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Jacksonville Bancorp net income $699,000

Staff writer |
Jacksonville Bancorp reported unaudited net income for the three months ended September 30, 2015, of $699,000, or $0.40 per share of common stock, basic, and $0.39 per common share, diluted.

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This compares to net income of $856,000, or $0.48 per share of common stock, basic, and $0.47 per common share, diluted, for the three months ended September 30, 2014.

The company reported unaudited net income of $2,322,000, or $1.31 per share of common stock, basic and $1.30 per common share, diluted, for the nine months ended September 30, 2015, compared to net income of $2,321,000, or $1.29 per common share, basic and diluted, for the nine months ended September 30, 2014.

Basic per share information for the three and nine months ended September 30, 2015, is based upon 1,765,873 and 1,771,810 average shares outstanding, respectively, compared to 1,795,252 and 1,795,007 average shares outstanding, respectively, during the same periods in 2014.

Net income decreased $157,000 to $699,000 during the third quarter of 2015, as compared to the third quarter of 2014.

The decrease in net income reflected decreases of $30,000 in net interest income and $32,000 in noninterest income and increases of $110,000 in noninterest expense and $15,000 in provision for loan losses, partially offset by a decrease of $30,000 in income taxes.

Net interest income decreased $30,000 to $2.6 million during the third quarter of 2015, reflecting decreases of $116,000 in interest income and $86,000 in interest expense, as compared to the third quarter of 2014.

For the three months ended September 30, 2015 our net interest margin was 3.59% compared to 3.61% for the three months ended September 30, 2014. The ratio of interest earning assets to interest bearing liabilities at September 30, 2015 and 2014 was 1.27x and 1.24x, respectively.

The provision for loan losses increased $15,000 to $45,000 during the third quarter of 2015. Management reviews the allowance for loan losses quarterly and has determined the allowance for loan losses with a balance of $2.9 million, or 1.5% of total loans, at September 30, 2015 to be adequate.

At September 30, 2015, nonperforming loans totaled $2.1 million, or 1.1% of total loans.

The decrease of $32,000 in noninterest income to $992,000 during the third quarter of 2015 was primarily due to decreases of $83,000 in gains on the sales of securities and $13,000 in service charges on deposits, partially offset by an increase of $80,000 in commission income. Noninterest expense increased $110,000 to $2.6 million during the third quarter of 2015.

The increase in noninterest expense was primarily due to increases of $64,000 in compensation and benefits expense, $27,000 in ATM and bank card expense, $23,000 in data processing expense, and $37,000 in other noninterest expense, partially offset by a decrease of $55,000 in professional fees. The $30,000 decrease in income taxes reflected the lower level of taxable income during the third quarter of 2015, as compared to the third quarter of 2014.

Net income increased $1,000 to $2.3 million during the first nine months of 2015 resulting in an annualized return on assets of 1.02%, compared to 1.00% during the first nine months of 2014.

The increase in net income reflected an increase of $121,000 in noninterest income and a decrease of $138,000 in noninterest expense, offset by a decrease of $140,000 in net interest income and increases of $20,000 in provision for loan losses and $98,000 in income taxes.

The decrease in net interest income to $7.7 million during the first nine months of 2015, compared to the same period of 2014, was due to decreases of $379,000 in interest income and $239,000 in interest expense. The provision for loan losses increased $20,000 to $110,000 during the first nine months of 2015.

The increase of $121,000 in noninterest income to $3.1 million during the first nine months of 2015 was primarily due to increases of $133,000 in commission income and $26,000 in net income from mortgage banking operations, partially offset by decreases of $33,000 in gains on sales of securities and $31,000 in service charges on deposits.

Noninterest expense decreased $138,000 to $7.5 million during the first nine months of 2015 primarily due to a decrease of $328,000 in professional fees, reflecting a decrease in non-recurring legal and consulting expenses.

This decrease in noninterest expense was partially offset by increases of $151,000 in compensation and benefits expense and $39,000 in data processing expense. The increase of $98,000 in income taxes reflected the higher level of taxable income during the first nine months of 2015 as compared to the same period of 2014.

Total assets at September 30, 2015 were $306.3 million compared to $311.9 million at December 31, 2014. Total deposits at September 30, 2015 were $233.3 million, compared to $245.9 million at December 31, 2014. Total stockholders' equity increased to $46.7 million at September 30, 2015 from $45.0 million at December 31, 2014.

The company reported a book value per share of $26.10 and a tangible book value per share of $24.58 at September 30, 2015.

At September 30, 2015, Jacksonville Savings Bank exceeded its applicable regulatory capital requirements with Tier 1 leverage, common equity Tier 1, Tier 1 risk-based capital, and total risk-based capital ratios of 13.2%, 18.5%, 18.5%, and 19.7%, respectively.


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