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Acnb Corp (ACNB) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Acnb Corp

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 FINANCIAL RESULTS

 

Fourth Quarter and Year-End 2020 Highlights

 

·Net income for the three months ended December 31, 2020, totaled $7,049,000, which is an increase of $1,968,000 or 38.7% over comparable period results for the three months ended December 31, 2019. Basic earnings per share was $0.81 and $0.72 for the three months ended December 31, 2020 and 2019, respectively.

 

·Net income for the year ended December 31, 2020, totaled $18,394,000, with basic earnings per share of $2.13. This reflects a decrease of $5,327,000 or 22.5% below comparable period results for the year ended December 31, 2019, and is due primarily to one-time merger-related expenses of $5,965,000 in connection with the Frederick County Bancorp, Inc. (FCBI) acquisition and a higher provision for loan losses of $9,140,000 resulting mainly from the increased risk due to the Coronavirus Disease 2019 (COVID-19) pandemic as well as a previously-reported, large unanticipated charge-off of one loan relationship during the first quarter of 2020. Without the nonrecurring expenses related to the acquisition of FCBI, in conjunction with the corresponding tax impact at the marginal tax rate, net income (non-GAAP) would have been $23,033,000, or $2.67 basic earnings per share, for the year ended December 31, 2020.

 

·Effective January 11, 2020, ACNB Corporation acquired 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

 


The following information was filed by Acnb Corp (ACNB) on Friday, January 29, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Condition
Consolidated Statements Of Condition (Parenthetical)
Consolidated Statements Of Income
Acnb Corporation (Parent Company Only) Financial Information
Acnb Corporation (Parent Company Only) Financial Information (Statements Of Cash Flows) (Details)
Acnb Corporation (Parent Company Only) Financial Information (Statements Of Condition) (Details)
Acnb Corporation (Parent Company Only) Financial Information (Statements Of Income) (Details)
Acnb Corporation (Parent Company Only) Financial Information (Tables)
Acquisition
Acquisition (Acquired Purchased Credit Impaired Loans Receivable) (Details)
Acquisition (Fair Value Adjustments) (Details)
Acquisition (Narrative) (Details)
Acquisition (Purchase Price Consideration In Common Stock) (Details)
Acquisition (Tables)
Acquistion (Pro Forma Results) (Details)
Borrowings
Borrowings (Offsetting Liabilities) (Details)
Borrowings (Schedule Of Maturities Of Long-Term Debt) (Details)
Borrowings (Schedule Of Short-Term Debt) (Details)
Borrowings (Tables)
Contingencies
Deposits
Deposits (Schedule Of Deposits) (Details)
Deposits (Schedule Of Maturities Of Time Certificates Of Deposits) (Details)
Deposits (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Value Inputs, Assets, Quantitative Information) (Details)
Fair Value Measurements (Fair Value Measurements, Recurring And Nonrecurring) (Details)
Fair Value Measurements (Fair Value, By Balance Sheet Grouping) (Details)
Fair Value Measurements (Tables)
Financial Instruments With Off-Balance Sheet Risk
Financial Instruments With Off-Balance Sheet Risk (Details)
Financial Instruments With Off-Balance Sheet Risk (Tables)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Carrying Value And Accumulated Amortization Of The Intangible Assets) (Details)
Goodwill And Other Intangibles (Expected Amortization Expense) (Details)
Goodwill And Other Intangibles (Tables)
Income Taxes
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Reconciliations Of The Statutory Federal Income Tax) (Details)
Income Taxes (Tables)
Investments In Low-Income Housing Partnerships
Investments In Low-Income Housing Partnerships (Narrative) (Details)
Lease Commitments
Lease Commitments (Future Minimum Rental Payments) (Details)
Lease Commitments (Narrative) (Details)
Lease Commitments (Supplemental Balance Sheet Information) (Details)
Lease Commitments (Tables)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (Allowance For Loan Losses And Recorded Investment In Financing Receivables) (Details)
Loans And Allowance For Loan Losses (Average Of Impaired Loans And Related Interest Income By Loan Portfolio Class) (Details)
Loans And Allowance For Loan Losses (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details)
Loans And Allowance For Loan Losses (Impaired Loans By Loan Portfolio Class) (Details)
Loans And Allowance For Loan Losses (Loan Portfolio Summarized By The Past Due Status) (Details)
Loans And Allowance For Loan Losses (Narrative) (Details)
Loans And Allowance For Loan Losses (Nonaccrual Loans By Classes Of The Loan Portfolio) (Details)
Loans And Allowance For Loan Losses (Schedule Of Actual Loan Modifications) (Details)
Loans And Allowance For Loan Losses (Schedule Of Change In Accretable Yields Of Acquired Loans) (Details)
Loans And Allowance For Loan Losses (Schedule Of Expected Commercial Loan Modifications) (Details)
Loans And Allowance For Loan Losses (Tables)
Loans And Allowance For Loan Losses (Troubled Debt Restructurings) (Details)
Premises And Equipment
Premises And Equipment (Narrative) (Details)
Premises And Equipment (Table) (Details)
Premises And Equipment (Tables)
Regulatory Restrictions On Dividends
Regulatory Restrictions On Dividends (Narrative) (Details)
Restrictions On Cash And Due From Banks
Restrictions On Cash And Due From Banks (Narrative) (Details)
Retirement Plans
Retirement Plans (Assumptions Used To Determine The Benefit Obligation And Net Periodic Benefit) (Details)
Retirement Plans (Comparison Of Obligations Of Plan Assets) (Details)
Retirement Plans (Components Of Net Periodic Benefit Costs (Income)) (Details)
Retirement Plans (Fair Value Measurements) (Details)
Retirement Plans (Future Benefit Payments) (Details)
Retirement Plans (Narrative) (Details)
Retirement Plans (Pension Plan Weighted-Average Assets' Allocations) (Details)
Retirement Plans (Schedule Of Benefit Plan Funded Status) (Details)
Retirement Plans (Tables)
Revenue Recognition
Revenue Recognition (Narrative) (Details)
Securities
Securities (Investments Classified By Contractual Maturity Date) (Details)
Securities (Narrative) (Details)
Securities (Schedule Of Required Fair Value Disclosures For Equity Securities) (Details)
Securities (Schedule Of Unrealized Loss On Investments) (Details)
Securities (Tables)
Securities (Unrealized Gain (Loss) On Investments) (Details)
Segment And Related Information
Segment And Related Information (Segment Information) (Details)
Segment And Related Information (Tables)
Stockholders' Equity And Regulatory Matters
Stockholders' Equity And Regulatory Matters (Narrative) (Details)
Stockholders' Equity And Regulatory Matters (Tables)
Stockholders' Equity And Regulatory Matters (The Actual And Required Capital Amounts And Ratios) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Components Of The Accumulated Other Comprehensive Income, Net Of Taxes) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: ACNB
CIK: 715579
Form Type: 10-K Annual Report
Accession Number: 0000715579-21-000012
Submitted to the SEC: Fri Mar 05 2021 12:39:59 PM EST
Accepted by the SEC: Fri Mar 05 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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