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Jacksonville Bancorp Announces 2012 Results



                 Jacksonville Bancorp Announces 2012 Results

PR Newswire

JACKSONVILLE, Fla., March 26, 2013

JACKSONVILLE, Fla., March 26, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc.
(the "Company") (Nasdaq: JAXB), holding company for The Jacksonville Bank (the
"Bank"), reported a net loss for the year ended December 31, 2012 of $43.0
million, or $7.31 per basic and diluted common share, compared to the net loss
of $24.1 million, or $4.09 per basic and diluted common share, for the year
ended December 31, 2011.  

(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO)

The net loss in 2012 was driven primarily by (i) an increase in the provision
for loan losses, noncash goodwill impairment expense and OREO expenses, (ii)
an increase in loan related expenses, (iii) a decrease in interest income on
loans, and (iv) additional expenses related to 2012 capital raise activities
and the asset sale completed late in the fourth quarter of 2012 (the "Asset
Sale").  The decrease in net interest income when compared to the prior year
was due to a decrease in interest earned on interest-earning assets, driven
primarily by a decrease in average earning assets (in particular average loan
balances), a decrease in the average yield on loans, and a decrease in
interest income as a result of accretion recognized on acquired loans.

Interest income was $26.3 million for the year ended December 31, 2012, a
decrease of $4.4 million when compared to $30.7 million in 2011.  Interest
earned on loans was $24.2 million in 2012, compared to $28.8 million in 2011. 
This decrease resulted from a decrease in the average loan portfolio balance
to $447.1 million for the year ended December 31, 2012 from $492.2 million for
the year ended December 31, 2011, primarily due to the accelerated disposition
of substandard assets and the natural fluctuation of loan balances resulting
from timing differences between loan payoffs and the origination of new loans
throughout the year.  This decrease was also the result of a decrease in the
average yield on loans to 5.41% in 2012 from 5.84% in 2011.  The decrease in
yield was driven primarily by the following factors when compared to the prior
year:

  o A decrease in accretion recognized on acquired loans of approximately $1.0
    million;
  o A decrease in the weighted average loan yield for new loans of 63 basis
    points; and
  o Modifications to reduce existing loan rates in order to be competitive in
    the current low-rate market environment.

Interest expense decreased by $1.7 million to $5.3 million for the year ended
December 31, 2012 from $7.0 million for the year ended December 31, 2011. 
This was primarily due to a decrease in the average cost of interest-bearing
liabilities to 1.15% for the year ended December 31, 2012, compared to 1.47%
in 2011.  This decrease reflected the ongoing reduction in interest rates paid
on interest-bearing liabilities (particularly on deposits) as a result of
repricing activities in the current market environment coupled with a shift in
the funding mix from interest-bearing to more noninterest-bearing deposits
which further reduced overall funding costs.

Noninterest income remained relatively consistent year-over-year, with $1.5
million in service charges and other income for the years ended December 31,
2012 and 2011.

Noninterest expense decreased to $27.7 million for the year ended December 31,
2012, compared to $30.2 million for the year ended December 31, 2011.  The
overall decrease was mainly due to noncash goodwill impairment expense of
$3.1 million in 2012, compared to $11.2 million in 2011.  This decrease was
offset by an increase in other real estate owned expense and other noninterest
expenses primarily due to an increase in loan related expenses and
nonrecurring expenses that resulted from the extended period of time from the
inception of the 2012 capital raise activities and the related Asset Sale to
their completion late in the fourth quarter of 2012.  In comparison,
noninterest expense items related to general operating expenses remained
relatively consistent year-over-year with slight increases in compensation,
occupancy and equipment, telephone expense and director fees, offset by
reductions in regulatory assessments, data processing, advertising and
business development, and professional fees.

Income tax benefit for the year ended December 31, 2012 was $173 thousand, as
compared to an income tax expense of $6.8 million in 2011.  The decrease in
income tax expense in comparison to the prior year was mostly the result of
recording a full valuation allowance on the Company's deferred tax asset as of
December 31, 2011.  This was substantially due to the fact that it was
more-likely-than-not that the benefit would not be realized in future periods
due to Section 382 of the Internal Revenue Code.   The calculation for the
income tax provision or benefit generally does not consider the tax effects of
changes in other comprehensive income ("OCI"), which is a component of
shareholders' equity on the balance sheet.  However, an exception is provided
in certain circumstances, such as when there is a full valuation allowance
against the net deferred tax assets, there is a loss from continuing
operations and income in other components of the financial statements.  In
such a case, income from other categories, such as changes in OCI, must be
considered in determining a tax benefit to be allocated to the loss from
continuing operations.  During the year ended December 31, 2012, this resulted
in $173 thousand of income tax benefit allocated to continuing operations.

Total assets were $565.1 million as of December 31, 2012, compared to $561.4
million as of December 31, 2011.  The increase in total assets was influenced
by a significant year-over-year increase in cash and cash equivalents and
securities available-for-sale offset primarily by a reduction in net loans,
other real estate owned, and a full impairment of the remaining balance of
goodwill.  The increase in cash and cash equivalents to $72.1 million as of
December 31, 2012 from $10.0 million as of December 31, 2011 was primarily due
to federal funds sold in the amount of $57.5 million.  The large federal funds
sold position was driven by the proceeds received from the 2012 capital raise
activities and the Asset Sale completed late in the fourth quarter of 2012. 
Net loans decreased by 16.0% to $377.8 million as of December 31, 2012,
compared to $449.6 million as of December 31, 2011.  Other real estate owned
decreased $1.0 million to $7.0 million as of December 31, 2012, compared to
$8.0 million as of December 31, 2011.  The year-over-year reduction in net
loans and other real estate owned was the direct result of the accelerated
disposition of substandard assets, including the Asset Sale, whereby the
Company sold $25.1 million of certain of the Bank's loans and other assets
with a history of being past due.  The assets underlying the Asset Sale
included OREO of $0.5 million and loans of $24.6 million. 

Total deposits of $490.0 million as of December 31, 2012 increased $16.1
million compared to total deposits of $473.9 million as of December 31, 2011. 
The increase in total deposits during 2012 was driven primarily by an increase
in time deposits of $5.1 million and noninterest-bearing demand deposits of
$11.7 million, offset by a slight decrease in money market, NOW and savings
deposits of $0.7 million.  The increase in noninterest-bearing demand deposits
in relation to the decrease in interest-bearing deposits resulted in a
reduction of overall funding costs.  During 2012, the Company utilized
additional cash balances from increased deposits and run-off in the loan
portfolio to fund additional purchasing activities for securities
available-for-sale to maximize the yield on interest-earning assets in the
current interest rate environment.

As of December 31, 2012, nonperforming assets were $29.7 million, or 5.26% of
total assets, compared to $54.9 million, or 9.77% of total assets, as of
December 31, 2011.  The year-over-year decrease in nonperforming assets was
driven primarily by an increase in loan charge-offs, write-downs on OREO, the
disposition of OREO via sale or substandard assets via short sales, and the
disposition of substandard assets via the Asset Sale completed late in the
fourth quarter of 2012.  This is consistent with the Company's overall
strategy, which began in the second quarter of 2012, to accelerate the
disposition of substandard assets.  As of December 31, 2012, nonperforming
loans acquired in the merger with Atlantic BancGroup, Inc. were $12.2 million,
or 41.1% of total nonperforming assets.

The following table presents information concerning nonperforming assets as of
the last five quarters:

                 For the Period Ended
(Dollars in      December 31,  September   June 30,     March 31,   December
thousands)       2012          30,         2012         2012        31,
                               2012                                 2011
Nonperforming
Assets
Nonperforming    $  22,747     $ 35,168     $ 46,407    $ 49,066    $ 46,904
loans
Foreclosed          6,971        4,599        7,508       7,667       7,968
assets, net
Total
nonperforming       29,718       39,767       53,915      56,733      54,872
assets
Total
nonperforming
assets as
  a percent of      5.26    %    7.21   %     9.25   %    9.68   %    9.77   %
total assets
Nonperforming
loans as a
  percent of        5.71    %    8.05   %     10.24  %    10.69  %    10.13  %
gross loans
Loans past due
30-89 days,
  still accruing $  4,622      $ 11,372     $ 4,628     $ 10,917    $ 7,724
interest

Total loans past due still accruing interest decreased $6.7 million to $4.7
million as of December 31, 2012 from $11.4 million as of September 30, 2012. 
This decrease was driven primarily by management's strategy to accelerate the
disposition of substandard assets, including the previously discussed Asset
Sale completed late in the fourth quarter of 2012.  Nonperforming loans
decreased $12.5 million to $22.7 million as of December 31, 2012 from $35.2
million as of September 30, 2012.

The allowance for loan losses was 5.07% of total loans as of December 31,
2012, compared to 2.82% as of December 31, 2011.  Provision for loan loss
expense was $38.0 million for the year ended December 31, 2012, compared to
$12.4 million in 2011.  The Company recorded net charge-offs of $30.8 million
for the year ended December 31, 2012, compared to $12.4 million in 2011.  The
high level of charge-offs for the year ended December 31, 2012 was primarily
due to the Company's disposition of distressed assets on an individual
customer basis in addition to increased charge-offs resulting from the Asset
Sale completed late in the fourth quarter of 2012.  This fit with the
Company's strategy to accelerate the disposition of substandard assets in 2012
as discussed further below. 

During the second quarter of 2012, the Company adopted a new overall strategy
to accelerate the disposition of substandard assets on an individual customer
basis.  Certain current appraised values were discounted to estimated fair
value based on current market data such as recent sales of similar properties,
discussions with potential buyers and negotiations with existing customers. 
This strategy materially impacted the Company's earnings for the year ended
December 31, 2012 through the increased provision for loan losses.  Looking
forward, the Company intends to continue reducing problem assets in
conjunction with the continued fine tuning of the current credit processes. 
In addition, the Company is working to reposition its loan and deposit
portfolio mix to better align with our targeted market segment of professional
services, wholesalers, distributors and other service industries.  Our balance
sheet mix will be diversified as a result of the capital received late in
2012.  This excess capital will be deployed into short-term investments to
maximize earnings while the desired loan growth is achieved. 

In addition, during the fourth quarter of 2012, the Company completed a $50.0
million capital raise through the private placement of 50,000 shares of the
Company's Mandatorily Convertible, Noncumulative, Nonvoting, Perpetual
Preferred Stock, Series A ("Series A Preferred Stock"), at a purchase price of
$1,000 per share.  Consideration in the private placement included cash, the
one-for-one exchange of Series B preferred stock sold in the $5.0 million
bridge financing completed during the third quarter of 2012 and $1.8 million
in the cancellation of outstanding debt under the Company's revolving loan
agreements held by certain purchasers in the private placement and/or their
related interests.  Net proceeds from the issuance of preferred stock in the
amount of $45.1 million were used for general operating expenses, mainly for
the subsidiary bank, to improve capital adequacy ratios and will be used to
supplement the Company's business strategy going forward.  On February 19,
2013, after receiving requisite shareholder approvals, all issued and
outstanding shares of Series A Preferred Stock automatically converted into an
aggregate of 47,640,000 shares of common stock and 52,360,000 shares of the
Company's newly authorized nonvoting common stock.  Book value and tangible
book value per common share as of December 31, 2012 were $2.55 and $2.34,
respectively.  Book value and tangible book value per common share as of
December 31, 2012, adjusted for the conversion, were $0.32 and $0.31,
respectively.  Please refer to the Company's Non-GAAP Reconciliations for
additional information related to these non-GAAP financial measures.

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 with approximately $565.1 million in assets and eight
full-service branches in Jacksonville, Duval County, Florida, as well as our
virtual branch.  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.

This press release contains non-GAAP financial disclosures that are not in
accordance with generally accepted accounting principles in the United States
of America ("U.S. GAAP").  The Company uses certain non-GAAP financial
measures to provide meaningful, supplemental information regarding its
operational results and to enhance investor's overall understanding of the
Company's financial performance.  The limitations associated with these
non-GAAP financial measures include the risk that persons might disagree as to
the appropriateness of items comprising these measures and that different
companies might calculate these measures differently.  In addition, these
disclosures should not be considered an alternative to the Company's U.S. GAAP
results.  Please refer to the table at the end of this release for a
reconciliation of the non-GAAP financial measures to the most directly
comparable U.S. GAAP financial measures.

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 ability to dispose of substandard
assets and the disposition prices thereof; economic and political conditions,
especially in North Florida; real estate prices and sales in the Company's
markets; competitive circumstances; bank regulation, legislation, accounting
principles and monetary policies; the interest rate environment; efforts to
increase our capital and reduce our 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, including the Company's Annual Report on
Form 10-K for the year ended December 31, 2012, which are incorporated herein
by reference.

 

JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except share and per share data)
                  For the Three Months Ended
                  December 31,   September   June 30,    March 31,  December
                                 30,                                31,
                  2012           2012        2012        2012       2011
Consolidated
Earnings Summary
Total interest    $  6,466       $ 6,641     $ 6,474     $ 6,671    $ 7,145
income
Total interest       1,286         1,238       1,376       1,356      1,591
expense
Net interest         5,180         5,403       5,098       5,315      5,554
income
Provision for        20,348        5,990       11,584      72         7,617
loan losses
Net interest
income (loss)        (15,168)      (587)       (6,486)     5,243      (2,063)
after provision
for loan losses
Total noninterest    420           356         290         437        355
income
Total noninterest    7,118         10,560      5,656       4,392      16,677
expense
Income (loss)        (21,866)      (10,791)    (11,852)    1,288      (18,385)
before income tax
Income tax           (37)          (106)       (30)        -          8,458
expense (benefit)
Net income (loss) $  (21,829)    $ (10,685)  $ (11,822)  $ 1,288    $ (26,843)
                  For the Three Months Ended
                  December 31,   September   June 30,    March 31,  December
                                 30,                                31,
                  2012           2012        2012        2012       2011
Summary Average
Consolidated
Balance Sheet
Loans, gross      $  425,813     $ 447,885   $ 455,604   $ 459,166  $ 474,612
Securities           88,931        91,887      82,648      70,427     65,380
Other earning        16,353        3,802       25,598      8,741      5,698
assets
Total earning        531,097       543,574     563,850     538,334    545,690
assets
Other assets         22,144        20,457      30,144      30,184     47,844
Total assets      $  553,241     $ 564,031   $ 593,994   $ 568,518  $ 593,534
Interest-bearing  $  442,426     $ 453,260   $ 471,622   $ 454,613  $ 451,804
liabilities
Other liabilities    98,198        92,012      91,733      84,400     85,936
Shareholders'        12,617        18,759      30,639      29,505     55,794
equity
Total liabilities
and shareholders' $  553,241     $ 564,031   $ 593,994   $ 568,518  $ 593,534
equity

               For the Three Months Ended  
               December     September    June 30,     March 31,    December
               31,          30,                                    31,
               2012         2012         2012         2012         2011
Per Share
Data
Basic
earnings       $ (3.71)     $ (1.81)     $ (2.01)     $ 0.22       $ (4.56)
(loss) per
share
Diluted
earnings       $ (3.71)     $ (1.81)     $ (2.01)     $ 0.22       $ (4.56)
(loss) per
share
Basic
weighted
average          5,890,880    5,890,880    5,890,136    5,889,822    5,889,822
shares 
outstanding
Diluted
weighted
average          5,890,880    5,890,880    5,890,136    5,890,689    5,889,822
shares
outstanding
Total shares
outstanding      5,890,880    5,890,880    5,890,880    5,889,822    5,889,822
at end of
period
Closing
market price   $ 0.80       $ 0.92       $ 1.51       $ 3.53       $ 3.15
per share

 

JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except share and per share data)
               For the Three Months Ended
               December      September    June 30,     March 31,   December
               31,           30,                                   31,
               2012          2012         2012         2012        2011
Selected
ratios
Return on        (15.70)%      (7.54)%      (8.00)%      0.91%       (17.94)%
average assets
Return on        (688.29)%     (226.60)%    (155.19)%    17.56%      (190.87)%
average equity
Average equity
to average       2.28%         3.33%        5.16%        5.19%       9.40%
assets
Tangible
common equity    2.44%         2.22%        2.48%        4.48%       4.39%
to tangible 
assets
Interest rate    3.68%         3.77%        3.44%        3.78%       3.80%
spread
Net interest     3.88%         3.95%        3.64%        3.97%       4.04%
margin
Allowance for
loan losses as   5.07%         4.14%        4.56%        2.85%       2.82%
a percentage
of total loans
Allowance for
loan losses as   88.79%        51.47%       44.49%       22.98%      27.77%
a percentage
of NPL's
Ratio of net
charge-offs as
a  percentage    17.05%        7.58%        3.56%        0.01%       6.51%
of average
loans
Efficiency       127.11%       183.37%      104.97%      76.36%      282.23%
ratio
               As of
               December 31,   September   June 30,     March 31,    December
                              30,                                   31,
               2012           2012        2012         2012         2011
Summary
Consolidated
Balance Sheet
Cash and cash  $ 72,079       $ 13,661    $ 25,703     $ 23,136     $ 9,955
equivalents
Securities       83,985         88,838      90,583       78,768       63,140
Loans, gross     398,031        436,754     453,263      459,121      462,607
Allowance for    (20,198)       (18,100)    (20,647)     (13,082)     (13,024)
loan losses
Loans, net       377,833        418,654     432,616      446,039      449,583
Goodwill         -              -           3,137        3,137        3,137
Other
intangible       1,260          1,380       1,511        1,642        1,774
assets, net
All other        29,900         29,018      29,407       33,111       33,836
assets
Total assets   $ 565,057      $ 551,551   $ 582,957    $ 585,833    $ 561,425
Deposit        $ 490,021      $ 493,205   $ 521,549    $ 513,513    $ 473,907
accounts
All other        41,460         44,767      42,430       41,518       58,174
liabilities
Shareholders'    33,576         13,579      18,978       30,802       29,344
equity
Total
liabilities
and            $ 565,057      $ 551,551   $ 582,957    $ 585,833    $ 561,425
shareholders'
equity

 

JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except share and per share data)
                                                    For the Year Ended
                                                    December 31,  December 31,
                                                    2012          2011
Consolidated Earnings Summary
Total interest income                               $  26,252     $  30,744
Total interest expense                                 5,256         7,016
Net interest income                                    20,996        23,728
Provision for loan losses                              37,994        12,392
Net interest income (loss) after provision for loan    (16,998)      11,336
losses
Total noninterest income                               1,503         1,531
Total noninterest expense                              27,726        30,152
Income (loss) before income tax                        (43,221)      (17,285)
Income tax expense (benefit)                           (173)         6,774
Net income (loss)                                   $  (43,048)   $  (24,059)
                                                    For the Year Ended
                                                    December 31,  December 31,
                                                    2012          2011
Summary Average Consolidated Balance Sheet
Loans, gross                                        $  447,061    $  492,220
Securities                                             83,511        65,904
Other earning assets                                   13,604        7,698
Total earning assets                                   544,176       565,822
Other assets                                           25,708        46,965
Total assets                                        $  569,884    $  612,787
Interest-bearing liabilities                        $  455,282    $  476,553
Other liabilities                                      91,761        82,202
Shareholders' equity                                   22,841        54,032
Total liabilities and shareholders' equity          $  569,884    $  612,787
                                                    For the Year Ended
                                                    December 31,  December 31,
                                                    2012          2011
Per Share Data
Basic earnings (loss) per share                     $  (7.31)     $  (4.09)
Diluted earnings (loss) per share                   $  (7.31)     $  (4.09)
Basic weighted average shares  outstanding             5,890,432     5,889,439
Diluted weighted average shares outstanding            5,890,432     5,889,439
Total shares outstanding at end of period              5,890,880     5,889,822
Closing market price per share                      $  0.80       $  3.15

 

JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except share and per share data)
                                                    For the Year Ended
                                                    December 31,  December 31,
                                                    2012          2011
Selected ratios
Return on average assets                               (7.55)%       (3.93)%
Return on average equity                               (188.47)%     (44.53)%
Average equity to average assets                       4.01%         8.82%
Tangible common equity to tangible  assets             2.44%         4.39%
Interest rate spread                                   3.67%         3.96%
Net interest margin                                    3.86%         4.19%
Allowance for loan losses as a percentage of total     5.07%         2.82%
loans
Allowance for loan losses as a percentage of NPL's     88.79%        27.77%
Ratio of net charge-offs as a  percentage of           6.89%         2.53%
average loans
Efficiency ratio                                       123.23%       119.37%
                                                    As of
                                                    December 31,  December 31,
                                                    2012          2011
Summary Consolidated Balance Sheet
Cash and cash equivalents                           $  72,079     $  9,955
Securities                                             83,985        63,140
Loans, gross                                           398,031       462,607
Allowance for loan losses                              (20,198)      (13,024)
Loans, net                                             377,833       449,583
Goodwill                                               -             3,137
Other intangible assets, net                           1,260         1,774
All other assets                                       29,900        33,836
Total assets                                        $  565,057    $  561,425
Deposit accounts                                    $  490,021    $  473,907
All other liabilities                                  41,460        58,174
Shareholders' equity                                   33,576        29,344
Total liabilities and shareholders' equity          $  565,057    $  561,425

 

JACKSONVILLE BANCORP, INC.
Non-GAAP Reconciliations
(Unaudited)
(Dollars in thousands, except share and per share data)
(Dollars in thousands,     December 31, 2012                 December 31, 2012
except share                                  Conversion
                           (as reported)      Adjustments    (as adjusted)
and per share amounts)
Book Value Per Common
Share
Shareholders' equity^(1)   $    33,576        $ 18,536       $   33,576
  Less: Preferred               18,536          (18,536)         -
  stock^(2)
Book value                 $    15,040          -            $   33,576
  Less: Goodwill and other      1,260           -                1,260
  intangible assets
Tangible book value        $    13,780        $ -            $   32,316
Shares outstanding              5,890,880       100,000,000      105,890,880
Book value per common           2.55                             0.32
share^(3)
Tangible book value per         2.34                             0.31
common share^(4)

                                                                      

         Assumes the full conversion of the Series A Preferred Stock into
         100,000,000 shares of common stock and nonvoting common stock as of
^(1)     December 31, 2012 resulting in an additional $50.0 million in common
         equity and a non-cash implied dividend recognized as a reduction of
         retained earnings in conjunction with the discount on the Series A
         Preferred Stock beneficial conversion feature of $31.5 million.
^(2)     Assumes no shares of preferred stock outstanding following the
         Conversion.
         Calculated as book value divided by shares outstanding, where book
^(3)     value is calculated as shareholders' equity less preferred stock
         equity (excluding proceeds allocated to common equity as a result of
         the beneficial conversion feature) as of the balance sheet date.
         Calculated as tangible book value divided by shares outstanding,
^(4)     where tangible book value is calculated as book value less goodwill
         and other intangible assets as of the balance sheet date.

 

SOURCE Jacksonville Bancorp, Inc.

Website: http://www.jaxbank.com
Contact: Valerie Kendall at +1-904-421-3051
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