JACKSONVILLE BANCORP INC (JAXB, Financial) filed Quarterly Report for the period ended 2012-09-30.
Jacksonville Bancorp Inc (fl) has a market cap of $6.1 million; its shares were traded at around $1.02 with and P/S ratio of 0.2.
Net interest income, the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, was $15.8 million for the nine months ended September 30, 2012, compared to $18.2 million for the same period in 2011. The average yield on interest-earning assets for the nine months ended September 30, 2012 was 4.82%, a decrease of 69 basis points, compared to the 5.51% yield earned during the same period in the prior year.
Total interest income decreased $3.8 million for the nine months ended September 30, 2012 when compared to the same period in 2011. This decrease was primarily driven by a decrease in average earning assets, in particular, average loan balances which declined by $44.0 million when compared to the same period in the prior year. This decrease was also the result of a decrease in the average yield on loans from the 5.93% recognized during the nine months ended September 30, 2011 to 5.36% for the nine months ended September 30, 2012. The decrease in the loan yield was driven by the following factors when compared to the same period in the prior year:
Net interest income, the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, was $5.4 million for the third quarter ended September 30, 2012, compared to $6.0 million for the third quarter of 2011. The average yield on interest-earning assets for the third quarter of 2012 was 4.86%, a 59 basis point decrease from the 5.45% yield earned during the third quarter of 2011.
Interest income decreased $1.1 million when compared to the third quarter of the prior year. This decrease was driven primarily by a decrease in average earning assets, in particular, average loan balances which declined by $36.2 million when compared to the prior year. This decrease was also attributable to a decrease in the loan yield to 5.42% for the third quarter ended September 30, 2012 from the 5.93% recognized during the same period in 2011. The decrease in the loan yield was driven by the following factors when compared to the same period in the previous year:
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Jacksonville Bancorp Inc (fl) has a market cap of $6.1 million; its shares were traded at around $1.02 with and P/S ratio of 0.2.
Highlight of Business Operations:
An impairment analysis as of December 31, 2011 determined that as a result of our net loss as of December 31, 2011, largely due to the recording of an additional provision for loan losses and a full valuation allowance on our deferred tax asset, there was a goodwill impairment of $11.2 million, leaving a balance of $3.1 million. The annual impairment analysis as of September 30, 2012 determined that there had been a goodwill impairment of $3.1 million, which reduced the carrying value of the remaining goodwill balance to zero. This impairment was due to several factors, including the financial performance of the Company during 2012 and the increased provision for loan losses. The Company recorded a charge to earnings in the third quarter for the same amount of the impairment which contributed to our net loss for the nine months ended September 30, 2012.Net interest income, the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, was $15.8 million for the nine months ended September 30, 2012, compared to $18.2 million for the same period in 2011. The average yield on interest-earning assets for the nine months ended September 30, 2012 was 4.82%, a decrease of 69 basis points, compared to the 5.51% yield earned during the same period in the prior year.
Total interest income decreased $3.8 million for the nine months ended September 30, 2012 when compared to the same period in 2011. This decrease was primarily driven by a decrease in average earning assets, in particular, average loan balances which declined by $44.0 million when compared to the same period in the prior year. This decrease was also the result of a decrease in the average yield on loans from the 5.93% recognized during the nine months ended September 30, 2011 to 5.36% for the nine months ended September 30, 2012. The decrease in the loan yield was driven by the following factors when compared to the same period in the prior year:
Net interest income, the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, was $5.4 million for the third quarter ended September 30, 2012, compared to $6.0 million for the third quarter of 2011. The average yield on interest-earning assets for the third quarter of 2012 was 4.86%, a 59 basis point decrease from the 5.45% yield earned during the third quarter of 2011.
Interest income decreased $1.1 million when compared to the third quarter of the prior year. This decrease was driven primarily by a decrease in average earning assets, in particular, average loan balances which declined by $36.2 million when compared to the prior year. This decrease was also attributable to a decrease in the loan yield to 5.42% for the third quarter ended September 30, 2012 from the 5.93% recognized during the same period in 2011. The decrease in the loan yield was driven by the following factors when compared to the same period in the previous year:
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