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FOR IMMEDIATE RELEASE
|Contact:||Lynda L. Glass|
|Chief Governance Officer|
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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