JACKSONVILLE, Ill.,
July 20 /PRNewswire-FirstCall/ --
Jacksonville Bancorp, Inc. (Nasdaq: JXSBD) reported unaudited net
income for the three months ended June 30,
2010, of $180,000, or
$0.09 per share of common stock,
basic and diluted, compared to a net loss of $(73,000), or $(0.04) per share of common stock, basic and
diluted, for the three months ended June 30,
2009. The Company reported unaudited net income of
$679,000, or $0.35 per share, basic and diluted, for the six
months ended June 30, 2010, compared
to net income of $428,000, or
$0.22 per share, basic and diluted,
for the six months ended June 30,
2009.
Net income increased $253,000
during the second quarter of 2010, as compared to the second
quarter of 2009, due to an increase of $187,000 in net interest income and a decrease of
$700,000 in the provision for loan
losses, partially offset by a decrease of $223,000 in non-interest income and increases of
$258,000 in non-interest expense and
$153,000 in income taxes. The
increase in net interest income reflected a greater decrease in
interest expense than interest income during the comparative three
month period. We experienced decreases of $226,000 in interest income and $413,000 in interest expense during the quarter
ended June 30, 2010, as compared to
the same quarter of 2009. Net interest income has benefited from a
steepening yield curve as lower short-term market rates of interest
have resulted in our deposits repricing faster than our loans,
which have yields tied to longer-term rates.
The decrease of $700,000 in the
provision for loan losses during the second quarter of 2010 was
primarily due to a higher level of provisions made during the
second quarter of 2009. The allowance for loan losses has increased
to $2.7 million, or 1.5% of total
loans, at June 30, 2010, from
$2.3 million, or 1.3% of total loans,
at December 31, 2009. Non-interest
income decreased $223,000 during the
second quarter of 2010 mostly due to decreases of $181,000 in net income from mortgage banking
operations and $129,000 in gains on
sales of securities, partially offset by an increase of
$62,000 in service charges on deposit
accounts. Non-interest expense increased $258,000 primarily due to an increase of
$257,000 in the impairment of
mortgage servicing assets. The increase in non-interest expense was
partially offset by a decrease of $132,000 in FDIC deposit insurance assessments
due to the special assessment during the second quarter of
2009.
Net income increased $251,000
during the six months ended June 30,
2010 compared to the same period of 2009. The increase in
net income was due to an increase of $84,000 in net interest income and a decrease of
$775,000 in the provision for loan
losses, partially offset by a decrease of $178,000 in non-interest income and increases of
$289,000 in non-interest expense and
$141,000 in income taxes. The
increase in net interest income during the first six months of
2010, compared to the same period of 2009, was due to the net
effect of decreases of $765,000 in
interest income and $849,000 in
interest expense. The decrease of $775,000 in the provision for loan losses during
the six months of 2010 was primarily due to a higher level of
provisions made during the comparative period of 2009. The decrease
of $178,000 in non-interest income
during this same period was primarily due to decreases of
$415,000 in net income on mortgage
banking operations and $49,000 in
gains on sales of securities, partially offset by increases of
$153,000 in commission income and
$144,000 in service charges on
deposit accounts. The increase of $289,000 in non-interest expense was primarily
due to a $257,000 increase in the
impairment of mortgage servicing assets. The increase in
non-interest expense was partially offset by a decrease of
$135,000 in FDIC deposit insurance
assessments due to the special assessment during the second quarter
of 2009.
Total assets at June 30, 2010
increased to $296.7 million from
$288.8 million at December 31, 2009. Total deposits at June 30, 2010 were $262.5
million, compared to $254.7
million at December 31, 2009.
Total stockholders' equity was $26.1
million at June 30, 2010 and
$25.3 million at December 31, 2009. At June
30, 2010, Jacksonville Savings Bank exceeded its applicable
regulatory capital requirements with Tier 1 leverage, Tier 1
risk-based capital, and total risk-based capital ratios of 7.7%,
10.9%, and 12.2%, respectively.
Jacksonville Bancorp, Inc. is a Maryland chartered stock holding company. The
Company is headquartered at 1211 West Morton Avenue, Jacksonville, Illinois. The Company's
operations are limited to its ownership of Jacksonville Savings
Bank, an Illinois chartered
savings bank, which operates six branch offices located in
Morgan, Macoupin, and Montgomery Counties in Illinois. All information at and for the
periods ended June 30, 2010, has been
derived from unaudited financial information.
This news release contains certain forward-looking statements
within the meaning of the federal securities laws. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Reform Act of 1995, and is including this
statement for purposes of these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies and experiences of the
Company, are generally identified by use of the words "believe",
"expect", "intend", "anticipate", "estimate", "project", or similar
expressions. The Company's ability to predict results or the actual
effect of future plans or strategies is inherently uncertain.
Factors which could have a material adverse effect on the
operations of the Company and the subsidiaries include, but are not
limited to, changes in: interest rates, general economic
conditions, legislative/regulatory changes, monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board, the quality or composition
of the loan or investment portfolios, demand for loan products,
deposit flows, competition, demand for financial services in the
Company's market area and accounting principles and guidelines.
These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed
on such statements.
SOURCE Jacksonville Bancorp, Inc.
