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) AUGUST 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)
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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 August 5, 1997
<PAGE>
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: 8-5-97 By: /s/ JERRY CHANCELLOR
Jerry Chancellor
President
<PAGE>
Exhibit 99
Press Release
Dated
August 5 , 1997
PRESS RELEASE
TODAY'S DATE: AUGUST 5 , 1997 FOR INFORMATION CONTACT:
RELEASE DATE: IMMEDIATELY BILL W. TAYLOR, E. V. P.
C. F. O.
903-586-9861
JACKSONVILLE BANCORP, INC.
JACKSONVILLE, TEXAS, AUGUST 5 , 1997 - JACKSONVILLE BANCORP, INC.
(NASDAQ: JXVL) THE HOLDING COMPANY OF JACKSONVILLE SAVINGS BANK, SSB
(FORMERLY JACKSONVILLE SAVINGS AND LOAN ASSOCIATION) OF JACKSONVILLE, TEXAS
REPORTED NET INCOME OF $974,000, OR $.41 PER SHARE, FOR THE THREE MONTH
PERIOD ENDED JUNE 30, 1997. THIS COMPARED TO $657,000, OR $.25 PER SHARE
FOR THE THREE MONTH ENDED JUNE 30, 1996. ACCORDING TO JERRY CHANCELLOR,
PRESIDENT AND C.E.O., 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 SECURITIES,
ALONG WITH A ONE-TIME INCREASE OF $285,000 ($188,000 NET OF TAX EFFECT) IN
NET ACCRUED INTEREST RECEIVABLE ON LOANS SERVICED FOR FEDERAL HOME LOAN
MORTGAGE CORPORATION.
NET INTEREST INCOME INCREASED TO $2.4 MILLION FOR THE THREE MONTHS ENDED
JUNE 30, 1997, COMPARED TO $1.88 MILLION FOR THE COMPARABLE PERIOD IN 1996.
NON-INTEREST INCOME DECREASED FROM $390,000 TO $368,000 FOR THE PERIODS
ENDED JUNE 30, 1996, AND 1997, RESPECTIVELY. NON-INTEREST EXPENSE
DECREASED FROM $1.24 MILLION TO $1.17 MILLION FOR THE PERIOD ENDED JUNE 31,
1996 AND 1997, RESPECTIVELY.
JACKSONVILLE'S STOCKHOLDERS EQUITY AT JUNE 30, 1997 TOTALED $33.7 MILLION.
THIS REPRESENTS A DECREASE FROM $34.1 MILLION FROM THE PREVIOUS QUARTER
PRIMARILY DUE TO A CONTINUATION OF THE STOCK REPURCHASE PROGRAM. AT JUNE
30, 1997, JACKSONVILLE HAD REPURCHASED A TOTAL OF 184,600 SHARES OF STOCK.
AT JUNE 30, 1997 JACKSONVILLE HAD ASSETS OF $226.2 MILLION. JACKSONVILLE
BANCORP, INC.'S WHOLLY OWNED SUBSIDIARY, JACKSONVILLE SAVINGS BANK, SSB
OPERATES FROM ITS HEADQUARTERS IN JACKSONVILLE, TEXAS AND THROUGH ITS
BRANCH OFFICE NETWORK IN TYLER, PALESTINE, ATHENS, LONGVIEW AND RUSK,
TEXAS.
