JACKSONVILLE BANCORP INC
8-K, 1999-01-13
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)     January 11, 1999
                                                ----------------------        
     

                   JACKSONVILLE BANCORP, INC.
                   --------------------------                                

         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
- ----------------------------------------------------------------------------
    (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    
     -------------------               --------------------------              
                                       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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