JACKSONVILLE BANCORP INC
8-K, 1998-08-10
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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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)        August 6, 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
- ------------------------------------------------------------------------------ 
        (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
          ------------------------------------------------------------------

        (a)   Not applicable

        (b)   Not applicable

        (c)   Exhibits:

              (99)    Press Release, dated August 6, 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:     August 6, 1998        Jerry Chancellor      
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                                Jerry Chancellor                               
                                President
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                            Exhibit 99

                          Press Release

                              Dated
                                
                         August 6, 1998








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                          PRESS RELEASE

Today's date:   August 6, 1998           For More Information
Release date:  Immediately               Bill W. Taylor,
                                         E.V.P., C.F.O.
                                         903-586-9861 
                                                                              
                                                                              
                                                                              
  JACKSONVILLE BANCORP, INC. ANNOUNCES THIRD QUARTER EARNINGS
                                
                                
     Jacksonville, Texas,  August 6, 1998 - Jacksonville Bancorp, Inc.,
(NASDAQ:JXVL) the holding company of Jacksonville Savings Bank, S.S.B. of
Jacksonville, Texas, today reported net income of $756,000 or $.33  per share
basic and $.31 per share diluted, for the three months ended June 30, 1998.  
This compares to $974,000 or $.41 per share basic and $.40 per share diluted,
for the comparable period ended June 30, 1997.

     Net earnings for the nine months ended June 30, 1998 was $2.2 million, or
$.96 per share basic and $.91 per share diluted, compared to $2.3 million or 
$.95 per share basic and $.93 per share diluted for the nine months ended 
June 30, 1997.
     
     According to Jerry Chancellor, President and C.E.O., net  income for the
quarter ended June 30, 1997 included a one-time increase of $285,000 ($188,000
net of tax effect) in net accrued interest receivable on loan serviced for
Federal Home Loan Mortgage Corporation.  Mr. Chancellor indicated that the June,
1998 third quarter earnings met corporate expectations. 

     Net interest income after provisions for losses on loans totaled $2.2
million for the quarter ended June 30, 1998, compared to $2.4 million  for the
comparable period in 1997.  Noninterest income increased from $368,000 to
$382,000 for the period ended June 30, 1997 and 1998, respectively.  Noninterest
expense increased from $1.2 million to $1.4 million for the quarter ended June
30, 1997 and 1998, respectively.

     Jacksonville's stockholders' equity at June 30, 1998 totaled $35.1 million
compared to $33.8 million at June 30, 1997.   At the end of the June, 1998
quarter there were 2,421,747 shares of stock outstanding.  During the  third
quarter, Jacksonville repurchased 23,125 shares of stock bringing the total
Treasury shares to 254,225.

     At June 30, 1998, Jacksonville had assets of $242.7 million.  Jacksonville
Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings Bank, S.S.B.
operates from its headquarters in Jacksonville, Texas and through its branch
office network in Tyler, Palestine, Athens, Longview (2 locations) and Rusk,
Texas.
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