Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Jacksonville Bancorp Q1 net income down

Jacksonville Bancorp, a bank holding company, has reported net income of $537,000 for the first quarter of 2008, compared to $543,000 for the same period of 2007.

Basic and diluted earnings per share for the first quarter of 2008 was $0.31 and $0.30, respectively, compared to $0.31 and $0.30, respectively, for the same period in 2007.

Net interest income for the quarter increased 10% over the first quarter of 2007 due, primarily, to loan growth. The net interest margin decreased to 3.34% for the quarter ended March 31, 2008, compared to 3.48% for the quarter ended December 31, 2007 and 3.76% for the comparable period in 2007.

Total assets increased 18.1% to $409.8 million as of March 31, 2008, compared to $347.1 million as of March 31, 2007. Net loans increased 18.6% to $356.3 million as of March 31, 2008, compared to $300.5 million as of March 31, 2007. Total deposits increased 14% to $338.2 million, compared to $296.6 million as of March 31, 2007.

Gilbert Pomar, president and CEO of Jacksonville Bancorp, said: We achieved a milestone this quarter to enhance our franchise in the northeast Florida market by signing a definitive agreement to acquire $165 million-asset Heritage Bancshares. This fits perfectly with our strategic focus to be the dominant community bank focused on the northeast Florida market.