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Acnb Corp (ACNB) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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

2021 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS

 

2021 Second Quarter and Year-To-Date Highlights

 

·Net income for the three months and quarter ended June 30, 2021, totaled $8,508,000, which is an increase of $2,711,000 or 46.8% over comparable period results for the three months ended June 30, 2020. Basic earnings per share was $0.98 and $0.67 for the three months ended June 30, 2021 and 2020, respectively, which is an increase of $0.31 or 46.3%.

 

·Net income for the six months ended June 30, 2021, totaled $15,979,000, with basic earnings per share of $1.83. This reflects an increase of $11,405,000 or 249.3% over comparable period results for the six months ended June 30, 2020. The higher net income for the first half of 2021 was primarily a result of higher fee income and less loan loss provision in 2021, as well as one-time merger expenses related to the acquisition of Frederick County Bancorp, Inc. (FCBI) in 2020.

 

·Net interest income for the six months ended June 30, 2021, totaled $35,894,000, which is an increase of $94,000 or 0.3% over comparable period results for the six months ended June 30, 2020.

 

·Total loans outstanding were $1,557,776,000 at June 30, 2021, as compared to $1,637,784,000 at December 31, 2020, for a decrease of 4.9%. The decrease in loans is largely attributable to the forgiveness of Paycheck Protection Program (PPP) loans, sale of most new residential mortgages, and payoff of loans in the residential mortgage, consumer and government lending portfolios. Conversely, new loan production for all business lines totaled $226,731,000 for the six months ended June 30, 2021, which is an increase of 39.0% over the same period of 2020.

 

·Total deposits were $2,338,035,000 at June 30, 2021, as compared to $2,185,525,000 at December 31, 2020, for an increase of 7.0%. The increase in deposits is primarily a result of continued, slow economic conditions increasing the level of deposits held by existing and new customers, including the segment of municipal depositors.

 

·Quarterly cash dividends paid to ACNB Corporation shareholders in the first half of 2021 totaled $4,530,000, or $0.52 per common share, which includes the special cash dividend of $0.02 per

 

The following information was filed by Acnb Corp (ACNB) on Thursday, July 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-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: 0000715579-21-000053
Submitted to the SEC: Fri Jul 30 2021 11:29:26 AM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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