Exhibit 99
Press Release
Dated
July 27, 2000
Press Release
Today's date: July 27, 2000 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 27, 2000 - Jacksonville Bancorp, Inc., (NASDAQ:
JXVL) the holding company of Jacksonville Savings Bank, SSB of Jacksonville,
Texas, today reported net income of $904,000 or $.47 per share basic and $.46
per share diluted, for the three months ended June 30, 2000. This compares to
$947,000 or $ .43 per share basic and $ .42 per share diluted, for the
comparable period ended June 30, 1999.
Net earnings for the nine months ended June 30, 2000 was $2.6 million, or
$1.33 per share basic and $1.30 per share diluted, compared to $2.7 million or
$1.21 per share basic and $1.17 per share diluted for the nine months ended June
30, 1999.
Net interest income after provisions for losses on loans totaled $2.6
million for the quarter ended June 30, 2000, compared to $2.5 million for the
comparable period in 1999. According to Jerry Chancellor, President and C.E.O.,
the increase in net interest income was primarily due to increased earnings from
a larger loans receivable portfolio partially offset by increases in total
interest expense.
Non-interest income increased from $390,000 to $393,000 for the three
month periods ended June 30, 1999 and 2000, respectively, while non-interest
expense increased $159,000 for the respective periods to $1.6 million at June
30, 2000, primarily due to the cost of staffing and other expenses associated
with the opening of a second branch in Tyler, Texas.
Jacksonville's stockholders' equity at June 30, 2000 totaled $33.6 million
compared to $34.2 million at September 30, 1999. During fiscal year, 2000
Jacksonville has repurchased 172,500 shares of stock bringing the total treasury
shares to 668,260.
At June 30, 2000 Jacksonville had assets of $298.7 million and liabilities
and deferred income of $265.1 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 (2), Palestine, Athens, Longview (2), and
Rusk, Texas.
