from staff
Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank, announced record earnings of $2.5 million in 2006, an increase of 16 percent over the $2.2 million recorded in 2005.
“We are extremely proud of the fact that we were able to grow earnings by 16 percent while expanding our franchise from three to five branches,” said Gilbert Pomar III, Jacksonville Bancorp, Inc.’s president and CEO in a press release. “Additionally, 2006 was another year of phenomenal balance sheet growth, with an average growth rate of $1 million per week.”
The company earned $1.39 per diluted share, a 15 percent increase over the $1.21 in the previous year. Total assets were $325.6 million at year-end, compared to $273 million at the end of 2005.
Net interest income for the year increased 20 percent over 2005, while net interest income for the fourth quarter of 2006 increased 12 percent over the same period in 2005, primarily due to strong loan growth.
Credit quality remains stable, with nonperforming loans at .29 percent of loans outstanding at year-end and net charge-offs at .05 percent of average loans for the year.
Noninterest expense for 2006 increased 20 percent over the prior year. During 2006, the company opened two additional branch locations in Jacksonville which supported the bank’s ongoing strategy to increase loan and deposit market share.
“Branching into the Ortega/Westside market in the first quarter of 2006 and the Southside market in the second quarter of 2006 was the right decision for our franchise,” said Pomar.
The Jacksonville Bank is a state-chartered bank focusing on the Northeast Florida market. The bank opened on May 28, 1999.