Jacksonville Bancorp Announces 2013 Second Quarter Earnings

         Jacksonville Bancorp Announces 2013 Second Quarter Earnings

PR Newswire

JACKSONVILLE, Fla., Aug. 9, 2013

JACKSONVILLE, Fla., Aug. 9, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc.
(the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the
"Bank"), announced today net income of $29 thousand for the three months ended
June 30, 2013, compared to net loss of $11.8 million for the three months
ended June 30, 2012. For the six months ended June 30, 2013, the Company
recorded net income of $228 thousand, compared to $10.5 million of net loss
for the same period in the prior year. Book value and tangible book value per
common share as of June 30, 2013 were $0.30 and $0.29, respectively.

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

Total assets were $522.4 million as of June 30, 2013, compared to $583.0
million as of June 30, 2012.The decrease in total assets was largely due to
the decrease in net loans as a result of the Company's execution of its
overall strategy to accelerate the disposition of substandard assets. To a
lesser extent, the write-off of the Company's goodwill also decreased total
assets year-over-year. Total assets decreased $42.7 million to $522.4 million
as of June 30, 2013 from $565.1 million as of December 31, 2012. This
decrease was due to reductions in federal funds sold in the amount of $30.9
million and net loans of $13.2 million as a result of foreclosure activities,
net charge-offs and loan payoffs that outpaced loan originations during the
six months ended June 30, 2013. Other real estate owned ("OREO") increased
$2.2 million as a result of the aggressive pursuit of foreclosures in the
first half of 2013. These amounts were slightly offset by a decrease in
securities available-for-sale of $0.8 million during the six months ended June
30, 2013.

Total deposits were $449.3 million as of June 30, 2013, a decrease of $72.2
million compared to total deposits of $521.5million as of June 30, 2012. The
decrease in total deposits when compared to the same period in 2012 was driven
primarily by a decrease in time deposits of $65.0 million due largely to a
reduction in national and brokered CDs (the Company is currently not offering
or renewing national or brokered CDs). This decrease was slightly offset by
an $11.8 million increase in noninterest-bearing demand deposits.Total
deposits decreased $40.7 million during the six months ended June 30, 2013 to
$449.3 million as of June 30, 2013, as compared to $490.0 million as of
December 31, 2012. This decrease was due to similar factors as were
previously discussed.

As of June 30, 2013, nonperforming assets were $26.1 million, or 5.00% of
total assets, compared to $53.9million, or 9.25% of total assets, as of June
30, 2012. The decrease in nonperforming assets was driven primarily by sales
and write-downs of OREO, the reduction of substandard assets via restructures,
payoffs and short sales, and the asset sale completed late in the fourth
quarter of 2012 and the associated charge-offs related to these activities.
The year-over-year reduction in nonperforming loans was further driven by the
aggressive pursuit of foreclosure actions during the first half of 2013. As
of June 30, 2013, $2.1 million of our $9.1 million OREO balance was either
pending or under contract to sell. These factors are consistent with the
Company's overall strategy to accelerate the disposition of substandard
assets.

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

               As of
(Dollars in    June30,    March31,   December31,  September30,  June30,
thousands)     2013        2013        2012          2012           2012
Nonperforming
Assets
Total
nonperforming  $ 16,973    $ 20,067    $  22,747     $  35,168      $ 46,407
loans
Other real
estate owned,    9,142       9,920        6,971         4,599         7,508
net
Total
nonperforming  $ 26,115    $ 29,987    $  29,718     $  39,767      $ 53,915
assets
Nonperforming
loans as a
 percentage     4.44   %    5.10   %     5.71    %     8.05    %     10.24  %
of gross loans
Total
nonperforming
assets as
a percentage
of total         5.00   %    5.76   %     5.26    %     7.21    %     9.25   %
assets
Loans past due
30-89 days,
 still
accruing       $ 2,466     $ 8,246     $  4,622      $  11,372      $ 4,628
interest

Nonperforming loans decreased $5.7million to $17.0 million as of June 30,
2013 from $22.7 million as of December 31, 2012. In addition, total loans
past due 30-89 days, still accruing interest, decreased $2.1 million to $2.5
million as of June 30, 2013 from $4.6million as of December 31, 2012. This
decrease was driven primarily by general improvements in asset quality during
the six months ended June 30, 2013.

The allowance for loan losses was 4.53% of total loans as of June 30, 2013,
compared to 5.07% as of December 31, 2012 and 4.56% as of June 30, 2012. The
decrease in the allowance for loan losses as of June 30, 2013 compared to
December 31, 2012 was driven primarily by a decrease in the amount of reserves
required on loans collectively evaluated for impairment as a result of a
reduction in total loans outstanding. In addition, there was a decrease in the
amount of reserves required on loans with deteriorated credit qualitydue to
charge-offs associated with these loans.

A provision for loan loss benefit for $267 thousand was recorded for the six
months ended June 30, 2013, compared to an expense of $11.7 million for the
same period in 2012. In addition, the Company recorded net charge-offs of
$2.6 million for the six months ended June 30, 2013, compared to $4.0 million
for the same period in 2012. The decrease in provision expense was primarily
due to the decrease in net charge-offs for the six months ended June 30, 2013
compared to the same period in 2012 as well asthe improvements in our overall
asset quality and a general reduction in substandard assets.

Total interest income decreased $0.7 million for the three months ended June
30, 2013 when compared to the same period in 2012. This decrease was
primarily driven by a decrease in average earning assets, in particular,
andaverage loan balances which declined by $65.3 million when compared to the
same period in the prior year. The decrease in average loan balances was
partially offset by an increase in the average yield on loans to 5.46% for the
three months ended June 30, 2013, compared to 5.25% for the three months ended
June 30, 2012. The increase in the loan yield was driven by an increase in
accretion recognized on acquired loans of approximately $72 thousand as well
as a decrease in total nonperforming loans.

Total interest income decreased $1.0 million for the six months ended June 30,
2013 when compared to the same period in 2012. This decrease was primarily
driven by a decrease in average earning assets, in particular, andaverage
loan balances which declined by $64.5 million when compared to the same period
in the prior year. The decrease in average loan balances was partially offset
by an increase in the average yield on loans to 5.75% for the six months ended
June 30, 2013 compared to 5.33% for the six months ended June 30, 2012. The
increase in the loan yield was driven by an increase in accretion recognized
on acquired loans of approximately $0.5 million as well as a decrease in total
nonperforming loans. 

Interest expense decreased by $0.3 million and $0.5 million for the three and
six months ended June 30, 2013, respectively, when compared to the same
periods in the prior year. This was partially due to a decrease in the
average cost of interest-bearing liabilities to 1.13% and 1.12% for the three
and six months ended June 30, 2013, respectively, compared to 1.17% and 1.19%
for the three and six months ended June 30, 2012, respectively. The overall
decrease in interest expense also reflects the ongoing reduction in interest
rates paid on interest-bearing liabilities (particularly on deposits) as a
result of repricing activities in the current low interest rate environment
coupled with an increase in average noninterest-bearing deposits to $95.6
million for the six months ended June 30, 2013, compared to $88.1 million for
the same period in the prior year.

Noninterest income remained relatively consistent period-over-period, with
$0.4 million and $0.8 million in service charges and other income for the
three and six months ended June 30, 2013, compared to $0.3 million and $0.7
million for the same period in 2012. Included in the current year other
income were realized gains from the sale of investment securities of $9
thousand and $46 thousand for the three and six months ended June 30, 2013,
respectively.

Noninterest expense decreased slightly to $5.5 million for the three months
ended June 30, 2013, compared to $5.7 million for the three months ended June
30, 2012. In contrast, noninterest expense increased to $10.8 million for the
six months ended June30, 2013, compared to $10.0 million for the six months
ended June 30, 2012. The quarter-over quarter decrease in noninterest expense
was primarily due to a decrease in OREO expense, whereas the year-over-year
reduction in OREO expense was outweighed by an increase in professional fees,
data processing, and other expenses (primarily loan-related expenses).

There was no income tax expense recorded during the three and six months ended
June 30, 2013, while there was an income tax benefit of $30 thousand for the
three and six months ended June 30, 2012. The Company recorded a full
valuation allowance against its deferred taxes 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. Based on an analysis performed as of June 30, 2013 and
December 31, 2012, it was determined that the need for a full valuation
allowance still existed.

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
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 ratios and to support 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 47.6 million
shares of common stock and 52.4 million shares of the Company's newly
authorized nonvoting common stock (the "Conversion"). 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. In
addition, on December 31, 2012, the Bank completed the sale of $25.1 million
in assets, including non-accrual loans, loans with a history of being past
due, and other loans that were part of an overall customer relationship of
$24.6 million and OREO of $0.5 million, to a real estate investment firm, for
a purchase price of $11.7 million.

On a diluted per common share basis, the Company had net income (loss) of
$0.00 and $(0.40) for the three and six months ended June 30, 2013,
respectively, compared to a net loss of $2.01 and $1.79 for the same periods
in the prior year. The Company experienced a net loss per diluted common
share for the six months ended June 30, 2013 due to the reduction of net
income available to common shareholders in the amount of $31.5 million as a
result of the noncash, implied preferred stock dividend recognized in
conjunction with the Conversion, during the three months ended March 31,
2013. As adjusted to reflect earnings (loss) per common share less the impact
of the noncash, implied preferred stock dividend, the basic and diluted
earnings per common share was $0.00 for the six months ended June 30, 2013.
Please refer to the Company's Non-GAAP Reconciliations for additional
information related to this non-GAAP financial measure.

On June 24, 2013, Stephen C. Green resigned as President and Chief Executive
Officer ofthe Company, and as Chief Executive Officer of the Bank. On the
same date, Mr. Green also resigned from the boards of directors of the Company
and the Bank. The Company has engaged an executive search firm to initiate
the search for a successor President and Chief Executive Officer. The
Company's board of directors appointed Donald F. Glisson, Jr., the Chairman of
the Board, as the Company's interim principal executive officer.

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 $522.4 million in assets and eight
full-service branches in Jacksonville and Jacksonville Beach, 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 the greater Jacksonville area of Northeast
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 investors' 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 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 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 and the Company's registration
statement on Form S-1, as amended (File No. 333-188146), which are
incorporated herein by reference.



JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except per share data)
                   For the Three Months Ended
                   June 30,       March 31,      December     September    June 30,
                                                 31,          30,
                   2013           2013           2012         2012         2012
Consolidated
Earnings Summary
Total interest     $ 5,797        $ 6,362        $ 6,466      $ 6,641      $ 6,474
income
Total interest       1,089          1,133          1,286        1,238        1,376
expense
Net interest         4,708          5,229          5,180        5,403        5,098
income
Provision for loan   (484)          217            20,348       5,990        11,584
losses
Net interest
income (loss)        5,192          5,012          (15,168)     (587)        (6,486)
after provision
for loan losses
Total noninterest    377            424            420          356          290
income
Total noninterest    5,540          5,237          7,118        10,560       5,656
expense
Income (loss)        29             199            (21,866)     (10,791)     (11,852)
before income tax
Income tax benefit   -              -              (37)         (106)        (30)
Net income (loss)  $ 29           $ 199          $ (21,829)   $ (10,685)   $ (11,822)
Noncash, implied
preferred stock      -              (31,464)       -            -            -
dividend
Net income (loss)
available to       $ 29           $ (31,265)     $ (21,829)   $ (10,685)   $ (11,822)
common
shareholders
                   For the Three Months Ended
                   June 30,       March 31,      December     September    June 30,
                                                 31,          30,
                   2013           2013           2012         2012         2012
Summary Average
Consolidated
Balance Sheet
Loans, gross       $ 390,265      $ 395,589      $ 425,813    $ 447,885    $ 455,604
Securities           92,157         91,186         88,931       91,887       82,648
Other earning        17,577         32,816         16,353       3,802        25,598
assets
Total earning        499,999        519,591        531,097      543,574      563,850
assets
Other assets         19,631         18,464         22,144       20,457       30,144
Total assets       $ 519,630      $ 538,055      $ 553,241    $ 564,031    $ 593,994
Interest-bearing   $ 387,026      $ 412,753      $ 442,426    $ 453,260    $ 471,622
liabilities
Other liabilities    99,434         91,734         98,198       92,012       91,733
Shareholders'        33,170         33,568         12,617       18,759       30,639
equity
Total liabilities
and shareholders'  $ 519,630      $ 538,055      $ 553,241    $ 564,031    $ 593,994
equity
                   For the Three Months Ended
                   June 30,       March 31,      December     September    June 30,
                                                 31,          30,
                   2013           2013           2012         2012         2012
Per Share Data
Basic (loss)
earnings per       $ 0.00         $ (0.61)       $ (3.71)     $ (1.81)     $ (2.01)
common share
Diluted (loss)
earnings per       $ 0.00         $ (0.61)       $ (3.71)     $ (1.81)     $ (2.01)
common share
Basic weighted
average common       105,890,929    51,446,436     5,890,880    5,890,880    5,890,136
sharesoutstanding
Diluted weighted
average common       105,918,676    51,447,063     5,890,880    5,890,880    5,890,136
shares outstanding
Total shares
outstanding at end   105,891,627    105,890,880    5,890,880    5,890,880    5,890,880
of period
Closing market     $ 0.48         $ 1.50         $ 0.80       $ 0.92       $ 1.51
price per share



JACKSONVILLE BANCORP, INC.
(Unaudited)
(Dollars in thousands, except per share data)
              For the Three Months Ended
              June 30,    March 31,    December      September     June 30,
                                       31,           30,
              2013        2013         2012          2012          2012
Selected
ratios
Return on
average         0.02%       0.15%        (15.70)%      (7.54)%       (8.00)%
assets
Return on
average         0.35%       2.40%        (688.29)%     (226.60)%     (155.19)%
equity
Average
equity to       6.38%       6.24%        2.28%         3.33%         5.16%
average
assets
Tangible
common equity   5.94%       6.21%        2.44%         2.22%         2.48%
to tangible
assets
Interest rate   3.52%       3.86%        3.68%         3.77%         3.44%
spread
Net interest    3.78%       4.08%        3.88%         3.95%         3.64%
margin
Allowance for
loan losses
as a            4.53%       5.04%        5.07%         4.14%         4.56%
percentage of
total loans
Allowance for
loan losses
as a            101.94%     98.77%       88.79%        51.47%        44.49%
percentage of
NPL's
Ratio of net
charge-offs
as              2.09%       0.61%        17.05%        7.58%         3.56%
apercentage
of average
loans
Efficiency      108.95%     92.64%       127.11%       183.37%       104.97%
ratio
              As of
              June 30,    March 31,    December      September     June 30,
                                       31,           30,
              2013        2013         2012          2012          2012
Summary
Consolidated
Balance Sheet
Cash and cash $ 42,799    $ 23,961     $ 72,079      $ 13,661      $ 25,703
equivalents
Securities      83,234      91,262       83,985        88,838        90,583
Loans, gross    381,952     392,989      398,031       436,754       453,263
Allowance for   (17,303)    (19,820)     (20,198)      (18,100)      (20,647)
loan losses
Loans, net      364,649     373,169      377,833       418,654       432,616
Goodwill        -           -            -             -             3,137
Other
intangible      1,045       1,153        1,260         1,380         1,511
assets, net
All other       30,706      31,353       29,900        29,018        29,407
assets
Total assets  $ 522,433   $ 520,898    $ 565,057     $ 551,551     $ 582,957
Deposit       $ 449,254   $ 446,235    $ 490,021     $ 493,205     $ 521,549
accounts
All other       41,146      41,239       41,460        44,767        42,430
liabilities
Shareholders'   32,033      33,424       33,576        13,579        18,978
equity
Total
liabilities
and           $ 522,433   $ 520,898    $ 565,057     $ 551,551     $ 582,957
shareholders'
equity



JACKSONVILLE BANCORP, INC.
Unaudited
(Dollars in thousands, except per share data)
                                                    For the Six Months Ended
                                                    June 30,       June 30,
                                                    2013           2012
Consolidated Earnings Summary
Total interest income                               $ 12,159       $ 13,145
Total interest expense                                2,222          2,732
Net interest income                                   9,937          10,413
Provision for loan losses                             (267)          11,656
Net interest income (loss) after provision for loan   10,204         (1,243)
losses
Total noninterest income                              801            727
Total noninterest expense                             10,777         10,048
Income (loss) before income tax                       228            (10,564)
Income tax expense (benefit)                          -              (30)
Net income (loss)                                   $ 228          $ (10,534)
Non-cash implied preferred stock dividend             (31,464)       -
Net income (loss) available to common shareholders  $ (31,236)     $ (10,534)
                                                    For the Six Months Ended
                                                    June 30,       June 30,
                                                    2013           2012
Summary Average Consolidated Balance Sheet
Loans, gross                                        $ 392,912      $ 457,385
Securities                                            91,675         76,537
Other earning assets                                  25,154         17,170
Total earning assets                                  509,741        551,092
Other assets                                          19,051         30,164
Total assets                                        $ 528,792      $ 581,256
Interest-bearing liabilities                        $ 399,820      $ 463,118
Noninterest-bearing liabilities                       95,604         88,066
Shareholders' equity                                  33,368         30,072
Total liabilities and shareholders' equity          $ 528,792      $ 581,256
                                                    For the Six Months Ended
                                                    June 30,       June 30,
                                                    2013           2012
Per Share Data
Basic earnings (loss) per share                     $ (0.40)       $ (1.79)
Diluted earnings (loss) per share                   $ (0.40)       $ (1.79)
Basic weighted average sharesoutstanding             78,819,082     5,889,979
Diluted weighted average shares outstanding           78,819,082     5,889,979
Total shares outstanding at end of period             105,891,627    5,890,880
Closing market price per share                      $ 0.48         $ 1.51



JACKSONVILLE BANCORP, INC.
Unaudited
(Dollars in thousands, except per share data)
                                                      For the Six Months Ended
                                                      June 30,    June 30,
                                                      2013        2012
Selected ratios
Return on average assets                                0.09%        (3.64)%
Return on average equity                                1.38%        (70.44)%
Average equity to average assets                        6.31%        5.17%
Tangible common equity to tangibleassets               5.94%        2.48%
Interest rate spread                                    3.69%        3.61%
Net interest margin                                     3.93%        3.80%
Allowance for loan losses as a percentage of total      4.53%        4.56%
loans
Allowance for loan losses as a percentage of NPL's      101.94%      44.49%
Ratio of net charge-offs as a percentage of average     1.35%        1.77%
loans
Efficiency ratio                                        100.36%      90.20%
                                                      As of
                                                      June 30,    December 31,
                                                      2013        2012
Summary Consolidated Balance Sheet
Cash and cash equivalents                             $ 42,799    $  72,079
Securities                                              83,234       83,985
Loans, gross                                            381,952      398,031
Allowance for loan losses                               (17,303)     (20,198)
Loans held for sale                                     -            -
Loans, net                                              364,649      377,833
Goodwill                                                -            -
Other intangible assets, net                            1,045        1,260
All other assets                                        30,706       29,900
Total assets                                          $ 522,433   $  565,057
Deposit accounts                                      $ 449,254   $  490,021
All other liabilities                                   41,146       41,460
Shareholders' equity                                    32,033       33,576
Total liabilities and shareholders' equity            $ 522,433   $  565,057



JACKSONVILLE BANCORP, INC.
Non-GAAP Reconciliations
(Unaudited)
(Dollars in thousands, except share and per share data)
                                             June 30, 2013  June 30, 2013

                                             (as reported)  (as adjusted)^(1)
Earnings (Loss) Per Common Share:
Net income                                   $  228         $    228
  Less: Noncash implied preferred stock         (31,464)         -
  dividend
Net (loss) income available to common        $  (31,236)    $    228
shareholders
Basic weighted average common shares            78,819,082       78,819,082
outstanding
Diluted weighted average common shares          78,819,082       78,849,166
outstanding
Basic (loss) earnings per common share       $  (0.40)      $    0.00
Diluted (loss) earnings per common share     $  (0.40)      $    0.00

        Adjusted to reflect the calculation of earnings (loss) per common
^(1) share less the impact of the noncash, implied preferred stock dividend
        recognized in conjunction with the Conversion during the six months
        ended June 30, 2013.



                           December 31, 2012  Conversion     December 31, 2012
                                              Adjustments
                           (as reported)                     (as adjusted)
Book Value Per Common
Share
Shareholders' equity^(2)   $    33,576        $ -            $   33,576
  Less: Preferred               18,536          (18,536)         -
  stock^(3)
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^(4)
Tangible book value per         2.34                             0.31
common share^(5)

         Assumes the full Conversion of the Series A Preferred Stock into
         100,000,000 shares of common stock and nonvoting common stock as of
         December 31, 2012, resulting in an additional $50.0 million in common
^(2) equity, no preferred stock outstanding, and a noncash, 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. Total shareholders'
         equity did not change as a result of this transaction.
^(3)   Assumes no shares of preferred stock outstanding following the
         Conversion.
         Calculated as book value divided by shares outstanding, where book
^(4)   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,
^(5)   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 904-421-3051 for additional information.
 
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