Jacksonville Bancorp Inc. (JAXB)

[Enterprising Investor]

JAXB previously closed at $14.94.

[Enterprising Investor]

Ameris Bancorp Signs Definitive Merger Agreement to Acquire Jacksonville Bancorp, Inc. (10/01/15)

MOULTRIE, Ga and JACKSONVILLE, Fla., Oct. 1, 2015 /PRNewswire/ -- Ameris Bancorp (Nasdaq-GS: ABCB) ("Ameris"), the parent company of Ameris Bank, announced today the signing of a definitive merger agreement under which Ameris will acquire Jacksonville Bancorp, Inc. (Nasdaq-CM: JAXB) ("Jacksonville Bancorp"), the parent company of The Jacksonville Bank, Jacksonville, Florida. Upon completion of the transaction, the combined company will have approximately $5.7 billion in assets, $4.0 billion in loans, $4.9 billion in deposits and a branch network of 101 banking locations across four states, inclusive of Ameris's recently announced branch consolidation.

"We are pleased to announce our merger with Jacksonville Bancorp, as it will accelerate our growth momentum in the greater Jacksonville, Florida market. We believe that this transaction will allow us to better serve our combined customer base, provide greater access to the variety of banking services we offer and help us build a stronger presence to positively impact our community," commented Edwin W. Hortman, Jr., President and Chief Executive Officer of Ameris.

The acquisition further expands Ameris's existing Southeastern footprint in the attractive Jacksonville, Florida market. Jacksonville Bancorp currently operates eight banking locations, all of which are located within the Jacksonville MSA, as well as one cyber banking site. After the acquisition, Ameris will become the largest community bank by deposit market share in the Jacksonville, Florida market.

Kendall L. Spencer, President and Chief Executive Officer of Jacksonville Bancorp, said, "We are excited to announce our merger with Ameris. We admire the strong commitment Ameris shows to customers and communities they serve, and we look forward to offering that experience to our customers."

Under the terms of the merger agreement, Jacksonville Bancorp shareholders will receive either 0.5861 shares of Ameris common stock or $16.50 in cash for each share of Jacksonville Bancorp common stock or nonvoting common stock, subject to the total consideration being 75% stock and 25% cash. The transaction is valued at approximately $96.6 million in the aggregate based on Ameris's closing stock price of $28.47 as of September 29, 2015.

The merger agreement has been unanimously approved by the board of directors of each company. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, regulatory approvals and approval by Jacksonville Bancorp shareholders.

Keefe, Bruyette & Woods, Inc. served as financial advisor and Rogers & Hardin LLP provided legal counsel to Ameris. Hovde Group, LLC served as financial advisor and Smith MacKinnon, PA provided legal counsel to Jacksonville Bancorp.

Conference Call Information

Ameris Bancorp will host a conference call and webcast today at 11:00 a.m. EDT. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants. A replay of the call will be available one hour after the end of the conference call until October 16, 2015 at 9:00 a.m. EDT. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088. The conference number is 10073679. The webcast will also be available on the Investor Relations page of www.amerisbank.com.

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals, and including statements about the benefits of the merger between Ameris and Jacksonville Bancorp. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements including, without limitation, the following: the businesses of Ameris and Jacksonville Bancorp may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes; disruption from the merger may make it more difficult to maintain relationships with customers, employees or others; the required governmental approvals of the merger may not be obtained on the proposed terms and schedule; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; and the nature, extent and timing of governmental actions. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to Ameris's and Jacksonville Bancorp's filings with the Securities and Exchange Commission, including each company's respective Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made, and neither Ameris nor Jacksonville Bancorp undertakes any obligation to update or revise forward-looking statements.

Additional Information

Ameris intends to file a registration statement on Form S-4 with the Securities and Exchange Commission to register the shares of Ameris's common stock that will be issued to Jacksonville Bancorp's shareholders in connection with the transaction. The registration statement will include a joint proxy statement/prospectus and other relevant materials in connection with the proposed merger transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders may obtain free copies of these documents and other documents filed with the Securities and Exchange Commission on its website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the Securities and Exchange Commission by Ameris on its website at http://www.amerisbank.com and by Jacksonville Bancorp on its website at http://www.jaxbank.com.

Participants in the Merger Solicitation

Ameris and Jacksonville Bancorp, and certain of their respective directors, executive officers and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the shareholders of Jacksonville Bancorp in respect of the proposed merger transaction. Information regarding the directors and executive officers of Ameris and Jacksonville Bancorp and other persons who may be deemed participants in the solicitation of the shareholders of Jacksonville Bancorp in connection with the proposed transaction will be included in the proxy statement/prospectus for Jacksonville Bancorp's special meeting of shareholders, which will be filed by Ameris with the Securities and Exchange Commission. Information about Ameris's directors and executive officers can also be found in Ameris's definitive proxy statement in connection with its 2015 annual meeting of shareholders, as filed with the Securities and Exchange Commission on April 17, 2015, and other documents subsequently filed by Ameris with the Securities and Exchange Commission. Information about Jacksonville Bancorp's directors and executive officers can also be found in Jacksonville Bancorp's definitive proxy statement in connection with its 2015 annual meeting of shareholders, as filed with the Securities and Exchange Commission on March 24, 2015, and other documents subsequently filed by Jacksonville Bancorp with the Securities and Exchange Commission. Additional information regarding the interests of such participants will be included in the proxy statement/prospectus and other relevant documents regarding the proposed merger transaction filed with the Securities and Exchange Commission when they become available.

Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia and the parent of Ameris Bank, a Georgia state-chartered bank. Ameris Bank currently has 103 locations in Georgia, Alabama, northern Florida and South Carolina, with ten of those locations announced to be consolidated within the coming months.

A presentation with additional information regarding the transaction will be available on the Investor Relations page of www.amerisbank.com.

Jacksonville Bancorp, Inc.

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 eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida, as well as one virtual branch.

http://www.prnewswire.com/news-releases/ameris-bancorp-signs-definitive-merger-agreement-to-acquire-jacksonville-bancorp-inc-300152254.html

[yuanxi617]

acquired!

[Enterprising Investor]

Jacksonville Bancorp Announces 2015 First Quarter Results (5/05/15)

JACKSONVILLE, FLA., May 5, 2015/ -- Jacksonville Bancorp, Inc. (the “Company”) (NASDAQ: JAXB), holding company for The Jacksonville Bank (the “Bank”), announced today net income for the three months ended March 31, 2015 of $914 thousand compared to net income of $26 thousand for the three months ended March 31, 2014. Book value and tangible book value per common share as of March 31, 2015 were $6.61 and $6.52, respectively.

Balance Sheet Overview

Total assets were $491.1 million as of March 31, 2015, compared to $488.6 million as of December 31, 2014. The increase in total assets was due to an increase in cash and cash equivalents in the amount of $8.7 million. This amount was offset by a decrease in securities available-for-sale of $4.3 million and net loans of $1.5 million during the three months ended March 31, 2015.

Total deposits were $423.1 million as of March 31, 2015, an increase of $7.4 million compared to total deposits of $415.8 million as of December 31, 2014. The increase in total deposits when compared to December 31, 2014 was driven primarily by:

· Non-interest bearing deposits increased $1.3 million, or 1.3%. This represents 25.8% of total deposits as of March 31, 2015;

· Money market, NOW and savings deposits increased $12.5 million, or 7.2%, due to natural fluctuations in account balances; and

· The time deposit portfolio decreased $6.5 million, or 4.9%, driven primarily by a $5.9 million reduction in brokered CDs. The remaining variance was due to a net decrease in local and national CDs when compared to the year ended December 31, 2014.

Total shareholders’ equity increased $1.2 million to $38.3 million as of March 31, 2015 compared to $37.1 million as of December 31, 2014. This increase was attributable to an increase in accumulated comprehensive income of $262 thousand and net income during the three months ended March 31, 2015 of $914 thousand.

Asset Quality

As of March 31, 2015, nonperforming assets decreased to $13.0 million, or 2.64% of total assets, compared to $13.2 million, or 2.71% of total assets, as of December 31, 2014.

[tables deleted]

Nonperforming loans remained relatively flat with a slight decrease of $207 thousand to $9.0 million as of March 31, 2015, from $9.2 million as of December 31, 2014. Total loans past due 30-89 days, still accruing interest, were $946 thousand as of March 31, 2015 compared to $6.8 million as of December 31, 2014. This decrease was primarily due to one large commercial real estate loan that was between 30-59 days past due as of December 31, 2014 which became current at the beginning of 2015, as well as continued general improvements in asset quality during the three months ended March 31, 2015.

Operating Results

Total interest income remained relatively flat at $5.1 million for the three months ended March 31, 2015 and 2014. There was a decrease in average loan balances of $2.5 million offset by an increase in the average yield on loans to 5.08% for the three months ended March 31, 2015 compared to 5.03% for the three months ended March 31, 2014. The increase in the loan yield was driven by the decrease in nonperforming loans as well as an increase in accretion recognized on acquired loans of approximately $33 thousand when compared to the same period in the prior year.

Interest expense decreased by $110 thousand to $742 thousand for the three months ended March 31, 2015, when compared to $852 thousand for the three months ended March 31, 2014. The average cost of interest-bearing liabilities decreased 7 basis points to 0.88% for the three months ended March 31, 2015 compared to 0.95% for the same period in 2014. The overall decrease in the average cost of interest-bearing deposits reflects an ongoing reduction in interest rates paid on deposits as a result of the re-pricing activities in the current low interest rate environment.

There was no provision for loan loss expense for the three months ended March 31, 2015 or 2014. The Company recorded net charge-offs of $6 thousand for the three months ended March 31, 2015, compared to $0.7 million for the three months ended March 31, 2014. Although the Company’s overall asset quality, as well as the economy in the markets served, is moving in a positive direction, management does not yet view this as a trend and will continue to monitor these metrics until such time as the trends are considered to be sustainable.

Noninterest income remained relatively flat at $373 thousand for the three months ended March 31, 2015, compared to $377 thousand for the three months ended March 31, 2014.

Noninterest expense decreased to $3.8 million for the three months ended March 31, 2015, compared to $4.6 million for the three months ended March 31, 2014. This decrease was largely due to a decrease in salaries and employee benefits of $569 thousand, mainly due to the two reductions in the workforce that occurred as a result of the Company’s re-engineering efforts in 2014 during the second and fourth quarters. In addition, there was a decrease of $92 thousand for occupancy and equipment, $22 thousand for director fees and $163 thousand for loan expenses as a result of the Company’s continued execution of its ongoing strategy to reduce problem assets. The remainder of the components of noninterest expense remained relatively flat period-over-period.

Income tax expense increased to $14 thousand for the three months ended March 31, 2015 compared to none in the same period of the prior year. This was the result of Alternative Minimum Taxes. The Company recorded a full valuation allowance against its deferred taxes as of December 31, 2011. Based on an analysis performed as of March 31, 2015, it was determined that the need for a full valuation allowance still existed.

On a per common share basis, the Company had earnings per share of $0.16 for the three months ended March 31, 2015, compared to earnings per share of $0.00 for the same period in the prior year.

“Our talented and dedicated employees have endured difficult challenges in recent years but they have continued to serve our customers and community in an extraordinary manner,” stated Kendall L. Spencer, President and CEO of the Company. Mr. Spencer went on to say, “The first quarter results are reflective of executing our loan and deposit growth strategies, as well as the ongoing improvement in asset quality and the benefits reaped from our 2014 re-engineering initiatives.”

The Company

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 $491.1 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.

http://www.sec.gov/Archives/edgar/data/1071264/000114036115017693/ex99_1.htm

[norweger1979]

JACKSONVILLE BANCORP ANNOUNCES

2014 THIRD QUARTER EARNINGS


JACKSONVILLE, FLA., November 7, 2014/ -- Jacksonville Bancorp, Inc. (the “Company”) (NASDAQ: JAXB), holding company for The Jacksonville Bank (the “Bank”), announced today net income for the three months ended September 30, 2014 of $808 thousand compared to net income of $147 thousand for the three months ended September 30, 2013. For the nine months ended September 30, 2014, the Company recorded net income of $1.3 million, compared to $375 thousand for the same period in the prior year. Book value and tangible book value per common share as of September 30, 2014 were $6.26 and $6.15, respectively.



Balance Sheet Overview



Total assets were $510.5 million as of September 30, 2014, compared to $514.5 million as of September 30, 2013. The decrease in total assets was largely due to a decrease in net loans of $10.5 million, a decrease in securities available-for-sale of $5.8 million, a decrease in other real estate owned (“OREO”) of $3.8 million and a decrease in bank-owned life insurance of $1.1 million. These amounts were offset by an increase in cash and cash equivalents of $18.3 million.



Total assets increased $3.2 million, or 0.63%, from $507.3 million as of December 31, 2013 to $510.5 million as of September 30, 2014. The increase was driven by an increase in cash and cash equivalents in the amount of $13.9 million and other real estate owned of $1.5 million. These amounts were offset by a decrease in net loans of $9.1 million, a decrease in securities available-for-sale of $2.3 million and a decrease in bank-owned life insurance of $1.1 million.



Total deposits were $438.4 million as of September 30, 2014, a decrease of $2.0 million compared to total deposits of $440.4 million as of September 30, 2013. The decrease was driven primarily by:


The time deposit portfolio decreased by $30.5 million, or 20.3%, driven primarily by a $23.6 million reduction in local CDs, $2.2 million in brokered CDs and national CDs of $4.8 million.


Noninterest-bearing deposits increased $15.4 million, or 15.7%, to $113.4 million.

Money market, NOW and savings deposits increased $13.2 million, or 6.9%, largely due to one large temporary escrow account that the Company anticipates will disperse funds in the last quarter of 2014.


Total deposits increased by $3.4 million, or 0.78%, during the nine months ended September 30, 2014, from $435.0 million as of December 31, 2013 to $438.4 million as of September 30, 2014. The increase was driven primarily by:


Noninterest-bearing deposits increased $12.7 million, or 12.6%, to $113.4 million. This represents 25.9% of total deposits as of September 30, 2014.


Money market, NOW and savings deposits increased $16.9 million, or 9.0%, largely due to one large temporary escrow account that the Company anticipates will disperse funds in the last quarter of 2014.


The time deposit portfolio decreased by $26.2 million, or 17.9%, driven primarily by a $19.5 million reduction in local CDs, $2.2 million in brokered CDs and national CDs of $4.5 million.


______________________________


All share and per share amounts reflect the common equity 1-for-20 reverse stock split completed in October 2013.




1

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Asset Quality



As of September 30, 2014, nonperforming assets decreased to $18.7 million, or 3.67% of total assets, compared to $24.0 million, or 4.66% of total assets, as of September 30, 2013.


CC
23,954






Allowance for loan losses




$


(15,170


)




$


(14,616


)




$


(15,104


)




$


(15,760


)




$


(16,974


)




Allowance for loan losses as a percentage of NPL's






107.36


%






78.03


%






91.10


%






92.66


%






109.40


%




Nonperforming loans as a percentage of gross loans






3.92


%






5.08


%






4.37


%






4.59


%






4.16


%




Total nonperforming assets as a percentage of total assets






3.67


%






4.60


%






4.05


%






3.95


%






4.66


%




Total past due loans




$


8,342






$


13,835






$


14,767






$


19,460






$


19,793






Loans past due 30-89 days,still accruing interest




$


637






$


1,294






$


2,922






$


5,857






$


7,976





_______________________________




(1)

Total nonperforming loans (“NPL’s”) include loans on nonaccrual and loans past due over 90 days still on accrual.




As of September 30, 2014, nonperforming loans decreased $1.4 million when compared to September 30, 2013 and $2.9 million when compared to December 31, 2013. The decrease in nonperforming loans was due to one large loan’s return to accrual, charge-offs (both partial and full) on impaired loans that were largely specifically reserved for as of December 31, 2013, as well as several impaired loans that were paid off during the year. This was offset by a few large commercial real estate relationships that went on nonaccrual in the first nine months of 2014.



Total past due loans were $8.3 million as of September 30, 2014, compared to $19.5 million as of December 31, 2013. The decrease is indicative of improvements in our customers’ ability to repay. Although a loan may no longer be considered past due, it may remain a nonperforming loan until such time as future payments are reasonably assured. Total loans past due 30-89 days, still accruing interest, were $637 thousand as of September 30, 2014 compared to $5.9 million as of December 31, 2013. The decrease was due to a few large commercial real estate relationships noted above moving from performing to nonperforming loan status or to OREO in the first nine months of 2014.



The allowance for loan losses was 4.20% of total loans as of September 30, 2014, compared to 4.55% of total loans as of September 30, 2013 with an allowance for loan losses as a percentage of NPL’s of 107.36% as of September 30, 2014. The allowance for loan losses decreased by $590 thousand during the nine months ended September 30, 2014 to $15.2 million compared to $15.8 million as of December 31, 2013. The decrease in the allowance for loan losses as of September 30, 2014 compared to December 31, 2013 was driven primarily by an overall decrease in the historical loss component used in loans collectively evaluated for impairment and an overall decrease in the total loans collectively evaluated for impairment. In addition, specific reserves decreased slightly as balances on impaired loans have decreased from December 31, 2013 to September 30, 2014.



Operating Results



Total interest income decreased $354 thousand to $5.3 million for the three months ended September 30, 2014, compared to the same period in 2013. This decrease was primarily driven by a decrease in average earning assets, in particular, average loan balances which declined by $14.3 million when compared to the same period in the prior year. The average yield on loans decreased to 5.28% for the three months ended September 30, 2014, compared to 5.39% for the three months ended September 30, 2013.



Total interest income decreased $1.9 million for the nine months ended September 30, 2014 when compared to the same period in 2013. This decrease was primarily driven by the decrease in average loan balances and a decrease in the average yield on loans to 5.26% for the nine months ended September 30, 2014 compared to 5.63% for the nine months ended September 30, 2013. The decrease in the loan yield was driven by a decrease in accretion recognized on acquired loans of approximately $453 thousand as well as a slight decrease in the core average yield earned on loans.



Interest expense decreased by $242 thousand and $780 thousand for the three and nine months ended September 30, 2014, respectively, when compared to the same periods in the prior year. The average cost of interest-bearing liabilities decreased to 0.88% and 0.92% for the three and nine months ended September 30, 2014 compared to 1.06% and 1.10% for the three and nine months ended September 30, 2013, respectively. The overall decrease in the average cost of interest-bearing deposits reflects an ongoing reduction in interest rates paid on deposits as a result of the re-pricing activities in the current low interest rate environment.




_______________________________


All share and per share amounts reflect the common equity 1-for-20 reverse stock split completed in October 2013.




2

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The net interest margin increased by 8 basis points to 3.74% from 3.66%, when comparing the third quarter of 2014 to the same period in the prior year. This increase was driven by the decrease in the average cost of interest-bearing liabilities which outpaced the decrease in the average yield on interest-bearing assets. The average yield on interest-bearing assets benefitted by accretion recognized on a large acquired loan that was paid off in the third quarter of 2014.



The net interest margin decreased by 7 basis points to 3.77% from 3.84%, when comparing the first nine months of 2014 to the same period in the prior year. This decrease was mainly due to the decrease in average cost of interest-bearing liabilities, offset by the decrease in accretion recognized on acquired loans as discussed above.



The provision for loan loss expense for the three and nine months ended September 30, 2014 was $0 and $287 thousand, respectively, as compared to a provision for loan loss expense of $367 thousand and $100 thousand for the three and nine months ended September 30, 2013, respectively. The increase in the provision for loan losses is due to an increase in the reserves required on loans individually evaluated for impairment. This was offset by a decrease in the reserves required on loans collectively evaluated for impairment.



Noninterest income was $867 thousand and $1.6 million for the three and nine months ended September 30, 2014, respectively, compared to $761 thousand and $1.6 million for the three and nine months ended September 30, 2013, respectively. Included in the prior year other income was realized gains from the sale of investment securities of $391 thousand and $437 thousand for the three and nine months ended September 30, 2013, respectively. No such sales occurred during the three and nine months ended September 30, 2014. For the three and nine months ended September 30, 2014, the Company recorded a gain of $489 thousand from bank-owned life insurance due to life insurance benefits received in excess of cash surrender value from the death of a former employee.



Noninterest expense decreased to $4.5 million for the three months ended September 30, 2014, compared to $4.8 million for the three months ended September 30, 2013. This decrease was mainly due to a reduction in salaries and employee benefits of $233 thousand and other real estate owned expense of $111 thousand. The remainder of the components of noninterest expense remained relatively flat when compared to the same period in the prior year.



Noninterest expense decreased to $13.4 million for the nine months ended September 30, 2014, compared to $15.6 million for the nine months ended September 30, 2013. This decrease was due to a decrease in professional fees of $0.4 million, mainly related to audit and legal fees that were higher in the nine-month period in 2013 as a result of the special shareholders’ meeting held in the first quarter of 2013. In addition, there was a decrease of $1.1 million for OREO and $438 thousand for loan expenses as a result of the Company’s execution of its strategy to reduce problem assets. The remainder of the components of noninterest expense remained relatively flat period-over-period.



Income tax expense increased to $20 thousand for the nine months ended September 30, 2014, compared to none for the same period in 2013. This was a result of Alternative Minimum Taxes. The Company recorded a full valuation allowance against its deferred taxes as of December 31, 2011. Based on an analysis performed as of September 30, 2014, it was determined that the need for a full valuation allowance still existed.



On a per common share basis, the Company had net income available to common shareholders of $0.14 and $0.23 for the three and nine months ended September 30, 2014, compared to net income (loss) available to common shareholders of $0.03 and $(7.06) for the same periods in the prior year.



“The solid execution of our strategy is reflected in our ability to achieve operational efficiencies, ongoing asset quality improvement and stabilization in our balance sheet,” said Chief Executive Officer Kendall L. Spencer. “We have turned the corner and remain committed to the community banking model that has served us well over the years and supports an operating strategy that meets the needs of our community, employees and investors.”




_______________________________


All share and per share amounts reflect the common equity 1-for-20 reverse stock split completed in October 2013.




3

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SUBSEQUENT EVENTS



As previously disclosed in May 2014, the Company began implementing a restructuring plan in order to better align the Company’s and the Bank’s processes and procedures with the best industry practices and standards. As part of that plan, on October 22, 2014, the Company implemented a second reduction in the Bank’s workforce eliminating an additional 14 positions and affecting eight employees, or approximately 10% of the workforce. This action was approved by the Company’s board of directors on August 13, 2014. The Company estimates it will incur approximately $60 thousand in restructuring expenses in connection with this workforce reduction, consisting of severance benefits and other employee-related costs. The $60 thousand in estimated costs is expected to be recognized as a one-time charge in the fourth quarter. As a result of this second reduction, the total restructuring plan has resulted in the elimination of 32.5 positions at the Bank, or approximately 30% of the workforce and total restructuring costs of $111 thousand.



The Company



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 $510.5 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.



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, 2013, which is incorporated herein by reference.



Contact Valerie Kendall at 904-421-3051 for additional information.




for details see filed 8k

[norweger1979]

more insider buys

http://www.secform4.com/insider-trading/1071264.htm

[Enterprising Investor]

Director A Hugh Greene files Form 4 (9/04/14)

Buys 975 shares between 8/27/14 and 9/02/14 all at $10.35 per share. Now owns 1,200 shares.

http://www.sec.gov/Archives/edgar/data/1071264/000101532514000017/xslF345X03/primary_doc.xml

[Enterprising Investor]

Jacksonville Bancorp Announces 2014 Second Quarter Earnings (8/08/14)

JACKSONVILLE, FLA., August 8, 2014/ -- Jacksonville Bancorp, Inc. (the “Company”) (NASDAQ: JAXB), holding company for The Jacksonville Bank (the “Bank”), announced today net income for the three months ended June 30, 2014 of $507 thousand compared to net income of $29 thousand for the three months ended June 30, 2013. For the six months ended June 30, 2014, the Company recorded net income of $533 thousand, compared to $228 thousand for the same period in the prior year. Book value and tangible book value per common share as of June 30, 2014 were $6.13 and $6.01, respectively.

Balance Sheet Overview

Total assets were $494.6 million as of June 30, 2014, compared to $522.4 million as of June 30, 2013. The decrease in total assets was largely due to a decrease in cash and cash equivalents of $12.7 million, a decrease in net loans of $10.7 million, a decrease in other real estate owned of $5.1 million and a decrease in securities available-for-sale of $1.1 million. These amounts were offset by an increase in bank-owned life insurance of $3.2 million.

Total assets decreased $12.7 million, or 2.49%, from $507.3 million as of December 31, 2013 to $494.6 million as of June 30, 2014. The decrease was driven by cash and cash equivalents in the amount of $10.2 million, a decrease in securities available-for-sale of $2.6 million and a decrease in net loans of $648 thousand. These amounts were offset by an increase in other real estate owned of $0.9 million during the six months ended June 30, 2014.

Total deposits were $420.9 million as of June 30, 2014, a decrease of $28.4 million compared to total deposits of $449.3 million as of June 30, 2013. The decrease was driven primarily by:

· Noninterest-bearing deposits of $1.4 million, or 1.37%;

· Money market, NOW and savings deposits of $4.9 million, or 2.62%, due to the strategic decision to not aggressively price this product in our local market; and

· The time deposit portfolio of $22.0 million, or 14.16%, driven primarily by a $21.7 million reduction in local CDs and $1.1 million in brokered CDs. This was offset by a slight increase in national CDs of $0.8 million.

Total deposits decreased by $14.1 million, or 3.24%, during the six months ended June 30, 2014, from $435.0 million as of December 31, 2013 to $420.9 million as of June 30, 2014. The decrease was driven primarily by:

· Money market, NOW and savings deposits of $4.3 million, or 2.31%, due to the strategic decision to not aggressively price this product in our local market;

· The time deposit portfolio of $12.7 million, or 8.7%, driven primarily by a $16.4 million reduction in local CDs and $1.1 million in brokered CDs. This was offset by an increase in national CDs of $4.8 million; and

· An increase in noninterest-bearing deposits of $3.0 million, or 2.93%, to $103.7 million. This represents 24.65% of total deposits as of June 30, 2014.

(All share and per share amounts reflect the common equity 1-for-20 reverse stock split completed in October 2013.)

As of June 30, 2014, nonperforming loans increased $1.8 million when compared to June 30, 2013 and $1.7 million when compared to December 31, 2014. The increase in nonperforming loans was primarily due to a few large commercial real estate relationships that went on nonaccrual in the first half of 2014. This was slightly offset by one large loan’s return to accrual, charge-offs (both partial and full) on impaired loans that were largely specifically reserved for as of December 31, 2013, as well as several impaired loans that were paid off in the first half of 2014.

Total past due loans were $13.8 million as of June 30, 2014 compared to $19.5 million as of December 31, 2013. The decrease is indicative of improvements in our customer’s ability to repay. Although a loan may no longer be considered past due, it may remain a nonperforming loan until such time as future payments are reasonably assured. Total loans past due 30-89 days, still accruing interest, were $1.3 million as of June 30, 2014 compared to $5.9 million as of December 31, 2013. The decrease is due to the commercial real estate relationships noted above moving from performing to nonperforming loan status in the first half of 2014.

The allowance for loan losses was 3.97% of total loans as of June 30, 2014, compared to 4.53% of total loans as of June 30, 2013. The allowance for loan losses decreased by $1.1 million during the six months ended June 30, 2014, amounting to $14.6 million as of June 30, 2014 as compared to $15.7 million as of December 31, 2013. The decrease in the allowance for loan losses as of June 30, 2014 compared to December 31, 2013 was driven primarily by an overall decrease in the historical loss component used in loans collectively evaluated for impairment coupled with an overall decrease in the total loans collectively evaluated for impairment. This was offset slightly by specific reserves required for a few commercial real estate loans that became impaired in the first half of 2014.

Operating Results

Total interest income decreased $0.3 million and to $5.5 million for the three months ended June 30, 2014 compared to the same period in 2013. This decrease was primarily driven by a decrease in average earning assets, in particular, average loan balances which declined by $15.7 million when compared to the same period in the prior year. The average yield on loans remained flat for the three months ended June 30, 2014 and 2013 at 5.46% for both periods.

Total interest income decreased $1.5 million for the six months ended June 30, 2014 when compared to the same period in 2013. This decrease was primarily driven by the decrease in average loan balances and a decrease in the average yield on loans to 5.25% for the six months ended June 30, 2014 compared to 5.75% for the six months ended June 30, 2013. The decrease in the loan yield was driven by a decrease in accretion recognized on acquired loans of approximately $0.5 million as well as a slight decrease in the core average yield earned on loans.

Interest expense decreased by $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively, when compared to the same periods in the prior year. The average cost of interest-bearing liabilities decreased to 0.93% and 0.94% for the three and six months ended June 30, 2014 compared to 1.13% and 1.12% for the three and six months ended June 30, 2013, respectively. The overall decrease in the average cost of interest-bearing deposits reflects an ongoing reduction in interest rates paid on deposits as a result of the re-pricing activities in the current low interest rate environment.

Net interest margin increased by 17 basis points to 3.95% from 3.78% when comparing the second quarter of 2014 to the same period in the prior year. This increase was driven by the decrease in the average cost of interest-bearing liabilities while the average yield on interest-bearing assets remained relatively flat as a result of accretion recognized on a large acquired loan that was paid off in the second quarter of 2014.

Net interest margin decreased by 15 basis points to 3.78% from 3.93%, when comparing the first six months of 2014 to the same period in the prior year. This decrease was mainly due to the decrease in accretion recognized on acquired loans as discussed above, offset by a decrease in the average cost of interest-bearing liabilities.

The provision for loan loss expense for the three and six months ended June 30, 2014 was $0.3 million as compared to a provision for loan loss benefit of $0.5 million and $0.3 million for the three and six months ended June 30, 2013, respectively. The increase in the provision for loan losses is due to an increase in the reserves required on loans individually evaluated for impairment. This is offset slightly by a decrease in the reserves required on loans collectively evaluated for impairment.

Noninterest income was $379 thousand and $756 thousand for the three and six months ended June 30, 2014, respectively, compared to $377 thousand and $801 thousand for the three and six months ended June 30, 2013, respectively. Included in the prior 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. No such sales occurred during the three and six months ended June 30, 2014.

Noninterest expense decreased to $4.3 million for the three months ended June 30, 2014, compared to $5.5 million for the three months ended June 30, 2013. This decrease was mainly due a reduction in other real estate owned expense of $0.8 million, loan expenses of $0.3 million and professional fees of $0.2 million. The remainder of the components of noninterest expense remained relatively flat when compared to the same period in the prior year.

Noninterest expense decreased to $8.9 million for the six months ended June 30, 2014, compared to $10.8 million for the six months ended June 30, 2013. This decrease was due to a decrease in professional fees of $0.4 million, mainly related to audit and legal fees that were higher in the first half of 2013 as a result of the special shareholders’ meeting held in the first quarter of 2013. In addition, there was a decrease of $1.6 million for OREO and loan expenses as a result of the Company’s execution of its strategy to reduce problem assets. The remainder of the components of noninterest expense remained relatively flat period-over-period.

There was no income tax benefit (expense) recorded during the three and six months ended June 30, 2014 or 2013. Based on an analysis performed as of June 30, 2014, it was determined that the need for a full valuation allowance still existed.

On a per common share basis, the Company had net income available to common shareholders of $0.09 and $0.09 for the three and six months ended June 30, 2014, compared to net income (loss) available to common shareholders of $0.01 and $(7.93) for the same periods in the prior year.

“We continue to execute a clear strategy and remain encouraged by the ongoing economic improvement in the Northeast Florida market,” said Chief Executive Officer Kendall L. Spencer. “While disappointed in the slight uptick in non-performing assets, we are extremely encouraged about the significant reduction in past due loans which is a clear indication of the health of our customers and their ability to service their loans. Our core earnings are stabilized and momentum is building as we continue to focus on earning opportunities and strong expense controls.”

Recent Events

On May 15, 2014, the Company announced a reduction in workforce of approximately 16%. Affected employees were provided comprehensive benefit packages that will be paid out in the third quarter of 2014. Costs associated with the reduction in workforce were fully accrued for as of June 30, 2014 at $48 thousand. This action occurred to better align the Company’s processes and procedures with the best industry practices and standards.

On June 2, 2014, Margaret A. Incandela, resigned as Executive Vice President and Chief Credit Officer of the Company and the Bank effective August 29, 2014. The Company is currently conducting a search for her replacement.

The Company

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 $494.6 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.

http://www.sec.gov/Archives/edgar/data/1071264/000114036114031416/ex99_1.htm

[Enterprising Investor]

Expect all my bank investments to be "event driven".

It is hard to sometimes to know which ones will be acquirers or those that will be targets. Needless to say, the larger the bank, the more likely it will be a buyer. This logic failed with PCBC, but the money was too good to pass up.

It usually takes at least one year after a capital raise for something to happen.

[vpagano]

Could JAXB finally be looking at a merger? Would be about time. New 8-K out with change of control wording:

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 15, 2014, Scott M. Hall, the Executive Vice President of Jacksonville Bancorp, Inc. (“Bancorp”) and President of The Jacksonville Bank (the “Bank”), a wholly-owned subsidiary of Bancorp, entered into an Amended and Restated Executive Employment Agreement with Bancorp and the Bank (the “New Hall Agreement”), which replaced Mr. Hall’s previous Executive Employment Agreement dated May 13, 2009, as amended. Other than as set forth below, the New Hall Agreement did not materially change the compensation payable to Mr. Hall or the terms of his employment, as previously described in Bancorp’s filings with the SEC.

The provisions related to the compensation and benefits payable upon a termination of Mr. Hall were amended in the New Hall Agreement to clarify the existing language and to expand the definition of “change in control” as a termination triggering event to include, among other things, mergers of Bancorp and the Bank with another entity having common ownership. Under the New Employment Agreements, a “change in control” includes (i) any person or group becoming the beneficial owner of at least 50% of the combined voting power of the Bank’s or Bancorp’s outstanding voting securities, subject to certain exceptions, (ii) any reorganization, merger, consolidation, statutory share exchange or similar transaction involving Bancorp or the Bank and any person or entity other than a Controlling Person that requires approval of Bancorp’s shareholders, or any sale or other disposition of all or substantially all of Bancorp’s or the Bank’s assets to any person or entity other than a Controlling Person, and (iii) the approval of a complete liquidation or dissolution of Bancorp. “Controlling Person” means a person or group who is the beneficial owner of at least 25% of the combined voting power of Bancorp’s or the Bank’s outstanding voting securities as of the date of the applicable New Hall Agreement.

Under the New Hall Agreement, Mr. Hall will be entitled to receive one year’s base salary after termination of his employment in the case of a termination by the Bank or Bancorp without “cause,” for a termination by Mr. Hall upon thirty (30) days’ written notice to Bancorp or the Bank, or for a termination by Mr. Hall for “good cause” other than as a result of a change in control. If Mr. Hall’s employment is terminated by him for “good cause” as a result of a change in control that results in a change in Mr. Hall’s position or duties within one year of the change in control, Mr. Hall is entitled to receive his base salary for a period of 2.9 years following termination.

The foregoing description of the New Hall Agreement does not purport to be complete and is qualified in its entirety by the full text of the New Hall Agreement, a copy of which is filed as Exhibit 10.1, which is hereby incorporated by reference.

[vpagano]

In case anyone wondered about the costs of this:

Item 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On May 15, 2014, Jacksonville Bancorp, Inc. (the “Company”), holding company for The Jacksonville Bank (the “Bank”), began to implement a restructuring plan to reduce the Bank’s workforce by 16 positions, or approximately 16%. This action was approved by the Company’s board of directors on April 22, 2014 and is occurring in order to better align the Company’s and the Bank’s processes and procedures with the best industry practices and standards. The Company estimates it will incur approximately $90,000 in total restructuring expenses, consisting of severance benefits and other employee-related costs. The $90,000 in estimated costs is expected to be recognized as a one-time charge in the second quarter, the entirety of which will result in future cash expenditures in the third quarter.

[Enterprising Investor]

Jacksonville Bancorp Announces Restructuring (5/15/14)

JACKSONVILLE, FLA., May 15, 2014/ -- Jacksonville Bancorp, Inc. (the “Company”) (NASDAQ: JAXB), holding company for The Jacksonville Bank (the “Bank”), today announced a reduction in workforce of 16 positions in the Bank, or approximately 16% of the workforce. This action is occurring in order to better align the Company’s and the Bank’s processes and procedures with the best industry practices and standards.

Affected employees are being provided comprehensive severance packages, which are expected to be paid in the third quarter. Senior managers have implemented plans for all affected departments to guarantee that business operations remain uninterrupted and that the level of customer service is continued.

Kendall L. Spencer, President and CEO of the Company, stated, “This reorganization will allow us to better leverage and align the strengths and diversity of our entire Company. We remain committed to becoming a high performing community bank and will continue to provide the exceptional service and array of products our customers have come to enjoy and expect.”

The restructuring does not affect executive officers or directors of the Company, nor will it impact the number of branch locations currently operated. “We are confident that the new staffing structure will put us in a better position to deliver shareholder value while continuing to give our customers the service they deserve,” Spencer went on to say.

The Company

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 $496.8 million in assets and eight full-service branches in Jacksonville and Jacksonville Beach, Duval County, Florida, as well as its 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.

http://www.sec.gov/Archives/edgar/data/1071264/000114036114021551/ex99_1.htm

[norweger1979]

Jacksonville Bancorp 1Q Net $26,000

Friday 05/09/2014 01:52 PM ET - Dow Jones News

[xrymd]

Selling for almost twice book value. Hard to take a bite on this one.

Book value and tangible book value per common share as of December 31, 2013 were $5.86 and $5.71, respectively.

[vpagano]

SEC filing with full 2013 results:

http://www.sec.gov/Archives/edgar/data/1071264/000114036114012785/ex99_1.htm

[bacc]

its a beautiful thing

[Enterprising Investor]

Now, lookie there: reverse splits really do drum up institutional ownership.

[vpagano]

Endeavour Capital Advisors now with an 11.2% stake in the bank:

https://www.bamsec.com/filing/119312514053816?cik=1071264

[vpagano]

Quick interview with Scott Hall, nothing ground breaking though:

http://www.bizjournals.com/jacksonville/news/2014/02/11/3-questions-with-scott-hall.html

3 questions with Scott Hall, president of The Jacksonville Bank

The Business Journal sat down recently to chat with Scott Hall about how The Jacksonville Bank tries to distinguish itself in Northeast Florida’s banking scene as well as what’s on the horizon for the next year and beyond:

1) How’s business these days?

“The banking market here has been difficult, like it has been for everyone. Florida’s economy is very real estate-driven. But real estate values are improving; commercial values appear to have stabilized. And by the end of 2012, we brought in more than $50 million in new capital, so things are looking up.”

2) What are your goals for the next year or so?

“We’re hoping to grow the bank; expand our customer base, which is made up largely of small businesses and professionals; and really take advantage of the continued improvement in the local economy. As local businesses improve and have a need for capital for growth, we can provide them that capital.”

3) What are the continued challenges of community banking?

“Growth isn’t robust, so loan demand isn’t super strong — it’s more tepid. So the challenges are to grow revenues. You really have to look under a lot of rocks to find that business. The cost of compliance also continues to be a challenge for smaller banks especially.”

[56Chevy]

Jacksonville Bancorp (JAXB)
$10.90 down -0.1201 (-1.09%)
Volume: 220

Only Traders see a 'problem'....Investors see an opportunity!

JAXB is 'On Sale'. The story hasn't changed.

[Enterprising Investor]

Three directors were added one day after CEO Green resigned last June.

Klich and Spiro had a combined 70 years in banking and financial services when added to the board. Seasoned professionals with industry experience sitting on a board comes in very handy when trying to select a new leader.

I suspect their work was done.

[carp1]

JAXB But the resignation of directors must be putting a foul taste in investors mouths!! http://biz.yahoo.com/e/140108/jaxb8-k.html

[vpagano]

No deals made yet, so the market is discounting value based on less time to put the cash to use. High cash on a balance sheet right now does not yield much with these interest rates.

[carp1]

JAXB heading to post split levels... Hope traders took profits in early December.... Not looking good for the moment here

[vpagano]

Zillow ranks Jacksonville as the 7th hottest housing market for 2014:

http://www.zillow.com/blog/research/2013/12/05/zillow-2014-housing-predictions/

[vpagano]

Fun fact today, my broker says JAXB is "...on our Compliance list due to unusual trading activity"

I didn't see much reason for that to be the case, so thought it was interesting.

-Pagz

[Enterprising Investor]

Jacksonville Bancorp, Inc. Announces Organizational Changes (12/10/13)

JACKSONVILLE, Fla., Dec. 10, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the "Bank"), announced today that Kendall L. Spencer was appointed as President and Chief Executive Officer of the Company. Mr. Spencer was also appointed as a director of the Company and, subject to regulatory approval, will serve as the Chief Executive Officer and a director of the Bank.

Mr. Spencer, age 61, has over 30 years of executive and senior level commercial bank leadership and management experience. In 2013 and prior to joining the Company, Mr. Spencer was the Executive Vice President and Senior Commercial Banker of Florida Citizens Bank. In these capacities, Mr. Spencer led and managed commercial, consumer and mortgage lending, credit and loan operations as well as provided strategic evaluation and planning for the executive management team and board of directors. His professional background also includes various management positions, including the State President of Mercantile Bank, Corporate Executive Vice President and Director of Business Banking for Barnett Bank, Inc., as well as President of various community and regional Barnett Banks within the state of Florida. Most recently, he has consulted and overseen several strategic evaluation projects with local banks as well as provided litigation support as a bank expert in lending-liability lawsuits. Mr. Spencer also serves on the board of Family First and Jacksonville City Rescue Mission. He holds a B.S. in Finance from the University of Florida and has post-graduate professional education from the Stonier Graduate School of Banking at the University of Delaware and North Dakota State University.

Mr. Spencer's advanced leadership skills and commercial banking expertise as well as additional proficiencies in strategic financial planning and execution of operational initiatives are well-suited to the Company and the Bank and will complement the current board of directors' collective knowledge and experience.

As previously disclosed in the Company's filings, Donald F. Glisson, Jr., Chairman of the Board of the Company, was appointed to serve as the Company's principal executive officer on an interim basis, until a new President and Chief Executive Officer was elected. In conjunction with the appointment of Mr. Spencer, the Company also announced that Mr. Glisson was named Executive Chairman of the Company, effective as of the same date. With regards to Mr. Spencer's appointment, Mr. Glisson stated, "We are extremely proud to have an executive with Kendall's background and experience join our company. Kendall possesses the skills and knowledge we were seeking in our CEO, as well as the values and ethics we expect from every single team member. I am excited to begin my new role as Executive Chairman and together with our management team look forward to taking the Company to the next level."

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 $514.5 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 Jacksonville, Florida. More information is available at its website at www.jaxbank.com.

http://www.prnewswire.com/news-releases/jacksonville-bancorp-inc-announces-organizational-changes-235237491.html

[bacc]

Nice upward momentum continues

[BigCat]

Lookin' good 56'... I never bought any here but I've been keeping an eye on it. I do believe that the RS will work out here!!!

[56Chevy]

Banks are money machines. Let's re-visit this in 6 to 12 months and see what a .50 ($10 post split) buy returned.

As of today we're 2 months past the capital raising effort and the stock is up 18%. Nice! Is it fair to say that JAXB disproves the Ihub myth that all reverse splits are evil!

Jacksonville Bancorp - Common (JAXB)
$ 12.07 up 0.15 (1.26%)
Volume: 1,625

...so far so good!

[bacc]

whos the meatball that just sold a 100 shares at $10.85

[Richinminutes]

$JAXB to the moon baby. To the moon!

[Richinminutes]

Chart looks awesome. This could be a once in a lifetime trade. #richinminutes

[norweger1979]

JAXB

how pretty the chart looks now

http://stockcharts.com/freecharts/gallery.html?s=jaxb

remember price b4 volume!

[Enterprising Investor]

Envision JAXB as acquirer.

[vpagano]

Jacksonville among most desirable markets for bank M&A

http://www.bizjournals.com/jacksonville/blog/morning-edition/2013/11/jacksonville-among-most-desirable.html

Bank mergers and acquisitions are heating up in the Southeast and Jacksonville is among the “most hotly pursued markets.”

The Southeast had the second highest amount of merger and acquisition activity among financial institutions nationwide during the 12 months ended Oct. 22, according to data from Banks Street Partners.

The Atlanta-based investment banking firm said banks headquartered in the Southeast have announced 50 deals in the last year, following the Midwest’s 69 deals during the same time period. In the past year, there have been 210 bank mergers announced nationwide.

Banks Street Partners CEO Lee Burrows said almost without exception, banks in the most desirable markets are getting the best pricing. He said the Southeastern markets most in demand from buyers includes: Charleston, S.C.; Charlotte, N.C.; Greenville/Spartanburg, S.C.; Jacksonville, Fla.; Knoxville, Tenn.; Nashville, Tenn.; Norfolk/Virginia Beach/Hampton Roads, Va.; Northern Virginia; Raleigh/Durham/Chapel Hill, N.C.; Richmond, Va.; and Savannah, Ga.

Florida is ripe for community bank mergers and acquisition, as the wave of Florida bank failures is mostly over and the recession in the rearview mirror. The Business Journal took an indepth look at bank mergers and acquisitions in Florida as a whole earlier this year.

[56Chevy]

Jacksonville Bancorp (JAXB)
$11.35 up 0.87 (8.30%)
Volume: 5,990

Post our $55MM capital raising efforts this summer/fall we would expect JAXB to be out making things happen...and looking at todays action (admittedly light on volume) it's still hard NOT to think someone might know something ":~o

[Enterprising Investor]

Jacksonville Bancorp Announces 2013 Third Quarter Earnings (11/08/13)

JACKSONVILLE, Fla., Nov. 8, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the "Bank"), announced today net income of $147 thousand for the three months ended September 30, 2013, compared to a net loss of $10.7 million for the three months ended September 30, 2012. For the nine months ended September 30, 2013, the Company recorded net income of $375 thousand, compared to a net loss of $21.2 million for the nine months ended September 30, 2012. Book value and tangible book value per common share as of September 30, 2013 were $6.06 and $5.89, respectively.

http://www.prnewswire.com/news-releases/jacksonville-bancorp-announces-2013-third-quarter-earnings-231180791.html

[TheProfit]

Nice post Chevy and another great analogy from ya, now all we need is a good PR on potential megers from the surrounding area banks and good financials and this should go
The rough waters are hopefully behind us and looking forward to catching a nice ride northwards over the next few years

[56Chevy]

Recent Insider buys the past few weeks have resulted in 187,383 shares being bought:

http://www.secform4.com/filings/1071264/000101532513000037.htm

http://www.secform4.com/filings/1071264/000101532513000038.htm

http://www.secform4.com/filings/1071264/000101532513000039.htm


*Its typically a good thing when you see the chef's eating their own cooking.

[illegal_alias]

for $55M I'll wear a tux every day!!

[bacc]

very well put mr chevy

[56Chevy]

Funny how a number can change the perceived value factor.

Yesterday JAXB looked like some rag tag corner beggar bank selling for a mere fifty cents a share. I mean how can you take a bank like that serious...right!

Today the pps is $10.28 (all due to a RS of course) but its like our beggar just put on a tuxedo...and he's going shopping with $55MM bucks to spend!

Its the same bank.. but He looks a whole lot stronger - well fed - well groomed...far more worthy of respect! Fifty million dollars will do that to a guy.

[norweger1979]

what about the following scenario:


the "grey hurricane' doesn't trust those 'banks" anymore and the old mattress is the place to "deposit' your money?

...just kidding...


"grey hurricane"... got to remember that with my still blonde hair, lol!

[56Chevy]

Its never a mistake to hold a solid bank stock with excellent upside potential.

One of the things that doesn't show up on any technical analysis is something I call the "Grey Hurricane". Nobody is really talking about it but whether or not baby-boomers are 100% financially ready or not they will be retiring in mass now...it can't really be stopped. How do I know? I'm one of em'...I know what they think and feel. Its true the recession took a chunk out their nest-eggs but instead of that 5 bedroom beachhouse with a dock & boat they had their eye on...they'll have to pare that down to a 4 bedroom condo with a pool..but they're coming none the less.

Florida is still the #1 dream destination for East coasters... the grey hurricane is on its way...and the surviving healthy banks stand to prosper most.

Increased deposits and increased loans for banks = pure success...and their job is to rinse & repeat that motion.

Best of Luck! Go JAXB!

[norweger1979]

I added JAXB today!

Volume before Price....

http://stockcharts.com/freecharts/gallery.html?s=jaxb

good luck to us :)

[ArtieB]

Read my email and get back to me at your convenience. Feel free to publicly post your response if you deem it appropriate.

VC

[56Chevy]

OK ..it's official...a 1-for-20 reverse stock split

Jacksonville Bancorp, Inc. Announces Reverse Stock Split Effective October 24, 2013

JACKSONVILLE, Fla., Oct. 23, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, today announced that it has filed an amendment to its Articles of Incorporation with the Florida Secretary of State to effect a 1-for-20 reverse stock split of its common stock and nonvoting common stock, effective as of 12:01 a.m. Eastern time on October 24, 2013. The Company's shareholders had authorized the Board of Directors to approve a reverse stock split at the special meeting of shareholders in February 2013, and as previously announced, the Board approved the reverse split at a ratio of 1-for-20 on October 8, 2013.

http://ih.advfn.com/p.php?pid=nmona&article=59719538

[vpagano]

From the FDIC state profile for Florida:

http://www.fdic.gov/bank/analytical/stateprofile/Atlanta/Fl/fl.pdf

Notes:
- Jacksonville is the 3rd largest deposit market ($45.9 Billion), having 41 banks in the area
- There are 24 banks with assets greater than $1 Billion
- 33 banks with assets under $100 Million, the area where JAXB needs to go hunting

[vpagano]

Whoops, yup that's what I get for trying to read filings via mobile :p

Regardless, I do like a good ground floor opportunity.