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Acnb Corp (ACNB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Acnb Corp

HISTORY TOOLS
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

2022 FIRST QUARTER FINANCIAL RESULTS

 

2022 First Quarter Highlights

 

•Net income for the three months and quarter ended March 31, 2022, totaled $6,599,000, which was a decrease of $872,000 or 11.7% from comparable period results for the three months ended March 31, 2021. Basic earnings per share was $0.76 and $0.86 for the three months ended March 31, 2022 and 2021, respectively. The decrease in net income for the first quarter of 2022 was driven by a reduction in income from residential mortgage loans sold of approximately $1,000,000 due to rising interest rates and lower Paycheck Protection Program (PPP) and purchase accounting accretion of approximately $775,000.

 

•Late in the quarter ended March 31, 2022, excess cash of approximately $185,000,000 was invested in higher-yielding securities with a tax equivalent yield of approximately 2.80%. These new purchases were consistent with the current investment portfolio and investment policy, but with higher yields which management believes will enhance the net interest margin and net interest income in future quarters.

 

•Total loans outstanding were $1,484,326,000 at March 31, 2022, as compared to $1,610,718,000 at March 31, 2021, for a decrease of 7.8%. The decrease in loans from the first quarter of 2021 to the first quarter of 2022 was largely attributable to the payoff of PPP loans and sale of refinanced residential mortgages. Conversely, from December 31, 2021 to March 31, 2022, loans increased by $24,957,000, or 1.7%, excluding PPP loan payoffs, due primarily to strong loan originations in the commercial, consumer and government lending portfolios during the quarter.

 

•Total deposits were $2,410,761,000 at March 31, 2022, as compared to $2,278,622,000 at March 31, 2021, for an increase of 5.8%. The increase in deposits from the first quarter of 2021 to the first quarter of 2022 was a result of customers holding higher balances across a broad base of accounts due to a continuing lack of economic activity resulting from the effects of the COVID-19 pandemic.

 

•Quarterly cash dividends paid to ACNB Corporation shareholders in the first quarter of 2022 totaled $2,257,000, or $0.26 per common share. This per share amount reflects a 4.0% increase over the first quarter of 2021. Compared to a year ago, ACNB Corporation paid a $0.25 dividend per common share in the first quarter of 2021. On April 25, 2022, the Corporation announced the regular quarterly cash dividend declared for the second quarter of 2022 is consistent with the first quarter of 2022 at $0.26 per common share, payable on June 15, 2022, to shareholders of record as of June 1, 2022.

 

The following information was filed by Acnb Corp (ACNB) on Thursday, April 28, 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-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)
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 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 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: 0000715579-22-000040
Submitted to the SEC: Fri Apr 29 2022 8:14:07 AM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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