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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) November 5, 1998
JACKSONVILLE BANCORP, INC.
TEXAS 0 - 28070 75-2632781
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(State of Incorporation) (Commission File No.) (IRS No.)
COMMERCE AND NECHES STREET JACKSONVILLE, TEXAS 75766
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(Address of Principal Executive Offices) (Zip Code)
(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
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits:
(99) Press Release, dated November 5, 1998
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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: November 5, 1998 By:/s/ Jerry Chancellor
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Jerry Chancellor
President
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Exhibit 99
Press Release
Dated
November 5, 1998
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Press Release
Today's date: November 5, 1998 Contact: Bill W. Taylor
Release date: Immediately Executive Vice President, C.F.O.
(903) 586-9861
Jacksonville Bancorp, Inc. Announces Annual Earnings
Jacksonville, Texas, November 5, 1998 - Jacksonville Bancorp, Inc.
(NASDAQ: JXVL) the holding company of Jacksonville Savings Bank, SSB,
reported net income of $3.33 million, or $1.44 per share basic and $1.38 per
share diluted, for the fiscal year ended September 30, 1998. This compares
to $3.24 million, or $1.30 per share basic and $1.27 per share diluted, for
the comparable period ended September 30, 1997.
Jerry Chancellor, President and C.E.O. said, "Our results of operations
in fiscal 1998 reflected another year of solid performance. Our controlled
growth, increased profits, and asset quality are indicative of the strength
of our market share in the East Texas area."
At September 30, 1998, Jacksonville's assets totaled $263.2 million, up
$29.2 million from September 30, 1997. Loans Receivable, net increased from
$174.0 million in 1997 to $191.2 million in 1998. For the respective periods
mortgage-backed securities, net increased from $21.2 million to $31.9 million
as a result of the Bank's decision to implement a limited wholesale growth
strategy involving leveraged investing to increase earnings.
Deposits increased from $192.0 million on September 30, 1997 to $204.5
million on September 30, 1998, while total liabilities increased from $200.0
million to $227.4 million for the comparable periods.
Stockholders' equity totaled $35.6 million at September 30, 1998
compared to $33.8 million for the comparable period in 1997. The increase
was primarily a result of the Company's net profit for the year less
dividends and the cost associated with the purchase of 54,825 shares of
Treasury Stock.
Net interest income for the period ended September 30, 1998 was $8.9
million compared to $8.4 million in 1997. Total noninterest income increased
to $1.6 million in 1998 compared to $1.4 million in 1997, while noninterest
expense increased to $5.6 million from $5.1 million for the comparable period.
Under it's "Year 2000 Compliance Project" the Bank has completed the
first four of five phases (Awareness, Assessment, Modification, Testing, and
Implementation) of all "In-house" programs. A full "Year 2000" test is
scheduled on the entire system during this month after which the full system
implementation will begin December 31, 1998.
Jacksonville Savings Bank, SSB operates six full service branches
throughout East Texas in addition to its home office at Jacksonville, Texas.
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