<PAGE>
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 11, 1998
----------------------------
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 11, 1998
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 11, 1998 /s/Jerry Chancellor
------------ -------------------
Jerry Chancellor
President
<PAGE>
<PAGE>
Exhibit 99
Press Release
Dated
May 11, 1998
<PAGE>
PRESS RELEASE
Today's date: May 11, 1998 For More Information
Release date: Immediately Bill W. Taylor,
E.V.P., C.F.O.
903-586-9861
JACKSONVILLE BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
Jacksonville, Texas, May 11, 1998 - Jacksonville Bancorp, Inc.,
(NASDAQ:JXVL) the holding company of Jacksonville Savings Bank, S.S.B. of
Jacksonville, Texas, today reported net income of $671,000 or $.29 per share
basic and $.28 per share diluted, for the three months ended March 31, 1998.
This compares to $686,000 or $.28 per share basic and $.27 per share diluted,
for the three months ended March 31, 1997.
According to Jerry Chancellor, President and C.E.O., net interest income
increased to $2.13 million for the three months ended March 31, 1998, compared
to $1.97 million for the comparable period in 1997. Chancellor stated that the
increase was primarily due to increases in income on loans receivable, net and
mortgage-backed securities portfolios, partially offset by increases in interest
expense on deposits.
Non-interest income increased from $315,000 to $385,000 for the periods
ended March 31, 1997, and March 31, 1998, respectively. Non-interest expense
increased from $1.23 million to $1.5 million for the periods ended March 31,
1997, and 1998, respectively.
At March 31, 1998 Jacksonville had assets of $237.1 million with
stockholder's equity of $34.9 million.
Jacksonville Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings
Bank, S.S.B., operates from its headquarters in Jacksonville, Texas and through
it's branch office network in Tyler, Longview, Palestine, Athens, and Rusk.
<PAGE>