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.

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

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
M & A
Revenue
Legal
Other
Filter by 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

SEC Filing Financial Summary

Microsoft Excel Excel Download

Loading SEC Filing Financial Summary...

Material Contracts, Statements, Certifications & more

Acnb Corp provided additional information to their SEC Filing as exhibits

SEC Filing Exhibit

Adobe PDF PDF Download

Loading SEC Filing Exhibit...

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:
Insider Transactions
Stock Quote
Social Media

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

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account