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) FEBRUARY 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 February 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: 2-5-97 By: /S/ JERRY CHANCELLOR
--------------------
Jerry Chancellor,
President
Exhibit 99
Press Release
Dated
February 5, 1997
<PAGE>
Today's Date - February 5, 1997 For Information Contact:
Jerry Chancellor, President
Release Date: Immediate
Jacksonville Bancorp, Inc.
Jacksonville Bancorp, Inc. (NASDAQ:JXVL), the holding company for Jacksonville
Savings and Loan Association of Jacksonville, Texas today reported net income
of $652,000 for the three months ended December 31, 1996. This compares to
$406,000 for the three months ended December 31, 1995.
According to Jerry Chancellor, President, net interest income increased to
$1.94 million for the three months ended December 31, 1996 compared to $1.52
million for the comparable period in 1995. The increase is primarily
attributable to the investing of the proceeds of the second step conversion
completed in March 1996, in loan originations and mortgage-backed securities.
Non-interest income for the three month period ended December 31, 1996
increased by $97,000 compared to the same period ended December 31, 1995.
The gain was offset by an increase of $153,000 in non-interest expense for
the comparable periods.
Mr. Chancellor also reported an increase in loans receivableof $18.2 million,
net, and an increase of $1.3 million in deposits at December 31, 1996 compared
to December 31, 1995.
During the quarter jacksonville obtained approval from the Office of Thrift
Supervision to repurchase up to 5% of the outstanding shares of the
corporation. At December 31, 996, 26,000 shares had been repurchased and held
in Treasury Stock.
At December 31, 1996, Jacksonville had assets totalling $218.2 million with
stockholders' equity of $34.7 million.
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 Palestine, Tyler, Athens, Longview
and Rusk.
