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 5, 1997
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)
<PAGE>
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 May 5, 1997
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 5, 1997 /S/ JERRY CHANCELLOR
--------------------
Jerry Chancellor
President
Exhibit 99
Press Release
Dated
May 5, 1997
PRESS RELEASE
Today's date: May 5, 1997 For Information contact:
Release date: Immediately Bill W. Taylor,
E.V.P., C.F.O.
903-586-9861
The Jacksonville Bancorp, Inc.
Jacksonville, Texas, May 5, 1997 - Jacksonville Bancorp, Inc. (NASDAQ:
JXVL) the holding company of Jacksonville Savings and Loan Association of
Jacksonville, Texas reported net income of $686,000, or $.28 per share, for
the three month period ended March 31, 1997. This compared to $446,000, or
$.17 per share, for the three months ended March 31, 1996. According to
Jerry Chancellor, President and CEO, the increase in earnings was primarily
attributable to utilizing the proceeds from the second step conversion to
invest in mortgage and consumer loans and in adjustable mortgage-backed
products.
Net interest income increased to $1.97 million for the three months ended
March 31, 1997, compared to $1.62 million for the comparable period in
1996. Non-interest income decreased from $331,000 to $315,000 for the
periods ended March 31, 1996, and 1997, respectively. Non-interest expense
decreased slightly from $1.25 million to $1.23 million for the period ended
March 31, 1996 and 1997, respectively.
Jacksonville's stockholders equity at March 31, 1997, totaled $34.1
million. This represents a decrease from $34.7 million from the previous
quarter primarily due to a continuation of the stock repurchase program.
At March 31, 1997, Jacksonville had repurchased a total of 102,700 shares
of stock.
Jacksonville had assets of $218.3 million at March 31, 1997. Jacksonville
Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings and Loan
Association operates from its headquarters in Jacksonville, Texas and
through its branch office network in Tyler, Palestine, Athens, Longview and
Rusk, Texas.
