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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) January 11, 1999
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JACKSONVILLE BANCORP, INC.
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TEXAS 0-28070 75-2632781
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(State of Incorporation) (Commission File) (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
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
(99) Press Release, dated January 11, 1999
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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: 1/11/99 By: /s/ Jerry Chancellor
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Jerry Chancellor
President
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Exhibit 99
Press Release
Dated
January 11, 1999
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PRESS RELEASE
Today's date: January 11, 1999 Contact: Bill W. Taylor
Release date: Immediately Exec. Vice President, C.F.O.
903-586-9861
Jacksonville Bancorp, Inc. Announces First Quarter Earnings
Jacksonville, Texas, January 11, 1999 - Jacksonville Bancorp, Inc. ,
(NASDAQ: JXVL), the holding company for Jacksonville Savings Bank, SSB of
Jacksonville, Texas today reported net income of $858,000, or $.38 per share
basic and $.37 per share diluted, for the three months ended December 31,
1998. This compares to $783,000, or $.34 per share basic and $.32 per share
diluted for the three months ended December 31, 1997.
According to Jerry Chancellor, President and C.E.O., net interest income
increased to $2.3 million for the three months ended December 31, 1998 compared
to $2.1 million for the comparable period in 1997. Chancellor stated that this
increase was primarily due to increases in income on loans receivable, net and
mortgage-backed securities portfolios.
Non-interest income for the three month period ended December 31, 1998
increased by $64,000 to $451,000 from $387,000 for the same period a year ago.
Non-interest expense for the three month period ended December 31, 1998
increased to $1.4 million compared to $1.3 million for the comparable period
in 1997.
Mr. Chancellor reported an increase for the quarter in loans receivable,
net of $6.0 million. In addition, during the period, Jacksonville originated
and sold 116 loans in the amount of $8.9 million to the secondary market. Of
the total loans sold, servicing was retained on $7.7 million.
During the quarter deposits increased $1.8 million. At December 31, 1998,
assets totaled $260.4 million, liabilities and deferred income amounted to
$224.6 million with stockholders equity totaling $35.8 million.
Jacksonville successfully completed a full in-house data system test in
November, 1998 on its Year 2000 Compliance Project. All internal programs
have been placed into production and the in-house system is considered Y2K
compliant.
During the period Jacksonville continued the repurchase of Treasury shares
with the purchase of 23,500 additional shares, bringing the total Treasury
shares to 309,425 shares.
Jacksonville Bancorp, Inc's wholly owned subsidiary, Jacksonville Savings
Bank, SSB, operates from its headquarters in Jacksonville, Texas and through
its six branch offices in Tyler, Longview, Athens, Palestine, and Rusk.
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