Jacksonville Bancorp, Inc. Announces Second Quarter Earnings

Apr 26, 2001, 01:00 ET from Jacksonville Bancorp, Inc.

    JACKSONVILLE, Texas, April 26 /PRNewswire/ --
 Jacksonville Bancorp, Inc., (Nasdaq:   JXVL) the holding company of Jacksonville
 Savings Bank, SSB of Jacksonville, Texas today reported net income of
 $1.1 million, or $.57 per share (basic), for the three month period ended
 March 31, 2001, a 33% increase in net earnings as compared to the same three
 month period a year earlier.
     Jerry Chancellor, President and C.E.O., stated, "We have reported still
 another profitable quarter.  Our greatest percentage increase in income came
 from real estate operations, where we recorded $198,000 in income from real
 estate sales.  We also saw a strong increase in other interest income from
 deposits in Federal Home Loan Bank and other banks, where $109,000 in interest
 income was recorded for the quarter, an 85% increase over the comparable
 quarter last year.  Interest income from mortgage-backed securities also
 increased $151,000, a 25% increase over the same quarter in 2000.  Our biggest
 source of income continues to be interest from our lending operations, some
 $4.8 million as compared to $4.5 million for the comparable period a year
 earlier, an increase of 7%.
     "The Company increased net interest income after provision for loan losses
 to $2.5 million, an increase of 4% as compared to the quarter a year earlier.
 We have also continued to actively manage our capital structure through a
 stock repurchase program."
     Net interest income after provision for losses on loans increased to
 $2.47 million for the three months ended March 31, 2001 from $2.38 million for
 the period ended March 31, 2000.  Total non-interest income increased to
 $764,000 at March 31, 2001 from $396,000 at March 31, 2000, primarily due to
 an increase of $192,000 in real estate operations, net, and an increase of
 $131,000 in fees and deposit service charges.  Non-interest expense increased
 to $1.63 million from $1.56 million for the comparable period a year earlier,
 a 5% increase.
     Diluted earnings per share increased from $.39 for the quarter ended
 March 31, 2000, to $.55 for the current quarter, a 41% increase.  The Company
 continued its repurchase of Treasury shares with the purchase of
 57,200 additional shares during the quarter, bringing total Treasury shares
 purchased to 798,460.
     At March 31, 2001, assets totaled $317.5 million, liabilities and deferred
 income amounted to $282.4 million with stockholders' equity totaling
 $35.1 million.
     Jacksonville Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings
 Bank, SSB, operates from its headquarters in Jacksonville, Texas,  and through
 its seven branch office network in Tyler (2), Longview (2), Palestine, Athens,
 and Rusk.
 
 
                    JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                               (DOLLARS IN THOUSANDS)
 
                                                     March 31,   September 30,
                                                       2001            2000
                                                    (Unaudited)     (Audited)
                       ASSETS
     Cash on hand and in banks                         $2,773         $2,702
     Interest-bearing deposits                          8,597          4,819
     Investment securities:
       Held-to-maturity, at cost                        2,500          5,000
       Available-for-sale, at estimated market value   14,547         17,017
     Mortgage-backed certificates:
       Held-to-maturity, at cost                        3,122          3,700
       Available-for-sale, at estimated market value   43,839         29,026
     Loans receivable, net                            230,314        226,854
     Accrued interest receivable                        2,452          2,524
     Foreclosed real estate, net                            0            124
     Premises and equipment, net                        4,768          4,846
     Stock in Federal Home Loan Bank of Dallas,
      at cost                                           2,550          2,156
     Investment in real estate at cost                  1,214          1,246
       Mortgage servicing rights                          642            625
     Other assets                                         194            828
         Total assets                                $317,512       $301,467
 
     LIABILITIES
       Deposits                                      $232,327       $220,766
       FHLB Advances                                   46,785         41,000
       Advances from borrowers for taxes and
        insurance                                       1,953          4,074
       Accrued expenses and other liabilities           1,244          1,465
         Total liabilities                            282,309        267,305
 
     DEFERRED INCOME
       Gain on sale of real estate owned                   54             73
 
     STOCKHOLDERS' EQUITY
       Common stock, $.01 par value, 25,000,000
        shares authorized; 2,675,972 shares issued;        27             27
        1,886,581 and 1,967,712 shares outstanding at
        March 31, 2001 and September 30, 2000,
        respectively
        Additional paid in capital                     22,855         22,743
        Retained earnings, substantially restricted    25,709         24,211
       Less:
        Treasury shares, at cost                      (12,268)       (10,754)
        (798,460 & 708,260 shares, respectively)
        Shares acquired by Employee Stock
         Ownership Plan                                (1,023)        (1,056)
        Shares acquired by Management
         Recognition Plan                                 (97)          (181)
        Accumulated other comprehensive income
         (loss)                                           (54)          (901)
 
         Total stockholders' equity                    35,149         34,089
           Total liabilities and stockholders'
            equity                                   $317,512       $301,467
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF EARNINGS
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                        Six Months Ended  Three Months Ended
                                           March 31,           March 31,
                                        2001       2000     2001      2000
     INTEREST INCOME
       Loans receivable                $9,755    $9,071    $4,832    $4,502
       Mortgage-backed securities       1,307     1,210       748       597
       Investment securities              690       542       336       264
       Other                              234       114       109        59
         Total interest income         11,986    10,937     6,025     5,422
 
     INTEREST EXPENSE
       Other                            1,355     1,056       714       556
       Deposits                         5,619     4,939     2,815     2,466
         Total interest expense         6,974     5,995     3,529     3,022
         Net interest income            5,012     4,942     2,496     2,400
 
     PROVISION FOR LOSSES ON LOANS         41        33        23        18
 
       Net interest income after
        provision for losses on loans   4,971     4,909     2,473     2,382
 
     NONINTEREST INCOME
       Fees and deposit service charges   859       730       473       342
       Real estate operations, net        188        54       198         6
       Other                               89        74        48        38
       Mortgage servicing assets           13        26         3        10
       Gain on sale of investment
        securities                         42       ---        42       ---
         Total noninterest income       1,191       884       764       396
 
     NONINTEREST EXPENSE
       Compensation and benefits        2,068     2,024     1,044       995
       Occupancy and equipment            382       353       208       191
       Insurance expense                   48        68        24        24
       Other                              687       710       357       349
         Total noninterest expense      3,185     3,155     1,633     1,559
 
     INCOME BEFORE TAXES ON INCOME      2,977     2,638     1,604     1,219
 
     TAXES ON INCOME                    1,023       902       551       429
 
       Net earnings                    $1,954    $1,736    $1,053      $790
 
     EARNINGS PER SHARE
       Basic                            $1.05      $.87      $.57      $.40
 
       Diluted                          $1.01      $.84      $.55      $.39
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE SIX MONTHS ENDED MARCH 31 2001 AND 2000
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                                       2001            2000
     CASH FLOWS FROM OPERATING ACTIVITIES
       Net income                                      $1,954         $1,736
       Adjustments to reconcile net income to net
        cash provided by operating activities:
         Depreciation                                     161            145
         Amortization/Accretion of securities               4              5
         Provision for losses on loans and real
          estate                                           41             33
         Loans originated for sale                    (10,399)       (10,823)
         Loans sold                                    10,399         10,823
         Gain on sale of other real estate               (131)           (72)
         Gain on loans sold                               (16)           (26)
         Accrual of MRP awards                             84             84
         ESOP compensation accrued                         50             41
         Change in assets and liabilities:
           (Increase) decrease in accrued interest
            receivable                                     72            (35)
           (Increase) decrease in prepaid expenses
            and other assets                              634            (36)
          Decrease in accrued expenses and other
           liabilities                                   (221)          (389)
           Decrease in deferred income                    (19)           (68)
             Net cash provided by operating
              activities                                2,613          1,418
 
     CASH FLOWS FROM INVESTING ACTIVITIES
       Proceeds on maturity of investment
        securities                                     14,804          1,287
       Purchase of investment securities               (8,990)          (500)
       Net principal payments (origination)
        on loans                                       (3,297)        (4,500)
       Proceeds from sale of foreclosed
        real estate                                        50             92
       Purchase of mortgage-backed securities         (17,000)          (569)
       Principal paydowns on mortgage-backed
        securities                                      2,766          3,094
       Capital expenditures                               (85)          (429)
       Purchase of stock in FHLB Dallas                  (394)           (87)
       Investment in real estate                           32           (353)
             Net cash used in investing
              activities                              (12,114)        (1,974)
 
     CASH FLOWS FROM FINANCING ACTIVITIES
       Net increase in deposits                        11,560            557
       Net decrease in advances for taxes
        and insurance                                  (2,120)        (2,001)
       Proceeds from Note payable                         ---            ---
       Dividends paid                                    (456)          (493)
       Advances from FHLB                              32,000         10,000
       Payment of FHLB advances                       (26,215)        (6,000)
       Purchase of Treasury stock                      (1,514)        (2,168)
       Proceeds from exercise of stock options             95            ---
             Net cash provided by (used in)
              financing activities                     13,350           (105)
             Net increase in cash and cash
              equivalents                               3,849           (661)
     CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   7,521          6,568
     CASH AND CASH EQUIVALENTS AT END OF PERIOD       $11,370         $5,907
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                    FOR THE SIX MONTHS ENDED March 31, 2001
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                                                Total
                                                            Stockholders'
                                                                Equity
 
      Balance at September 30, 2000                            $34,089
 
         Net earnings                                            1,954
         Other comprehensive income - net change in
          unrealized gain on securities available for sale         847
       Comprehensive income                                      2,801
       Accrual of MRP awards                                        84
       Accrual of ESOP compensation                                 50
       Cash dividends                                             (456)
       Treasury shares purchased                                (1,514)
       Proceeds from Exercise of Stock Options                      95
 
     Balance at March 31, 2001                                 $35,149
 
 
                           JACKSONVILLE BANCORP, INC.
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
                            MARCH 31, 2001 AND 2000
 
      NOTE 1 - BASIS OF PRESENTATION
        The unaudited financial statements were prepared in accordance with
        instructions for Form 10-Q and, therefore, do not include information
        or footnotes necessary for a complete presentation of financial
        position, results of operations, and cash flows in conformity with
        generally accepted accounting principles.  However, all adjustments
        (consisting only of normal recurring adjustments) which, in the
        opinion of management, are necessary for a fair presentation of the
        financial statements have been included.  The results of operations
        for the six-month and three-month periods ended March 31, 2001 and
        2000 are not necessarily indicative of the results which may be
        expected for an entire fiscal year.
 
      NOTE 2 - EARNINGS PER SHARE
        Basic earnings per share for the six and three month periods ended
        March 31, 2001 and 2000 have been computed by dividing net earnings by
        the weighted average number of shares outstanding.  Shares controlled
        by the ESOP are accounted for in accordance with Statement of Position
        93-6 under which unallocated shares are not considered in the weighted
        average number of shares of common stock outstanding.  Diluted
        earnings per share have been computed, giving effect to outstanding
        stock purchase options by application of the treasury stock method.
 
     Following is a summary of shares used for calculating basic and diluted
 earnings per share:
 
                               Six Months Ended         Three Months Ended
                                  March 31,                  March 31,
                              2001          2000          2001       2000
     Basic EPS - Average
      shares outstanding    1,853,546    2,005,149    1,838,623    1,971,900
 
     Effect of dilutive
      stock options            80,334       56,581       91,805       46,064
 
     Diluted EPS - Average
      shares outstanding    1,933,880    2,061,730    1,930,428    2,017,964
 
     NOTE 3 - RECLASSIFICATION OF PREVIOUS STATEMENTS
        Certain items previously reported have been reclassified to conform
        with the current period's reporting format.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X92594036
 
 

SOURCE Jacksonville Bancorp, Inc.
    JACKSONVILLE, Texas, April 26 /PRNewswire/ --
 Jacksonville Bancorp, Inc., (Nasdaq:   JXVL) the holding company of Jacksonville
 Savings Bank, SSB of Jacksonville, Texas today reported net income of
 $1.1 million, or $.57 per share (basic), for the three month period ended
 March 31, 2001, a 33% increase in net earnings as compared to the same three
 month period a year earlier.
     Jerry Chancellor, President and C.E.O., stated, "We have reported still
 another profitable quarter.  Our greatest percentage increase in income came
 from real estate operations, where we recorded $198,000 in income from real
 estate sales.  We also saw a strong increase in other interest income from
 deposits in Federal Home Loan Bank and other banks, where $109,000 in interest
 income was recorded for the quarter, an 85% increase over the comparable
 quarter last year.  Interest income from mortgage-backed securities also
 increased $151,000, a 25% increase over the same quarter in 2000.  Our biggest
 source of income continues to be interest from our lending operations, some
 $4.8 million as compared to $4.5 million for the comparable period a year
 earlier, an increase of 7%.
     "The Company increased net interest income after provision for loan losses
 to $2.5 million, an increase of 4% as compared to the quarter a year earlier.
 We have also continued to actively manage our capital structure through a
 stock repurchase program."
     Net interest income after provision for losses on loans increased to
 $2.47 million for the three months ended March 31, 2001 from $2.38 million for
 the period ended March 31, 2000.  Total non-interest income increased to
 $764,000 at March 31, 2001 from $396,000 at March 31, 2000, primarily due to
 an increase of $192,000 in real estate operations, net, and an increase of
 $131,000 in fees and deposit service charges.  Non-interest expense increased
 to $1.63 million from $1.56 million for the comparable period a year earlier,
 a 5% increase.
     Diluted earnings per share increased from $.39 for the quarter ended
 March 31, 2000, to $.55 for the current quarter, a 41% increase.  The Company
 continued its repurchase of Treasury shares with the purchase of
 57,200 additional shares during the quarter, bringing total Treasury shares
 purchased to 798,460.
     At March 31, 2001, assets totaled $317.5 million, liabilities and deferred
 income amounted to $282.4 million with stockholders' equity totaling
 $35.1 million.
     Jacksonville Bancorp, Inc.'s wholly owned subsidiary, Jacksonville Savings
 Bank, SSB, operates from its headquarters in Jacksonville, Texas,  and through
 its seven branch office network in Tyler (2), Longview (2), Palestine, Athens,
 and Rusk.
 
 
                    JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                               (DOLLARS IN THOUSANDS)
 
                                                     March 31,   September 30,
                                                       2001            2000
                                                    (Unaudited)     (Audited)
                       ASSETS
     Cash on hand and in banks                         $2,773         $2,702
     Interest-bearing deposits                          8,597          4,819
     Investment securities:
       Held-to-maturity, at cost                        2,500          5,000
       Available-for-sale, at estimated market value   14,547         17,017
     Mortgage-backed certificates:
       Held-to-maturity, at cost                        3,122          3,700
       Available-for-sale, at estimated market value   43,839         29,026
     Loans receivable, net                            230,314        226,854
     Accrued interest receivable                        2,452          2,524
     Foreclosed real estate, net                            0            124
     Premises and equipment, net                        4,768          4,846
     Stock in Federal Home Loan Bank of Dallas,
      at cost                                           2,550          2,156
     Investment in real estate at cost                  1,214          1,246
       Mortgage servicing rights                          642            625
     Other assets                                         194            828
         Total assets                                $317,512       $301,467
 
     LIABILITIES
       Deposits                                      $232,327       $220,766
       FHLB Advances                                   46,785         41,000
       Advances from borrowers for taxes and
        insurance                                       1,953          4,074
       Accrued expenses and other liabilities           1,244          1,465
         Total liabilities                            282,309        267,305
 
     DEFERRED INCOME
       Gain on sale of real estate owned                   54             73
 
     STOCKHOLDERS' EQUITY
       Common stock, $.01 par value, 25,000,000
        shares authorized; 2,675,972 shares issued;        27             27
        1,886,581 and 1,967,712 shares outstanding at
        March 31, 2001 and September 30, 2000,
        respectively
        Additional paid in capital                     22,855         22,743
        Retained earnings, substantially restricted    25,709         24,211
       Less:
        Treasury shares, at cost                      (12,268)       (10,754)
        (798,460 & 708,260 shares, respectively)
        Shares acquired by Employee Stock
         Ownership Plan                                (1,023)        (1,056)
        Shares acquired by Management
         Recognition Plan                                 (97)          (181)
        Accumulated other comprehensive income
         (loss)                                           (54)          (901)
 
         Total stockholders' equity                    35,149         34,089
           Total liabilities and stockholders'
            equity                                   $317,512       $301,467
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF EARNINGS
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                        Six Months Ended  Three Months Ended
                                           March 31,           March 31,
                                        2001       2000     2001      2000
     INTEREST INCOME
       Loans receivable                $9,755    $9,071    $4,832    $4,502
       Mortgage-backed securities       1,307     1,210       748       597
       Investment securities              690       542       336       264
       Other                              234       114       109        59
         Total interest income         11,986    10,937     6,025     5,422
 
     INTEREST EXPENSE
       Other                            1,355     1,056       714       556
       Deposits                         5,619     4,939     2,815     2,466
         Total interest expense         6,974     5,995     3,529     3,022
         Net interest income            5,012     4,942     2,496     2,400
 
     PROVISION FOR LOSSES ON LOANS         41        33        23        18
 
       Net interest income after
        provision for losses on loans   4,971     4,909     2,473     2,382
 
     NONINTEREST INCOME
       Fees and deposit service charges   859       730       473       342
       Real estate operations, net        188        54       198         6
       Other                               89        74        48        38
       Mortgage servicing assets           13        26         3        10
       Gain on sale of investment
        securities                         42       ---        42       ---
         Total noninterest income       1,191       884       764       396
 
     NONINTEREST EXPENSE
       Compensation and benefits        2,068     2,024     1,044       995
       Occupancy and equipment            382       353       208       191
       Insurance expense                   48        68        24        24
       Other                              687       710       357       349
         Total noninterest expense      3,185     3,155     1,633     1,559
 
     INCOME BEFORE TAXES ON INCOME      2,977     2,638     1,604     1,219
 
     TAXES ON INCOME                    1,023       902       551       429
 
       Net earnings                    $1,954    $1,736    $1,053      $790
 
     EARNINGS PER SHARE
       Basic                            $1.05      $.87      $.57      $.40
 
       Diluted                          $1.01      $.84      $.55      $.39
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE SIX MONTHS ENDED MARCH 31 2001 AND 2000
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                                       2001            2000
     CASH FLOWS FROM OPERATING ACTIVITIES
       Net income                                      $1,954         $1,736
       Adjustments to reconcile net income to net
        cash provided by operating activities:
         Depreciation                                     161            145
         Amortization/Accretion of securities               4              5
         Provision for losses on loans and real
          estate                                           41             33
         Loans originated for sale                    (10,399)       (10,823)
         Loans sold                                    10,399         10,823
         Gain on sale of other real estate               (131)           (72)
         Gain on loans sold                               (16)           (26)
         Accrual of MRP awards                             84             84
         ESOP compensation accrued                         50             41
         Change in assets and liabilities:
           (Increase) decrease in accrued interest
            receivable                                     72            (35)
           (Increase) decrease in prepaid expenses
            and other assets                              634            (36)
          Decrease in accrued expenses and other
           liabilities                                   (221)          (389)
           Decrease in deferred income                    (19)           (68)
             Net cash provided by operating
              activities                                2,613          1,418
 
     CASH FLOWS FROM INVESTING ACTIVITIES
       Proceeds on maturity of investment
        securities                                     14,804          1,287
       Purchase of investment securities               (8,990)          (500)
       Net principal payments (origination)
        on loans                                       (3,297)        (4,500)
       Proceeds from sale of foreclosed
        real estate                                        50             92
       Purchase of mortgage-backed securities         (17,000)          (569)
       Principal paydowns on mortgage-backed
        securities                                      2,766          3,094
       Capital expenditures                               (85)          (429)
       Purchase of stock in FHLB Dallas                  (394)           (87)
       Investment in real estate                           32           (353)
             Net cash used in investing
              activities                              (12,114)        (1,974)
 
     CASH FLOWS FROM FINANCING ACTIVITIES
       Net increase in deposits                        11,560            557
       Net decrease in advances for taxes
        and insurance                                  (2,120)        (2,001)
       Proceeds from Note payable                         ---            ---
       Dividends paid                                    (456)          (493)
       Advances from FHLB                              32,000         10,000
       Payment of FHLB advances                       (26,215)        (6,000)
       Purchase of Treasury stock                      (1,514)        (2,168)
       Proceeds from exercise of stock options             95            ---
             Net cash provided by (used in)
              financing activities                     13,350           (105)
             Net increase in cash and cash
              equivalents                               3,849           (661)
     CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   7,521          6,568
     CASH AND CASH EQUIVALENTS AT END OF PERIOD       $11,370         $5,907
 
 
                  JACKSONVILLE BANCORP, INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                    FOR THE SIX MONTHS ENDED March 31, 2001
                             (DOLLARS IN THOUSANDS)
                                   Unaudited
 
                                                                Total
                                                            Stockholders'
                                                                Equity
 
      Balance at September 30, 2000                            $34,089
 
         Net earnings                                            1,954
         Other comprehensive income - net change in
          unrealized gain on securities available for sale         847
       Comprehensive income                                      2,801
       Accrual of MRP awards                                        84
       Accrual of ESOP compensation                                 50
       Cash dividends                                             (456)
       Treasury shares purchased                                (1,514)
       Proceeds from Exercise of Stock Options                      95
 
     Balance at March 31, 2001                                 $35,149
 
 
                           JACKSONVILLE BANCORP, INC.
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
                            MARCH 31, 2001 AND 2000
 
      NOTE 1 - BASIS OF PRESENTATION
        The unaudited financial statements were prepared in accordance with
        instructions for Form 10-Q and, therefore, do not include information
        or footnotes necessary for a complete presentation of financial
        position, results of operations, and cash flows in conformity with
        generally accepted accounting principles.  However, all adjustments
        (consisting only of normal recurring adjustments) which, in the
        opinion of management, are necessary for a fair presentation of the
        financial statements have been included.  The results of operations
        for the six-month and three-month periods ended March 31, 2001 and
        2000 are not necessarily indicative of the results which may be
        expected for an entire fiscal year.
 
      NOTE 2 - EARNINGS PER SHARE
        Basic earnings per share for the six and three month periods ended
        March 31, 2001 and 2000 have been computed by dividing net earnings by
        the weighted average number of shares outstanding.  Shares controlled
        by the ESOP are accounted for in accordance with Statement of Position
        93-6 under which unallocated shares are not considered in the weighted
        average number of shares of common stock outstanding.  Diluted
        earnings per share have been computed, giving effect to outstanding
        stock purchase options by application of the treasury stock method.
 
     Following is a summary of shares used for calculating basic and diluted
 earnings per share:
 
                               Six Months Ended         Three Months Ended
                                  March 31,                  March 31,
                              2001          2000          2001       2000
     Basic EPS - Average
      shares outstanding    1,853,546    2,005,149    1,838,623    1,971,900
 
     Effect of dilutive
      stock options            80,334       56,581       91,805       46,064
 
     Diluted EPS - Average
      shares outstanding    1,933,880    2,061,730    1,930,428    2,017,964
 
     NOTE 3 - RECLASSIFICATION OF PREVIOUS STATEMENTS
        Certain items previously reported have been reclassified to conform
        with the current period's reporting format.
 
                     MAKE YOUR OPINION COUNT -  Click Here
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 SOURCE  Jacksonville Bancorp, Inc.