U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
---- of 1934
For the quarterly period ended June 30, 2000
Transition report under Section 13 or 15(d) of the Exchange Act
----
For the transition period from to
--------- ----------
Commission file number 001-14853
---------
JACKSONVILLE BANCORP, INC.
--------------------------
(Exact Name of Small Business Issuer as Specified in Its Charter)
Florida 59-3472981
------------------------- --------------
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
76 South Laura Street, Suite 104
Jacksonville, Florida 32202
(Address of Principal Executive Offices)
(904) 421-3040
(Issuer's Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
YES X NO
-----
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Common stock, par value $.01 per share 1,017,066 shares
-------------------------------------- -----------------------------
(class) Outstanding at August 1, 2000
Transitional Small Business Format (check one): YES NO X
---- ----
<PAGE>
JACKSONVILLE BANCORP, INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements Page
Condensed Consolidated Balance Sheets -
At June 30, 2000 (unaudited) and At December 31, 1999..................2
Condensed Consolidated Statements of Operations (Unaudited) -
Three and Six Months ended June 30, 2000 and 1999......................3
Condensed Consolidated Statement of Changes in Stockholders'
Equity (Unaudited) - Six Months ended June 30, 2000....................4
Condensed Consolidated Statements of Cash Flows (Unaudited) -
Six Months ended June 30, 2000 and 1999................................5
Notes to Condensed Consolidated Financial Statements (Unaudited).......6-7
Review by Independent Certified Public Accountants.......................8
Report on Review by Independent Certified Public Accountants.............9
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................10-11
Item 3. Quantitative and Qualitative Disclosure about Market Risk.........12
PART II. OTHER INFORMATION
Item 4. Submissions of Matters to a Vote of Security Holders..........13-14
Item 6. Exhibits and Reports on Form 8-K.................................14
SIGNATURES...................................................................15
1
<PAGE>
<TABLE>
JACKSONVILLE BANCORP, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
June 30, December 31,
Assets 2000 1999
---- ----
(Unaudited)
<S> <C> <C>
Cash and due from banks........................................................... $ 3,339,139 1,446,648
Federal funds sold .............................................................. 879,000 32,000
---------- ----------
Cash and cash equivalents............................................. 4,218,139 1,478,648
Securities available for sale..................................................... 1,952,856 1,955,221
Securities held to maturity....................................................... 50,000 50,000
Loans, net of allowance for loan losses of $169,083 in 2000 and
$80,485 in 1999............................................................... 16,772,367 7,967,853
Accrued interest receivable....................................................... 121,192 104,288
Premises and equipment, net....................................................... 3,256,743 1,996,782
Federal Home Loan Bank stock, at cost............................................. 36,700 -
Deferred income taxes............................................................. 1,113,842 874,167
Other assets...................................................................... 181,968 141,308
---------- ----------
Total assets.......................................................... $ 27,703,807 14,568,267
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits........................................... 5,423,235 2,042,688
Savings and NOW deposits...................................................... 11,819,264 849,496
Money-market deposits......................................................... 1,102,770 2,689,388
Time deposits .............................................................. 1,260,793 430,758
---------- --------
Total deposits........................................................ 19,606,062 6,012,330
Accrued interest payable and other liabilities................................ 256,165 316,904
---------- ----------
Total liabilities..................................................... 19,862,227 6,329,234
---------- ----------
Stockholders' equity:
Preferred stock .............................................................. - -
Common stock .............................................................. 10,171 10,171
Additional paid-in capital.................................................... 9,705,206 9,705,206
Accumulated deficit........................................................... (1,844,394) (1,448,415)
Accumulated other comprehensive income (loss)................................. (29,403) (27,929)
---------- ----------
Total stockholders' equity............................................ 7,841,580 8,239,033
---------- ----------
Total liabilities and stockholders' equity............................ $ 27,703,807 14,568,267
========== ==========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
2
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<TABLE>
JACKSONVILLE BANCORP, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income:
Loans receivable...................................... $ 338,612 1,563 547,587 1,563
Securities............................................ 34,320 1,700 68,721 1,700
Other interest-earning assets......................... 40,578 73,937 70,429 74,108
--------- ------- --------- -------
Total interest income......................... 413,510 77,200 686,737 77,371
--------- ------- --------- -------
Interest expense:
Deposits.............................................. 149,820 1,702 247,792 1,702
Other borrowings...................................... - 25,074 93 44,876
--------- ------- --------- -------
Total interest expense........................ 149,820 26,776 247,885 46,578
--------- ------- --------- -------
Net interest income before provision for
loan losses........................................... 263,690 50,424 438,852 30,793
--------- ------- --------- -------
Provision for loan losses................................. 52,940 - 88,598 -
--------- ------- --------- ------
Net interest income after provision for
loan losses........................................... 210,750 50,424 350,254 30,793
--------- ------- --------- -------
Noninterest income:
Service charges on deposit accounts................... 34,532 104 68,081 104
Other .............................................. 12,261 22,700 25,192 22,700
--------- ------- --------- -------
Total noninterest income...................... 46,793 22,804 93,273 22,804
--------- ------- --------- -------
Noninterest expense:
Salaries and employee benefits........................ 227,186 216,658 556,301 375,954
Occupancy expense..................................... 103,874 36,828 200,001 48,748
Professional fees..................................... 32,073 105,008 42,962 159,810
Data processing....................................... 22,143 10,376 62,664 10,376
Printing and office supplies.......................... 16,253 4,090 37,124 6,453
Advertising........................................... 15,095 56 46,324 56
Other................................................. 67,344 35,661 132,914 56,162
--------- ------- --------- -------
Total noninterest expense..................... 483,968 408,677 1,078,290 657,559
--------- ------- --------- -------
Loss before income tax benefit............................ (226,425) (335,449) (634,763) (603,962)
Income tax benefit............................ (84,119) (130,163) (238,784) (230,855)
--------- ------- --------- -------
Net loss.................................................. $ (142,306) (205,286) (395,979) (373,107)
========= ======= ========= =======
Loss per share, basic and diluted......................... $ (.14) (.48) (.39) (1.69)
========= ======= ========= =======
Weighted-average number of shares outstanding
for basic and diluted................................. 1,017,066 430,545 1,017,066 220,154
========= ======= ========= =======
Dividends per share....................................... - - - -
========= ======= ========= =======
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
3
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<TABLE>
JACKSONVILLE BANCORP, INC.
Condensed Consolidated Statement of Changes in Stockholders' Equity
Six Months Ended June 30, 2000
Accumulated
Other
Compre-
Additional hensive Total
Preferred Stock Common Stock Paid-In Accumulated Income Stockholders'
Shares Amount Shares Amount Capital Deficit (Loss) Equity
<S> <C>
Balance at December 31,
1999..................... - $ - 1,017,066 $ 10,171 9,705,206 (1,448,415) (27,929) 8,239,033
Comprehensive income (loss):
Net loss (unaudited) - - - - - (395,979) - (395,979)
Net change in unrealized
loss on securities available
for sale, net of income
taxes of $890
(unaudited) - - - - - - (1,474) (1,474)
-------
Comprehensive income
(loss) (unaudited)....... (397,453)
--------- ------- ---------- ------- --------- --------- -------- -------
Balance at June 30, 2000
(unaudited) - $ - 1,017,066 $ 10,171 9,705,206 (1,844,394) (29,403) 7,841,580
========= ======= ========== ======= ========= ========= ======== =========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
4
<PAGE>
<TABLE>
JACKSONVILLE BANCORP, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
2000 1999
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net loss ................................................................. $ (395,979) (373,107)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization............................................ 94,439 9,735
Provision for loan losses................................................ 88,598 -
Credit for deferred income taxes......................................... (238,784) (230,855)
(Increase) decrease in accrued interest receivable and
other assets......................................................... (57,564) 12,165
Decrease in accrued interest payable and other
liabilities.......................................................... (60,739) (194,214)
------------ ----------
Net cash used in operating activities............................ (570,029) (776,276)
------------ ----------
Cash flows from investing activities:
Purchase of securities available for sale.................................... - (1,500,000)
Net increase in loans........................................................ (8,893,112) (208,912)
Net purchases of premises and equipment...................................... (1,354,400) (320,758)
Purchase of Federal Home Loan Bank stock..................................... (36,700) -
------------ ----------
Net cash used in investing activities............................ (10,284,212) (2,029,670)
------------ ----------
Cash flows from financing activities:
Net increase in deposits..................................................... 13,593,732 1,489,856
Net decrease in borrowings................................................... - (1,615,000)
Net proceeds from issuance of common stock................................... - 8,662,467
------------ ---------
Net cash provided by financing activities........................ 13,593,732 8,537,323
------------ ---------
Net increase in cash and cash equivalents........................................ 2,739,491 5,731,377
Cash and cash equivalents at beginning of period................................. 1,478,648 29,186
------------ ---------
Cash and cash equivalents at end of period....................................... $ 4,218,139 5,760,563
============ =========
Supplemental disclosure of cash flow information-
Cash paid during the period for:
Interest................................................................. $ 95,036 70,085
============ =========
Income taxes............................................................. $ - -
============ ==========
Noncash transaction -
Accumulated other comprehensive income (loss), change in
unrealized loss on securities available for sale, net of tax............. $ (1,474) -
============ ==========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
5
<PAGE>
JACKSONVILLE BANCORP, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(1) Description of Business and Summary of Significant Accounting Policies
General. Jacksonville Bancorp, Inc. ("Jacksonville Bancorp") was
incorporated on October 24, 1997. Jacksonville Bancorp owns 100% of the
outstanding common stock of The Jacksonville Bank (the "Bank")
(collectively, the "Company"). Jacksonville Bancorp's only business is
the ownership and operation of the Bank. The Bank is a Florida
state-chartered commercial bank and its deposits are insured by the
Federal Deposit Insurance Corporation. The Bank opened for business on
May 28, 1999 and provides community banking services to businesses and
individuals through three banking offices in Jacksonville, Florida.
In the opinion of the management of the Company, the accompanying
condensed consolidated financial statements contain all adjustments
(consisting principally of normal recurring accruals) necessary to
present fairly the financial position at June 30, 2000, the results of
operations for the three- and six-month periods ended June 30, 2000 and
1999 and cash flows for the six-month periods ended June 30, 2000 and
1999. The results of operations for the three and six months ended June
30, 2000 are not necessarily indicative of the results to be expected
for the year ending December 31, 2000.
Basis of Presentation. The accompanying condensed consolidated financial
statements of the Company include the accounts of both Jacksonville
Bancorp and the Bank. All significant intercompany accounts and
transactions have been eliminated in consolidation.
(2) Loan Impairment and Loan Losses. No loans were identified as impaired
during the three months or six months ended June 30, 2000 or 1999.
An analysis of the change in the allowance for loan losses follows:
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C>
Balance at beginning of period ............... $ 116,143 - 80,485 -
Provision for loan losses..................... 52,940 - 88,598 -
-------- --------- ------- -----
Balance at end of period...................... $ 169,083 - 169,083 -
======= ========= ======= =====
(continued)
</TABLE>
6
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JACKSONVILLE BANCORP, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited), Continued
(3) Loss Per Share. Basic loss per share has been computed on the basis of the
weighted-average number of shares of common stock outstanding. The
Company's common stock equivalents are not dilutive.
(4) Regulatory Matters. The Bank is required to maintain certain minimum
regulatory capital requirements. The following is a summary at June
30, 2000 of the regulatory capital requirements and the Bank's actual
capital on a percentage basis:
Regulatory
Actual Requirement
Total capital to risk-weighted assets ......... 27.03% 8.00%
Tier I capital to risk-weighted assets ......... 26.22% 4.00%
Tier I capital to total assets - leverage ratio...... 22.84% 4.00%
7
<PAGE>
JACKSONVILLE BANCORP, INC.
Review by Independent Certified Public Accountants
Hacker, Johnson, Cohen & Grieb PA, the Company's independent certified public
accountants, have made a limited review of the financial data as of June 30,
2000, and for the three- and six-month periods ended June 30, 2000 and 1999
presented in this document, in accordance with standards established by the
American Institute of Certified Public Accountants.
Their report furnished pursuant to Article 10 of Regulation S-X is included
herein.
8
<PAGE>
Report on Review by Independent Certified Public Accountants
The Board of Directors
Jacksonville Bancorp, Inc.
Jacksonville, Florida:
We have reviewed the accompanying condensed consolidated balance sheet of
Jacksonville Bancorp, Inc. and Subsidiary (the "Company") as of June 30, 2000,
and the related condensed consolidated statements of operations for the three-
and six-month periods ended June 30, 2000 and 1999, the related condensed
consolidated statement of changes in stockholders' equity for the six-month
period ended June 30, 2000 and the related condensed consolidated statements of
cash flows for the six-month periods ended June 30, 2000 and 1999. These
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the condensed consolidated financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1999, and the
related consolidated statements of operations, changes in stockholders' equity
and cash flows for the year then ended (not presented herein); and in our report
dated February 25, 2000 we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth in
the accompanying condensed consolidated balance sheet as of December 31, 1999,
is fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.
HACKER, JOHNSON, COHEN & GRIEB PA
Tampa, Florida
August 1, 2000
9
<PAGE>
JACKSONVILLE BANCORP, INC.
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operation
Comparison of June 30, 2000 and December 31, 1999
General
Jacksonville Bancorp, Inc. ("Jacksonville Bancorp") which was incorporated
on October 24, 1997, owns 100% of the outstanding common stock of The
Jacksonville Bank ("Bank") (collectively, the "Company"). The Bank is a
Florida state-chartered commercial bank and its deposits are insured by the
Federal Deposit Insurance Corporation. The Bank opened for business on May
28, 1999, and provides community banking services to businesses and
individuals through its three banking offices located in Jacksonville,
Florida.
Liquidity and Capital Resources
The Company's primary source of cash during the six months ended June 30,
2000 was from the net increase in deposits of $13.6 million. Cash was used
primarily to originate loans, net of principal repayments, of $8.9 million
and purchase premises and equipment of approximately $1.4 million. The
Company had unfunded lines of credit of $5.3 million and time deposits of
$.9 million maturing in one year or less at June 30, 2000. The Company
exceeded its regulatory liquidity requirements at June 30, 2000.
Results of Operations
Comparison of the Three-Month Periods Ended June 30, 2000 and 1999
General. Net loss for the three months ended June 30, 2000 was $142,306 or
$.14 per basic and diluted share compared to $205,286 or $.48 per basic
and diluted share for 1999. The Bank commenced operations on May 28,
1999. At June 30, 2000, the Company had not achieved the asset size
necessary to operate profitably.
Interest Income. Interest income was $413,510 for the three months ended
June 30, 2000. Interest income earned on loans was $338,612. The average
loan portfolio balance was $14.5 million for the three months ended June
30, 2000 and the average yield earned was 9.34%.
Interest Expense. Interest expense was $149,820 for the three months ended
June 30, 2000. The average balance of interest-bearing liabilities was
$12.4 million for the three months ended June 30, 2000 and the average
cost was 4.84%.
Provision for Loan Losses. The provision for loan losses is charged to
earnings to increase the total allowance to a level deemed appropriate by
management and is based upon the volume and type of lending conducted by
the Company, industry standards, the amount of nonperforming loans and
general economic conditions, particularly as they relate to the Company's
market areas, and other factors related to the collectibility of the
Company's loan portfolio. The Company recorded a provision for loan
losses for the three months ended June 30, 2000 of $52,940 and the
allowance for loan losses was $169,083 at June 30, 2000. Management
believes the allowance is adequate at June 30, 2000.
Noninterest Expense. Noninterest expense increased $75,291 or 18.4% to
$483,968 for the three months ended June 30, 2000 from $408,677 for the
three months ended June 30, 1999. Salaries and employee benefits was the
largest noninterest expense increasing from $216,658 during the three
months ended June 30, 1999 to $227,186 for the 2000 period.
10
<PAGE>
JACKSONVILLE BANCORP, INC.
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operation, Continued
Income Tax Benefit. The income tax benefit for the three months ended June
30, 2000 was $84,119 (an effective rate of 37.2%) compared to $130,163
for the three months ended June 30, 1999 (an effective tax rate of
38.8%).
Comparison of the Six-Month Periods Ended June 30, 2000 and 1999
General. Net loss for the six months ended June 30, 2000 was $395,979 or
$.39 per basic and diluted share compared to $373,107 or $1.69 per basic
and diluted share for 1999. The Bank commenced operations on May 28,
1999. At June 30, 2000, the Company had not achieved the asset size to
operate profitably.
Interest Income. Interest income was $686,737 for the six months ended June
30, 2000. Interest income earned on loans was $547,587. The average loan
portfolio balance was $11.9 million for the six months ended June 30,
2000 and the average yield earned was 9.21%.
Interest Expense. Interest expense was $438,852 for the six months ended
June 30, 2000. The average balance of interest-bearing liabilities was
$9.9 million for the six months ended June 30, 2000 and the average cost
was 5.03%.
Provision for Loan Losses. The provision for loan losses is charged to
earnings to increase the total allowance to a level deemed appropriate by
management and is based upon the volume and type of lending conducted by
the Company, industry standards, the amount of nonperforming loans and
general economic conditions, particularly as they relate to the Company's
market areas, and other factors related to the collectibility of the
Company's loan portfolio. The Company recorded a provision for loan
losses for the six months ended June 30, 2000 of $88,598 and the
allowance for loan losses was $169,083 at June 30, 2000. Management
believes the allowance is adequate at June 30, 2000.
Noninterest Expense. Noninterest expense increased $420,731 or 64.0% to
$1,078,290 for the six months ended June 30, 2000 from $657,559 for the
six months ended June 30, 1999. The largest noninterest expense was
salaries and employee benefits totaling $556,301 for the six months ended
June 30, 2000 compared to $375,954 for the comparable 1999 period. The
increase in total noninterest expenses relates to the overall growth of
the Company.
Income Tax Benefit. The income tax benefit for the six months ended June 30,
2000 was $238,784 (an effective rate of 37.6%) compared to $230,855 for
the six months ended June 30, 1999 (an effective rate of 38.2%).
11
<PAGE>
JACKSONVILLE BANCORP, INC.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of loss from adverse changes in market prices and rates.
The Company's market risk arises primarily from interest rate risk inherent in
its lending and deposit taking activities. The Company has little or no risk
related to trading accounts, commodities or foreign exchange.
Management actively monitors and manages its interest rate risk exposure. The
primary objective in managing interest-rate risk is to limit, within established
guidelines, the adverse impact of changes in interest rates on the Company's net
interest income and capital, while adjusting the Company's asset-liability
structure to obtain the maximum yield-cost spread on that structure. Management
relies primarily on its asset-liability structure to control interest rate risk.
However, a sudden and substantial increase in interest rates could adversely
impact the Company's earnings, to the extent that the interest rates borne by
assets and liabilities do not change at the same speed, to the same extent, or
on the same basis. There have been no significant changes in the Company's
market risk exposure since December 31, 1999.
12
<PAGE>
JACKSONVILLE BANCORP, INC.
PART II. OTHER INFORMATION
Item 4. Submissions of Matters to a Vote of Security Holders
The Annual Meeting of Shareholders (the "Annual Meeting") of Jacksonville
Bancorp, Inc. was held on April 26, 2000, to consider the election of the
Company's three classes of directors and to approve the Company's Stock Option
Plan.
At the Annual Meeting, 717,261 shares were present in person or by proxy. The
following is a summary and tabulation of the matters that were voted upon at the
Annual Meeting:
Proposal I.
The election of Class I directors, each for a term of one year:
Withheld
For Authority
John W. Rose 714,761 2,500
======= =====
John R. Schultz 715,011 2,250
======= =====
Price W. Schwenck 715,011 2,250
======= =====
Gary L. Winfield 715,011 2,250
======= =====
The election of Class II directors, each for a term of two years:
Withheld
For Authority
Rudolph A. Kraft 715,011 2,250
======= =====
R.C. Mills 714,761 2,500
======= =====
Gilbert J. Pomar, III 715,011 2,250
======= =====
Donald E. Roller 715,011 2,250
======= =====
Charles F. Spencer 715,011 2,250
======= =====
The election of Class III directors, each for a term of three years:
Withheld
For Authority
D. Michael Carter 715,011 2,250
======= =====
Melvin Gottlieb 715,011 2,250
======= =====
James M. Healey 715,011 2,250
======= =====
John C. Kowkabany 714,761 2,500
======= =====
Bennett A. Taver 714,761 2,500
======= =====
13
<PAGE>
JACKSONVILLE BANCORP, INC.
PART II. OTHER INFORMATION, CONTINUED
Item 4. Submissions of Matters to a Vote of Security Holders, Continued
Proposal II:
To approve the Company's Stock Option Plan:
Withheld Broker
For Authority Nonvotes
575,960 26,750 114,551
======= ====== =======
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibits are filed with or incorporated by
reference into this report. The exhibits which are marked by a single
asterisk (*) were previously filed as a part, and are hereby incorporated
by reference from the Company's Registration Statement on Form SB-2, as
effective with the Securities and Exchange Commission on September 30,
1998, Registration No. 333-64815. The exhibit marked by a double asterisk
(**) was previously filed as a part of the June 30, 1999 Form 10-QSB filed
with the Securities and Exchange Commission on August 13, 1999. The
exhibit marked by a triple asterisk (***) was previously filed as part of
the Company's Registration Statement on Form S-8 filed with the Securities
and Exchange Commission on November 9, 1999.
Exhibit No. Description of Exhibit
* 3.1 Articles of Incorporation of the Company
* 3.2 By-laws of the Company
* 4.1 Specimen Common Stock Certificate
* 10.1 Stock Option Plan
* 10.2 Servicing Agreement with M&I Data Services
** 10.3 Employment Contract Gilbert J. Pomar, III
27 Financial Data Schedule (for SEC use only)
*** 99.1 Stock Option Plan
(b) Reports on Form 8-K. On May 24, 2000, the Company filed a Form 8-K to
report the Company's current President had also been elected to serve as
the Company's Chief Executive Officer.
14
<PAGE>
JACKSONVILLE BANCORP, INC.
SIGNATURES
Pursuant to the requirements of the Securities 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.
(Registrant)
Date: August , 2000 By: /s/Gilbert J. Pomar III
----------------- ------------------------
Gilbert J. Pomar III, President and
Chief Executive Officer
Date: August , 2000 By: /s/Cheryl L. Whalen
------------------ --------------------
Cheryl L. Whalen, Executive Vice
President and Chief Financial Officer
15
