Acnb Corp (ACNB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Home SEC Filings Acnb Corp (ACNB) 10-Q Quarterly Report Fri Jul 31 2020

Exhibit 99.1 

 

 

PRESS RELEASE 

FOR IMMEDIATE RELEASE

 

Contact: Lynda L. Glass
  EVP/Secretary &
  Chief Governance Officer
  717.339.5085
  lglass@acnb.com

 

ACNB CORPORATION REPORTS

2020 SECOND QUARTER FINANCIAL RESULTS

 

 

2020 Highlights

 

·Effective January 11, 2020, ACNB Corporation acquired Frederick County Bancorp, Inc. (FCBI) and its wholly-owned subsidiary, Frederick County Bank, headquartered in Frederick, MD, with systems conversions completed in March 2020. This transaction resulted in the addition of $443,425,000 in assets, $329,312,000 in loans, $374,058,000 in deposits, $22,528,000 in goodwill, and $57,280,000 in equity to ACNB Corporation’s balance sheet.

 

·ACNB Corporation responded to, and continues to address, the impact of the COVID-19 pandemic with a focused and responsive plan to meet the needs of the Corporation’s customers and communities, as well as to maintain a high level of operational performance while protecting valued staff members.

 

·Net income for the three months ended June 30, 2020, totaled $5,797,000, which is a decrease of $669,000 or 10.4% over comparable period results for the three months ended June 30, 2019.

 

·Net income for the six months ended June 30, 2020, totaled $4,574,000, with basic earnings per share of $0.53. This reflects a decrease of $7,756,000 or 62.9% over comparable period results for the six months ended June 30, 2019, and is due primarily to one-time merger-related expenses of $5,965,000 and a higher provision for loan losses of $6,550,000 as a result of a previously-reported, large unanticipated charge-off of one loan relationship during the first quarter of 2020 and the potential economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic. Without the nonrecurring expenses related to the acquisition of FCBI, as well as the corresponding tax impact at the marginal tax rate, net income (non-GAAP) would have been $9,147,000, or $1.07 basic earnings per share, for the six months ended June 30, 2020.

 

·Net interest income for the six months ended June 30, 2020, totaled $35,800,000, which is an increase of $6,165,000 or 20.8% over comparable period results for the six months ended June 30, 2019, and an indication of the strength of ACNB Corporation’s community banking model including strategic inorganic growth.

 

The following information was filed by Acnb Corp (ACNB) on Wednesday, July 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ACNB
CIK: 715579
Form Type: 10-Q Quarterly Report
Accession Number: 0000715579-20-000060
Submitted to the SEC: Fri Jul 31 2020 10:07:26 AM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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