Acnb Corp (ACNB) 10-K Annual Report March 2022

Record net income for the year ended December 31, 2021, totaled $27,834,000, with basic earnings per share of $3.19. This reflects an increase of $9,440,000 or 51.3% over comparable period results for the year ended December 31, 2020, and was primarily a result of higher fee income and lesser 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 income for the three months ended December 31, 2021, totaled $4,495,000, which is a decrease of $2,554,000 or 36.2% less than comparable period results for the three months ended December 31, 2020. This decrease was largely attributable to the contraction of net interest income due to lower loan volume and rates, one-time expenses related to the core banking system conversion, and lower fee income primarily associated with reduced sales of residential mortgages as interest rates increased in 2021. Basic earnings per share was $0.52 and $0.81 for the three months ended December 31, 2021 and 2020, respectively.

Total loans outstanding were $1,468,427,000 at December 31, 2021, as compared to $1,637,784,000 at December 31, 2020, for a decrease of 10.3%. 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 $423,965,000 for the year ended December 31, 2021, which is an increase of 19.4% over comparable period results in 2020.

Total deposits were $2,426,389,000 at December 31, 2021, as compared to $2,185,525,000 at December 31, 2020, for an increase of 11.0%. The increase in deposits is primarily a result of continued, slow economic conditions in the ongoing Coronavirus Disease 2019 (COVID-19) environment increasing the level of deposits held by existing and new customers, including the segment of municipal depositors.

The following information was filed by Acnb Corp (ACNB) on Thursday, January 27, 2022 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

Material Contracts, Statements, Certifications & more

Acnb Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.16: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ACNB
CIK: 715579
Form Type: 10-K Annual Report
Accession Number: 0000715579-22-000018
Submitted to the SEC: Mon Mar 14 2022 4:45:11 PM EST
Accepted by the SEC: Mon Mar 14 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks