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

Acnb Corp

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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 THIRD QUARTER FINANCIAL RESULTS

 

Third Quarter and Year-To-Date Highlights

 

·Net income for the three months ended September 30, 2020, totaled $6,771,000, which is an increase of $461,000 or 7.3% over comparable period results for the three months ended September 30, 2019. Basic earnings per share was $0.79 and $0.89 for the three months ended September 30, 2020 and 2019, respectively.

 

·Net income for the nine months ended September 30, 2020, totaled $11,345,000, with basic earnings per share of $1.32. This reflects a decrease of $7,295,000 or 39.1% below comparable period results for the nine months ended September 30, 2019, and is due primarily to one-time merger-related expenses of $5,965,000 and a higher provision for loan losses of $8,100,000 as a result of a previously-reported, large unanticipated charge-off of one loan relationship during the first quarter of 2020 and the increased risk due to 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 $15,918,000, or $1.85 basic earnings per share, for the nine months ended September 30, 2020.

 

·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. Due to COVID-19 customer impacts, as of June 30, 2020, ACNB Bank reported approved loan modifications and deferrals for 466 loans totaling $234,600,000 in principal balances, representing 13.5% of the total loan portfolio. As of September 30, 2020, ACNB Bank has outstanding approvals for loan modifications and deferrals for 65 loans totaling $64,800,000 in principal balances, representing 3.8% of the total loan portfolio.

 

The following information was filed by Acnb Corp (ACNB) on Wednesday, October 28, 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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Inside Acnb Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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: 0000715579-20-000084
Submitted to the SEC: Fri Oct 30 2020 9:03:53 AM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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