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Banking industry

Jacksonville Bancorp Reports Strong Fiscal Year 1999 Earnings

Strategic Insights

— 1 min read

Jacksonville Bancorp, Inc., the holding company of Jacksonville Savings Bank, reported net income of $3.64 million, or $1.65 per share basic and $1.60 per share diluted, for the fiscal year ended September 30, 1999. This represents a significant improvement from the comparable period in 1998, where net income was $3.33 million, or $1.44 per share basic and $1.38 per share diluted. Jerry Chancellor, President and C.E.O., attributed the strong performance to controlled growth, increased profits, and asset quality, which are indicative of the bank's strong market share in East Texas. The bank's assets totaled $290.4 million at September 30, 1999, up $27.2 million from the previous year.

Key Takeaways:

  • Net income for fiscal year 1999 was $3.64 million, representing a 9.6% increase from the comparable period in 1998.
  • Earnings per share were $1.65 basic and $1.60 diluted, up from $1.44 basic and $1.38 diluted in 1998.
  • Total assets increased by 9.5% to $290.4 million at September 30, 1999.
  • Loans Receivable, net increased by 12.9% to $216.3 million.
  • Deposits increased by 5.3% to $215.2 million.
  • Total liabilities increased by 12.3% to $256.0 million.
  • Stockholders' equity decreased by 3.5% to $34.2 million due to the company's net profit and the cost associated with purchasing Treasury Stock.
  • Net interest income increased by 10.1% to $9.8 million.
  • Total noninterest income increased to $1.7 million, a 6.3% increase.

Statistics:

  • Net income: $3.64 million (1999) vs. $3.33 million (1998)
  • Earnings per share: $1.65 (1999) vs. $1.44 (1998)
  • Total assets: $290.4 million (1999) vs. $263.2 million (1998)
  • Loans Receivable, net: $216.3 million (1999) vs. $191.2 million (1998)
  • Deposits: $215.2 million (1999) vs. $204.5 million (1998)
  • Total liabilities: $256.0 million (1999) vs. $228.0 million (1998)
  • Stockholders' equity: $34.2 million (1999) vs. $35.6 million (1998)
  • Net interest income: $9.8 million (1999) vs. $8.9 million (1998)
  • Total noninterest income: $1.7 million (1999) vs. $1.6 million (1998)

Sources:

  • Jacksonville Bancorp, Inc. (Nasdaq: JXVL)
  • PR Newswire
  • Jacksonville Savings Bank, SSB

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