x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Federal
|
33-1002258
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
1211 West Morton
Avenue, Jacksonville, Illinois
|
62650
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Title of each
class
|
Name of each exchange
on which registered
|
Common
Stock, $0.01 par value
|
The
NASDAQ Stock Market, LLC
|
Large
accelerated filer
|
o
|
Accelerated
filer
|
o
|
Non-accelerated
filer
|
o
|
Smaller
reporting company
|
x
|
(1)
|
Proxy
Statement for the 2008 Annual Meeting of Stockholders of the Registrant
(Part III).
|
|
(2)
|
Annual
Report to Stockholder (Part II and
IV).
|
ITEM 1.
|
Business
|
1
|
Item 1A.
|
Risk Factors
|
25
|
Item
1B.
|
Unresolved
Staff
Comments
|
27
|
ITEM
2.
|
Properties
|
27
|
ITEM
3.
|
Legal Proceedings
|
28
|
ITEM 4.
|
Submission of Matters to a Vote of Security
Holders
|
28
|
ITEM 5.
|
Market for Registrant’s Common
Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities
|
28
|
ITEM 6.
|
Selected Financial
Data
|
28
|
ITEM 7.
|
Management’s Discussion and Analysis of Financial
Condition and Results of Operations
|
28
|
ITEM 7A.
|
Quantitative and Qualitative
Disclosure about Market
|
29
|
ITEM 8.
|
Financial Statements and
Supplementary Data
|
29
|
ITEM 9.
|
Changes in and Disagreements
with Accountants on Accounting and
Financial Disclosure
|
29
|
ITEM 9A.
|
Controls and
Procedures
|
29
|
ITEM 9B.
|
Other
Information
|
30
|
ITEM 10.
|
Directors, Executive Officers and Corporate
Governance
|
30
|
ITEM 11.
|
Executive
Compensation
|
30
|
ITEM 12.
|
Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
|
30
|
ITEM 13.
|
Certain Relationships and
Related Transactions and Director
Independence
|
30
|
ITEM 14.
|
Principal Accountant Fees and
Services
|
30
|
ITEM 15.
|
Exhibits and Financial
Statement Schedules
|
30
|
At
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real
estate loans:
|
||||||||||||||||||||||||||||||||||||||||
One-
to four-family residential (1)
|
$ | 50,459 | 28.7 | % | $ | 40,635 | 26.2 | % | $ | 40,126 | 28.2 | % | $ | 41,616 | 33.1 | % | $ | 40,304 | 31.7 | % | ||||||||||||||||||||
Commercial
and agricultural (1)
|
44,100 | 25.1 | 39,592 | 25.6 | 33,859 | 23.8 | 24,587 | 19.5 | 21,401 | 16.8 | ||||||||||||||||||||||||||||||
Multi-family
residential
|
4,741 | 2.7 | 5,877 | 3.8 | 6,010 | 4.2 | 2,207 | 1.8 | 2,376 | 1.9 | ||||||||||||||||||||||||||||||
Total
real estate loans
|
99,300 | 56.5 | 86,104 | 55.6 | 79,995 | 56.2 | 68,410 | 54.4 | 64,081 | 50.4 | ||||||||||||||||||||||||||||||
Commercial
and agricultural business loans
|
36,539 | 20.8 | 32,837 | 21.2 | 28,679 | 20.2 | 26,227 | 20.8 | 29,763 | 23.4 | ||||||||||||||||||||||||||||||
Consumer
loans:
|
||||||||||||||||||||||||||||||||||||||||
Home
equity/home improvement
|
30,087 | 17.1 | 27,202 | 17.6 | 26,382 | 18.5 | 24,322 | 19.3 | 23,614 | 18.6 | ||||||||||||||||||||||||||||||
Automobile
|
5,334 | 3.0 | 5,275 | 3.4 | 4,580 | 3.2 | 4,516 | 3.6 | 6,477 | 5.1 | ||||||||||||||||||||||||||||||
Other
|
6,402 | 3.6 | 5,313 | 3.4 | 4,657 | 3.3 | 4,380 | 3.5 | 5,545 | 4.4 | ||||||||||||||||||||||||||||||
Total
consumer loans
|
41,823 | 23.7 | 37,790 | 24.4 | 35,619 | 25.0 | 33,218 | 26.4 | 35,636 | 28.1 | ||||||||||||||||||||||||||||||
Total
loans receivable
|
177,662 | 101.0 | 156,731 | 101.2 | 144,293 | 101.4 | 127,855 | 101.6 | 129,480 | 101.9 | ||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Unearned
premium on purchased loans, unearned
discount and deferred loan fees,
net
|
29 | 0.0 | 29 | 0.0 | 175 | 0.1 | 174 | 0.1 | 215 | 0.2 | ||||||||||||||||||||||||||||||
Allowance
for loan losses
|
1,766 | 1.0 | 1,864 | 1.2 | 1,846 | 1.3 | 1,888 | 1.5 | 2,186 | 1.7 | ||||||||||||||||||||||||||||||
Total
loans receivable, net
|
$ | 175,867 | 100.0 | % | $ | 154,838 | 100.0 | % | $ | 142,272 | 100.0 | % | $ | 125,793 | 100.0 | % | $ | 127,079 | 100.0 | % |
(1)
|
Includes
a portion of real estate construction
loans.
|
Within
1
Year
|
Over
1
Year
to
5
Years
|
Beyond
5
Years
|
Total
|
|||||||||||||
(In
Thousands)
|
||||||||||||||||
Real
estate loans:
|
||||||||||||||||
One-
to four-family real estate
|
$ | 5,316 | $ | 13,893 | $ | 31,250 | $ | 50,459 | ||||||||
Commercial
and agricultural real estate
|
6,245 | 7,006 | 30,849 | 44,100 | ||||||||||||
Multi-family
residential
|
475 | 678 | 3,588 | 4,741 | ||||||||||||
Commercial
and agricultural business loans
|
19,071 | 13,325 | 4,143 | 36,539 | ||||||||||||
Consumer
loans:
|
||||||||||||||||
Home
equity/home improvement
|
9,120 | 14,404 | 6,563 | 30,087 | ||||||||||||
Automobile
|
438 | 4,831 | 65 | 5,334 | ||||||||||||
Other
|
3,762 | 2,163 | 477 | 6,402 | ||||||||||||
Total
|
$ | 44,427 | $ | 56,300 | $ | 76,935 | $ | 177,662 |
Fixed
|
Adjustable
|
Total
|
||||||||||
(In
Thousands)
|
||||||||||||
Real
estate loans:
|
||||||||||||
One-
to four-family real estate
|
$ | 41,539 | $ | 8,920 | $ | 50,459 | ||||||
Commercial
and agricultural real estate
|
14,856 | 29,244 | 44,100 | |||||||||
Multi-family
real estate
|
2,237 | 2,504 | 4,741 | |||||||||
Commercial
and agricultural business loans
|
23,773 | 12,766 | 36,539 | |||||||||
Consumer
loans
|
35,199 | 6,624 | 41,823 | |||||||||
Total
loans
|
$ | 117,604 | $ | 60,058 | $ | 177,662 |
For
the Years Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Total
loans receivable at beginning of year
|
$ | 156,731 | $ | 144,293 | $ | 127,855 | $ | 129,480 | $ | 145,283 | ||||||||||
Originations:
|
||||||||||||||||||||
Real
estate loans:
|
||||||||||||||||||||
One-
to four-family residential
|
30,104 | 25,708 | 31,551 | 29,599 | 110,440 | |||||||||||||||
Commercial
and agricultural
|
10,972 | 11,790 | 16,902 | 10,821 | 9,154 | |||||||||||||||
Multi-family
residential
|
- | 2,122 | 5,731 | 290 | 216 | |||||||||||||||
Commercial
and agricultural business loans
|
33,560 | 34,004 | 23,434 | 21,907 | 19,880 | |||||||||||||||
Consumer
loans:
|
||||||||||||||||||||
Home
equity/home improvement
|
19,309 | 17,874 | 19,021 | 15,009 | 12,968 | |||||||||||||||
Automobile
|
3,777 | 4,336 | 3,697 | 2,808 | 2,516 | |||||||||||||||
Other
|
6,360 | 4,916 | 4,560 | 3,805 | 5,009 | |||||||||||||||
Total
originations
|
104,082 | 100,750 | 104,896 | 84,239 | 160,183 | |||||||||||||||
Participation
loans purchased
|
6,231 | 3,152 | 4,634 | 1,700 | 2,120 | |||||||||||||||
Transfer
of mortgage loans to foreclosed real estate owned
|
819 | 329 | 933 | 999 | 1,023 | |||||||||||||||
Repayments
|
78,407 | 74,574 | 70,891 | 69,634 | 69,363 | |||||||||||||||
Loan
sales
|
10,156 | 16,561 | 21,268 | 16,931 | 107,720 | |||||||||||||||
Total
loans receivable at end of year
|
$ | 177,662 | $ | 156,731 | $ | 144,293 | $ | 127,855 | $ | 129,480 |
At
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||
Non-accruing
loans:
|
||||||||||||||||||||
One-
to four-family residential
|
$ | 310 | $ | 435 | $ | 624 | $ | 711 | $ | 1,022 | ||||||||||
Commercial
and agricultural real estate
|
218 | 759 | — | 181 | 224 | |||||||||||||||
Commercial
and agricultural business
|
82 | 45 | 290 | 57 | 613 | |||||||||||||||
Home
equity/home improvement
|
89 | 100 | 222 | 652 | 1,101 | |||||||||||||||
Automobile
|
12 | 1 | 1 | 68 | 139 | |||||||||||||||
Other
consumer
|
12 | 8 | 20 | 20 | 22 | |||||||||||||||
Total
|
723 | 1,348 | 1,157 | 1,689 | 3,121 | |||||||||||||||
Accruing
loans delinquent more than 90 days:
|
||||||||||||||||||||
One-
to four-family residential
|
$ | 203 | $ | — | $ | 2 | $ | 270 | $ | 168 | ||||||||||
Commercial
and agricultural real estate
|
156 | — | — | — | — | |||||||||||||||
Commercial
and agricultural business
|
- | — | — | 23 | — | |||||||||||||||
Automobile
|
- | — | 17 | 4 | 15 | |||||||||||||||
Other
consumer
|
9 | 4 | 2 | 1 | 7 | |||||||||||||||
Total
|
368 | 4 | 21 | 298 | 190 | |||||||||||||||
Foreclosed
assets:
|
||||||||||||||||||||
One-
to four-family residential
|
$ | 115 | $ | 37 | $ | 276 | $ | 426 | $ | 499 | ||||||||||
Commercial
and agricultural real estate
|
249 | 115 | 180 | 139 | — | |||||||||||||||
Automobile
|
23 | — | 15 | 19 | 18 | |||||||||||||||
Total
|
387 | 152 | 471 | 584 | 517 | |||||||||||||||
Total
non-performing assets
|
$ | 1,478 | $ | 1,504 | $ | 1,649 | $ | 2,571 | $ | 3,828 | ||||||||||
Total
as a percentage of total assets
|
0.51 | % | 0.56 | % | 0.65 | % | 1.01 | % | 1.46 | % |
For
the Years Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Balance
at beginning of year
|
$ | 1,864 | $ | 1,846 | $ | 1,888 | $ | 2,186 | $ | 2,073 | ||||||||||
Charge-offs:
|
||||||||||||||||||||
One-
to four-family residential
|
165 | 55 | 161 | 179 | 365 | |||||||||||||||
Commercial
and agricultural real estate
|
38 | 30 | 53 | 244 | 432 | |||||||||||||||
Commercial
and agricultural business
|
35 | 16 | 8 | 186 | 153 | |||||||||||||||
Home
equity/home improvement
|
18 | 101 | 145 | 294 | 666 | |||||||||||||||
Automobile
|
- | 2 | 30 | 137 | 256 | |||||||||||||||
Other
consumer
|
45 | 14 | 36 | 33 | 182 | |||||||||||||||
Total
|
301 | 218 | 433 | 1,073 | 2,054 | |||||||||||||||
Recoveries:
|
||||||||||||||||||||
One-
to four-family residential
|
5 | 78 | 14 | 36 | 5 | |||||||||||||||
Commercial
and agricultural real estate
|
6 | 8 | — | 119 | 18 | |||||||||||||||
Commercial
and agricultural business
|
- | — | — | 12 | — | |||||||||||||||
Home
equity/home improvement
|
3 | 34 | 98 | 14 | 5 | |||||||||||||||
Automobile
|
13 | 17 | 17 | 23 | 20 | |||||||||||||||
Other
consumer
|
21 | 39 | 17 | 21 | 44 | |||||||||||||||
Total
|
48 | 176 | 146 | 225 | 92 | |||||||||||||||
Net
loans charge-offs
|
253 | 42 | 287 | 848 | 1,962 | |||||||||||||||
Additions
charged to operations
|
155 | 60 | 245 | 550 | 2,075 | |||||||||||||||
Balance
at end of year
|
$ | 1,766 | $ | 1,864 | $ | 1,846 | $ | 1,888 | $ | 2,186 | ||||||||||
Total
loans outstanding
|
$ | 177,662 | $ | 156,731 | $ | 144,293 | $ | 127,855 | $ | 129,480 | ||||||||||
Average
net loans outstanding
|
$ | 165,715 | $ | 149,238 | $ | 137,740 | $ | 128,279 | $ | 138,792 | ||||||||||
Allowance
for loan losses as a percentage of total loans at end of
year
|
0.99 | % | 1.19 | % | 1.28 | % | 1.48 | % | 1.69 | % | ||||||||||
Net
loans charged off as a percent of average net loans
outstanding
|
0.15 | % | 0.03 | % | 0.21 | % | 0.66 | % | 1.41 | % | ||||||||||
Ratio
of allowance for loan losses to nonperforming loans
|
161.90 | % | 137.90 | % | 156.71 | % | 95.02 | % | 66.02 | % | ||||||||||
Ratio
of allowance for loan losses to total nonperforming assets at end of
period
|
119.49 | % | 123.94 | % | 111.95 | % | 73.43 | % | 57.11 | % |
At
December 31,
|
||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||
Amount
|
% of Loans
in
Each
Category to
Net
Loans
|
Amount
|
% of Loans
in
Each
Category to
Net
Loans
|
Amount
|
% of Loans
in
Each
Category to
Net
Loans
|
|||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||
One-
to four-family residential
|
$ | 595 | 28.7 | % | $ | 512 | 26.2 | % | $ | 448 | 28.2 | % | ||||||||||||
Commercial
and agricultural real estate
|
346 | 25.1 | 244 | 25.6 | 199 | 23.8 | ||||||||||||||||||
Multi-family
residential
|
28 | 2.7 | 37 | 3.8 | 40 | 4.2 | ||||||||||||||||||
Commercial
and agricultural business
|
146 | 20.8 | 275 | 21.2 | 129 | 20.2 | ||||||||||||||||||
Home
equity/home improvement
|
465 | 17.1 | 561 | 17.6 | 785 | 18.5 | ||||||||||||||||||
Automobile
|
74 | 3.0 | 96 | 3.4 | 110 | 3.2 | ||||||||||||||||||
Other
consumer
|
112 | 3.6 | 139 | 3.4 | 135 | 3.3 | ||||||||||||||||||
Total
|
$ | 1,766 | 101.00 | % | $ | 1,864 | 101.2 | % | $ | 1,846 | 101.4 | % |
At
December 31,
|
|||||||||||||||||
2004
|
2003
|
||||||||||||||||
Amount
|
% of Loans
in
Each
Category to
Net
Loans
|
Amount
|
% of Loans
in
Each
Category to
Net
Loans
|
||||||||||||||
(Dollars
in Thousands)
|
|||||||||||||||||
One-
to four-family residential
|
$ | 520 | 33.1 | % | $ | 555 | 31.7 | % | |||||||||
Commercial
and agricultural real estate
|
198 | 19.5 | 285 | 16.8 | |||||||||||||
Multi-family
residential
|
8 | 1.8 | 3 | 1.9 | |||||||||||||
Commercial
and agricultural business
|
71 | 20.8 | 192 | 23.4 | |||||||||||||
Home
equity/home improvement
|
845 | 19.3 | 817 | 18.6 | |||||||||||||
Automobile
|
140 | 3.6 | 194 | 5.1 | |||||||||||||
Other
consumer
|
106 | 3.5 | 140 | 4.4 | |||||||||||||
Total
|
$ | 1,888 | 101.6 | % | $ | 2,186 | 101.9 | % |
For
the Years Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Mortgage-backed
securities at beginning of year
|
$ | 8,210 | $ | 8,646 | $ | 15,171 | $ | 7,597 | $ | 2,822 | ||||||||||
Purchases
|
9,386 | 1,096 | 686 | 12,605 | 8,082 | |||||||||||||||
Sales
|
456 | — | 4,556 | 1,470 | 2,305 | |||||||||||||||
Repayments
|
1,896 | 1,485 | 2,351 | 3,439 | 910 | |||||||||||||||
Premium
amortization
|
2 | (25 | ) | (66 | ) | (113 | ) | (29 | ) | |||||||||||
Net
unrealized gain (loss)
|
169 | (22 | ) | (238 | ) | (9 | ) | (63 | ) | |||||||||||
Mortgage-backed
securities at end of year
|
$ | 15,415 | $ | 8,210 | $ | 8,646 | $ | 15,171 | $ | 7,597 |
At
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Investment
securities:
|
||||||||||||||||||||
FHLB
stock
|
$ | 1,109 | $ | 1,109 | $ | 1,539 | $ | 1,466 | $ | 1,381 | ||||||||||
Municipal
bonds and equity securities
|
15,224 | 5,634 | 1,199 | 2,015 | 1,955 | |||||||||||||||
U.S.
Government and agency securities
|
49,962 | 73,215 | 78,083 | 83,192 | 97,578 | |||||||||||||||
Total
investment securities
|
$ | 66,295 | $ | 79,978 | $ | 80,821 | $ | 86,673 | $ | 100,914 | ||||||||||
Short-term
investments:
|
||||||||||||||||||||
Interest-bearing
deposits in other depository institutions
|
$ | 5,130 | $ | 3,127 | $ | 1,444 | $ | 4,793 | $ | 1,842 | ||||||||||
Federal
funds sold
|
- | — | — | — | 500 | |||||||||||||||
Total
short-term investments
|
$ | 5,130 | $ | 3,127 | $ | 1,444 | $ | 4,793 | $ | 2,342 | ||||||||||
Carrying
Value at December 31, 2007
|
||||||||||||||||||||
Less
than
1
Year
|
1
to 5
Years
|
5
to 10
Years
|
Over
10
Years
|
Total
Investment
Securities
|
||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||||||
U.S.
Government and agency securities
|
$ | 17,753 | $ | 26,217 | $ | 5,745 | $ | 247 | $ | 49,962 | ||||||||||
Municipal
bonds
|
319 | 2,786 | 8,081 | 3,990 | 15,176 | |||||||||||||||
Total
|
$ | 18,072 | $ | 29,003 | $ | 13,826 | $ | 4,237 | $ | 65,138 | ||||||||||
Weighted
average yield
|
3.15 | % | 3.98 | % | 4.32 | % | 4.06 | % | 3.82 | % |
For
the Years Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Deposits
|
$ | 1,037,465 | $ | 934,581 | $ | 880,758 | $ | 820,349 | $ | 895,755 | ||||||||||
Withdrawals
|
1,030,118 | 924,401 | 891,454 | 833,264 | 890,499 | |||||||||||||||
Net
increase (decrease) before interest credited
|
7,347 | 10,180 | (10,696 | ) | (12,915 | ) | 5,256 | |||||||||||||
Interest
credited
|
5,461 | 4,364 | 3,332 | 3,476 | 4,315 | |||||||||||||||
Net
increase (decrease) in deposits
|
$ | 12,808 | $ | 14,544 | $ | (7,364 | ) | $ | (9,439 | ) | $ | 9,571 |
Weighted
Average
Interest
Rate
|
Minimum
Term
|
Demand
Accounts
|
Minimum
Amount
|
Balances
|
Percentage
of
Total
Deposits
|
|||||||||||
(In
Thousands)
|
||||||||||||||||
0.00%
|
None
|
Noninterest-bearing
checking
|
$ | 50 | $ | 18,060 | 7.35 | % | ||||||||
1.03
|
None
|
Interest-bearing
checking
|
50 | 27,284 | 11.10 | |||||||||||
1.40
|
None
|
Money
market deposit accounts
|
2,500 | 4,451 | 1.81 | |||||||||||
3.82
|
None
|
Money
market savings account
|
2,500 | 24,559 | 10.00 | |||||||||||
1.05
|
None
|
Savings
|
50 | 21,034 | 8.56 | |||||||||||
Certificates
of Deposit
|
||||||||||||||||
4.70
|
Less
than 1 year
|
Fixed
term, fixed rate
|
$ | 500 | $ | 118,275 | 48.13 | |||||||||
4.60
|
1-2
years
|
Fixed
term, fixed rate
|
500 | 17,884 | 7.28 | |||||||||||
4.79
|
2-3
years
|
Fixed
term, fixed rate
|
500 | 9,831 | 4.00 | |||||||||||
4.91
|
3-4
years
|
Fixed
term, fixed rate
|
500 | 2,974 | 1.21 | |||||||||||
4.95
|
Over
4 years
|
Fixed
term, fixed rate
|
500 | 1,369 | 0.56 | |||||||||||
$ | 245,721 | 100.00 | % |
At
December 31,
|
||||||||||||||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance
|
Percent
|
Change
|
Balance
|
Percent
|
Change
|
Balance
|
Percent
|
Change
|
Balance
|
Percent
|
Change
|
|||||||||||||||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Club
accounts
|
$ | 133 | 0.05 | % | $ | (13 | ) | $ | 146 | 0.06 | % | $ | 9 | $ | 137 | 0.06 | % | $ | 11 | $ | 126 | 0.06 | % | $ | (94 | ) | ||||||||||||||||||||||
Noninterest-bearing
checking
|
18,060 | 7.35 | 2,947 | 15,113 | 6.49 | 599 | 14,514 | 6.65 | 290 | 14,224 | 6.30 | 1,373 | ||||||||||||||||||||||||||||||||||||
Interest-bearing
checking
|
27,284 | 11.10 | 266 | 27,018 | 11.60 | (238 | ) | 27,256 | 12.48 | 19 | 27,237 | 12.10 | (842 | ) | ||||||||||||||||||||||||||||||||||
Savings
|
20,901 | 8.51 | (1,528 | ) | 22,429 | 9.63 | (6,441 | ) | 28,870 | 13.29 | (960 | ) | 29,967 | 13.27 | (492 | ) | ||||||||||||||||||||||||||||||||
Money
market deposit accounts
|
4,451 | 1.81 | (814 | ) | 5,265 | 2.26 | (3,515 | ) | 8,780 | 4.02 | (470 | ) | 9,250 | 4.09 | (444 | ) | ||||||||||||||||||||||||||||||||
Money
market savings accounts
|
24,559 | 10.00 | 7,719 | 16,840 | 7.23 | 16,840 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Certificates
of deposit that mature:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Within
12 months
|
118,275 | 48.13 | 10,630 | 107,645 | 46.22 | 7,777 | 99,868 | 45.67 | (6,499 | ) | 106,230 | 47.05 | (6,349 | ) | ||||||||||||||||||||||||||||||||||
Within
12-36 months
|
27,715 | 11.28 | (2,136 | ) | 29,851 | 12.82 | 2,119 | 27,732 | 12.70 | (578 | ) | 28,310 | 12.53 | (4,781 | ) | |||||||||||||||||||||||||||||||||
Beyond
36 months
|
4,343 | 1.77 | (4,263 | ) | 8,606 | 3.69 | (2,607 | ) | 11,213 | 5.13 | 823 | 10,390 | 4.60 | 2,190 | ||||||||||||||||||||||||||||||||||
Total
|
$ | 245,721 | 100.00 | % | $ | 12,808 | $ | 232,913 | 100.00 | % | $ | 14,543 | $ | 218,370 | 100.00 | % | $ | (7,364 | ) | $ | 225,734 | 100.00 | % | $ | (9,439 | ) |
Maturity
Period
|
Certificates
of
Deposit
|
|||
(In
Thousands)
|
||||
Less
than 3 months
|
$ | 15,976 | ||
3-6
months
|
14,643 | |||
6-12
months
|
20,192 | |||
Over
12 months
|
12,377 | |||
Total
|
$ | 63,188 |
For
the Years Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Weighted
average rate paid on:(1)
|
||||||||||||||||||||
FHLB
advances
|
5.02 | % | 4.53 | % | 3.91 | % | 1.68 | % | 1.30 | % | ||||||||||
Other
borrowings
|
4.26 | % | 4.55 | % | 3.14 | % | 1.40 | % | 1.16 | % | ||||||||||
FHLB
advances:
|
||||||||||||||||||||
Maximum
balance
|
$ | 18,000 | $ | 10,000 | $ | 15,500 | $ | 9,000 | $ | 7,500 | ||||||||||
Average
balance
|
$ | 8,629 | $ | 6,103 | $ | 8,071 | $ | 2,993 | $ | 1,243 | ||||||||||
Other:
|
||||||||||||||||||||
Maximum
balance
|
$ | 5,838 | $ | 5,035 | $ | 3,350 | $ | 3,372 | $ | 3,845 | ||||||||||
Average
balance
|
$ | 4,665 | $ | 3,499 | $ | 2,116 | $ | 2,185 | $ | 2,192 |
(1) Calculated
using the daily weighted average interest
rates.
|
At
December 31, 2007
|
||||||||||||||||||||
Less
than 1
year
|
1-3
years
|
3-5
years
|
More
than 5
years
|
Total
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Time
deposits
|
$ | 118,275 | $ | 27,715 | $ | 4,303 | $ | 40 | $ | 150,333 | ||||||||||
FHLB
advances
|
5,000 | 5,000 | - | - | 10,000 | |||||||||||||||
Other
borrowings
|
4,936 | - | - | - | 4,936 | |||||||||||||||
Total
contractual obligations
|
$ | 128,211 | $ | 32,715 | $ | 4,303 | $ | 40 | $ | 165,269 |
Net
|
||||||
Book
Value
|
||||||
Year
|
at
December 31,
|
|||||
Location
|
Occupied
|
2007
|
||||
(In
Thousands)
|
||||||
Main
Office
|
||||||
1211
West Morton Avenue
|
||||||
Jacksonville,
Illinois
|
1994
|
$ | 4,084 | |||
Branch
Office
|
||||||
211
West State Street
|
||||||
Jacksonville,
Illinois
|
1961
|
641 | ||||
Branch
Office
|
||||||
903
South Main
|
||||||
Jacksonville,
Illinois
|
1989
|
217 | ||||
Branch
Office
|
||||||
501
North State Street
|
||||||
Litchfield,
Illinois
|
1997
|
571 | ||||
Branch
Office
|
||||||
100
North Dye
|
||||||
Virden,
Illinois
|
1986
|
228 | ||||
Branch
Office
|
||||||
510
Superior
|
||||||
Chapin,
Illinois
|
2000
|
494 | ||||
Branch
Office
|
||||||
202
State
|
||||||
Concord,
Illinois
|
2000
|
34 |
Plan
|
Number
of securities to be
issued
upon exercise of
outstanding
options and
rights
|
Weighted
average
exercise
price
|
Number
of securities
remaining
available for
issuance
under plan
|
|||||||||
Equity
compensation plans approved by stockholders
|
35,545 | $ | 10.63 | 3,300 | ||||||||
Equity
compensation plans not approved by stockholders
|
— | — | — | |||||||||
Total
|
35,545 | $ | 10.63 | 3,300 |
(a)
|
Evaluation
of disclosure controls and
procedures.
|
(b)
|
Management’s
Report on Internal Control over Financial
Reporting
|
(c)
|
Changes
in internal controls.
|
(a)(1)
|
Financial
Statements
|
(A)
|
Report
of Independent Registered Public Accounting Firm;
|
|
(B)
|
Consolidated
Balance Sheets - December 31, 2007 and 2006;
|
|
(C)
|
Consolidated
Statements of Income - years ended December 31, 2007, 2006 and
2005;
|
|
(D)
|
Consolidated
Statements of Stockholders’ Equity - years ended December 31, 2007, 2006
and 2005;
|
|
(E)
|
Consolidated
Statements of Cash Flows - years ended December 31, 2007, 2006 and 2005;
and
|
|
(F)
|
Notes
to Consolidated Financial Statements.
|
|
(a)(2)
|
Financial Statement
Schedules
|
(a)(3)
|
Exhibits
|
3
|
Federal
Charter and Bylaws(1)
|
|
4
|
Stock
Certificate of Jacksonville Bancorp, Inc.(1)
|
|
10.1
|
Employment
Agreement between Jacksonville Savings Bank and Andrew F. Applebee(1)
|
|
10.2
|
Employment
Agreement between Jacksonville Savings Bank and Richard A. Foss(1)
|
|
10.3
|
Employment
Agreement between Jacksonville Savings Bank and John C. Williams(1)
|
|
10.4
|
Jacksonville
Savings Bank 1996 Stock Option Plan(2)
|
|
10.5
|
Jacksonville
Savings Bank 2001 Stock Option Plan(2)
|
|
10.6
|
Amendments
to the Jacksonville Savings Bank Stock Option Plans(1)
|
|
13
|
2007
Annual Report to Stockholders
|
|
14
|
Code
of Ethics(3)
|
|
21
|
Subsidiaries
|
|
23
|
Consent
of BKD LLP to incorporate financial statements into Registration Statement
on Form S-8
|
|
31.1
|
Certification
required pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
31.2
|
Certification
required pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of
2002.
|
(1)
|
Incorporated
by reference to the Current Report on Form 8-A12G filed with the
Securities and Exchange Commission on May 2, 2002 (File No.
000-49792).
|
(2)
|
Incorporated
by reference to the registration statement on Form S-8 filed with the
Securities and Exchange Commission on February 2, 2004 (File No.
333-112420).
|
(3)
|
Incorporated
by reference to the Annual Report on Form 10-K for the year ended December
31, 2003 (File No. 000-49792).
|
Jacksonville Bancorp, Inc. | |||
Date:
March 24, 2008
|
By:
|
/s/ Richard A. Foss
|
|
Richard
A. Foss, President
|
|||
and
Chief Executive Officer
|
By:
|
/s/ Richard A. Foss
|
By:
|
/s/ Andrew F. Applebee
|
||
Richard
A. Foss, President,
|
Andrew
F. Applebee, Chairman of the Board
|
||||
Chief
Executive Officer and Director
|
|||||
Date:
March 24, 2008
|
Date:
March 24, 2008
|
||||
By:
|
/s/ Diana S. Tone
|
By:
|
/s/ Dean H. Hess
|
||
Diana
S. Tone
|
Dean
H. Hess, Director
|
||||
Chief
Financial Officer
|
|||||
Date:
March 24, 2008
|
Date:
March 24, 2008
|
||||
By:
|
/s/ John L. Eyth
|
By:
|
/s/ Emily J. Osburn
|
||
John
L. Eyth, Director
|
Emily
J. Osburn, Director
|
||||
Date:
March 24, 2008
|
Date:
March 24, 2008
|
||||
By:
|
/s/ Harmon B. Deal, III
|
By:
|
/s/ Harvey D. Scott, III
|
||
Harmon
B. Deal, III, Director
|
Harvey
D. Scott III, Director
|
||||
Date:
March 24, 2008
|
Date:
March 24, 2008
|
||||
By:
|
/s/ Michael R. Goldasich
|
By:
|
/s/ John C. Williams
|
||
Michael
R. Goldasich, Director
|
John
C. Williams, Director,
|
||||
Senior
Vice President and Trust Officer
|
|||||
Date:
March 24, 2008
|
Date:
March 24, 2008
|
3
|
Federal
Charter and Bylaws(1)
|
4
|
Stock
Certificate of Jacksonville Bancorp, Inc.(1)
|
10.1
|
Employment
Agreement between Jacksonville Savings Bank and Andrew F. Applebee(1)
|
10.2
|
Employment
Agreement between Jacksonville Savings Bank and Richard A. Foss(1)
|
10.3
|
Employment
Agreement between Jacksonville Savings Bank and John C. Williams(1)
|
10.4
|
Jacksonville
Savings Bank 1996 Stock Option Plan(2)
|
10.5
|
Jacksonville
Savings Bank 2001 Stock Option Plan(2)
|
10.6
|
Amendments
to the Jacksonville Savings Bank Stock Option Plans(1)
|
13
|
2007
Annual Report to Stockholders
|
14
|
Code
of Ethics(3)
|
21
|
Subsidiaries
|
23
|
Consent
of BKD LLP to incorporate financial statements into Registration Statement
on Form S-8
|
31.1
|
Certification
required pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
31.2
|
Certification
required pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of
2002.
|
(1)
|
Incorporated
by reference to the Current Report on Form 8-A12G filed with the
Securities and Exchange Commission on May 2, 2002 (File No.
000-49792).
|
(2)
|
Incorporated
by reference to the registration statement on Form S-8 filed with the
Securities and Exchange Commission on February 2, 2004 (File No.
333-112420).
|
(3)
|
Incorporated
by reference to the Annual Report on Form 10-K for the year ended December
31, 2003 (File No.
000-49792).
|