Jacksonville Bancorp Inc. (JXSB: Quote) reported first-quarter net income of $915,000, or $0.49 per share, compared to net income of $735,000, or $0.39 per share in the year ago quarter.
The increase in net interest income during the first quarter of 2012 reflected the continuing low interest rate environment which resulted in decreases of $141,000 in interest income and $197,000 in interest expense, as compared to the first quarter of 2011. The provision for loan losses decreased $95,000 during the first quarter of 2012.
Noninterest income increased $119,000 during the first quarter of 2012 primarily due to increases of $172,000 in gains on the sales of securities and $109,000 in income from mortgage banking operations, partially offset by a decrease of $166,000 in commission income.
by RTT Staff Writer
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