JACKSONVILLE BANCORP INC
8-K, 1999-07-14
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)         July 13, 1999
                                                -----------------------------

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

      TEXAS                         0-28070                  75-2632781
- -----------------------------------------------------------------------------
(State of Incorporation)        (Commission File)             (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)


Item 5.   Other Events
          ------------

       On July 13, 1999, Jacksonville Bancorp, Inc. (the "Company") issued
a press release announcing the Company's third quarter earnings.  The press
release is attached hereto as Exhibit 99.


Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits
          ------------------------------------------------------------------

            (a)  Not applicable

            (b)  Not applicable

            (c)  Exhibits:

               No.         Description
               ---         -----------

               99          Press Release, dated July 13, 1999


                                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:     07/13/99               By:  /s/Jerry Chancellor
     ------------------               --------------------------
                                      Jerry Chancellor
                                        President






















                                Exhibit 99

                               Press Release

                                  Dated

                               July 13, 1999


































                              PRESS RELEASE



Today's date: July 13, 1999             Contact: Bill W. Taylor
Release date: Immediately               E.V.P., C.F.O.
                                        (903) 586-9861




        JACKSONVILLE BANCORP, INC. ANNOUNCES THIRD QUARTER EARNINGS

        Jacksonville, Texas, July 13, 1999 - Jacksonville Bancorp, Inc.,
(NASDAQ: JXVL) the holding company of Jacksonville Savings Bank, SSB of
Jacksonville, Texas, today reported net income of $947,000 or $.43 per share
basic and $.42 per share diluted, for the three months ended June 30, 1999.
This compares to $756,000 or $.33 per share basic and $.31 per share diluted,
for the comparable period ended June 30, 1998.

        Net earnings for the nine months ended June 30, 1999 was $2.7 million,
or $1.21 per share basic and $1.17 per share diluted, compared to $2.2 million
or $.96 per share basic and $.91 per share diluted for the nine months ended
June 30, 1998.

        Net interest income after provisions for losses on loans totaled $2.5
million for the quarter ended June 30, 1999, compared to $2.2 million for the
comparable period in 1998.  According to Jerry Chancellor, President and
C.E.O., the increase in net interest income was primarily due to increased
earnings from larger loans receivable and mortgage-backed securities
portfolios.

        Non-interest income increased from $382,000 to $390,000 for the three
month periods ended June 30, 1998 and 1999, respectively while non-interest
expense increased $5,000 for the respective periods to $1.4 million at
June 30, 1999.

        Jacksonville's stockholders' equity at June 30, 1999 totaled $35.4
million compared to $35.6 million at September 30, 1998.  During the third
quarter, Jacksonville repurchased 41,600 shares of stock bringing the total
treasury shares to 386,925.

        At June 30, 1999 Jacksonville had assets of $290.3 million and
liabilities and deferred income of $254.9 million.

        Jacksonville Bancorp, Inc's wholly owned subsidiary, Jacksonville
Savings Bank, SSB, operates from its headquarters in Jacksonville, Texas, and
through its branch office network in Tyler, Palestine, Athens, Longview (2),
and Rusk, Texas.  A second branch location under construction in Tyler, Texas
is expected to begin operations in early fall.




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