Last10K.com

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

Acnb Corp

HISTORY TOOLS
CIK: 715579 Ticker: ACNB

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.

View differences made from one quarter to another to evaluate Acnb Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acnb Corp.

Continue

Assess how Acnb Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Acnb Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
M & A
Revenue
Legal
Other
Filter Subcategory:
All
Expense
Shares
Income
Dividend
Earnings
Geography
Cash Flow
Product
Other
Inside Acnb Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Condition (Unaudited)
Consolidated Statements Of Condition (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisition Of Frederick County Bancorp, Inc.
Acquisition Of Frederick County Bancorp, Inc. (Tables)
Acquisition Of Frederick County Bancorp, Inc. - Acquired Purchased Credit Impaired Loans Receivable (Details)
Acquisition Of Frederick County Bancorp, Inc. - Fair Value Adjustments (Details)
Acquisition Of Frederick County Bancorp, Inc. - Narrative (Details)
Acquisition Of Frederick County Bancorp, Inc. - Pro Forma Information (Details)
Acquisition Of Frederick County Bancorp, Inc. - Purchase Price Consideration In Common Stock (Details)
Basis Of Presentation And Nature Of Operations
Basis Of Presentation And Nature Of Operations (Details)
Borrowings
Borrowings (Details)
Borrowings (Tables)
Earnings Per Share And Restricted Stock
Earnings Per Share And Restricted Stock (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Additional Quantitative Information (Details)
Fair Value Measurements - Schedule Of Carrying Amount, Fair Value And Placement In Fair Value Hierarchy (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Guarantees
Guarantees (Details)
Loans
Loans (Tables)
Loans - Narrative (Details)
Loans - Schedule Of Actual Loan Modifications (Details)
Loans - Schedule Of Allowance For Loan Losses And Recorded Investment In Financing Receivables (Details)
Loans - Schedule Of Change In Accretable Yields Of Acquired Loans (Details)
Loans - Schedule Of Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating (Details)
Loans - Schedule Of Expected Commercial Loan Modifications (Details)
Loans - Schedule Of Loan Portfolio Summarized By The Past Due Status (Details)
Loans - Schedule Of Nonaccrual Loans By Classes Of The Loan Portfolio (Details)
Loans - Summary Of Average Of Impaired Loans And Related Interest Income By Loan Portfolio Class (Details)
Loans - Summary Of Impaired Loans By Loan Portfolio Class (Details)
New Accounting Pronouncements
New Accounting Pronouncements (Policies)
Retirement Benefits
Retirement Benefits (Details)
Retirement Benefits (Tables)
Revenue Recognition
Revenue Recognition (Details)
Securities
Securities (Tables)
Securities - Narrative (Details)
Securities - Schedule Of Amortized Cost And Fair Value By Contractual Maturity (Details)
Securities - Schedule Of Amortized Cost And Fair Value Of Securities (Details)
Securities - Schedule Of Required Fair Value Disclosures For Equity Securities (Details)
Securities - Schedule Of Unrealized Losses And Fair Value (Details)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements) (Details)
Securities Sold Under Agreements To Repurchase (Repurchase Agreements) (Tables)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
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

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/acnb/0000715579-20-000060.htm