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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) May 10, 1996
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JACKSONVILLE BANCORP, INC.
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TEXAS 0- 28070 75-2632781
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(STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS NO)
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COMMERCE AND NECHES STREET JACKSONVILLE, TEXAS 75766
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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(903) 586-9861
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT
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Item 5. Other Events
On May 10, 1996, Jacksonville Bancorp, Inc., a Texas chartered
savings and loan holding company, issued the press release included as Exhibit
99 to this Form 8-K Report.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibit:
99 Press Release, dated May 10, 1996.
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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: May 10, 1996 By: /s/ Charles Broadway
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Charles Broadway, President
Date: May 10, 1996 By: /s/ Bill W. Taylor
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Bill W. Taylor, Sr. Vice President
and Chief Financial Officer
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Exhibit 99 (a)
Press Release
Dated
May 10, 1996
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PRESS RELEASE
Today's Date: May 10, 1996 For Information Contact:
Charles Broadway, President
Release Date: Immediately
The Jacksonville Bancorp, Inc.
Jacksonville, Texas, May 10, 1996 - Jacksonville Bancorp Inc. Holding Company
of Jacksonville Savings and Loan Association of Jacksonville Texas (NASDAQ:
JXVL) reported net income of $446,000 for the three months ended March 31,
1996. This compares to $315,000 for the three months ended March 31, 1995.
According to Charles Broadway, President and Chief Executive Officer, net
interest income increased to $1.6 million for the three months ended March 31,
1996, compared to $1.5 million for the comparable period in 1995. Non-interest
income also increased from $192,000 to $331,000 for the period ended March 31,
1995 and 1996 respectively.
Jacksonville also reported beginning construction of an annex to its Palestine,
Texas Branch Office which will be used for loan personnel including its new
consumer loan department.
Jacksonville's stockholder equity increased significantly from its completion
of the "second step" stock sale which closed on March 29, 1996. As of March
31, 1996, Jacksonville's stockholder equity was $35.6 million or 16.7% of
assets compared to $20.3 million or 10.2% of assets at September 30, 1995.
Jacksonville has assets of $213.1 million at March 31, 1996 and operates from
its headquarters in Jacksonville, Texas and through network of five branches
and one loan production office located throughout the East Texas area.
Jacksonville Bancorp, Inc., is a Texas Chartered Savings and Loan Holding
Company and is listed on NASDAQ National Market under the symbol "JXVL".
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JACKSONVILLE BANCORP, INC.
JACKSONVILLE, TEXAS
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share figures)
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At
March 31, 1996 Dec. 31, 1995
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Total Assets $213,062 $198,081
Loans Receivable - Net 144,673 140,083
Investment Securities 36,452 35,986
Deposit Accounts 174,961 175,051
Stockholders Equity 35,582 20,741
Book Value Per Share 13.35 11.09
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For Quarter Ending
March 31,
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1996 1995
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Interest Income $3,735 $3,181
Interest Expense 2,120 1,689
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Net Interest Income 1,615 1,492
Provisions for
Loan Losses -0- (24)
Other Income 331 192
Other Expense 1,249 1,211
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Earnings Before
Taxes 697 497
Income Taxes 251 182
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Net Earnings 446 315
Earnings Per Share .24 .17
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At or for the three months end
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March. 31, Dec. 31,
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1996 1995
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Yield on Loan Portfolio 8.272% 8.28%
Yield on Investments Securities 6.00% 5.89%
Cost of Deposits 4.766% 5.07%
Return on Average Assets .86% .82%
Equity to Assets 16.70% 10.47%
Nonperforming Loans & REO to Assets 1.08% 1.81%
REO to Assets 0.55% 1.05%
Return on Average Daily Equity 8.38% 7.91%
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