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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:JAXB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.45 | 0 | 01:00:00 |
Date of Report (Date of earliest event reported)
|
November 9, 2015
|
JACKSONVILLE BANCORP, INC.
|
(Exact name of registrant as specified in its charter)
|
Florida
|
000-30248
|
59-3472981
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
100 North Laura Street, Suite 1000, Jacksonville, FL
|
32202
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
904-421-3040
|
(Former name or former address, if changed since last report.)
|
☒ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 8.01 | OTHER EVENTS |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) | Exhibits |
99.1 | Press release dated as of November 9, 2015. |
JACKSONVILLE BANCORP, INC.
|
|||
Date:
|
November 9, 2015 |
/s/ Valerie A. Kendall
|
|
Valerie A. Kendall
|
|||
Executive Vice President
|
|||
& Chief Financial Officer
|
Press release dated as of November 9, 2015.
|
· | Money market, NOW and savings deposits decreased $11.5 million, or 5.6%, due to natural fluctuations in account balances; |
· | The time deposit portfolio decreased $2.9 million, or 2.4%; and |
· | These amounts were offset by an increase in noninterest-bearing deposits of $9.1 million, or 8.0%. This represents 28.3% of total deposits as of September 30, 2015. |
· | Money market, NOW and savings deposits increased $18.8 million, or 10.8%, to $193.5 million at September 30, 2015; |
· | Noninterest-bearing deposits increased $14.7 million, or 13.6%, to $122.5 million at September 30, 2015; and |
· | These amounts were offset by a decrease in time deposits of $16.2 million, or 12.2%, to $117.0 million at September 30, 2015. |
As of
|
||||||||||||||||||||
(Dollars in thousands)
|
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
|||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
Total nonperforming loans(1)
|
$
|
7,045
|
$
|
5,877
|
$
|
8,975
|
$
|
9,182
|
$
|
14,130
|
||||||||||
Other real estate owned, net
|
3,768
|
4,047
|
4,007
|
4,061
|
4,606
|
|||||||||||||||
Total nonperforming assets
|
$
|
10,813
|
$
|
9,924
|
$
|
12,982
|
$
|
13,243
|
$
|
18,736
|
||||||||||
Allowance for loan losses
|
$
|
(12,570
|
)
|
$
|
(12,861
|
)
|
$
|
(14,371
|
)
|
$
|
(14,377
|
)
|
$
|
(15,170
|
)
|
|||||
Allowance for loan losses as a percentage of NPL's
|
178.42
|
%
|
218.84
|
%
|
160.12
|
%
|
156.58
|
%
|
107.36
|
%
|
||||||||||
Nonperforming loans as a percentage of gross loans
|
1.76
|
%
|
1.52
|
%
|
2.40
|
%
|
2.45
|
%
|
3.92
|
%
|
||||||||||
Total nonperforming assets as a percentage of total assets
|
2.14
|
%
|
1.98
|
%
|
2.64
|
%
|
2.71
|
%
|
3.67
|
%
|
||||||||||
Total past due loans
|
$
|
5,763
|
$
|
3,037
|
$
|
7,191
|
$
|
14,488
|
$
|
8,342
|
||||||||||
Loans past due 30-89 days, still accruing interest
|
$
|
2,686
|
$
|
985
|
$
|
946
|
$
|
6,756
|
$
|
637
|
(1) | Total nonperforming loans (“NPL’s”) include loans on nonaccrual and loans past due over 90 days still on accrual. |
For the Three Months Ended
|
||||||||||||||||||||
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
||||||||||||||||
Consolidated Earnings Summary
|
||||||||||||||||||||
Total interest income
|
$
|
5,297
|
$
|
5,206
|
$
|
5,074
|
$
|
5,226
|
$
|
5,251
|
||||||||||
Total interest expense
|
735
|
733
|
742
|
785
|
790
|
|||||||||||||||
Net interest income
|
4,562
|
4,473
|
4,332
|
4,441
|
4,461
|
|||||||||||||||
Provision for loan losses
|
-
|
(2,011
|
)
|
-
|
-
|
-
|
||||||||||||||
Net interest income after provision for loan losses
|
4,562
|
6,484
|
4,332
|
4,441
|
4,461
|
|||||||||||||||
Total noninterest income
|
372
|
372
|
373
|
379
|
867
|
|||||||||||||||
Total noninterest expense
|
3,970
|
3,715
|
3,777
|
4,252
|
4,500
|
|||||||||||||||
Income before income tax
|
964
|
3,141
|
928
|
568
|
828
|
|||||||||||||||
Income tax (benefit) expense
|
(28
|
)
|
32
|
14
|
(20
|
)
|
20
|
|||||||||||||
Net income
|
$
|
992
|
$
|
3,109
|
$
|
914
|
$
|
588
|
$
|
808
|
For the Three Months Ended
|
||||||||||||||||||||
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
||||||||||||||||
Summary Average Consolidated Balance Sheet
|
||||||||||||||||||||
Loans, gross
|
$
|
390,879
|
$
|
377,603
|
$
|
373,264
|
$
|
371,428
|
$
|
363,232
|
||||||||||
Securities
|
71,337
|
75,153
|
76,867
|
81,849
|
82,693
|
|||||||||||||||
Other earning assets
|
13,384
|
15,625
|
13,560
|
21,830
|
27,553
|
|||||||||||||||
Total earning assets
|
475,600
|
468,381
|
463,691
|
475,107
|
473,478
|
|||||||||||||||
Other assets
|
21,830
|
24,495
|
23,848
|
25,465
|
26,092
|
|||||||||||||||
Total assets
|
$
|
497,430
|
$
|
492,876
|
$
|
487,539
|
$
|
500,572
|
$
|
499,570
|
||||||||||
Interest-bearing liabilities
|
336,559
|
$
|
337,523
|
$
|
340,125
|
$
|
348,288
|
$
|
355,148
|
|||||||||||
Other liabilities
|
119,377
|
116,695
|
109,895
|
115,666
|
108,628
|
|||||||||||||||
Shareholders' equity
|
41,494
|
38,658
|
37,519
|
36,618
|
35,794
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
497,430
|
$
|
492,876
|
$
|
487,539
|
$
|
500,572
|
$
|
499,570
|
For the Three Months Ended
|
||||||||||||||||||||
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
||||||||||||||||
Per Share Data
|
||||||||||||||||||||
Basic earnings per common share
|
$
|
0.17
|
$
|
0.54
|
$
|
0.16
|
$
|
0.10
|
$
|
0.14
|
||||||||||
Diluted earnings per common share
|
$
|
0.17
|
$
|
0.54
|
$
|
0.16
|
$
|
0.10
|
$
|
0.14
|
||||||||||
Basic weighted average common shares outstanding
|
5,796,282
|
5,796,260
|
5,795,471
|
5,795,121
|
5,795,121
|
|||||||||||||||
Diluted weighted average common shares outstanding
|
5,815,748
|
5,807,921
|
5,800,429
|
5,807,599
|
5,797,102
|
|||||||||||||||
Total shares outstanding at end of period
|
5,796,282
|
5,796,282
|
5,796,246
|
5,795,121
|
5,795,121
|
|||||||||||||||
Closing market price per share
|
$
|
14.94
|
$
|
11.73
|
$
|
11.00
|
$
|
12.28
|
$
|
10.79
|
For the Three Months Ended
|
||||||||||||||||||||
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
||||||||||||||||
Selected ratios
|
||||||||||||||||||||
Return on average assets
|
0.79
|
%
|
2.53
|
%
|
0.76
|
%
|
0.47
|
%
|
0.64
|
%
|
||||||||||
Return on average equity
|
9.48
|
%
|
32.26
|
%
|
9.88
|
%
|
6.37
|
%
|
8.96
|
%
|
||||||||||
Average equity to average assets
|
8.34
|
%
|
7.84
|
%
|
7.70
|
%
|
7.32
|
%
|
7.16
|
%
|
||||||||||
Tangible common equity to tangible assets
|
8.04
|
%
|
8.10
|
%
|
7.70
|
%
|
7.49
|
%
|
6.99
|
%
|
||||||||||
Interest rate spread
|
3.55
|
%
|
3.59
|
%
|
3.56
|
%
|
3.46
|
%
|
3.52
|
%
|
||||||||||
Net interest margin
|
3.81
|
%
|
3.83
|
%
|
3.79
|
%
|
3.71
|
%
|
3.74
|
%
|
||||||||||
Allowance for loan losses as a percentage of total loans
|
3.15
|
%
|
3.33
|
%
|
3.85
|
%
|
3.84
|
%
|
4.20
|
%
|
||||||||||
Allowance for loan losses as a percentage of NPL's
|
178.42
|
%
|
218.84
|
%
|
160.12
|
%
|
156.58
|
%
|
107.36
|
%
|
||||||||||
Ratio of net charge-offs as a percentage of average loans
|
0.30
|
%
|
(0.53
|
)%
|
0.01
|
%
|
0.85
|
%
|
(0.61
|
)%
|
||||||||||
Efficiency ratio
|
80.46
|
%
|
76.68
|
%
|
80.28
|
%
|
88.22
|
%
|
84.46
|
%
|
As of
|
||||||||||||||||||||
September 30,
2015
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
||||||||||||||||
Summary Consolidated Balance Sheet
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
26,410
|
$
|
29,555
|
$
|
33,088
|
$
|
24,372
|
$
|
54,244
|
||||||||||
Securities
|
67,375
|
73,235
|
73,306
|
77,633
|
82,425
|
|||||||||||||||
Loans, gross
|
399,511
|
385,699
|
373,196
|
374,656
|
360,662
|
|||||||||||||||
Allowance for loan losses
|
(12,570
|
)
|
(12,861
|
)
|
(14,371
|
)
|
(14,377
|
)
|
(15,170
|
)
|
||||||||||
Loans, net
|
386,941
|
372,838
|
358,825
|
360,279
|
345,492
|
|||||||||||||||
Other intangible assets, net
|
372
|
455
|
512
|
570
|
634
|
|||||||||||||||
All other assets
|
24,156
|
25,773
|
25,350
|
25,730
|
27,689
|
|||||||||||||||
Total assets
|
$
|
505,254
|
$
|
501,856
|
$
|
491,081
|
$
|
488,584
|
$
|
510,484
|
||||||||||
433,032
|
||||||||||||||||||||
Deposit accounts
|
$
|
433,032
|
$
|
426,188
|
$
|
423,132
|
$
|
415,756
|
$
|
438,365
|
||||||||||
All other liabilities
|
30,102
|
34,597
|
29,643
|
35,716
|
35,825
|
|||||||||||||||
Shareholders' equity
|
42,120
|
41,071
|
38,306
|
37,112
|
36,294
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
505,254
|
$
|
501,856
|
$
|
491,081
|
$
|
488,584
|
$
|
510,484
|
For the Nine Months Ended
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Consolidated Earnings Summary
|
||||||||
Total interest income
|
$
|
15,577
|
$
|
15,902
|
||||
Total interest expense
|
2,210
|
2,474
|
||||||
Net interest income
|
13,367
|
13,428
|
||||||
Provision for loan losses
|
(2,011
|
)
|
287
|
|||||
Net interest income after provision for loan losses
|
15,378
|
13,141
|
||||||
Total noninterest income
|
1,117
|
1,623
|
||||||
Total noninterest expense
|
11,462
|
13,403
|
||||||
Income before income tax
|
5,033
|
1,361
|
||||||
Income tax expense
|
18
|
20
|
||||||
Net income
|
$
|
5,015
|
$
|
1,341
|
For the Nine Months Ended
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Summary Average Consolidated Balance Sheet
|
||||||||
Loans, gross
|
$
|
380,647
|
$
|
371,146
|
||||
Securities
|
74,432
|
83,051
|
||||||
Other earning assets
|
14,189
|
22,360
|
||||||
Total earning assets
|
469,268
|
476,557
|
||||||
Other assets
|
23,383
|
21,174
|
||||||
Total assets
|
$
|
492,651
|
$
|
497,731
|
||||
Interest-bearing liabilities
|
$
|
338,055
|
$
|
358,477
|
||||
Noninterest-bearing liabilities
|
115,358
|
104,351
|
||||||
Shareholders' equity
|
39,238
|
34,903
|
||||||
Total liabilities and shareholders' equity
|
$
|
492,651
|
$
|
497,731
|
For the Nine Months Ended
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Per Share Data
|
||||||||
Basic earnings per common share
|
$
|
0.87
|
$
|
0.23
|
||||
Diluted earnings per common share
|
$
|
0.86
|
$
|
0.23
|
||||
Basic weighted average common shares outstanding
|
5,796,012
|
5,795,104
|
||||||
Diluted weighted average common shares outstanding
|
5,808,616
|
5,798,453
|
||||||
Total shares outstanding at end of period
|
5,796,282
|
5,795,121
|
||||||
Closing market price per share
|
$
|
14.94
|
$
|
10.79
|
For the Nine Months Ended
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Selected ratios
|
||||||||
Return on average assets
|
1.36
|
%
|
0.36
|
%
|
||||
Return on average equity
|
17.09
|
%
|
5.14
|
%
|
||||
Average equity to average assets
|
7.96
|
%
|
7.01
|
%
|
||||
Tangible common equity to tangible assets
|
8.04
|
%
|
6.99
|
%
|
||||
Interest rate spread
|
3.57
|
%
|
3.54
|
%
|
||||
Net interest margin
|
3.81
|
%
|
3.77
|
%
|
||||
Allowance for loan losses as a percentage of total loans
|
3.15
|
%
|
4.20
|
%
|
||||
Allowance for loan losses as a percentage of NPL's
|
178.42
|
107.36
|
%
|
|||||
Ratio of net charge-offs as a percentage of average loans
|
(0.07
|
)%
|
0.32
|
%
|
||||
Efficiency ratio
|
79.14
|
%
|
89.05
|
%
|
As of
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Summary Consolidated Balance Sheet
|
||||||||
Cash and cash equivalents
|
$
|
26,410
|
$
|
54,244
|
||||
Securities
|
67,375
|
82,425
|
||||||
Loans, gross
|
399,511
|
360,662
|
||||||
Allowance for loan losses
|
(12,570
|
)
|
(15,170
|
)
|
||||
Loans, net
|
386,941
|
345,492
|
||||||
Other intangible assets, net
|
372
|
634
|
||||||
All other assets
|
24,156
|
27,689
|
||||||
Total assets
|
$
|
505,254
|
$
|
510,484
|
||||
Deposit accounts
|
$
|
433,032
|
$
|
438,365
|
||||
All other liabilities
|
30,102
|
35,825
|
||||||
Shareholders' equity
|
42,120
|
36,294
|
||||||
Total liabilities and shareholders' equity
|
$
|
505,254
|
$
|
510,484
|
1 Year (MM) Chart |
1 Month (MM) Chart |
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