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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. |
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Acnb Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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It is expected that, as various implementing rules and regulations are released, they will increase ACNB's operating and compliance costs and could increase the banking subsidiary's interest expense.
Upon adoption, the change in this accounting guidance could result in an increase in the Corporation's allowance for loan losses and require the Corporation to record loan losses more rapidly.
A $74,000 net gain was recognized on local bank and CRA-related equity securities during the second quarter of 2020 due to partial recovery of first quarter C19 related market value changes in publicly-traded stocks, compared to a $129,000 net gain during the second quarter of 2019.
More specifically, as total loans increased from year-end 2019 and the provision expense increased year over year, the allowance for loan losses was derived with data that most existing impaired credits were, in the opinion of management, adequately collateralized.
Management determines the unallocated portion of the allowance for loan losses, which represents the difference between the reported allowance for loan losses and the calculated allowance for loan losses, based on the following criteria: the risk of imprecision in the specific and general reserve allocations; the perceived level of consumer and small business loans with demonstrated weaknesses for which it is not practicable to develop specific allocations; other potential exposure in the loan portfolio; variances in management's assessment of national, regional and local economic conditions; and, other internal or external factors that management believes appropriate at that time, such as COVID-19.
Other than acquisition and integration...Read more
On May 1, 2018, stockholders...Read more
Other income in the three...Read more
Other income in the six...Read more
Products, such as money market...Read more
Shareholders' equity increased in the...Read more
Income from fiduciary, investment management...Read more
Income from fiduciary, investment management...Read more
The restricted stock plan expired...Read more
Dodd-Frank requires the FDIC to...Read more
Professional services expense totaled $254,000...Read more
Decreases included travel and training...Read more
Decreases included travel and training...Read more
Over the longer term, the...Read more
Over the longer term, the...Read more
Interest expense increased $1,989,000, or...Read more
Marketing and corporate relations expenses...Read more
ABILITY-TO-REPAY AND QUALIFIED MORTGAGE RULE...Read more
Average earning assets were $2,104,000,000...Read more
Average earning assets were $2,040,000,000...Read more
Interest income increased $4,130,000, or...Read more
However, during the recent quarter,...Read more
The net interest margin decrease...Read more
The Pennsylvania Bank Shares Tax...Read more
The Pennsylvania Bank Shares Tax...Read more
Average earning assets during the...Read more
Failure to meet minimum capital...Read more
In connection with these transactions,...Read more
Other operating expenses decreased by...Read more
Other operating expenses decreased by...Read more
One of the responses was...Read more
One of the responses was...Read more
Contingent commissions in 2020 were...Read more
These risks involve interest rate...Read more
Other income increased $299,000, or...Read more
The Corporation's overall pension plan...Read more
The Corporation's overall pension plan...Read more
A $401,000 net loss was...Read more
Earnings on bank-owned life insurance...Read more
Earnings on bank-owned life insurance...Read more
The banking subsidiary's capital ratios...Read more
Interest income increased $8,154,000, or...Read more
From time to time, various...Read more
The rules permanently grandfather non-qualifying...Read more
However, the determination of future...Read more
However, the determination of future...Read more
During the second quarter of...Read more
During the six months ended...Read more
At June 30, 2020, the...Read more
These costs were all necessary...Read more
Total other income was $4,893,000...Read more
Total other income was $9,059,000...Read more
ACNB maintains the allowance for...Read more
The remainder was due to...Read more
Dodd-Frank permanently increased the maximum...Read more
If certain events occur which...Read more
ACNB's ability to maintain and...Read more
Other expenses increased $9,966,000, or...Read more
The phase-in period for community...Read more
The remainder of the provision...Read more
On a quarterly basis, ACNB...Read more
Among other changes, the Tax...Read more
This date was preferable from...Read more
As of June 30, 2020,...Read more
The net interest margin decrease...Read more
The largest component of other...Read more
Deposits increased in the second...Read more
The fair values of securities...Read more
Other acquired intangible assets that...Read more
ACNB Corporation, the parent financial...Read more
Short-term FHLB borrowings are used...Read more
In general, a "qualified mortgage"...Read more
Fees from deposit accounts decreased...Read more
At the Corporation's wholly-owned insurance...Read more
The following policies are deemed...Read more
At June 30, 2020, the...Read more
Other expenses for the quarter...Read more
Other expenses for the six...Read more
Generally, foreclosure actions could become...Read more
Management bases the provision for...Read more
Effective May 11, 2018, the...Read more
A $4,233,000 decrease in accumulated...Read more
As better contingent liquidity is...Read more
In response to commenter concerns...Read more
Under these standards, trust preferred...Read more
Other expenses increased $1,770,000, or...Read more
Revenue from ATM and debit...Read more
Revenue from ATM and debit...Read more
The expense could also be...Read more
The expense could also be...Read more
In estimating other-than-temporary impairment losses,...Read more
These borrowers are geographically dispersed...Read more
The year over year increase...Read more
Declines in fair value that...Read more
The final rules call for...Read more
Net interest income for the...Read more
Net interest income for the...Read more
Net occupancy expense increased by...Read more
Net occupancy expense increased by...Read more
ACNB Corporation has a Restricted...Read more
This category includes expenses related...Read more
This category includes expenses related...Read more
Increased loans outstanding was a...Read more
From these changes, interest income...Read more
From these changes, interest income...Read more
Forward-looking statements are subject to...Read more
The new rules also increase...Read more
Further discussion of the risk...Read more
The Corporation did not identify...Read more
A qualitative assessment on the...Read more
In the normal course of...Read more
Net interest income increased due...Read more
Net interest income increased due...Read more
The increase in interest expense...Read more
The longer term trend had...Read more
The longer term trend had...Read more
Other income increased $73,000, or...Read more
Federal and state regulatory agencies,...Read more
Investing into investment security portfolio...Read more
BANK SECRECY ACT (BSA) -...Read more
The provision for loan losses...Read more
The acquisition of FCBI and...Read more
The Pennsylvania Department of Banking...Read more
The unallocated portion of the...Read more
Each quarter, the Corporation assesses...Read more
Each quarter, the Corporation assesses...Read more
Each quarter, the Corporation assesses...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Acnb Corp provided additional information to their SEC Filing as exhibits
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