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Jacksonville Bancorp Q4 earnings up

Jacksonville Bancorp has reported a net income of $494,000, or $0.25 per basic and diluted share

Jacksonville Bancorp has reported a net income of $494,000, or $0.25 per basic and diluted share, for the fourth quarter ended December 31, 2008, compared to $175,000, or $0.09 per basic and diluted share, for the fourth quarter ended December 31, 2007.

Net income increased $319,000 during the fourth quarter of 2008, as compared to the same period of 2007, primarily due to increases of $601,000 in net interest income and $60,000 in other income, partially offset by increases of $153,000 in other expenses, $149,000 in income taxes, and $40,000 in the provision for loan losses.

The company reported a net income of $1.78 million, or $0.90 per basic and diluted share, for the 12 months ended December 31, 2008, compared to $619,000, or $0.31 per basic and diluted share, for the 12 months ended December 31, 2007.

Net income increased $1.2 million during 2008, as compared to 2007, reflecting increases of $1.6 million in net interest income and $627,000 in other income, partially offset by increases of $490,000 in other expenses, $460,000 in income taxes, and $155,000 in the provision for loan losses. Total assets equalled $288.5 million at December 31, 2008 and 2007.

Total deposits at December 31, 2008 were $238.2 million, compared to
$245.7 million at December 31, 2007. Total stockholders’ equity increased to $24.5 million at December 31, 2008 from $22.6 million at December 31, 2007.