Jacksonville Bancorp Announces First Quarter Earnings
JACKSONVILLE, Fla., April 27 /PRNewswire-FirstCall/ -- Jacksonville
Bancorp, Inc. (Nasdaq: JAXB), holding company for The Jacksonville Bank,
reported 2007 first quarter net income of $543 thousand, compared to $508
thousand in 2006. Basic and diluted earnings per share for the quarter ending
March 31, 2007 were $0.31 and $0.30, respectively, compared to $0.30 and
$0.28, respectively, for the same period in 2006. It was a quarter of
tremendous growth as the Company grew assets $22 million since December 31,
2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020410/JAXBLOGO )
"This quarter was marked by extraordinary loan growth," remarked
Jacksonville Bancorp, Inc. President and CEO Gilbert J. Pomar, III. "Lower
cost core deposits also increased during the quarter as we are starting to see
the results from increased convenience and a small business sales strategy
that is working. This enabled our margin to actually improve year-to-year
despite the stress created by the inverted yield curve."
Net interest income for the quarter increased 17.6% over the first quarter
of 2006, due, primarily, to strong loan growth. The net interest margin was
stable at 3.76% for the quarter ended March 31, 2007, compared to 3.69% for
the comparable period one year ago, and 3.75% for the preceding quarter.
Total assets were $347.1 million at March 31, 2007, compared to $304.1
million at March 31, 2006. Net loans increased 22.3% to $300.5 million as of
March 31, 2007, compared to $245.7 million as of March 31, 2006. Total
deposits increased 7.5% to $296.6 million, compared to $276.0 million as of
March 31, 2006.
Credit quality remains healthy, with no charge-offs and non-performing
loans at 0.15% of loans outstanding at quarter-end. The allowance for loan
losses as a percentage of loans was 0.94% at March 31, 2007, compared to 0.95%
a year earlier.
Noninterest income increased by 36.4% over the first quarter 2006; the
increase was partially due to the successful integration of a mortgage
origination program in the second quarter of 2006. Noninterest expense was
$2.1 million for the quarter ended March 31, 2007, up 20.3% over the
comparable period in the prior year. During the three-month period ended March
31, 2007, the Company absorbed additional expenses related to its fifth
branch, which opened for business on June 9, 2006, driving the Company's
efficiency ratio to increase slightly from 64.7% for the quarter ended March
31, 2006 to 65.3% for the comparable period in 2007.
"Our new offices are helping us grow, and we continue to see progress
toward becoming the dominant community bank in Jacksonville," added Mr. Pomar.
"Our decision to stay out of the residential construction loans to
homebuilders market has left us with a very high quality loan portfolio."
Jacksonville Bancorp, Inc., a bank holding company, is the parent of The
Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast
Florida market. The Jacksonville Bank opened for business on May 28, 1999 and
provides a variety of community banking services to businesses and individuals
in Jacksonville, 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 in North 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 for per share data)
Three Months Ended Three Months Ended
March 31, March 31,
------------------ ------------------
2007 2006
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Earnings Summary
----------------
Total interest income $6,043 $4,855
Total interest expense $3,111 $2,363
Net interest income $2,932 $2,492
Provision for loan losses $247 $152
Net interest income after provision
for loan losses $2,685 $2,340
Noninterest income $292 $214
Noninterest expense $2,106 $1,751
Income before income tax $871 $803
Income tax provision $328 $295
Net income $543 $508
Summary Average Balance Sheet
-----------------------------
Loans, gross $287,103 $239,565
Securities $26,671 $25,063
Other earning assets $2,278 $9,399
------------------ ------------------
Total earning assets $316,052 $274,027
Other assets $13,962 $13,182
------------------ ------------------
Total assets $330,014 $287,209
================== ==================
Interest bearing liabilities $271,982 $228,752
Other liabilities $34,667 $38,368
Shareholders' equity $23,365 $20,089
------------------ ------------------
Total liabilities and
shareholders' equity $330,014 $287,209
================== ==================
Per Share Data
--------------
Basic earnings per share $0.31 $0.30
Diluted earnings per share $ 0.30 $0.28
Book value per basic share at end
of period $13.65 $11.86
Basic weighted average shares
outstanding 1,742,914 1,718,435
Diluted weighted average shares
outstanding 1,822,526 1,804,974
Total shares outstanding at end
of period 1,742,201 1,719,852
Closing market price per share $35.51 $32.00
Selected Ratios
---------------
Return on average assets 0.67% 0.72%
Return on average equity 9.42% 10.26%
Average equity to average assets 7.08% 6.99%
Interest rate spread 3.11% 3.00%
Net interest margin 3.76% 3.69%
Allowance for loan losses as a
percentage of total loans 0.94% 0.95%
Net charged off loans as a percentage
of average loans 0.00% 0.00%
Efficiency Ratio 65.31% 64.71%
March 31, March 31,
Summary Balance Sheet 2007 2006
------------------ ------------------
Cash and cash equivalents $6,012 $19,180
Securities 26,558 27,280
Loans, net 300,518 245,694
All other assets 13,999 11,918
------------------ ------------------
Total assets $347,087 $304,072
================== ==================
Deposit accounts $296,624 $275,950
All other liabilities 26,691 7,722
Shareholders' equity 23,772 20,400
------------------ ------------------
Total liabilities and
shareholders' equity $347,087 $304,072
================== ==================