,
Jacksonville Savings and Loan Association (the "Association"). The Association
was acquired by the Company on March 29, 1996, in connection with the
reorganization and stock offering consummated on that date. Assets increased
primarily as a result of the stock offering, a substantial part of the proceeds
of which were invested in loans, investment securities and mortgage-backed
securities.
Interest-bearing Deposits decreased from $5.8 million at September 30, 1995 to
$2.1 million at June 30, 1996 for a decrease of $3.7 million dollars. This
decrease was due primarily to such deposits being used to fund loans and
withdrawals of certificates of deposit.
Investment securities held to maturity declined $5.7 million from $36.5
million at September 30, 1995 to $30.8 million at June 30, 1996. During the
period, the Association sold certain securities to fund loans. Investment
securities, available for sale, increased $1.1 million from $6.4 million at
September 30, 1995 to $7.5 million at June 30, 1996. This increase was
primarily due to the proceeds of the stock sale completed on March 31, 1996
being used to purchase securities classified as being available for sale.
Mortgage backed certificates increased $9.2 million from $3.4 million at
September 30, 1995 to $12.6 million at June 30, 1996. This increase was
primarily attributable to the stock sale proceeds being used to purchase
mortgage-backed securities.
Loans receivable, net increased $19.0 million or 14% from $135.9 million at
September 30, 1995 to $154.9 million at June 30, 1996. This increase is
primarily due to management's decision to hold most 15-year loans and a limited
amount of the 30-year fixed rate loans that it originated during the
nine-month period.
Foreclosed real estate, net decreased from $2.1 million at September 30, 1995
to $942,000 at June 30, 1996. This decrease was due to the continued success
of the
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Association in selling its foreclosed properties at market value.
Premises and equipment , net increased from $2.9 million at September 30, 1995
to $3.1 million at June 30, 1996. This $200,000 increase was primarily due to
the Association's purchase of a single family residence adjacent to the Tyler
branch office, as well as a single family residence adjacent to the
Association's Palestine branch office. Each of these properties is held for
future branch expansion.
Stock in the Federal Home Loan Bank of Dallas increased from $1.6 million at
September 30, 1995 to $1.7 million on June 30, 1996. This $79,000 increase was
due to stock dividends paid by the Federal Home Loan Bank.
Federal income tax receivable decreased from $628,000 at September 30, 1995 to
$467,000 at June 30, 1996. The decrease was due primarily to the timing of tax
payments.
Deposits increased by $560,000 from September 30, 1995 to June 30, 1996. This
increase was primarily the result of interest paid to and retained in the
depositors accounts. The Association borrowed $4 million from the Federal Home
Loan Bank in June 1996 for the purpose of funding loans on one-to-four family
dwellings. Advances from borrowers for tax and insurance decreased from $3.3
million at September 30, 1995 to $2.5 million at June 30, 1996. This decline
was primarily due to the Association's payment of real estate taxes during the
last quarter of 1995.
The notes payable for the employee stock ownership plan decreased from $358,000
at September 30, 1995 to zero at June 30, 1996 due to the payment of the note
and transfer of the obligation to Jacksonville Bancorp's subsidiary,
Jacksonville IHC, Inc. Accrued expenses decreased by $115,000 from $986,000 at
September 30, 1995 to $871,000 at June 30, 1996. This decrease was primarily
due to the decrease of accrual for employee profit sharing.
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Comparison of Operating Results for the nine and three month period ended June
30, 1996 and 1995.
Net earnings for the three months ended June 30, 1996 totaled $657,000 as
compared to $319,000 for the three months ended June 30, 1995. This increase
of $338,000 was primarily due to an increase in interest income and
non-interest income and a decrease in non-interest expense. Net earnings for
the nine months ended June 30, 1996 was $1.5 million as compared to $987,000
for the same period in 1995. The increase of $522,000 was primarily due to
the increase of net interest income in the loan and investment portfolio.
Net Interest Income
Jacksonville's net interest income, before provisions for losses on loans was
$1.9 million for the three months ended June 30, 1996. This amount represents
an increase of $0.4 million from $1.5 million for the period ended June 30,
1995. Net interest income before provisions for loan losses for the nine
months ended June 30, 1996 increased by $0.4 million from $4.6 million at
June 30, 1995 to $5.0 million at June 30, 1996. The increases for the three
and nine month periods ended June 30, 1996 were primarily due to increases in
interest from the loan portfolio.
Provision for Losses on Loans
The provisions for losses on loans is the result of management's decision to
have adequate reserves based on historical experience, industry standards, the
amount of nonperforming assets, general economic conditions of the company's
market area and the collectability of the loan portfolio. Based on these
factors, management determined that no loan loss provision was required for
either the three or nine month period.
Non-interest income
Non-interest income consists primarily of fees collected on mortgage loans,
service charges on deposit accounts and real estate operations. This income
increased by $78,000 for the three months period ended June 30, 1996 as
compared to the three-month period ended June 30, 1995, amounting to $390,000
and $312,000 for the
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respective periods. For the nine-month period ended June 30, 1996,
non-interest income increased by $272,000 from $705,000 to $977,000 for the
nine months ended June 30, 1996. The increases were due primarily to increased
amounts of mortgage servicing fees and deposit service charges collected
during the respective periods.
Non-interest expense decreased by $78,000 to $1.2 million for the three months
ended June 30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to a reduction in loan origination, check
processing, armored car service and miscellaneous expenses. The non-interest
expense for the nine-month period ended June 30, 1996 as compared to the same
period ended June 30, 1995 decreased by $118,000 from $3.8 million to $3.7
million for the respective periods. This decrease was primarily due to the
decrease in the loan origination expense, check processing expense, as well as
armored car and general assessments.
Taxes
For the three and nine month periods ended June 30, 1996, the provision for
income tax amounted to $373,000 and $825,000, respectively. This compares to
$186,000 and $561,000 during the three and nine month periods ended June 30,
1995, respectively. The higher provisions for income tax are due to the higher
taxes resulting from increases in earnings.
Liquidity
Office of Thrift Supervision ("OTS") regulations require the Company's
subsidiary to maintain an average daily balance of liquid assets (cash, certain
time deposits, bankers acceptance and specified United States Government, state
or federal obligations) equal to a monthly average of not less than 5% of its
net withdrawable deposits plus short term borrowing. For the month ended June
30, 1996, the Associations average liquidity position was $38.3 million or
21.3% compared to $38.9 million or 28.6% for the month ended June 30, 1995.
This decrease was primarily the result of Jacksonville using funds for loans,
as well as certificates of deposit withdrawals.
Regulatory Capital Requirements
The Association is required to maintain specific amounts of capital pursuant to
OTS
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regulations. Under these standards, savings institutions must maintain
"tangible" capital equal to at least 1.5% of adjusted total assets, core
capital equal to at least 3% of the adjusted total assets, and total capital (a
combination of core and supplementary capital) equal to at least 8.0% of
risk-weighted assets. At June 30, 1996, the Associations tangible, core and
total capital were 13.12%, 13.12% and 27.13%, respectively, which exceeded each
of the applicable requirements.
Recent Developments
The Association plans to complete construction and open its loan annex building
in Palestine, Texas within the next 30 to 45 days.
It expects to close its loan origination office in Nacogdoches, Texas by
September 1, 1996. The Association anticipates no adverse effect on its
operations as a result of closing this office.
In preparation for the upcoming retirement of Charles Broadway, Chief Executive
Officer, scheduled for December 31, 1996, the Board of Directors has named
Jerry Chancellor, President; Bill Taylor, Executive Vice President, and Jerry
Hammons, Senior Vice President. All of the management personnel have been
with the Association from 23 to 31 years and the Board believes each is
qualified for his respective position.
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JACKSONVILLE SAVINGS AND LOAN ASSOCIATION
JACKSONVILLE, TEXAS
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share figures)
<TABLE>
<CAPTION>
At
--
June 30,1996 March 31, 1996
------------ --------------
<S> <C> <C>
Total Assets $217,730 $213,062
Loans Receivable - Net 154,902 144,673
Investment Securities 38,306 36,452
Deposit Accounts 174,371 174,961
Stockholders Equity 35,616 35,582
Book Value Per Share 13.37 13.35
</TABLE>
<TABLE>
<CAPTION>
For Quarter Ending
June 30,
-----------------
1996 1995
---- ----
<S> <C> <C>
Interest Income $3,963 $3,352
Interest Expense 2,086 1,866
------ --------
Net Interest Income 1,877 1,486
Provisions for
Loan Losses -0- (22)
Other Income 390 312
Other Expense 1,237 1,315
----- -------
Earnings Before
Taxes 1,030 505
Income Taxes 373 186
------ -------
Net Earnings 657 319
Earnings Per Share .25 .17
</TABLE>
<TABLE>
<CAPTION>
At and for the three months ended
---------------------------------
June 30, 1996 March 31,
------------- ---------
1996 1996
---- ----
<S> <C> <C>
Yield on Loan Portfolio 8.162% 8.272%
Yield on Investments Securities and MBS 6.35% 6.00%
Cost of Deposits 4.688% 4.766%
Return on Average Assets 1.20% .86%
Equity to Assets 16.35% 16.70%
Nonperforming Loans & REO to Assets .65% 1.08%
REO to Assets .43% .55%
Return on Average Equity 8.50% 8.38%
</TABLE>
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JACKSONVILLE BANCORP, INC.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Jacksonville Bancorp, Inc., is involved only in routine
legal proceedings occurring in the ordinary course of the
Association's business which in the aggregate are believed by
management to be immaterial to the financial condition of the
Association.
ITEM 2. CHANGES IN SECURITIES
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable
ITEM 5. OTHER INFORMATION
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Press Release dated August 7, 1996
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JACKSONVILLE SAVINGS & LOAN ASSOCIATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Jacksonville Savings and Loan Association
DATE: August 7, 1996 By: Charles Broadway
------------------------- -------------------------------------
Charles Broadway
Chief Executive Officer
DATE: August 7, 1996 By: Bill W. Taylor
------------------------- -------------------------------------
Bill W. Taylor
Exec. Vice President and
Chief Financial Officer
17
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> JUN-30-1996
<CASH> 1,667
<INT-BEARING-DEPOSITS> 2,107
<FED-FUNDS-SOLD> 0
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0
0
<COMMON> 27
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<ALLOWANCE-UNALLOCATED> 0
</TABLE>
