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.