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Published:
Jacksonville Bancorp Announces Second Quarter ResultsJACKSONVILLE, Fla., July 24 /PRNewswire-FirstCall/ -- Jacksonville
Bancorp, Inc. (Nasdaq: JAXB), holding company for The Jacksonville Bank,
reported the Company had a second quarter net loss of (Logo: http://www.newscom.com/cgi-bin/prnh/20020410/JAXBLOGO )
There were four significant events that led to the loss for the quarter:
-- The termination of the agreement to acquire Heritage Bancshares, Inc.
on June 24, 2008 resulted in -- The Company had net loan charge-offs (excluding overdrafts as discussed
below) of -- The Company experienced an additional charge-off of -- Provision expense was increased to Jacksonville Bancorp, Inc. President and CEO During the quarter, the Company completed a private placement offering of
trust preferred securities of On a basic and diluted per share basis, the net loss was Delinquencies (loans past due 30 or more days) decreased from Net interest income for the second quarter of 2008 was flat at Noninterest income decreased 8.8% over the second quarter 2008 and 11.3%
for the six months ended June 30, 2008, compared to the same period in the
previous year. This is a result of a drop off in mortgage origination
referral income, due to the slowing real-estate market, partially offset by
income earned on an additional "We will continue to focus on enhancing and executing our strategic business model that has served us so well in the past while staying ever mindful of the current banking environment. We are growing at a very solid rate with quality assets as many of our competitors are reducing their holdings. The events of this quarter will make us a stronger bank in the future. The current industry conditions require that we remain nimble and adjust our direction as the situation dictates. I am confident that our experienced management team and strong capital position will provide the stability necessary to emerge as the dominant community bank in theGreater Jacksonville area," said Mr. Pomar. Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, aFlorida state-chartered bank focusing on theNortheast Florida market with five full-service banking offices. The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals inJacksonville, Florida. More information is available at its website at www.jaxbank.com . The statements contained in this press release, other than historical information, are forward-looking statements, which involve risks, assumptions and uncertainties. The risks, uncertainties and factors affecting actual results include but are not limited to: our relatively limited operating history; economic and political conditions, especially inNorth Florida; competitive circumstances; bank regulation, legislation, accounting principles and monetary policies; the interest rate environment; success in minimizing credit risk and nonperforming assets; and technological changes. The Company's actual results may differ significantly from the results discussed in forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake, and specifically disclaims, any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Additional information regarding risk factors can be found in the Company's filings with the Securities and Exchange Commission.
JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Earnings Summary
----------------
Total interest income ....$ 6,209 $ 6,612 $ 13,002 $ 12,655
Total interest expense ... 3,282 3,623 6,850 6,734
---------- ---------- ---------- ----------
Net interest income ... 2,927 2,989 6,152 5,921
Provision for loan losses 1,755 201 2,118 448
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses........... 1,172 2,788 4,034 5,473
Noninterest income ....... 260 285 512 577
Noninterest expense ...... 2,822 1,950 5,138 4,056
---------- ---------- ---------- ----------
Income (loss) before
income tax (1,390) 1,123 (592) 1,994
Income tax provision
(benefit) ..... (550) 429 (289) 757
---------- ---------- ---------- ----------
Net income (loss)......... $ (840) $ 694 $ (303) $ 1,237
========== ========== ========== ==========
Summary Average Balance
Sheet
-----------------------
Loans, gross..............$ 368,095 $ 311,974 $ 360,561 $ 299,608
Securities ............... 31,689 28,540 31,813 28,343
Other earning assets ..... 1,371 751 2,191 777
---------- ---------- ---------- ----------
Total earning assets .. 401,155 341,265 394,565 328,728
Other assets ............. 16,352 14,148 15,990 14,058
---------- ---------- ---------- ----------
Total assets ..........$ 417,507 $ 355,413 $ 410,555 $ 342,786
========== ========== ========== ==========
Interest bearing
liabilities .............$ 348,516 $ 294,656 $ 341,810 $ 283,382
Other liabilities ........ 41,501 36,775 41,515 35,728
Shareholders' equity ..... 27,490 23,982 27,230 23,676
---------- ---------- ---------- ----------
Total liabilities and
shareholders' equity $ 417,507 $ 355,413 $ 410,555 $ 342,786
========== ========== ========== ==========
Per Share Data
--------------
Basic earnings (loss)
per share $ (0.48) $ 0.40 $ (0.17) $ 0.71
Diluted earnings (loss)
per share .............. $ (0.48) $ 0.38 $ (0.17) $ 0.68
Basic weighted average
shares outstanding ...... 1,748,350 1,742,673 1,747,989 1,742,793
Diluted weighted average
shares outstanding ...... 1,748,350 1,819,819 1,747,989 1,821,155
Book value per basic share
at end of period ........ 15.01 13.94 15.01 13.94
Total shares outstanding
at end of period ........ 1,747,925 1,741,668 1,747,925 1,741,668
Closing market price per
share ...................$ 15.90 $ 28.25 $ 15.90 $ 28.25
Selected Ratios
---------------
Return on average assets (0.81%) 0.78% (0.15%) 0.73%
Return on average equity (12.29%) 11.61% (2.24%) 10.54%
Average equity to average
assets .................. 6.58% 6.75% 6.63% 6.91%
Interest rate spread ..... 2.44% 2.84% 2.60% 2.97%
Net interest margin ...... 2.93% 3.51% 3.14% 3.63%
Allowance for loan losses
as a percentage of total
loans ................... 1.12% 0.94% 1.12% 0.94%
Net charged off loans as
a percentage of average
loans (annualized) ...... 0.89% 0.00% 0.57% 0.00%
Efficiency ratio ......... 88.55% 59.56% 77.10% 62.42%
June 30,
---------------------
Summary Balance Sheet 2008 2007
--------------------- -------- --------
Cash and cash equivalents ...................... $ 6,024 $ 6,829
Securities ..................................... 28,296 26,636
Loans, net ..................................... 370,094 319,525
All other assets ............................... 19,823 15,142
-------- --------
Total assets ................................ $424,237 $368,132
======== ========
Deposit accounts ............................... $332,848 $301,217
All other liabilities .......................... 65,147 42,640
Shareholders' equity ........................... 26,242 24,275
-------- --------
Total liabilities and shareholders' equity .. $424,237 $368,132
======== ========
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